Global H1 commercial property transactions up 74%

HONG KONG: Global commercial property transactions rose 74% in the first half of 2010, tracking improvements in the investment climate and economic outlook, property services company Jones Lang LaSalle Inc said.

Transactions in the first six months of the year totalled US$132 billion (RM410 million) up from US$76 billion during the same period last year, with the full-year figure likely to be between US$275 billion and US$300 billion, up from US$209 billion in 2009, Jones Lang LaSalle said in a statement.

"Mixed economic news plus longer transaction processes due to investor due diligence may mean that investment volumes do not continue to grow at levels seen in the first half 2010," said Arthur de Haast, JLL's head of the international capital group.

Cross-border transactions more than doubled to US$56.8 billion during the first half, with Europe seeing the most activity, United States-based Jones Lang LaSalle said.

Asia-Pacific transactions rose 40%, although about 70% of those were domestic, it said.

In terms of sectors, the office market dominated, while retail, hotel and industrial transactions picked up.