Markbericht Asien Apr10

Asia’s economies recovered from the global recession relatively well in the first quarter of 2010, although performance varied among the various sub-regions.

Executive Summary

• Asian economies were off to a good start in the first quarter, despite uncertainties in the external environment. Monetary tightening is expected due to the risk of inflation, but it will be measured.
  
• The region’s credit market remained stable in the quarter. The robustness of initial public offerings (IPOs) in Asia demonstrates the strong underlying capital flows in the region.
  
• Demand for class-A office space was on the upswing during the quarter, as business confidence rose and tenants relocated from secondary markets in a flight to quality.
  
• Asia’s retail market is in position to capitalize on robust economic growth in 2010. Landlords could see growth in lease rates, which could prompt cap rates to compress.
  
• Barring any external shocks, Asia’s real estate investment environment will remain favorable. Interest rates may rise, but the upward adjustments will be moderate in an effort to sustain economic growth.