winning in growth cities 2012

7/31/2019 Winning in Growth Cities 2012

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2012/2013

winning ingrowth cities

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3/54

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the sUMMArYA a a ba kd p f la l m a d a y l balp p y ma k , maj a u d bu k d by

b d ma d a d m abl p . i d d, p 25 a d ma k a f m 53% 56% y a

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al a d m bu al mp f fu a a p . t ky m a l j y al a

la l bal y by p pula a d l m b p f la , ly a a a f

a abl . Pa , l k L d , ll a a f fa u a du a , ul u a d y. t

tABLe 1: gLoBAL investMent - the toP six cities12 Months to q2 2012

0

5

10

15

20

25

30

35

40 Hong KongLA Metro

ParisTokyoLondon MetroNYC Metro

2012 Q22011 Q22010 Q22009 Q2

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4/54

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up mak up p 10 a la ly A a l a : hK , s ul, s ap a d B j , add L A l .

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ll a M lb u a d B j , uld f a u m ly.opp u f up a d l a ly

a d m ma k , a ll a m d- k lllu , f ampl , a pa ula u a d um app al.

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tABLe 2: gLoBAL investMent voLUMes(ex DeveLoPMent sites)

$0

$100

$200

$300

$400

$500

$600 Top 25 Cities (current) Rest of the Market

1 2 Q 2

1 2 Q 1

1 1 Q 4

1 1 Q 3

1 1 Q 2

1 1 Q 1

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gl ruf aP d & gl bal ceo


5/54

m l k ly. A a ul ll b a b ad a f play a d m a a uld u

a a f m a d p up ma k a d da l u d y.

ProPertY MArKet trenDst l bal p p y ma k a l a ly l d m .h , al u p a up a d a a a

ly k a , a a lab l y f u y a d m ad b a ll ma d a la ab l y, y ld a d l -

m alu f p p y d a .

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m u y . t a a la d au d a y f u ma u , , l u d ma k . F

ampl , p 25 a u d a af al m a a 56% u 46% ba k 2009.

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a pa y, k a l f b k a d u f day. A a d p 25, 6u a a d 5 ma k .

sector trenDso up m a ad p d a a -a d- app a

pa y a , f u a a d l da ma y a by mak b u f pa a d

a kl ly ma k . h , ma y a a d ua a a f , a d l

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m b p d, 13 app a p 25 fa l, ff a d du al a d a fu 9 app a

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d f l , l mb d d f m f f f a l a du a d f apa m , all a d d by olymp .h K a d pla a la a l a y a Ju , add b f u f l a d f fd l pm . n Y k a p a a f mul -fam ly a d

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mul fam ly a d f u f a l. Pa a d f ff f a l a d l .

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l p 25 l A a a a l ff f ll d by du al. Am a d m a a l

ff m bu 10 f p 25 ll ca ada. t apa m ma k a a a y Us b a (19),

g ma y d ma k a k .

4

tABLe 3: investMent trenDs BY sector

-30%

-20%

-10%

%0

10%

20%

30%

40%

50%Top 25 CitiesMarket

RetailOfficeIndustrialHotelDev SiteMulti-familly

C h a n g e

i n I n v e s t m e n t ,

Y e a r t o

J u n e

2 0 1 2



2012/2013


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5

MArKet PricingMa y a b m u f y ld pa y aa d l a k f f m u d fl

ual y a all ma k y a , ly ly8 f la 25 m ma k a al am 25l y ld l bally. w a m , a a y ld f

p 25 a a a Ju a a a a f ma uma k ally a l a d du al m .

n l , l a d l bal d ma d a d mp d

a pa y a l ly l ad m u f m p f pp m ma k l bally, p f k d ma k m m a d a uably m l ally d . w a m , ap b p a d d a a d l a

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a d k f a da y a a m d .

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a d l a a a f u . i a

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, a pp p f m abl d l ap ad u ba .

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w a m , l m d a p u au ba a a d m ddl la a a

u a l y a d u u . t a mp a fa d f u mpl ly l a , pa ly

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p d a l k. Al u p y al a d ll ual ap alal k y, f u u a ul u a d y a a

mpa ju ma a d ual y f l f bu al a aa d a ll ual u . D p amb u

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IndustrialOfficeRetail

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Y i e l d

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i d 2 0 1 2 ( % )

tABLe 4: YieLD AverAges in the MArKet AnD For the toP25 investMent tArgets

s u : cu ma & wak f ld


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6


t Un b l a m p pl l a .w a may b f m f a a a ma d70% f co2 m d f m , a d y a u f60-80% f l bal y ump . su a ab l y lud

a ma a m a d ff y ll f b f mp a y u .

M a u f ual y f l f f a d m d- z da a la , d m a d ff ul y f

mb al u al ll-b m ala a . i a fa ll ad ly fa u mall

ju a a y pa f a al ay a a fu f z ab all? F ampl , p

k, la a b d a d l f dly mply b auy a m a u k . i may al fl a d

m a u u a y a maj , aa y au a a .

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a a u a l ap a d u ba da d l ad mpl ly m . i la

, d mp a al ady a d a ff y a ll a du p a l a d u a y

a l u f a u u a d al f . c a uff a a umb f m a

a d a a ul d b m l . A amm , u k fa p up d f uma b

m d p d. t d al a af 9/11 a pla a dbu d d y uld a k .e ually app d Japa a bu ld u d ay af

t ku a uak . t mpa f u , u a l al a , ll d ff y

by y a a fu f a umb f fa lud ual yf kf . t du a al a d a f a u u a

a f a mpa kf lf, pu a bu a d ab l y ab b d a a d bu ld up

m b l y up ak a d a ampa d.

su a a al y bala b du al a a du ba d l pm a p d a y m a a d

a l a d d fy a d ly du y.hub d ju k ll a d k l d bu al ul u a d

a m a d d y a a , p a d ad ff a a d al up . Publ a d p a l m

a y, l m pla u a a d a all a d, f p bl , u a a a d

p u .

cites AnD reAL estAtec a m mp a m m a z

u p 100 a u f ly 12% f p pula bu 30% f gDP. h , a m abl

a am a u f alm 80% f p p ym a y. t p 10 a m bala d

m ally, p ak f 3.5% f p pula a d 4.8% f l bal gDP bu a u f 36% f p p y m . s a

a p p y m ?

su a a f a y a a dful f ld ff ul b ak d . h , mb d fa

a al a m p uld b a d a f pa pa b ad ably a aumb f play f m ma k ly b

p d a mp a p abl ll . t pa ula ly u a m a a y a d a ulaa d a pa y a a m d a d mp d. A y l

ll fu u a a b ad a f la d m a f a m alp a uld b pa

da a d may d p d a y.

eu p a ab lu al a am l bal my ap p y ma k l L d a d Pa bu la k am

al f m a a A a a d Am a , ly Ma d i a bul a . A am m ,eu p d a a a f m d um la k ll lu a a a a f a u a s k lm, Mu a dAm dam. s m f ma k ll u mp

ly f a ff m upll a k p a k ma u a d p a u

n Am a a a m f a a la , afa , a d a f l bal m uld

u ly ma . Am m ma k , A a

s u : cu ma & wak f ld, r al cap al A aly , va u

2012/2013

0%

10%

20%

30%

40%

50%

60%

70%

80%

90% Top 25 CitiesTop 50 CitiesTop 100 Cities

Property TradingGDPPopulation

S h a r e o

f G l o b a l

T o t a

1 ( % ) 2 0 1 1 / 1 2

tABLe 5: MArKet concentrAtion


8/54

7

ff a bl d f al , a d a a k yub La Am a ea eu p , bu a may a a

La Am a u d l bal p f l a d a la m eu p M , i a bul a d wa a

a b al a d a al ub . t l ad A a a la ly c a a u ba a a d

m d a u . g l l f d l pm , p d d ubl ff k ma y d

10 y a , p al f l bal p p yma k l a ly f a .

gLoBAL reAL estAte: the YeAr AheADt ma fu dam al f ma k a a pla d bua m u d a u y. em a d ma u ma ka p d f m a d ula y mp m

a i d a la a f f m ul a l a f mpl ym f m spa .

h , l l m play u a m d dual , fam ly ff a d l bal p fu d may b

p pa d a m a d d u lla l y, ap al p a a d fla d , m z f ma y fu d a d mpa m a y a

a l k m l ly a fu u ull d . M ma ly k, a d u y a

l k a d a m u f a , a p al al . D l pm al a

f a u ada m a a , ably A a a d La Am abu al pa f n Am a u a mul -fam ly d al,a d f fu u , m f eu p m l u d bu upply

a d .

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k p f l a al a ll d d ma d m , a u ba a a d d m ap mma k l k M c y, Jaka a, i a bul a d f u 1, 2

3 a c a, a f k lllu sa F a , Ba al L d u d

p P , cal a y M .

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mp , f ll d by A a a d eu p . e p a a f u , al u l a ma

a d f mul l bal ma k , b uld a fu b u f mp a y a d u a a la ly

af ua d a f alu a ll u a ld. t y uld fau p up d a m bu u

ab l y d l al al ll f u a a , a d , b d y ld .

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ua d m a a a da y d f d a d pull dapa ba d ab l y d l a a p abl lu f

up . w da y m upply a , p p a a adap up d ll l a ly u

l a a ll b m d ma d.

off d ll b m d, a m a d al,ll- d a d ual y pa ma y a a . h , am u a d du , m bu a l lu d al d a a . r a l d

al m d, m a a l u bu d ma d u aa a f ab -a a a m z a d al , a

lum f a al u m a d l a d l a. i a d ma d f u d a d m m

alb yp ally 1 all a .

MArKets BY region: north AMericAt Us la ly al y bu u d ub dly l a

p d, d m y d app , l balp - upy m ma k a d f al l ff y ab u

y a . P a ld f m f b pa f , bu k m y ld al

ady ak a l l k f ampl d al d l pm d ma d f d y a a l d.

n l , l my may b la l , ad l d , a d mpa a -

ak my ll l ly p a a f u d upply la k f d l pm y a .

sa F a , UsA




9/54

c ma ma a f m , al u a b m d ma d m d ma k a

k u y ld. n Y k p p k f m play f mm ab ad f ff upply a d l l

f p la pla m . sa F a a dwa a l , bu wa a b

mp d by u a u l k f m j b lf d f du pla . i a B , L A l

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a a m l m d buy-l , ly m pay f m p .

