The U.S. economic recovery is broadening: half of the metro areas tracked by real estate specialists have recovered all of the office-using jobs lost during the recession are fully recovered, including hard-hit markets like  Miami and Orlando. Foreign investors remain a key source of capital in North American real estate, particular in gateway cities.

Looking forward, the 10-year Treasury yield is expected to rise as the Federal Reserve ends its bond purchases in October 2014 and likely begins raising interest rates in 2015. U.S. office assets still offer attractive risk adjusted returns and should benefit from continued capital inflows, particularly as economic conditions strengthen further and development activity remains low and targeted in most markets.