CBRE GLOBAL RESEARCH AND CONSULTINGThis report was prepared by CBRE Australia Research Team, which forms part of CBRE Global Research and Consulting—a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate.

© CBRE Ltd. 2014 Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

10-Year Bond

3.4%

2.5%

3.0%

2.75%

4.2%

4.75%

.83 .80 .75-.805.2%

5.3%5.5%

Economy

Retail Industrial Office

Residential

Netfacerents

Average yields

Retail Sales are increasing

Interest Rates AUD v USD

GDP Growth2013

2014

201420142014

2014

2014 20152014

2015

2015 20152015

2015

2015

2016 2016

Long Run Average (3.2%)

2.7% 2.8%20163.5

%

Cash

Non-mining construction picking up gradually

Foreign retail entry

High income per capita

Retail sales growth steady

Household goods sales strong

Transport & Logistics demand

Manufacturing

Construction

Demand improving from a low base

Supply pipeline growing

Sydney /Melbourne more balanced at peak vacancy

Population Price growth Demand & supply fairly balanced

Exports and housing still positive

Mining construction runs off sharply

Jobs growth modest

1.51.712.1

-1.3

0.3