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u dl a . t a d ma d a b pu d up am p a b m l a a a bl . w

d l pm d , a l a u l ly, a b u dup a d p u , al u may a a y a a ad.

t fu dam al f du al ma k a ad ly mpa a a y d p , a f u am up a d

u al- ad a u ub l a . s u cal f a p ma k by m ma , f ll d by n J y, M am

a d c a , a d ady p d y a .

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ll a y a d p mall a t ma k a ly p la d u l a d d u p f m ll a m a d lu u y a l a a d a a ul , a l f pa ll b m ddl

u d. w Us ally p f m b , fa u fampl sa F a , s a l a d P la d, f ll d by

s u Us a d n a . g ad A a p f m ll a d u m al lp a ay

d d ma d u ba lu u y ma k n Y k,wa , M am , L A l , sa F a a d La v a a

ll a t a d va u ca ada.

c ca ada, fu d d ma d u ba d by a la k f a a labl ual y k u ma y

u a y ab ad. reit a b ma a d a b pa d a d l da , lp d by l f ap al. w f buy al a m

m ap al a a labl a 2011, fu ll d by a flual y bu al by a a f y ld. w upply a , mff-ma k d al a b a d up , a d ma k may d

y a a bu a p d.

LAtin AMericAD ma d ally l d La Am a bu m au u

a la y a upply a a mu a df a up d ma d. i a d l bal k a

8

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2012/2013


10/54

9

d play k dly bu l a umb f l bal play a ll l k a ma k . D m

fu d d ma d al d, p fu d a d u alm y f ady ak m k .

F m a ma p p B az l a b m a k, l d ma d f m c a mm d .h , u mpl ym , a a d fla allfall , f a p k up m m .o u a l bu ll bu

, l d by c l , e uad a d P u a ll a v zu la, a p - l u b m a b f d

u ma k . M a al bu k d al l bal d, f a b d up a d a k

f ap al fl .

h u ma k ma u d - uppl d f l p p y, a d m a plu a m aa a lab l y a b ma k . r a l a al b a b

p , f u ba m ddl la d a a al a l a d a pp u

a d d l p f d u d - uppl d ma k

a d la u . M al a p , buma m l m ma k u m uld b m mu d. Add ally B az l m

f u d d a b uuppl d pa .

off ma k a fa d la ly ll, s Paul , L ma a d B a al

y a . D ma d ally ady bu a a y aa d l ma y u a s Paul (d p

d l pm ) a l a fall , a sa a , B a a d L mh , a d d l pm up au a puup a a y m a a , u a M c y, Bu A r d Ja , a d ma k ll ma upply l d

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citY tArgets For investMent in 2013AMericAs AsiA PAciFic eMeA

core off : Us cBD ga ay (nY k, sa F a , waDc), ca ad a (t ,va u )

r a l: c 24 u a ay UsA a d ca ada

Apa m : Mul -fam ly pUs (n Y k, B , saF a , L A l )

off : syd y, M lb u , Ps a a , B j , t ky

r a l: s a a , B j plu d f ma k (s ap , h K ,

syd y, t ky )

h p al y: s ap , h K ,t ky

r d al: Japa

off : L d , Pa , s k lm, Mu ,F a kfu

r a l: c g ma ludMu , s u a . Al Pa , L d ,s k lm

L : L d , Pa , Mu ,hambu , s k lm

core-PLUs off : c pa , ma k(s a l , h u , Au , P la d,B , L A l , Dalla ). subu ba

ff Us a d ca ad a

L : c a (s ucal f a, n J y, M am , c a )

c l a d a : s Pa l , sa a

off : s ap , h K , o aka,Kuala Lumpu

r a l: g ma k (o aka, s ul)

L : syd y, t ky , s ap ,h K

r d al: s ap

off : Am dam, B l , UK t amvall y, P a u , wa a . D l pm

: L d , Pa , s k lm,F a kfu

r a l: La i aly, P la d,n la d , P a u

L : r dam, A p, wa a ,P a u , Budap

oPPortUnistic off : M a f ma .

U d d g ad A Us ff a dapa m p p y: s u Fl da,Dalla , c a .

r a l a d d al d l pm :sa a a d 1a d 2 d B az l aa d M a

L : Ma k k yB az l a a d M a

off : em ma k(Jaka a, Mumba , Ba al ,gua z u, s z )

r a l: em ma k (ha , KualaLumpu , Ba k k, Jaka a, n D la d p i d a )

L : ga ay c a (s a a , B j , gua d )

off : L b , M , i a bul, M la

r a l: Maj tu k y a d a

ma a m /d l pm law

L : s la ea eu p a

D : i aly, spa , P u al

s u : cu ma & wak f ld gl bal cap al Ma k



11/54

10

i a d f m b du al d ma d ally,bu m ably au M , f u d ala a f m M y d M c y, f ll d by

u a t jua a. B az l a d l a a ya du d ma d f m d l pa , f u d

ma du al ma k f s Paul a d camp a .

AsiA PAciFice m a m d a d mu f A a, a d d m p k up f a ma k u a c a a d Japa

a b a ma k d a p d, u d ly d f l bal . n l , al a

f la d ll p d, a a f a a al adyu d lud m a y a a d p l y a

pla d b um p d .

w l p d u 2013, mll ma m a u a m f ampl

p a pa ld ba k by l a l a l balu l k a d f d p ma a m a a a ll.

A a ba k u d, u p a al p p yma k a m f a l d m .n l , a y b upp d by l a a

ll a ally b d b a a lab l y a .

t l a f b p du a l al ma kll a d a y l l . w a d app f m f play

f ual y p p y p , d a ll u f dl f upp . A umb f f buy a ac a, a f u b f h K , B ja d s a a . o a fu d , pa ula ly al fu d ,a al a Au al a m . i t ky , ma k ab d by a a upply alb mu f

g ad B bu y ld u d ma d f u ly m d u a o aka.

w l a d pa pla a b m mu d f laff p p a ally d b d, a l a

p g ad A pa ubj al p u ma k u a B j , s a a , gua z u,Ba al , n D l , Jaka a, Ba k k a d Ma la. s m ma k

u a h K , t ky a d syd y a fall ba k y a bu ma k d p d, t ky a

s ul b m u , h K b upp d by l a aa d l m d upply a d Au al a ma k b f f

a u a ll a y ld la .

Mu d ma ufa u mpa du al a da u d ma d al u a l al

d a y. L d ma d ll b bu y d by m d a l a ll a - a l , b pp uk y u a h K , t ky , syd y, s ap a d s ul add ma la d c ma k a u d, B j a d s a

A a a d f p f f l bal a l ,ma k a b f f m a fl f a al a l

pa ula ly c a, f ll d by i d a a d pa f s u ea A a f u 1 . i c a, s a a a d B j a

p f d a a ay bu m a bd m d ma d a a a l m d ly, almay al l ad upply m d ad l p a d d f m d al . A

m , h K b f f m u m bu a a d mp a a l mp

ma la d a d a ff a u . s ul a b m a a aa f fa b a d a d m m a f

ad a m a a p du . i d a al bf m a la a ula f m a

u du .

eUroPet eu p a ma k may b l a d m au u a

, bu d ma d u f ual y p p y . t m a y p m a a , bu

l la -p m pa . w l d b a a lab lally ab l d, ma k ll d m a d by u y

i m a , a u y a b m m p a dd ma d , a d a m da y k m ma kp ll b f d d , a may b m p m ma k

b d y ld a .


2012/2013

s ap


12/54

11


w l u p d, m d a b ak fa y a , bu a ab l a p d d m a ad

l bu p m a a p ll d f 2013.i mm d a m, , d b ll

u d m a u l k, pa ula ly p mpa f d . h a m a b

p ful a may b pa , f bu ldbl k f a lu pla ap f a m buf all b u a d b ba k a d publ

, a d a f u a a f alp a a d l.

w l u l k ll ma la l , pa ula ly mp a l du y a , m ll

p fully l ad m a u a a d a ll b a d da d a a y u z ll b ll-ma a d. i may al

al a f m u a d d p ad f m a llb eu p a a l . i d d, l f u f p a a y l l, l a a f eu p , al a d a al l l

a ll b maj d m a f m d um m u .

F , buy ma f u d a a f ala d . s b dd a u d L d a ll a

p g ma a d Pa , a a dful f fplay d m a Pa ma k f la . L a f k y

mp a m a a , f ll d by m u y a d l al f play . A ma k u a

m y a , al f pp u ff lla , bu f ma y f pp u fu d

ma k a f d a mu p al a y ad p d.

off ma k a uff d a u a y du d ak f my a ll a a a l fa

ba k . h a a d p pula y am, ak 54% f ad a y f alf f y a

u 41% f alf f 2011. i l a ma k , la d al a b ma m f d lay a du a y, a y am l da a d up ad

up a mall u p m bu . tlud d a d a y m ap ubma k f

u a Pa a d B u l . h , p ul a ll y mu f u d g ad A cBD pa , a d

d l pm ll ubdu d, a a y a a dd a d . A a ul , p u ll u u kly

p a f d , ably L d , Pa ,s k lm a d p g ma .

i du al ma k fa m la p u , up aul da d d ma d a d l m d d l pm . r a l

m a play f d ma d p f l , - mmd a a d l ad a p la a b majd bu ub a a a y u a d ma k d ma d a d a y a ak d. s a

a ll b all d ma d a f d a d l l mp , a d p f ma ma k l a d fala a lab l y u a B u l , L d , il d F a , Am damk y g ma d .

F a l, u d ly p f ma a b y la l fma k ma k , a yp al p la a b p m

da y a d b p f ma f m m f alua d lu u y a a mu f ma ma k . t ap

u a b f d m u m a d a al a l d ma d. h , m l m d

pp p p l b a all m a ll a a upp alu . em ma k am fa u am a l a y b f , a d

yp ally ll ff a b upply f pp ppa ula ly ru a a d tu k y. P la d p ap p pc al eu p , f b a l a d ff .

