Everyone is trying to figure out how everyone else is feeling about the business climate. This could well be strongly self-fulfilling and reinforcing, because there is a distinct theme in the air…that the fear of financial Armageddon is receding and while problems persist, businessmen feel more confident today than 12 months ago.
- Corporate America in good shape, fiscal cliffs have been deferred
- Euroland is more stable
- No China political drama and no hard landing
- Lots and lots of other stuff, including a strong shift in the mood in India (more on that tomorrow)
In many of the discussions, I have found it interesting that the pre-GFC grandiose vision of “Globalisation” being a one-way street to a standardised, homogenous world has gone. It has been replaced by a new pragmatism: an acceptance that the world is a patchwork, that one set of regulations doesn’t work for all, but that business can and will still be done across borders.
We may not all choose to use the same electrical plugs…but adapters actually work pretty well.
I think this is great news for Jones Lang LaSalle, because we thrive off the differences in property markets around the world. We are local experts who can work globally. And we provide consistency in a wonderfully diverse and inconsistent world.