The first three months of the year saw the continuation of Brexit negotiations, an interest rate hike in the U.S., Dutch elections and prolonged political tension ahead of elections in France and Germany.
While threatening, this turbulence did not do much to upend markets as global investment volumes in the first quarter were roughly flat on the levels recorded in 2016.
The Americas remains the most active region globally with transaction volumes of US$58 billion, although this was 5% lower than the same quarter of 2016. Much of this decline was driven by the U.S., where institutional investors became increasingly selective in the major markets.
In Europe, volumes surpassed their pace from last year and were up 3% in the first quarter. While concerns around Brexit remain, the UK posted its strongest quarter since 2015 in local currency terms. On the continent, Germany continues to be an engine for growth setting a record first quarter, while France also bettered its performance from this time last year.
Asia Pacific started off 2017 on a solid footing with volumes up 1% on a year ago. Singapore rebounded from a slow start last year with transaction levels more than doubling in Q1 while rallies in Japan and China helped offset setbacks in Australia, Hong Kong and South Korea.