Pa , F a



13/54

12


2012/2013

KeY inDicAtors For cUshMAn & wAKeFieLDs winning citiesre investMent

2011/12 Us$ BiLLionrcA, ex Dev sites

oFFice stocKMiLLion sq.M

JUn-2012

PoPULAtionMiLLion 2011

gDP estUs$ BiLLion 2011

BUsinessFUnctionscoMPosite

rAnKing

toP cities ForconnectivitY

coMPositerAnKing

Am dam 3.6 6.6 1.97 90 17 17

B j 3.1 26.1 16.50 157 12 10B l 5.8 17.5 4.38 113 61 67

F a kfu 4.0 12.0 1.95 216 9 13h K 16.8 4.7 7.10 227 4 2

L d 29.3 23.8 12.60 783 1 4L A l 17.0 16.9 17.00 677 38 9

M lb u 3.4 4.1 4.23 159 14 97M 5.2 12.7 16.20 224 26 165

Mu 3.8 20.0 2.08 187 20 99n Y k 34.7 46.5 21.50 1,091 2 3

Pa 19.4 26.5 10.60 650 6 5sa F a 15.4 10.4 7.15 259 18 19

s ul 6.0 4.7 25.40 512 13 20s a a 7.9 24.5 25.50 213 16 11

s ap 7.3 7.3 6.55 179 7 6s k lm 6.4 11.1 2.10 125 19 47

syd y 6.4 4.9 4.70 192 8 64t ky 23.9 49.8 34.50 1,335 3 1

t 8.0 15.7 5.85 222 4 80n : g ap al d f may a y by da a m. i add ff k f u a ma k a p d a d f may a y ad lud d.Bu Fu : c&w mp a k ba d p a f p a ad ua (hq ), bu a d mp a f f a al ( a k u f 199 ).c y: c&w mp a k ba d a p pa da a, p ( a ) aff a d m dal pl f pa a p , u a publ a p ( a k u f 164 ).s u : cu ma & wak f ld, r al cap al A aly , t ma B k ff, p:// . yp pula .d ; o f d e m , B k i u , F u Ma az ; Z/Y g up; gawc, ePoMM; Aci; AAPA


14/54

13

who Are the winning cities?

toP DestinAtions For investMent in ProPertY

the FAstest growing ProPertY investMent MArKets

toP DestinAtions For retAiL investMent

toP DestinAtions For oFFice investMent

toP DestinAtions For inDUstriAL investMent

toP DestinAtions For investMent in DeveLoPMent sites

toP DestinAtions For MULti- FAMiLY resiDentiAL investMent

toP DestinAtions For hoteL investMent

toP DestinAtions For cross-BorDer investMent

ProPertY YieLDs

ProPertY YieLD PreMiUM


t , ca ada



15/54

14

toP DestinAtions For investMent in ProPertYw l fall m , all ad lum 2012 ( l m q2) a ma al 0.8% a ad mpp u y a . i am p ma y d a f p p y m , p f u p 2012

d n Y k c y M a a m ap al f al a ( lud d l pm ), f ll d by g aa d Pa . Add ally, f f pla a k al ma a d y f m a 2011,app a a l ly d ff d 2012. i m f d bu , p p a d ually a

u pla a k . c m by p p y , ff ma k a a d a u f a 43.5% a f al lum , f ll d by a l (20.8%), d al (18.1%), du al (10.3%) a d (7.2%).

s f f a al , p m d f ma k a bulk f a y, a d d a 2012, u upp p . A a ul ap b p m a d da y ma k a u d d

a d ma d ak a d p a ably f al ay bly m d u . h , a d , papp u u y a d p al, may a a f m p m da

a ad, p ally l f upply f p du a d a d ma d f m .

i af u p-

ual y a a al

a d p f a l y l bal my

a ld alu . Al u

all l a a d f d

a dp du a a d

l ly,

a upf d ma k .



2012/2013

0 5 10 15 20 25 30 35

Denver

Phoenix

Moscow

Berlin

Atlanta

Seattle

Seoul

Stockholm

Sydney

South Florida (Miami)

Singapore

Houston

Boston

Dallas

Shanghai

Toronto

Chicago

Washington DC Metro

San Francisco Metro

Hong Kong

Los Angeles Metro

Paris

Tokyo

London Metro

New York Metro

US$ Billion

toP 25 cities For gLoBAL ProPertY investMent in 12 Months to q2 2012e lud d l pm , a y a a, l d d al , Us$5 m ll plu


16/54

the FAstest growing ProPertY investMent MArKetst c y f gua z u a p a a ap al d u f a y maj al a mam q2 2012. w l a f a ly upp d by al f ju bu ld ( gua z u ic , a d a d f Us$975 m ll ), a a l A a Pa f a p f m d ly y a

p f p Fa g i m Ma k a k . t f , ta p a d P , d d m a d a p f f cBD ff bu ld .

h , l A a p f ma a b mp , n Am a a a a d m a d a k 17 f p 25 a d f p f . t a b l d by b ad p ad f ma u a d pa la d dual l z f u d m a a . t b d al a Us$1.2 b ll al f s a Plaza a p f f ll-l a d, mul - a d ff pa . eu p a f a u d m a k , a d B l 15 . B k d by , la d al lud d o l ff - la d, pp a

a a m p m g ma .

15

0 50 100 150 200

San Francisco

Philadelphia Metro

New York Metro

Ottawa

Dallas

Atlanta

Calgary

Toronto

Edmonton

Boston

Berlin

Brisbane

Houston

Seattle

Shanghai

Denver

Oslo

Austin

Raleigh/Durham

Munich

Perth

TaipeiBaltimore

Charlotte

Guangzhou

Annual Growth (%)

toP 25 cities For gLoBAL ProPertY investMent growthin 12 Months to q2 2012e lud d l pm , a y a a, l d d al , Us$5 m ll plu . Ba (q3 2010 - q2 2011) a a Us$ 1b ll

c ff za d/

p y bu ldf al (may ap u ly ad d)d b

la y a , a

l a p f fmul - a d, cBD

ff a a mp u m

am a d dampa y - l a

up .





17/54

toP DestinAtions For retAiL investMenth K a d p p f a l m l m q2 2012, lum ab d by ub a al Us$2.4 b ll al f F al walk. L d la m d d p , m up pla

f a 50% a f w f ld s a f d c y f Us$1.4 b ll , lp y a Us$4.9 b ll y a . t ky lpla d, L A l a d n Y k ak f u a d f f , p ly. J a bu , ly Af a l a

p 25 a d la m d 21 pla , Us$1.1 b ll f al a d (q3 2011 q2 2012), l k d la pp d al 2011.

o all a l lum 12 m q2 2012 d 1.1% mpa d p u y a , bu u a ts a a p f m d pa ula ly ll ba k f d ma d f m ma k a , a pa pla f

abl d a a d upply l l . s u Am a , l p 50 l bally, a by p m fu dam al . Al u a la k f upply a b a k y b mp d m a d l a

a a l bal ap dly pa d ma k .

16

0 2 4 6 8 10

Houston

Taipei

Berlin-Brandenburg

San Diego

Johannesburg

Nashville

Philadelphia Metro

St Petersburg

Boston

Phoenix

Dallas

Guangzhou

Moscow

Munich

Washington DC Metro

Shanghai

San Francisco Metro

Paris


Chicago

New York Metro

Los Angeles Metro

Tokyo

London Metro

Hong Kong

US$ Billion

toP 25 cities For retAiL ProPertY investMent in 12 Months to q2 2012c mm al a l p p y, a y a a, l d d al , Us$5 m ll plu

D ma d fa l m

aa

pa ula ly -b d play l k f af a a

l - m p al.

s pp a b p f ma l ub- ,

k

abl d l m a a ff a

ma a m a l .



2012/2013


18/54

toP DestinAtions For oFFice investMento all ad lum l bal ff ma k up by 2.3% l m q2 2012, L d a

p pla f ff p p y m a l k af a du u u bul m . i d da am a a 2011, n Y k 2 d pla , f ll d by Pa , t ky a d wa Dc. i y a

p 5 l a d d a al f Us$68.6 b f a a a ma al a f 2.4% mpa d q2 2011, alb d by Pa a d n Y k.

i m a y a d la ly f l bal ma k ly a t p 25 2012 o l , Dalla a d B ba , d pla B j , M am a d hambu . h , d ma d , m b b ad z . o all, ma d f 2012 a d b f 2013 ll ul a a d la , m l u d ma k , la ly du a pa d l ab l a a d y

m . h , upply a m l ad a p d d a a ly u f al

17

0 5 10 15 20

Brisbane

Dallas

Rhine-Rhur

Melbourne

Frankfurt/Rhine-Main

Oslo

Seattle

Houston

Moscow

Boston

Stockholm

Singapore

Los Angeles Metro

Chicago

Sydney

Hong Kong

Shanghai

Seoul

Toronto

San Francisco Metro

Washington DC Metro

Tokyo

Paris

New York Metro

London Metro

US$ Billion

toP 25 cities For oFFice ProPertY investMent in 12 Months to q2 2012c mm al ff p p y, a y a a, l d d al , Us$5 m ll plu

c ally l a dff d m a

, al a p f

f m ap da a

upp m am .

w l a k y ld

m a a ,da y ual y

bu ld

l a d da yl a all la ly b

d.





19/54

toP DestinAtions For inDUstriAL investMentc p d a f du al m ( l m q2 2012), L A l m u p

pla f m 2011. n Am a a a l d m a d du al m a y y a , p 25 pla a k . h , a b a , m , n Am a b l ump A a Pa f ma k . t pa ula ly d ma ufa u , a a

p .

t ky a m a A a Pa f y, d pla s ap f m f pla ( u ly f ll 14 plama k , b m ( . c a) a d ma u ( . Japa ), a a u d upply f g ad A pa , au p

m u d p u a d pa k a d . eu p al ma a d u z p 25 pla . L d ju mad p 10 9 pla , f ll d by M 18 p a d Ma 2

u b a d f l l bally, a d al d a ly l bal u l k f ma y p a , k y l a a a d l l f a y l m . i add , u a ab l y b m a a

up a mpa l k fu u a d b m m a a f m al p b l y, m f a a d p du al m ma k .

18

0 1 2 3 4

Osaka

Manchester Metro

Baltimore

Shanghai

San Diego

Houston

Phoenix

Moscow

Seattle

Washington DC Metro


Singapore

Toronto

Atlanta

Boston

Sydney

London Metro

Hong Kong

Taipei

Dallas

Chicago

New York Metro

Tokyo

San Francisco Metro

Los Angeles Metro

US$ Billion

toP 25 cities For inDUstriAL ProPertY investMent in 12 Months to q2 2012c mm al du al p p y, a y a a, l d d al , Us$5 m ll pluo all m

l bally du al ma k

a l 2012a p u 12m a b

u a mm a d

l m d a a lab l yf p m p du

ma k mpa a y.



