One of the reports examines the impact of the credit crunch andrecession on the occupational and investment markets for officeproperty in London, New York, Hong Kong and Tokyo–thefour top-ranking international financial centers. The other saysthat office markets around the US are now starting to see somegreen shoots appear after suffering disproportionately over thelast two years due to the financial crisis and the subsequentfallout in office-occupying jobs.

"International Financial Center markets are specialized, sharehigh exposure to financial markets, and are inherently volatile,"said Raymond Torto, CBRE's global chief economist. However, CBRE'sreport reveals key differences between these four internationalfinancial centers in terms of the effects of the crisis and thetrends that have emerged as signs of recovery have appeared.

Office demand in New York and London was affected more quicklyand directly by the global banking crisis than in the two Asiancities, according to the CBRE report. In Hong Kong and Tokyo, theglobal recession, with collapsing production and trade, did themost damage to occupier demand. Tokyo's market showed hesitantsigns of recovery over the second half of 2009, while in bothLondon and Manhattan, "There was a significant pick-up in officedemand as financial market conditions improved," according to thereport.