Posts Tagged ‘commercial real estate’

Richard Florida
by Richard Florida
Tue Mar 31st 2009 at 3:48pm UTC

Housing Crisis Goes Global

Tuesday, March 31st, 2009

The housing crisis has spread globally according to data from The Economist.

Source: The Economist.

Housing prices were down the most in the United States (nearly 20 percent), but substantial declines have also occurred in Britain and Hong Kong – two countries with large and dominant financial sectors. Prices were also down significantly in Ireland, New Zeland, the Netherlands, Denmark, and Singapore. Prices have held up in Switzerland, Italy, and France, according to this data.

The second graph charts the trend in commercial real estate.

Source: The Economist.

Commercial office rents fell by 41 percent in London and 25 percent in Mumbai and Sydney. Office rents were off by more than 5 percent in New York, Hong Kong, Frankfurt, and Sao Paolo. Rents were up in Tokyo, Moscow, Beijing, and Dubai.

Sour