2012/2013


20/54

toP DestinAtions For investMent in DeveLoPMent sitest A a Pa f u d l bal d m a m f m a d l d ay d l pm ma k l m q2 2012, ak all f p 25 p . t d dual a k la ly am a

a : J a (16 pla ), ta a (22 d pla ) a d x am (25 pla ), d d pla Fuz u, ha bL k a p p , s a a a d B j ma d f a d d, p ly. h , all am u f

p 25 a l d, ad lum p d d 21% a a ual ba , a Us$166.6 b ll 2012. t la ly du al m a d u f p l a d m a u a m d a d

m -d u d ma d. t lud d -paym , l a a a d a ba d m pua damp d d ma d.

t ly A a Pa f l a mak p 50 L d , ak 33 d p , a d n Y k 36 pl a a u d f A a Pa f a al f a Duba by a l al em a ca

f Us$400 m ll .

19

0 4 8 12 16

Xiamen

Changchun

Wuxi

Tangshan

Ningbo

Foshan

Tokyo

Suzhou

Qingdao

Jinan

Nanjing

Guangzhou

Chengdu

Hangzhou

Kunming

Dalian

Changzhou

Wuhan

Singapore

Shenyang

Hong Kong

Chongqing

Tianjin

Beijing

Shanghai

US$ Billion

toP 25 cities For gLoBAL ProPertY investMent in DeveLoPMent sites in12 Months to q2 2012D l pm , a y a a, l d d al , Us$5 m ll plu

t d m af A a

Pa f fm

d l pm u , al uall a y l l

a l d aal m

d ab d l ma k , pa ula ly

c a. tb ak , , may

m ff 2013 ad mulumay b a a d.





21/54

toP DestinAtions For MULti-FAMiLY resiDentiAL investMentn Y k a umb p a la l bal d al ma k (mul -fam ly). i d d p f m 2011 a k a d f f u d ly p pula d m p l a a a a a a ablt la l d al a ju u d Us$920 m ll , UK D la y a u d olymp v lla ea L d

qa a i m Au y 2011.

i a l a ly k p a k y d al al ma k , p ally l f l d aff um a p p pu a d a d u ly l k al ma k a mm da d f m b . t , a d u d u ba a m a a f A a Pa f a d La

l bal ad lum d al d la a f a y y a q2 2012,

20

0 2 4 6 8 10

Orlando

Tampa

Toronto

San Diego

Rhine-Rhur

Stockholm

Austin

Raleigh/Durham

Boston

South Florida (Miami)Singapore

Seattle

Denver

Chicago

Phoenix

Houston

Atlanta

Dallas

Berlin-Brandenburg

London Metro

San Francisco Metro

Tokyo

Los Angeles Metro

Washington DC Metro

New York Metro

US$ Billion

toP 25 cities For MULti-FAMiLY resiDentiAL ProPertY investMentin 12 Months to q2 2012Mul -fam ly, a y a a, l d d al , Us$5 m ll plu

i uff ba k l d m

f umm a u

fl mbuy a y, bua m upa d l a a abuy, al k l a

ff ua .t

m u bam a a all k ly b ff a ly f m

ap al d d al

.



2012/2013


22/54

toP DestinAtions For hoteL investMenth lp d d ub by olymp , L d la m f pla t p D a f h l i m a kn Y k p . i d d, la l a d al a al d d L d , ld fam u cla d

a d f app ma ly Us$500 m ll . D f m 2011, f f p by ad lum f app a a f h K f m A a Pa f a d f m a t ky a d o aka. A d f m L

ly eu p a y f a u p 10, m f m d pla .

gl bally, m l a d 12.4% l m q2 2012 mpa d p uad d a l d d al l m a d l d a y. g a l d by ba k , u y

d dual , al d al fu d , a p d u b m a play f u f p y p du l a d p b a d d p a p m am , a d u ly

f a d f ma k l k ly d fu .

21

0 1 2 3 4

Singapore

Atlanta

Hawaii

Houston

Amsterdam/Randstad

Austin


San Diego

Toronto

Dubai

Berlin-Brandenburg

Shanghai

Boston

Dallas

Washington DC Metro

Chicago

Osaka

Paris

Tokyo


Los Angeles Metro

Hong Kong

San Francisco Metro

New York Metro

London Metro

US$ Billion

toP 25 cities For hoteL investMent in 12 Months to q2 2012

h l p p y, a y a a, l d d al , Us$5 m ll pluga ay L a

pbu a d uf fall ll a

a ma k f, al ub a d p

ll al ma ak y fa d -makp .





23/54

toP DestinAtions For cross-BorDer investMentgl bal fl f -b d ap al a d Us$150 b ll 12 m q2 2012, a f 4.3% am p d

u p f m ma k a a l f ll by 7.5% ( lud d l pm ). L d pp d abl f a Us$19.6 b ll , Pa m ay ba k d pla a d n Y k u d p . t ky a d h K a

A a Pa f l a f u a d f f , p ly. w m u a m ba kp m al a , a y f u d l a a a p d ff m l l f u y a

a d a a d y k. i d d, all f p 5 l a a a am ud pa y a . t al am u f -b d ap al ( lud d l pm ) ua d 19.3%

lum (y a q2 2012). t p a ma k a f 2.2%, a d u d a ly

m y a .

22

0 5 10 15 20

Moscow

Melbourne

Stockholm

Rhine-Rhur

Chongqing

Los Angeles Metro

Nanjing

Chicago


Washington DC Metro

Munich

Amsterdam/Randstad

San Francisco Metro

Warsaw

Singapore

Beijing

Berlin-Brandenburg

Shanghai

Guangzhou

Sydney

Hong Kong

Tokyo

New York Metro

Paris

London Metro

US$ Billion

toP 25 cities For cross-BorDer investMent in 12 Months to q2 2012All , a y a a, l d d al , Us$5 m ll plu

c ap a k df b a

f ma k y

a d ma k llu a am a al

ap al, a d d ma d f p du d m a

ma k , pf a ll

ma k a duld a

m a a 2013.



2012/2013


24/54

23

ProPertY YieLDsgl bal p p y y ld f p m al a a a a a

d a p ma y ff , a l a d du almm al d a 6.86% a q2 2012. w p m ,

p du la ly al y l l f d ma d, all- d a a p m y ld m d by 5 ba p

l m q2 2012. i a da y f ma k p dly ak all a a .

g ap ally, Am a p d la fall all- d y ld, m by 20 ba p 7.26%,la ly d by mp ff a d du al

m m l a a . i d d, l a u f p 25 y ld ma k Am a , ual a A a Pa f a d eu p . M a l , eu p a f a u d 18 m p25 l bal l y ld ma k , mak m abl

la l m . t maj y f y ld m m eu p a a mp y ld ma k u aM , K a d i a bul, am .

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

Kiev

Moscow

Mexico City

Mumbai

Pune

Hyderabad

Bangalore

Chennai

New Delhi

Ahmedabad

JakartaSofia

So Paulo

Rio de Janeiro

Buenos Aires

Bucharest

Houston

Bangkok

Dallas

Istanbul

Athens

Atlanta

Philadelphia

Bratislava

Chicago

Top 25 High Yielding Markets

EMEA APAC Americas

Top 25 Low Yielding Markets

EMEA APAC Americas

0% 1% 2% 3% 4% 5% 6% 7%

Amsterdam

Glasgow

Oslo

Rome

Vancouver

Manila

Stockholm

Berlin

Copenhagen

Cologne

Vienna

Paris

SeoulDusseldorf

Frankfurt

Hamburg

Tokyo

Singapore

Munich

Geneva

London

Zurich

Hong Kong

Taipei

Milan


Ma u ma k a d p al

l l f d ma d a al m d ual y upply a

p m y ld m ,alb ma ally m

a . r a umb f lma u al a a a p ad ,

fl l l f k a a d l a


Low AnD high YieLDs BY region

All , 3 y a , d a a , ba d 97 l bal



25/54

ProPertY YieLD PreMiUMr al a p m um b d m l bal ma k a aall m , a d a ma l aa mp l bal my d ma d f p p y ll

ma bu . h , l a a l bally a 265ba p p m um p m p p y b d y ld ,

u a mu u a d f ubl d a d m al a ma k a u d ld. t

f u b l , ba d p m um p p y y ld

a a f b d y ld pa y a , la p ad a d d ff f m ma k ma k . A d f p um A p p y fa l ma - k

p m um b d ma k a d u f 740 ba p ,l h u a d f p um a y ld

a a 551 bp Us b d a a .

ProPertY YieLD PreMiUMs to 10 YeAr BonDs (3 YeAr AverAge BonD YieLD AnD 3 YeAr AverAge weighteD ProPertY YieLD)

24


w l m b dy ld a ll d d aa l - k u dl a , ya l d du ally a k fb ma k. i ly

, 16 f ma kff l k p m um

a eu p a 17 f ff p m ua Am a .

-8% -6% -4% -2% 0% 2% 4%

Athens

Rio de Janeiro

So Paulo

Istanbul

Manila

Lisbon

Budapest

Hong Kong

Dublin

Seoul

Milan

Rome

TaipeiMadrid

Barcelona

Bucharest

London

Melbourne

Bologna

Warsaw

Sydney

Brisbane

Paris

Vienna

Brussels

0% 1% 2% 3% 4% 5% 6%

Houston

Dallas

Atlanta

Philadelphia

Chicago

Auckland

Miami

Mexico City

Boston

Bangkok

Los Angeles

Sofia

SeattleMontreal

Edmonton

Washington DC

Calgary

Tokyo

Toronto

Ottawa

San Francisco

Tolouse

Moscow

Bordeaux

Jakarta

EMEA APAC Americas EMEA APAC Americas

Low or Negative Premium to Bonds High Premium to Bonds

s u : cu ma & wak f ld, e

2012/2013


26/54

whAt is Driving citY sUccess?

