Global growth is becoming more visible. Some regional economies, such as in Europe, appear to be moving from contraction into recovery, and others, like the United States, are moving through recovery into expansion. While growth is not occurring evenly at the same strength, it is at least moving in the same direction. Stronger economic growth is translating into greater tenant demand and improving real estate fundamentals. Global vacancy rates are starting to decline in many markets while rent growth is turning from negative to positive.