global economy moves along sluggishly...4 beijing (cbd) 180.76 5 moscow 171.53 6 beijing (finance...
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Global economy moves along sluggishly Real GDP year-over-year growth
Sources: Bureau of Labor Statistics, IHS Global Insight.
-6
-4
-2
0
2
4
6
8
2006 2008 2010 2012 2014 2016
Percent
United StatesEuro Area
Global
Asia PacificForecast
Target interest rates in advanced economies stay low
Source: Federal Reserve Bank, September 2012.
0
1
2
3
4
5
6
2008 2009 2010 2011 2012
Target interest rate (%)
United Kingdom
United States
Euro zone
Global real estate vs. other assets 1- and 5-year returns
Sources: U.S. Bureau of Economic Analysis, Eurostat, Office for National Statistics (ONS), U.K, Thomson Datastream.
-15
-10
-5
0
5
10
15
IPD Global Index FTSEEPRA/NAREIT
CIBC Global BondIndex Fund
MSCI World Ex US FTSE 100
Percent
1 year 5 year
Prime and secondary rental growth forecasts Year-over-year growth, 2012
Sources: "Global foresight, 2012 global outlook“, DTZ research.
Office market: Americas the bright spot in Q2 2012 Office rent indices, quarter-over-quarter changes
Sources: "Market View: Global Office Indices”, CBRE research.
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Asia Pacific Americas Global EMEA
Percent
Q2 2011Q2 2012
Top 10 most expensive office markets Ranked by occupancy cost in US$/sq. ft./annum, Q1 2012
Sources: “Prime Office Occupancy Costs”, CBRE Research.
Rank Market Occ. Cost
1 Hong Kong (Central) 248.83 2 London (West End) 220.15 3 Tokyo 186.49 4 Beijing (CBD) 180.76 5 Moscow 171.53 6 Beijing (Finance Street) 166.89 7 Hong Kong (Kowloon) 158.72 8 Sao Paulo 144.75 9 New Delhi (CBD) 140.21
10 London (City) 131.51
Global 50 index largest annual changes Prime office space occupancy cost, Q1 2012
Sources: “Prime Office Occupancy Costs”, CBRE Research.
Market Percent Beijing (CBD), China 49.4
Beijing (Finance St), China 42.0 Guangzhou, China 40.4
SF(Downtown), U.S. 34.0 SF(Peninsula), U.S. 32.7
Market Percent Hong Kong (Central) -17.2
Abu Dhabi, UAE -16.7 Thessaloniki, Greece -16.3
Dublin, Ireland -13.6 Athens, Greece -13.5
Top 5 increases Top 5 decreases
International house prices Inflation-adjusted, year-over-year changes
Sources: “Global Real Estate Trends”, Scotiabank Group.
-20
-15
-10
-5
0
5
10
15
20
2003 2004 2005 2006 2007 2008 2009 2010 2011 11Q2 11Q3 11Q4 12Q1
Percent Ireland Spain United Kingdom United States
U.S. apartment prices grow rapidly Moody's/RCA Commercial Property Price Index, 2000 Dec.=100
Sources: Moody's Investors Service.
100
110
120
130
140
150
160
170
2010 2011 2012
Apartment
Office
Retail
Industrial
U.S. delinquency rate has declined, but still high
Sources: American Council of Life Insurers, Moody’s Analytics.
4005006007008009001,0001,1001,2001,3001,400
0
5
10
15
20
25
30
35
40
2008Q1 2008Q3 2009Q1 2009Q3 2010Q1 2010Q3 2011Q1 2011Q3 2012Q1
Thou
sand
s
Percent Thousands of loans
Delinquency rate (L)
Foreclosures(R)
China: home price index for 70 metros Changes from previous year
Sources: National Bureau of Statistics of China.
2 1 2 3 3 3 0 0 1 2 4 814
2737
4654 57 57 53
68 68 68 67 67 67 68 70 69 67 66 6253
3728 23
15 11 11 15
0
10
20
30
40
50
60
70
01/2011 04/2011 07/2011 10/2011 01/2012 04/2012 07/2012
Increased
Remainedthe sameDecreased
China: rising inventory of homes
Sources: “China’s Housing Market: Growing Policy Concerns and Challenges”, Barth, Lea and Li.
-0.4-5.4
-15.3
55.5
7.8 8.3
35.8
-20
-10
0
10
20
30
40
50
60
0
25
50
75
100
125
150
175
200
2005 2006 2007 2008 2009 2010 2011
Inventory (left axis) Change in inventory (right axis)Millions of sqm Percent
Europe: amidst the turmoil EU-15 rent index, year-over-year changes
Sources: “Market review: EMEA rents and yields”, CBRE Research.
London maintains a vigorous retail market Prime retail rent annual changes, Q2 2011- Q2 2012
Sources: “Market review: EMEA rents and yields”, CBRE Research.
28.6
11.1 10.0 8.0 6.5 5.3 4.0 3.5 1.7 0.0
-10.0-15-10-505
101520253035
LondonCity
LondonWest End
Paris Berlin Munich Milan EU-15 Vienna Cop. Barcelona Dublin
Percent
Global industrial property market recovered modestly
Sources: “Global MarketView, Q2 2012”, CBRE Research.
2006 2007 2008 2009 2010 2011 2012
Global industrial rent index 2001Q1=100 (L)
Index quarterly change (R)
Investment transaction volumes hold up
Sources: "Global foresight, 2012 global outlook“, DTZ research.
154 144
0
100
200
300
400
500
600
2005 2006 2007 2008 2009 2010 2011 2012E
US$ billions Europe US Asia Pacific
Personal consumption expenditures Year-over-year change, constant price
Sources: U.S. Bureau of Economic Analysis, Eurostat, Office for National Statistics (ONS), U.K, Thomson Datastream.
-5
-4
-3
-2
-1
0
1
2
3
4
2009 2010 2011 2012
Percent
United States
Euro AreaUnited Kingdom