PoPULAtion siZe

econoMic PerForMAnce

retAiL

coMMerce AnD FinAnce

innovAtion

connectivitY

green trAnsPort

qUALitY oF LiFe

toUrisM AnD cULtUre

eDUcAtion AnD sKiLLs

25


M , ru a



27/54

26

PoPULAtion siZera a d a y pu ly al p pula ,

u al lud a a a d ly mpa d by da ly m , ul u al a d bu a la d a y

u d a d u f f a y p pula . Aa l m a ju a : a k f m

d b a a d ly a a d by a f y by a k f mmu . w

p 20 m f p pula z , maj y

p a l m a , m f m a y. A a ampl , t ky m p l ap pula ld f ly t ky p p bual a a f Y k ama, Ka a ak a d sa ama. A a

ampl , mb d p pula f n Y k a a af B d p , n a k a d n ha , a a n Y k

M a a a m a u a ly d m a mmumpa y. L k a p ad f p , a

d p 20 a a ly d m a d by A a Pa f ,la ly a a u f b a a d a ap d m a maj u ba l a .s m la ly 2011, M p ly eu p a

p 20 .

toP cities BY PoPULAtion siZerAnK coUntrY citY PoPULAtion

(MiLLion)

1 Japa t ky 34.52 c a gua z u 25.9

3 c a s a a 25.54 i d a Jaka a 25.4

4 K a (r publ f) s ul 25.46 M M c y 23.3

7 i d a n D l 23.28 Pak a Ka a 21.7

9 P l pp Ma la 21.59 UsA n Y k 21.5

11 B az l s Paul 21.212 i d a Mumba 20.9

13 UsA L A l 17.014 Japa o aka 16.8

15 c a B j 16.516 ru a M 16.2

17 e yp ca 15.818 i d a K lka a 15.7

19 A a Bu A 14.320 Ba lad D aka 14.1

s u : t ma B k ff: t P pal A l m a f w ld


A a l m a ,d f d a m

mb d b u mmu

a d bu l -up a a , bfl full f f a

p pula a d mpa da ly bu , ul u al

a d m a f ay.

t ky , Japa

2012/2013


28/54

27

econoMic PerForMAncet f bala f m p b ma ua d m ma k a ll a b a a d p m p f d u b f d u a d

a . w am la m f ma k , p b m d b y a d

a al-l l p f ma . ou f 25 m u ful m f 2010-2011 y, a lm maj y

(18) f l a a A a Pa f a d 15 a

l bal m ma k (12 A a, 2 La Am a a d 1 eu p ). t p ad mpa d ul p , 11 f p 25 p f m f m

A a Pa f a d ly 7 m ma k . M p f ally,c a p du d 11 f m dy am m a a m f

m y, all f a d u d ly byap d gDP a d mpl ym bu al by mp

p du y a .

M , a aly la m f a uma k u a f p ma y f mp a b f m n Am a ma k f A a a d La Am a. h , l - m f

p Us a ll a ma u eu p a ma k u aL d ll ma a a p p f ma fu u

lu f a y u a a a , la ly du mp z a d ll- abl d

mp a l bal map.

econoMic PerForMAnce rAnKingrAnK Long terM

Pre-recessionrecoverY Postrecession

1 s ul s a a

2 L d s ap3 s a a gua z u

4 L A l t a j5 B j s z

6 s z Bu A7 B h K

8 s ap ta p9 gua z u c

10 Dalla s Paul11 n Y k s u a

12 M M13 h K s ya

14 sa D wu a15 ta p F a

16 sa F a n Y k 17 P la d na j

18 wa Ba k k 19 P s ul

20 Dubl F a kfu21 M am ha z u

22 t a j Jaka a23 M lb u ta u

24 syd y Ka u25 i a bul c l -D ld f

s u : cu ma & wak f ld a aly u da a f m: B k i u , o f d e m , M dy A alyU.s. c u Bu au

Al u a - p d ymay b u d ay fa u m ma k d l p d mp a

a pa ap ap m d by ya by u y. F ampl ,

l - m mp f ma a k , 18 u f 25 ma u ma k .Add ally, n Y k a d g ma al mad p25 m f y, a d d a

l f ma u A a l d by s ap .


s a a , c a



29/54

28

retAiLr a l a mp a a y . A

a ly al bu a d m a y ub mpl ym a d p d u al a a

k ly ul u a d l u f m a l bual p m pp l a u a d a f

a al b a d . t all a l a k b l mpf u d ff a , am ly d m p du ,p pula , p m a d umb . t a

a k d d dually a d d ually f m amp f u , a a k d a d d l f u l a l y.

n Y k a p a l d a ld, m a u f ll d y l ly by L d d a d t ky

d pla . h , d p t B Appl l ad ay, A aPa f ad m (5) p 10 a a y ,a d 15 f p 20 ua d eu p A aPa f . n l , UsA ad m (4) p 20

a a y u y, l l a a k y d l bal a l la d ap .

toP cities For retAiLrAnK coUntrY citY

1 UsA n Y k 2 UK L d

3 Japa t ky4 F a Pa

5 c a h K6 UsA L A l

7 r publ f K a s ul8 c a s a a

9 c a B j10 ru a M

11 s ap s ap12 i aly r m

13 spa Ba l a14 i aly M la

15 tu k y i a bul16 UsA sa F a

17 B az l s Paul18 Au al a syd y

19 spa Mad d20 UsA M am

s u : cu ma & wak f ld a aly u da a f m: eu m i a al, B k i u , o f de m , M dy A aly , U.s. c u Bu au


A d a ala l m , u

a a , amplm d pa a d aafflu p pula

a m f ald f au ful l bal a l

y.

n Y k, UsA

2012/2013


30/54

coMMerce AnD FinAncew am bu lu , am app a al ad f p a p a , bu f a al bu ly 3 d m a all a a : L d , nY k a d t ky . M a m d f p al a , f

ampl B u l , M la , s Paul a d L A l a km ly a bu ub . i al a b ad a

f j y a lu f p a ad ua (hq ), al a d ub- al ub u a Mad d, M ,

Mumba , h u a d o aka d a ly j y am a f a al a d bu ub .

i ly, a d gl bal F a al c i d(Z/Y g up), ma a a f mp m am f a al

2011 a eu p u a F a kfu ,Mu , Lu mb u a d s k lm all m f a d. Mak

ay f m ma A a , pa ula ly ma la d c a, u y l l d a a u .t l k ly b ju a m ba , a d a

am m A a a u d ad a u as ul a d syd y. A a ld 8 f p 25 pla u9 eu p a d 8 n Am a.

29

w l L d a d Pad m a , eu p ama k a b m md , u z

mpa , pa ula lyam f a al .Dubl , M la , Mad d, L ba d A a all m dd l F a kfu , Pa ,v a a d Am dam m dup, a d d a umb f -

u z ma k ludwa a , s k lm a dZu .

toP cities For BUsiness AnD FinAnciAL servicescoUntrY no oF gLoBAL hqs BUsiness services FinAnciAL services

L d 4 1 1

n Y k 5 2 2t ky 1 5 5

h K 15 3 3t 7 10 13Pa 3 22 6

s ap 32 4 4

syd y 15 16 9F a kfu 15 13 14Zu 9 6 29

c a 32 7 7B j 2 26 20

s ul 6 9 37M lb u 15 20 17

wa Dc 32 15 8s a a 10 8 40

Am dam 15 33 10sa F a 32 12 21

s k lm 25 25 18Mu 15 19 37

s u : cu ma & wak f ld a aly u da a f m: F u Ma az , Z/Y g up, gawc,Bu a k u f 178, F a al c u f 77


L d , UK



31/54

30

innovAtioni a a a f k p l a d d l pby u l ll ual ap al . t

a k , a p pa d by 2 k , l m a yld d a B , UsA. ha a a k a d

b m b ha a d a d Mit u lp d k pB a p f a k f d u y a .

B a f ll d by sa F a (Bay A a), d plaa d Pa d. t p d m a d by f m nAm a a d w eu p , f A a y, h K ,pla d 15 p .

A fu d a f a umb f pa aa u d. A oecD u y a al pa a dpa appl a d d a m a a a u f

ju 2% f l bal p pula bu a m f 24% f ld pa appl a . Al u eu p ad m pa appl a all, a a y l l U d s a

u f f p . h , all af l bal pa f m U d s a a fall f m 40%

2000 28% 2009, a a umb f p alub f a b l a d A a.

A umb f a a d u , a

a a da upp bu

k, a k yd f a

, a d a k pma y f Us a dw eu p a a ad f a .h , d pp

umb f pa a dpa appl a f m

UsA p a l f A a

ma k a l bal f a .

toP cities For innovAtionrAnK coUntrY citY

1 U d s a B2 U d s a sa F a (Bay A a)

3 F a Pa4 U d s a n Y k

5 Au a v a6 n la d Am dam

7 g ma y Mu8 F a Ly

9 D ma k c p a10 ca ada t

11 U d K d m L d12 g ma y F a kfu

13 g ma y hambu

14 g ma y B l15 c a h K16 i aly M la

17 Au al a M lb u18 g ma y s u a

19 spa Ba l a20 Au al a syd y

s u : . a - . m (2 k )


B , UsA

2012/2013


32/54

31

connectivitYc y a mp a mp f la

a a d u a bu a d l u pp u .t f , a d p f y

a k a a b l bal byb a a d a add p a mp

a d al a p y m. c u ly, maj yf a mak up p a d a uly l bal

l a , t ky f p a d h K , n Y k

a d L d d, d a d f u pla p ly. t kya ll a al l k by b a a d a a d alp a mp publ a p k a all

m m m a y, lp ll aa y a d u f pla . i m f publ a p

maj y f d p f m f m A a a d eu p . A a, a dm p f ally c a, ll- p d p 10 f

y a a ul f ly b a a da aff , la d m pa

c a. w d a p y, bul bal a p a la ly d m a d by c a a d

UsA; , a a umb f k y ub a eu pa ll, u a L d , Pa a d F a kfu .

toP cities For connectivitYrAnK coUntrY citY

1 Japa t ky2 c a h K

3 UsA n Y k 4 U d K d m L d

5 F a Pa6 s ap s ap

7 c a gua z u

8 UsA c a9 UsA L A l10 c a B j

11 c a s a a12 spa Mad d

13 g ma y F a kfu14 UsA A la a

15 UAe Duba16 UsA Dalla17 n la d Am dam

18 UsA D

19 UsA sa F a20 r publ f K a s ul

s u : cu ma & wak f ld a a ly u da a f m: ePoMM, Aci, AAPA


A k y mp f ulyl bal y y

f ld, bya , a - y a p . i p 10 f c a mul pl ,la ly du u f

m a d ub ua d a a d a aff

BUsiest AirPorts BY PAssenger trAFFicAnnUAL 2010

s u : Aci

A la a ha f ld(89.3 m ll )

B j(73.9 m ll )

c a - oha(66.7 m ll )



33/54

green trAnsPortMa y a l b a bl d by ppl l l f

a d, a umb f a , p llu . t f , d y all a l l , b m

ally mp a k a a ll ab f a yp pula . t p a f m d f a p , ua y l a d a p f l a , a m

lp du b a d p llu a d a u al ay fu u u . i d u f p f

a p , B l a k d ly du b y l -f dly u l k a d m dal pl f y l u a bual b au f ap d ad p f l l . Fud a k , a umb f eu p a a d c

ll m f m dal pl fa u f y l , m U d s a p ly y la d y l p .

