South Africa had the best performing real estate market in the world in 2003, while the U.S. commercial real estate markets have been slow to recover in spite of the rebound of the broader economy, analysts say.
Construction works carried out widely across South Africa added significantly to the overall commercial real estate market growth.
South African commercial real estate showed better results than sixteen other major countries to lead ResearchWorldwide.com's - 'Worldwide Commercial Real Estate Performance Ranking 2003'.
The US commercial real estate market is topped by Los Angeles, followed by Orange County, Calif.; Honolulu; Ventura County, California; New York; Miami; Norfolk, Virginia; Washington, D.C.; and Memphis, Tennessy.
Despite slow recovery of the US commercial real estate market, investors are still buying up commercial properties in the country with construction advancing at full speed.