1 year 10 year
[Pages:40]Strong performance for real estate assets
Annualized returns, United States, 2012
Percent 20 18 16 14 12 10
8 6 4 2 0
REITs
1 year
10 year
Equities Real property Govt bonds
CPI
Sources: CBRE, NCREIF.
T-bills
REIT returns exceed pre-crisis level
Dow Jones REIT Index: total return, United States
1990=100 1100 1000
900 800 700 600 500 400 300 200
2005
2006
2007
Sources: S&P Dow Jones Indices LLC, Moody's Analytics.
2008
2009
2010
2011
2012
2013
Americas have the most available capital
New capital targeting direct real estate
US$ billions 130 120 110 100
90 80 70 60 50 40
End 2009
Source: DTZ research.
Asia Pacific EMEA Americas Mid 2010 End 2010 Mid 2011 End 2011
Mid 2012
End 2012
Available equity increased, offsetting the impact of reduced gearing levels
UUSS$$ billions 65
Available equity (left axis) 65
Asia Pacific
Americas
60
60
6555
6505
6500
50
554055
55 45
4450
5400
4305
35
35
3300
4350
End EnMdid End
MEidnd Mid
2011 20210112 2012
20210211 2012
Average LTV ratio (right axis) 6655
EMEA
60
6505
65
50
55
60
45
5400
55
35
50
4350 End End 20122012
45 End Mid 2011 2012
PPeerrcceenntt 65
60
55
50
45 End 2012
Source: DTZ research.
Direct commercial real estate investment
Regional transaction volumes
US$ billions 70
60
Americas
50
40
EMEA
30
20
Asia Pacific
10
0 2008Q4 2009Q2 2009Q4 2010Q2 2010Q4 2011Q2 2011Q4 2012Q2 2012Q4
Source: Jones Lang LaSalle.
U.S. is the largest source of capital
Top 10 purchases by source of capital
US$ billions 160 140 120 100
80 60 40 20
0
U.S.
2011
2012
Global Germany U.K. Canada
Japan
France Singapore China
Source: Jones Lang LaSalle.
South Korea
Global CMBS issuances back on the rise
US$ billions 400 350 300 250 200 150 100
50 0 1995
1997
1999
* Year to date as of April 2, 2013. Sources: Commercial Real Estate Direct, Bloomberg.
2001
Non-US US
2003 2005
2007
2009
2011 2013*
Thousands
CMBS spreads flat
By rating
Thousands bps 7
6
5
4
3
2
1
0 2008
2009
Sources: Commercial Real Estate Direct, Bloomberg.
A (left axis) AA (left axis)
2010
2011
2012
Bps 1800 1600 1400 1200 1000 800 600
AAA5Yr (right axis)
400 200 0 2013
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