A a ul f m dal pl , eu p a d m a upp d f a k f p l a . tb p f m y Am a a ca ad a yM al d pla , f ll d by n Y k l .c A a , s a a a d t ky up d f f a d

pla p ly.

32

h a d p llu a b

ly d m al a y u ,

a d by mb ay l a d

l y ua l l

a l k mp all a p

f a u u .

toP cities For green trAnsPortAtionrAnK coUntrY citY

1 g ma y B l2 D ma k c p a

3 ca ada M al

4 g ma y hambu5 c a s a a6 Japa t ky

7 U d K d m L d8 n la d e d

9 g ma y Mu10 F a Pa

11 UsA n Y k 12 UsA P la d

13 s d s k lm14 UsA L A l

15 n la d Am dam16 c a B j

17 n la d g18 n la d r dam

19 B l um A p19 s d Malm

s u : cu ma & wak f ld a aly u da a f m: ePoMM, iBM, oecD


0 20 40 60 80 100 120

Mexico City

Beijing

Shenzhen

Nairobi

Johannesburg

Index Score

worst Five cities For coMMUter PAin

i d m a u m al a d m ll f mmus u : iBM 2011

2012/2013


34/54

33

qUALitY oF LiFeM a u ual y f l f ff d by a y a f a y

p a . h , ma mm ad md f : p al af y a d all m l l ; l ma ; l l

f p llu ; a d a b l y d al a . Add ally, a ly l a a a al a a d a ma k d d y,

a d ual y f l f a ly b m a u d a a y l l.L k a M qual y f L f i d l d b l ,eu p a d m a a k , ak f u f p f

p . i d d, eu p a f a u d 15 m p 25, A a Pa f l a ak 6 pla Au kla d pal p . t f ll d by va u f f pla ,

pp a k f Am a .

eu p a app a ff a m f al- m abala d a a l d j b pp u , d al a ,a bl publ a d ally a l - a -a a

m a . ca ada a a p f m f m Am a , f u p 25 a k . i La Am a,

ll-publ d l l f m m l a mpa all ual y f l f . t d y f A a Pa f

m ma u u , u a n Z ala d a d

s ap , f a u ly a k a y a p d ad a f flu fa a lud p l al ab l y,

al a , publ a d f a u u .

toP cities For qUALitY oF LiFerAnK coUntrY citY

1 Au a v a

2 s z la d Zu3 n Z ala d Au kla d

4 g ma y Mu5 g ma y D ld f

6 ca ada va u7 g ma y F a kfu

8 s z la d g a9 s z la d B

9 D ma k c p a11 Au al a syd y12 n la d Am dam

13 n Z ala d w ll14 ca ada o a a

15 ca ada t16 g ma y hambu

17 g ma y B l18 Au al a M lb u

19 Lu mb u Lu mb u20 s d s k lm

21 Au al a P22 B l um B u l

23 ca ada M al24 g ma y nu mb

25 s ap s aps u : M qual y f L f i d 2011


gl bal p 25 a k

a l k d by l l l f

m , ab l y ffa d a da df m d al a a

ll a a dd y ul u ala d l u pu u .

v a, Au a



35/54

34

toP cities For cULtUrerAnK coUntrY citY

1 U d K d m L d2 F a Pa

3 UsA n Y k 4 spa Mad d

5 spa Ba l a6 Au a v a

7 i aly r m8 r publ f K a s ul

9 tu k y i a bul10 n la d Am dam

11 c a s a a12 Au al a syd y

13 c a B j

14 UsA L A l15 UsA M am16 Japa t ky

17 g ma y B l18 M M c y

19 i aly M la20 ru a M

s u : cu ma & wak f ld a aly u da a f m: Unesco, eu m i a al, Ma ca d,op aba , . a pap . m

0 5 10 15 20 25

Bangkok

New York

London

US$ Billion

toP regionAL cities For toUrist sPenD (Us$ BiLLion)toUrisM AnD cULtUreAl u a ly mpl , m fa

d f a y a a u d a d m a m . All f 20l a l d t p c f t u m a d cul u a k

ff a al a d ul u al pull f u y a a a , m d m p l p a ly- a abl

m d a m . Add ally, 12 f p 20 au y ap al , a ma l a a u ually

a a maj bu a a f u y pa ula ly l a u y a a mall ff alap al. w a aly f , maj y f

l a p a eu p , ad lypla d by d y f m eu p a p

ma y a u a u . e lud U d s a , Am a ly M a

p a u m a d ul u a k , lu f Az u , a l p m y Us, um u p

a d ul u al a d l u a a u f M c y.

A mb af y,

al a d ul u al a dl u pu uall lp mak a

y a p ud a . i

a d, eu p a

m u p du umb f a

u a aa d a y a b l y

ma y pa f ld.


s u : Ma a d w ld d i , 2012

2012/2013


36/54

eDUcAtion AnD sKiLLsi d m a y du a b a m p u a d d u

ld. c u a L d a d B a umb f p u l p m y, u a p mpu a f a d a a lab l y f adua a d a a lab l y f

k ll . i d d, a f ma y f l a , a maj y f p 20 f du a a dk ll a mul pl p- a d u m p l .

h , b y d umb a d u y a k , fa u a ud p pula a d a f a al d m ud a u al d m a y p f y

ff d du a a d k ll . A a l , a p p f a al ud m a y a af du a a l bal al , l ad a d a f

adua a d a a labl k ll . i a y, Au al a l ad ay f m f udp pula . Add ally, ll f bu

- al b adua add alu f a y a a labl k ll. M a u d by qua ua ll sym d L m d (qs),

m u p d p, lud s ap a dBu A , a f pu abl u a d

adua a l b .

35

w a mak a y a ubf du a a d k ll

ly lud al b f u bu al

a ual al p du d by u ,

f m ab l y a a al bal ud ba

adua a jud d

by maj mpl y y.

L d s l f e m , L d , UK(64% a al/eU ud )

ill i u f t l y, c a , UsA(44% a al ud )

rMit U y, M lb u , Au al a(40% a al ud )

ProPortion oF internAtionAL stUDentstoP in region, 2011


s u : u y b


toP cities For eDUcAtion AnD sKiLLsrAnK coUntrY citY

1 U d K d m L d2 F a Pa

3 UsA B4 c a h K

5 Au al a M lb u6 s z la d Zu

7 s ap s ap

7 Au al a syd y9 s d s k lm10 ca ada M al

11 UsA n Y k 12 UsA c a

13 i la d Dubl14 c a B j

15 g ma y Mu16 Japa t ky

17 g ma y B l18 n la d Am dam

19 ca ada t20 D ma k c p a

s u : cu ma & wak f ld a aly u da a f m:t m h edu a , qs qua ua ll sym dL m d


37/54

36

gLoBAL DAtA

gLoBAL YieLDs

investMent voLUMes

stAnDArD gLoBAL LeAse terMs

cap t , s u Af a

2012/2013



38/54

gLoBAL YieLDs

gLoBAL YeLDs - PriMe grADe A, JUne 2012coUntrY oFFices shoPs inDUstriAL

A a 10.00% 9.00% 12.00%Au al a 6.50% 5.50% 8.35%

Au a 5.35% 4.25% 7.50%Ba a 10.00% 11.00% 12.00%

B l um 6.35% 4.75% 7.50%B az l 9.00% 7.50%* 12.00%

Bul a a 9.50% 9.00% 11.75%ca ada 5.30% 4.70% 5.90%

c a l i la d 6.00% 6.25% -c l 8.50% 7.50%* 9.50%

c a 5.60% 4.50% 6.50%c l mb a 13.00% 11.00% 10.50%

c a a 8.00% 7.75% 9.50%cz r publ 6.25% 6.00%* 8.00%

D ma k 5.25% 5.00% 7.50%e uad 11.50% 15.50% 12.40%

e a 8.00% 8.25% 9.50%F la d 5.50% 5.00% 7.50%

F a 4.50% 4.25% 7.25%g ma y 4.75% 4.05% 6.50%

g 9.00% 7.85% 12.00%

h K 2.90% 2.40% 3.60%

hu a y 7.25% 6.50%* 9.00%i d a 10.00% 10.00% 9.00%

i d a 7.00% 10.00% 11.00%i la d 7.80% 6.90% 9.00%

i a l 7.50% 7.25% 8.50%i aly 5.50% 6.25%* 7.75% Japa 4.30% 4.70% 6.20%

La a 8.50% 8.50% 9.50%*s pp cn :Da a la p y/ ly a d a u y a a .Y ld ma k d d a al ula d a ba lud a f , a a d l al f .s u : cu ma & wak f ld

37

gLoBAL YeLDs - PriMe grADe A, JUne 2012coUntrY oFFices shoPs inDUstriALL ua a 7.50% 8.25% 9.00%

Lu mb u 6.00% 5.50% 8.50%Malay a 6.00% 5.00%* 7.75%

M 11.50% 11.00% 11.75%n la d 6.05% 4.70% 7.60%

n Z ala d 7.50% 6.00% 7.50%n ay 5.25% 5.25% 6.50%

P u 11.50% 17.00%* 18.00%P l pp 7.00% 3.20% 3.60%

P la d 6.25% 6.00%* 7.75%P u al 7.75% 7.00% 9.50%

r publ f K a 6.50% 7.00%* -r ma a 8.50% 8.50%* 9.50%

ru a 8.50% 9.25%* 10.50%s b a 10.50% 10.50% 13.00%s ap 4.00% 6.40%* 6.70%

sl ak a 7.25% 7.25%* 8.75%sl a 7.75% 6.75% 9.00%

s u Af a 9.00% 7.25%* 10.00%spa 6.00% 4.85% 8.25%

s d 4.75% 5.00% 6.75%s z la d 3.80% 3.90% 5.50%

ta a 1.95% 1.75% 2.25%t a la d 7.00% 9.00% 8.50%

tu k y 7.65% 7.25% 9.00%Uk a 15.00% 16.00% 16.00%

U d A ab em a 10.00% 11.00% 8.50%U d K d m 4.00% 3.00% 5.75%

UsA 4.90% 5.00% 6.00%v am 11.50% 11.00%* 10.00%*s pp cn :Da a la p y/ ly a d a u y a a .Y ld ma k d d a al ula d a ba lud a f , a a d l al f .s u : cu ma & wak f ld




