CBRE reported a 5 percent increase for its Global Office Rent Index and an 8.2 percent increase for its Global Capital Value Index for 2011. Deal momentum slowed down in the fourth quarter, however, with the Global Office Rent Index rising only 0.48 percent and the Global Capital Value Index rising 0.44 percent.

In contrast, the average growth rate for the Global Office Rent Index during the five quarters leading up to fourth quarter of 2011 was 1.2 percent. The average growth rate for the Global Office Capital Value Index was about 2.2 percent. Prior to the onset of the recession, both indices reported quarterly growth of more than 10 percent.

CBRE attributes the slowdown to an uncertain economic climate and resulting investor caution.

“After a good start in 2011, global office rental rates and capital value recoveries were delaying in the fourth quarter by the dominant macro-economic issues,” said CBRE Global Chief Economist Dr. Raymond Torto in a statement. “We believe the recoveries in commercial real estate are only delayed, not denied, as new construction pipelines are sparse except in a select number of markets.”

In the Americas, fourth quarter office statistics were a bit stronger than in the rest of the world, as a result of modest improvements in the employment situation. Here, the Rent Index rose 0.95 percent. By contrast, the Rent Index for Asia Pacific rose 0.27 percent during the same period and the Rent Index for EMEA rose 0.19 percent.

Americas also outperformed on the Capital Value Index, with a fourth quarter increase of 2 percent. The Capital Value Index for Asia Pacific declined 0.6 percent and for EMEA 0.04 percent.