It has been approximately two years since central banks began to raise interest rates, which, combined with the structural demand shift affecting the office sector, prompted one of the sharpest, broadest property market corrections since the global financial crisis (GFC). The cause of that policy shift — inflation following a global pandemic and aggressive fiscal and monetary policy efforts worldwide to stabilize conditions — underlines how uniquely the previous cycle ended.

While aftereffects and external risks remain, economic and financial conditions should support the formation of a new cycle in 2024. Such a critical juncture should encourage investors to consider their strategies and tactics for navigating the risks and capturing the opportunities from the market recovery.

Outlook for 2024

The disinflation experienced in most developed economies in 2023 has raised expectations that central banks will begin to ease monetary policy in 202