39/54

38

investMent voLUMes


2012/2013

totAL investMent voLUMesMetro q3 2011 - q2

2012 (Us$)growth

(coMPAreD withPrevioUs 12

Months)1 n Y k M $34,684,213,620 17.5%2 L d M $29,313,332,246 2.4%3 t ky $23,921,608,806 -7.6%4 Pa $19,434,399,700 12.3%5 L A l M $16,965,881,654 -0.4%6 h K $16,811,979,810 -4.6%7 sa F a M $15,385,083,694 15.0%8 wa Dc M $13,794,705,826 -4.7%9 c a $10,572,543,045 13.2%10 t $8,031,490,550 26.4%11 s a a $7,897,026,601 42.8%12 Dalla $7,885,963,922 19.0%13 B $7,522,593,126 32.1%14 h u $7,298,762,891 39.0%15 s ap $7,298,373,016 -48.8%16 s u Fl da (M am ) $6,516,306,270 -1.3%17 syd y $6,410,910,527 0.2%18 s k lm $6,355,892,918 -1.9%19 s ul $5,996,745,546 -26.9%20 s a l $5,935,710,980 41.6%21 A la a $5,912,171,681 19.4%22 B l $5,782,419,407 34.0%23 M $5,174,307,361 -14.9%24 P $5,035,919,942 12.9%25 D $4,596,494,788 44.3%26 sa D $4,494,492,859 8.3%27 r -r u $4,470,273,069 -12.6%28 ta p $4,323,586,548 86.0%29 F a kfu /r -Ma $3,975,268,207 -20.0%30 Mu $3,847,639,580 69.4%31 Am dam/ra d ad $3,646,524,629 -18.0%32 M lb u $3,395,416,258 -38.7%33 B ba $3,258,666,162 37.2%34 gua z u $3,199,131,764 184.3%35 B j $3,077,463,375 -51.3%36 hambu $2,946,634,521 -34.6%37 o aka $2,894,319,724 -4.7%38 P lad lp a M $2,852,038,122 15.7%39 Bal m $2,847,416,303 110.8%40 Au $2,841,471,491 45.7%41 o l $2,796,591,646 44.6%42 c a l $2,723,398,102 130.5%43 va u $2,276,361,934 4.0%44 cal a y $2,227,557,803 25.4%45 ral /Du am $2,166,275,962 59.8%46 na ll $2,071,822,052 120.0%47 M ap l $2,064,840,102 7.5%48 o la d $2,008,767,617 -4.3%49 wa a $1,957,339,403 3.4%50 s u a $1,910,581,699 163.3%s u : cu ma & wak f ld, r al cap al A aly

retAiL sectorMetro q3 2011 - q2

2012 (Us$)growth

(coMPAreDwith PrevioUs

12 Months)1 h K $8,677,656,313 57.8%2 L d M $4,869,535,454 29.6%3 t ky $3,884,913,290 -17.9%4 L A l M $3,870,889,162 62.2%5 n Y k M $3,101,715,489 -16.3%6 c a $2,249,545,527 25.7%7 s u Fl da (M am ) $2,095,867,595 70.6%8 Pa $1,866,116,526 -24.9%9 sa F a M $1,847,220,670 15.9%10 s a a $1,719,625,521 144.6%11 wa Dc M $1,547,877,101 20.5%12 Mu $1,377,801,406 131.6%13 M $1,341,041,179 94.1%14 gua z u $1,333,810,236 1214.0%15 Dalla $1,321,981,657 63.6%16 P $1,238,793,151 56.2%17 B $1,229,439,866 3.4%18 s P bu $1,227,821,600 321.9%19 P lad lp a M $1,145,862,017 47.5%20 na ll $1,111,718,962 439.2%21 J a bu $1,104,525,455 129.2%22 sa D $1,092,623,393 146.1%23 B l -B a d bu $1,058,683,356 59.7%24 ta p $1,058,559,058 28.4%25 h u $1,016,080,686 15.7%26 Bal m $959,506,472 172.3%27 s k lm $932,527,947 -26.3%28 s a l $932,498,440 184.9%29 syd y $888,687,370 -28.7%30 F a kfu /r -Ma $884,952,649 33.1%31 wa a $834,043,268 18.3%32 r -r u $801,449,960 -64.1%33 s ul $782,159,930 -52.2%34 t $776,009,236 -56.5%35 B ba $763,676,829 301.1%36 A la a $742,021,925 -23.9%37 s ap $720,199,904 11.8%38 c a l $711,491,098 166.8%39 s u a $692,851,964 245.4%40 s L u $690,969,272 67.5%41 ha a $638,952,872 84.9%42 Ka a c y $632,803,725 284.7%43 M ap l $567,928,291 23.6%44 hambu $560,405,010 -56.1%45 B m am $555,203,449 -49.0%46 M lb u $525,687,305 -68.1%47 cap t $523,256,465 767.5%48 o aka $518,331,379 -37.1%49 Am dam/ra d ad $506,489,823 -64.3%50 va u $501,464,702 31.9%s u : cu ma & wak f ld, r al cap al A aly


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investMent voLUMes



oFFice sectorMetro q3 2011 - q2

2012 (Us$)growth


12 Months)1 L d M $17,092,330,000 -15.2%2 n Y k M $16,982,324,033 11.4%3 Pa $15,768,959,279 47.5%4 t ky $12,515,819,779 -8.8%5 wa Dc M $6,228,943,791 -12.9%6 sa F a M $5,897,425,598 17.6%7 t $4,939,026,672 194.5%8 s ul $4,782,074,320 -20.7%9 s a a $4,750,531,010 33.5%10 h K $4,708,410,877 -41.4%11 syd y $4,266,780,559 24.9%12 c a $4,171,347,516 43.7%13 L A l M $3,837,472,971 -2.3%14 s ap $3,780,611,561 -37.1%15 s k lm $3,625,833,302 39.9%16 B $3,342,391,240 43.6%17 M $2,895,279,288 -24.6%18 h u $2,846,322,880 31.6%19 s a l $2,611,890,696 49.5%20 o l $2,446,783,802 77.5%21 F a kfu /r -Ma $2,233,541,406 -35.6%22 M lb u $2,191,506,054 -9.7%23 r -r u $2,051,400,930 5.7%24 Dalla $1,967,369,816 40.2%25 B ba $1,917,613,947 26.6%26 D $1,794,998,330 59.5%27 Mu $1,779,616,882 169.8%28 Am dam/ra d ad $1,684,557,827 -22.3%29 B j $1,660,803,842 -60.9%30 ta p $1,586,447,494 80.4%31 B l -B a d bu $1,585,751,551 18.3%32 cal a y $1,482,307,931 88.2%33 hambu $1,436,308,384 -36.0%34 A la a $1,361,455,750 75.1%35 sa D $1,356,915,343 77.3%36 gua z u $1,321,691,023 42.2%37 s u Fl da (M am ) $1,232,466,328 -32.4%38 P $1,129,381,260 102.5%39 r ad $1,091,306,841 749.7%40 P $1,085,993,089 12.5%41 Mad d $1,085,372,052 149.6%42 va u $923,649,193 49.9%43 wa a $916,418,395 -12.4%44 c a l $870,886,840 352.5%45 edm $851,404,103 56.9%46 g bu $769,384,164 19.1%47 Ly $728,975,472 91.2%48 c p a $701,833,206 -25.7%49 M ap l $693,579,074 -11.4%50 e d $690,961,142 822.1%s u : cu ma & wak f ld, r al cap al A aly

inDUstriAL sectorMetro q3 2011 - q2

2012 (Us$)growth


Months)1 L A l M $3,892,417,499 -20.7%2 sa F a M $2,983,863,300 9.6%3 t ky $2,911,963,032 35.7%4 n Y k M $1,521,806,688 -21.2%5 c a $1,426,174,837 -39.5%6 Dalla $1,377,183,597 -30.8%7 ta p $1,370,239,289 135.6%8 h K $1,265,512,277 -32.5%9 L d M $1,062,702,259 -9.1%10 syd y $1,061,899,197 -34.0%11 B $968,342,963 251.7%12 A la a $920,099,448 -14.8%13 t $880,366,746 -52.8%14 s ap $877,181,361 -76.3%15 s u Fl da (M am ) $857,242,592 -13.4%16 wa Dc M $836,943,879 44.8%17 s a l $716,061,220 35.2%18 M $694,728,972 -1.9%19 P $645,536,262 -13.9%20 h u $609,224,576 10.9%21 sa D $577,332,878 -7.2%22 s a a $577,122,648 1073.6%23 Bal m $575,335,591 124.9%24 Ma M $565,449,951 606.7%25 o aka $523,696,449 -1.6%26 M lb u $510,932,199 -47.6%27 Pa $477,642,303 -65.1%28 B ba $449,174,341 -31.4%29 r -r u $440,065,030 347.9%30 s k lm $426,045,816 -26.4%31 s u a $425,534,878 1012.7%32 B m am $411,671,729 6.4%33 c a l $405,051,513 59.0%34 M ap l $404,893,913 86.3%35 s ul $374,859,610 -5.9%36 c lumbu $347,991,538 -16.1%37 Au $328,686,240 80.1%38 ral /Du am $307,308,500 220.3%39 M al $292,631,961 -19.3%40 edm $285,699,974 55.3%41 va u $267,873,332 -44.7%42 D $267,658,908 -35.1%43 P la d $265,771,534 -5.4%44 F a kfu /r -Ma $263,118,143 76.1%45 La v a $259,780,947 -67.7%46 P lad lp a M $256,562,301 80.3%47 P $256,125,310 26.2%48 Am dam/ra d ad $252,363,626 -42.5%49 Au kla d $245,794,334 664.7%50 c a $235,926,093 -5.5%s u : cu ma & wak f ld, r al cap al A aly


