David Hutchings, head of EMEA investment strategy at Cushman & Wakefield, said: “The 2014 pick-up was better than many predicted this time last year but the 2015 outlook is stronger still, with the brakes now coming off the market. Not only do we have strengthening global liquidity thanks to low interest rates and an expansion in quantitative easing, we also have the start of stimulus measures by China, signs of deeper reform in more markets and an improvement in the fundamentals for the occupier in many areas. Despite the heightened risks we also have to contend with, this all points to the up cycle in global real estate being both magnified and extended.”