Global occupier activity reached its highest level of the current cycle in 2018 at 43 million square metres, reflecting the strength of corporate demand. However, there are signs of headwinds emerging as global economic growth tempers, with employment gains in Europe slowing and the announcements of layoffs from some large private companies in the U.S. during the fourth quarter. While occupier markets remain resilient and many tenants continue to be in growth mode, activity is unlikely to match the levels seen over the last two years during 2019.
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