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2012/2013

investMent voLUMes

MULti-FAMiLY sectorDeveLoPMent sitesMetro q3 2011 - q2

2012 (Us$)growth


12 Months)1 s a a $15,695,567,138 -25.6%2 B j $14,835,195,620 -32.1%3 t a j $11,186,154,068 19.3%4 c $10,137,794,722 30.9%5 h K $8,922,721,739 25.8%6 s ya $8,759,161,138 18.9%7 s ap $8,199,039,037 -31.9%8 wu a $7,736,742,639 -45.5%9 c a z u $6,953,358,018 99.4%10 Dal a $6,741,605,195 -50.5%11 Ku m $6,340,320,557 -20.1%12 ha z u $6,252,385,411 -42.8%13 c du $5,896,090,289 -29.6%14 gua z u $5,607,288,520 -17.0%15 na j $5,519,216,026 -45.7%16 J a $5,058,283,295 144.0%17 q da $4,998,293,276 -3.3%18 suz u $4,849,538,164 -44.1%19 t ky $4,111,517,716 -21.1%20 F a $3,581,743,475 -30.6%21 n b $3,564,854,629 -39.9%22 ta a $3,454,974,825 67.1%23 wu $2,767,858,922 -36.9%24 c a u $2,745,056,031 -55.3%25 x am $2,698,593,324 -8.5%26 x a $2,601,596,962 18.1%27 ta p $2,467,835,080 -27.9%28 h f $2,326,655,408 -30.2%29 ha b $2,306,647,616 -44.5%30 na a $2,108,909,244 15.8%31 Z z u $2,077,492,324 21.2%32 s z $2,014,818,328 -39.7%33 L d M $1,964,078,577 33.5%34 c a a $1,952,607,727 -28.8%35 D ua $1,731,073,444 7.7%36 n Y k M $1,684,166,143 62.0%37 n D l $1,678,915,084 302.1%38 s ul $1,627,753,224 17.6%39 s j az ua $1,605,189,807 57.8%40 Ya z u $1,501,093,552 -32.6%41 Z u a $1,443,703,222 94.2%42 na $1,317,972,139 -54.8%43 w z u $1,305,744,332 -19.1%44 Z j a $1,303,781,800 -18.8%45 na $1,278,242,320 -48.4%

46 xuz u $1,161,224,724 2.5%47 Fuz u $1,037,973,126 -84.6%48 J a $1,017,462,478 50.1%49 Ya a $1,011,813,005 -27.3%50 gu ya $970,095,305 -33.7%s u : cu ma & wak f ld, r al cap al A aly

MULti-FAMiLY resiDentiAL sectorMetro q3 2011 - q2

2012 (Us$)growth


Months)1 n Y k M $9,540,684,000 83.1%2 wa Dc M $4,528,524,877 9.5%3 L A l M $4,362,499,823 0.1%4 t ky $3,704,309,651 -24.1%5 sa F a M $2,929,836,882 4.0%6 L d M $2,745,913,343 226.8%7 B l -B a d bu $2,644,120,119 42.5%8 Dalla $2,595,958,736 21.7%9 A la a $2,561,110,303 48.5%10 h u $2,471,668,757 78.2%11 P $2,047,811,759 29.5%12 c a $2,008,396,305 32.9%13 D $1,770,602,561 77.1%14 s a l $1,604,776,589 32.2%15 s ap $1,597,316,938 -39.5%16 s u Fl da (M am ) $1,394,997,725 -24.9%17 B $1,375,563,860 5.9%18 ral /Du am $1,300,327,585 91.9%19 Au $1,291,424,540 144.1%20 s k lm $1,164,047,593 -26.4%21 r -r u $1,089,522,599 86.8%22 sa D $1,088,495,120 46.4%23 t $1,052,964,685 24.9%24 tampa $970,789,811 12.0%25 o la d $934,932,668 12.9%26 Bal m $920,685,822 163.6%27 h K $900,703,862 -27.9%28 Am dam/ra d ad $840,562,099 153.9%29 P la d $764,101,200 22.0%30 B j $713,068,714 1541.4%31 hambu $709,734,855 3.7%32 c p a $683,311,383 369.7%33 c a l $631,201,492 56.1%34 P lad lp a M $555,374,600 5.0%35 va u $551,524,757 45.8%36 sa A $535,463,174 0.8%37 M al $491,120,809 34.9%38 Pa $471,231,322 -20.1%39 na ll $460,973,846 67.7%40 o aka $455,484,870 -15.2%41 Ja k ll $443,612,576 44.5%42 Mu $418,768,868 -2.8%43 M mp $400,336,229 126.0%44 sa m $384,129,104 47.3%45 D $306,310,824 50.8%

46 suz u $299,133,634 -47 M ap l $291,656,695 -8.1%48 gua z u $289,979,355 -49 r m d $284,521,441 493.4%50 Ka a c y $274,725,000 327.8%s u : cu ma & wak f ld, r al cap al A aly


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investMent voLUMes

hoteL sectorMetro q3 2011 - q2

2012 (Us$)growth


12 Months)1 L d M $3,542,851,190 31.2%2 n Y k M $3,537,683,410 3.3%3 sa F a M $1,726,737,244 40.1%4 h K $1,259,696,480 30.5%5 L A l M $1,002,602,199 -30.9%6 s u Fl da (M am ) $935,732,030 33.5%7 t ky $904,603,054 131.1%8 Pa $850,450,270 -60.8%9 o aka $720,244,286 725.8%10 c a $717,078,860 -7.6%11 wa Dc M $652,416,178 -50.8%12 Dalla $623,470,116 114.6%13 B $606,855,196 0.5%14 s a a $587,547,096 28.3%15 B l -B a d bu $392,735,961 96.6%16 Duba $390,718,844 30.5%17 t $383,123,211 107.1%18 sa D $379,126,124 -75.9%19 F a kfu /r -Ma $374,441,945 14.6%20 Au $365,128,698 -11.1%21 Am dam/ra d ad $362,551,254 301.6%22 h u $355,465,992 30.5%23 ha a $333,362,553 -1.2%24 A la a $327,484,256 -17.3%25 s ap $323,063,251 -74.2%26 D $299,995,721 3.6%27 ta p $298,306,910 658.4%28 B j $247,825,396 212.9%29 Ma M $241,117,718 -7.1%30 P lad lp a M $236,451,473 -56.6%31 Malm $214,595,125 419.1%32 v a $212,891,062 -43.8%33 o la d $212,712,558 -28.0%34 B $211,752,492 2605.8%35 s k lm $207,438,260 -54.8%36 M c y $190,000,000 -37 gua z u $187,629,325 99.3%38 Budap $186,800,238 169.9%39 n $181,725,824 0.0%40 La v a $179,533,962 151.4%41 n f lk $178,661,106 126.4%42 c l ad sp $175,854,541 2309.0%43 B l $169,067,075 398.8%44 M lb u $167,290,700 -61.3%45 syd y $163,421,577 202.6%

46 M $163,257,922 -80.6%47 s ya $155,696,422 -48 B m am $154,228,010 52.9%49 hambu $137,959,391 91.9%50 tu $129,627,184 1100.3%s u : cu ma & wak f ld, r al cap al A aly

cross-BorDer (ALL sectors)Metro q3 2011 - q2

2012 (Us$)growth


Months)1 L d M $19,627,875,555 7.4%2 Pa $10,220,526,055 47.6%3 n Y k M $7,373,530,131 29.3%4 t ky $4,661,365,485 34.4%5 h K $3,994,130,528 227.3%6 syd y $3,614,271,668 47.7%7 gua z u $2,970,017,907 690.5%8 s a a $2,873,123,123 -55.9%9 B l -B a d bu $2,404,184,159 50.2%10 B j $2,181,078,327 -16.1%11 s ap $1,946,370,150 -61.3%12 wa a $1,930,378,953 6.8%13 sa F a M $1,927,801,615 58.6%14 Am dam/ra d ad $1,841,344,684 -4.1%15 Mu $1,787,645,025 61.3%16 wa Dc M $1,785,978,312 21.0%17 F a kfu /r -Ma $1,728,051,925 785.0%18 c a $1,628,643,310 396.1%19 na j $1,503,881,642 -32.3%20 L A l M $1,428,515,553 72.8%21 c $1,315,400,327 152.5%22 r -r u $1,306,269,061 -40.1%23 s k lm $1,298,014,811 19.2%24 M lb u $1,297,020,414 -41.8%25 M $1,268,408,743 -47.9%26 h u $1,248,078,164 66.6%27 c du $1,242,240,642 -28.0%28 B $1,224,999,389 45.0%29 s P bu $1,217,609,569 3748.6%30 q da $1,135,384,134 146.9%31 o aka $1,040,995,502 45.2%32 c p a $978,094,592 109.2%33 r ad $920,552,376 1291.2%34 s u a $855,752,436 244.5%35 s ya $832,095,909 0.8%36 Dalla $812,046,289 325.5%37 B ba $808,823,199 13.6%38 hambu $787,877,536 -6.7%39 B m am $763,529,670 7.5%40 s u Fl da (M am ) $738,035,137 -14.1%41 sa D $667,230,500 4933.1%42 s a l $637,201,638 156.9%43 M la $613,501,966 -39.0%44 P a u $610,374,383 -43.6%45 Ma M $590,407,336 78.9%

46 ha z u $550,541,940 -34.6%47 Ku m $548,153,988 386.4%48 Budap $516,344,280 74.5%49 F a $512,928,169 -54.1%50 B a la a $505,476,454 -s u : cu ma & wak f ld, r al cap al A aly


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s u : cu ma & wak f ld,

2012/2013


sUMMArY tABLecoUntrY Length - YeArs tenAnt BreAKs secUritY oF tenUre/

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r d f a fu4 y a .

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h K 2,3 6 y a 23 n a bya .

n a bya ,

p f ala yp al.

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hu a y 35 510 Af d y a a a ap al y f f a ual plu a .

n a bya , al u

a ly p mm

a l .

A ual d a hicP. Al a ly,ff may b d d

eu a MUicP.

i d a 3+3+3i du al f

u m aby (f

a ), u

5+3 y a

3+3+3 ( a by)

n abl , yp ally a3 6 m p d.

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a af 2-3 y a( abl ) by 3-6m .

n a bya , a p

f al.

off - m ly a f 9 y a .

F d al a f 15.0% 18.0% y 3y a .

i d a 3 /1-2 3 5 ( p al ya )

5 10 (aa ).

By a a d ubj la dl d app al. i m

a a a d ubl a

p p y a u d pay f ma d f l a .

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