Retail and hospitality sectors face ongoing headwinds

The start of 2021 feels very similar to the end of 2020, although there are rising signs of optimism. The global economy is expected to rebound strongly as the rollout of COVID-19 vaccines helps to support a cautious return to a more normal life later in the year, according to JLL.

Global office leasing volumes were 43 percent lower than a year earlier in fourth quarter 2020, as momentum slowed due to rising restrictions in various parts of the world. Uncertainty and slow decision making continued to inhibit activity within occupier markets. The retail and hospitality sectors faced ongoing headwinds with the reimposition of restrictions, particularly evident in Europe, hampering any recovery. Meanwhile, the logistics sector goes from strength to strength, with record demand reported in many markets in the fourth quarter.

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