The pressures weighing on the global economy persisted through the second quarter of 2023, with further interest rate increases, elevated inflation and a sluggish trade recovery contributing to challenging conditions. Occupiers are maintaining a cautious approach with lengthy decision-making timelines, while the rising cost of capital and conservative underwriting from investors is also subduing transaction markets.

The full impact of the interest rate tightening cycle is still feeding through to the economy with global growth likely to slow further through the end of year, but labor markets have held up well and consumer confidence is rebounding, supporting retail sales and leisure travel. With inflation falling and interest rates close to peaking, stability is gradually returning.

The full report by JLL features a Global Real Estate Health Monitor along with key statistics that explain the current operational conditions of the industry.

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