In its latest Global Capital Markets report, Savills examined the likely short- and long-term effects of recent macroeconomic and geopolitical uncertainty, concluding that globally the fundamentals of the office and industrial markets remain sound long-term.

In the office sector, Savills says that while first quarter volumes remained low at US$35 billion globally, there is some momentum building behind office investment, with the average yield across 15 major global markets remaining unchanged in the first quarter for the first time in three years. Interest from larger institutional and cross-border capital in the offices sector is also rising. Combined, these groups increased their market share of transactional activity to nearly 50 percent in early 2025, up from about 40 percent in 2024.

The possible introduction of tariffs, and the knock-on wider macroeconomic uncertainty, could have a short-term impact on leasing activity and thereby investor sentiment, sa