This report has been prepared by the
Cushman & Wakefiled Research team to identify the winning
cities in today’s international real estate investment market. The
report looks at the largest and fastest growing cities in investment
terms and differences in pricing, as well as crossborder demand
and activity.
WINNING IN GROWTH CITIES /ACushman & Wakefield Capital Markets Research Publi...Guy Masse
This report has been prepared by the Research and
Capital Markets teams at Cushman & Wakefield to
identify the winning cities in today’s international real
estate investment market. The executive summary
looks at the largest and fastest growing cities in
investment terms and the differences in pricing,
as well as demand and activity between sectors.
Cushman & Wakefield 2016 Capital Markets OutlookMatthew Marshall
The document provides an overview of global real estate investment trends in 2015 and an outlook for 2016. Some key points:
- Global property investment volumes fell 2.4% in 2015, the first decline in 6 years, driven by lower volumes in Asia, notably for development land. Excluding land, volumes rose 8.2%.
- The US saw the strongest growth at 25% and accounted for 39% of global volumes. Yields fell globally but recovery has been uneven by region.
- In 2016, core assets in major cities will remain popular. Demand will need to spread to new sectors and markets to find opportunities. Emerging markets may stabilize later in the year.
- Structural changes like
- The document provides an overview of global real estate investment trends in 2015 and an outlook for 2016.
- Global property investment volumes fell slightly for the first time in 6 years in 2015, down 2.4% to $1.29 trillion, driven by a pullback in Asia, notably for development land. Excluding land, volumes rose 8.2%.
- Going forward, the focus will be on core assets that provide value to occupants. Investors will seek platforms for local intelligence and pursue opportunities such as modern flexible office, retail, and logistics space in gateway cities.
This document provides a global office market forecast for 2014-2015 from Cushman & Wakefield. It summarizes office market conditions, trends, and forecasts across major global regions. In the Americas, the US recovery is gaining strength driven by technology and energy, while Canada faces oversupply. Latin America is mixed with Santiago outperforming. In Asia Pacific, growth will slow but modern supply outpaces demand. European markets show signs of stabilization with divergence between prime and secondary space. Workplace transformation is a key global trend driven by cost, talent, and organizational needs.
The Savills Prime Office Cost (SPOC) Index presents a quarterly snapshot of occupancy costs for prime office space throughout the world as provided by expert, local tenant representation professionals.
The document discusses trends in real estate investment and development in major US cities. It notes that as the US economy strengthens and the US dollar appreciates, US cities are attracting more overseas investment in real estate. It profiles five US cities - Chicago, San Francisco, Los Angeles, Miami, and New York - and their dominant industries. Real estate trends in US cities often influence trends in other parts of the world, particularly in terms of urban regeneration and repopulation in cities.
- Global real estate investment volumes hit a record $1.8 trillion in the past year, driven by growth in Asia Pacific and Europe as transaction volumes in North America were flat.
- Top investment markets were New York, London, Los Angeles, and Paris. London extended its lead as the top market for cross-border investors.
- Capital is increasingly coming from all global regions, including the Middle East, Asia Pacific, Americas, and Europe.
- Key investment sectors included office, industrial/logistics, apartments, and hospitality. Top target cities were dominated by US cities across sectors.
- Going forward, investment strategies will focus on defensive "super gateway" markets, higher risk emerging markets and challenger
A preview of the Cushman & Wakefield Global Investment Atlas 2018. It reviews international investment patterns from 2017 and anticipates market performance for the year ahead. The latest iteration of the report, published annually, shows the highest level of real estate investment on record with a total of US$1.62tn compared to US$1.43tn in 2016 and anticipates a further improvement in 2018.
WINNING IN GROWTH CITIES /ACushman & Wakefield Capital Markets Research Publi...Guy Masse
This report has been prepared by the Research and
Capital Markets teams at Cushman & Wakefield to
identify the winning cities in today’s international real
estate investment market. The executive summary
looks at the largest and fastest growing cities in
investment terms and the differences in pricing,
as well as demand and activity between sectors.
Cushman & Wakefield 2016 Capital Markets OutlookMatthew Marshall
The document provides an overview of global real estate investment trends in 2015 and an outlook for 2016. Some key points:
- Global property investment volumes fell 2.4% in 2015, the first decline in 6 years, driven by lower volumes in Asia, notably for development land. Excluding land, volumes rose 8.2%.
- The US saw the strongest growth at 25% and accounted for 39% of global volumes. Yields fell globally but recovery has been uneven by region.
- In 2016, core assets in major cities will remain popular. Demand will need to spread to new sectors and markets to find opportunities. Emerging markets may stabilize later in the year.
- Structural changes like
- The document provides an overview of global real estate investment trends in 2015 and an outlook for 2016.
- Global property investment volumes fell slightly for the first time in 6 years in 2015, down 2.4% to $1.29 trillion, driven by a pullback in Asia, notably for development land. Excluding land, volumes rose 8.2%.
- Going forward, the focus will be on core assets that provide value to occupants. Investors will seek platforms for local intelligence and pursue opportunities such as modern flexible office, retail, and logistics space in gateway cities.
This document provides a global office market forecast for 2014-2015 from Cushman & Wakefield. It summarizes office market conditions, trends, and forecasts across major global regions. In the Americas, the US recovery is gaining strength driven by technology and energy, while Canada faces oversupply. Latin America is mixed with Santiago outperforming. In Asia Pacific, growth will slow but modern supply outpaces demand. European markets show signs of stabilization with divergence between prime and secondary space. Workplace transformation is a key global trend driven by cost, talent, and organizational needs.
The Savills Prime Office Cost (SPOC) Index presents a quarterly snapshot of occupancy costs for prime office space throughout the world as provided by expert, local tenant representation professionals.
The document discusses trends in real estate investment and development in major US cities. It notes that as the US economy strengthens and the US dollar appreciates, US cities are attracting more overseas investment in real estate. It profiles five US cities - Chicago, San Francisco, Los Angeles, Miami, and New York - and their dominant industries. Real estate trends in US cities often influence trends in other parts of the world, particularly in terms of urban regeneration and repopulation in cities.
- Global real estate investment volumes hit a record $1.8 trillion in the past year, driven by growth in Asia Pacific and Europe as transaction volumes in North America were flat.
- Top investment markets were New York, London, Los Angeles, and Paris. London extended its lead as the top market for cross-border investors.
- Capital is increasingly coming from all global regions, including the Middle East, Asia Pacific, Americas, and Europe.
- Key investment sectors included office, industrial/logistics, apartments, and hospitality. Top target cities were dominated by US cities across sectors.
- Going forward, investment strategies will focus on defensive "super gateway" markets, higher risk emerging markets and challenger
A preview of the Cushman & Wakefield Global Investment Atlas 2018. It reviews international investment patterns from 2017 and anticipates market performance for the year ahead. The latest iteration of the report, published annually, shows the highest level of real estate investment on record with a total of US$1.62tn compared to US$1.43tn in 2016 and anticipates a further improvement in 2018.
The document discusses international trade trends for Bangladesh and compares it to global and regional trade patterns. It finds that while Bangladesh's trade has grown, it is becoming more dependent on exports to large developed economies like the EU and US, making it vulnerable to economic downturns in those markets. Recent forecasts project Bangladesh's economic growth will slow to around 6% in the next two years due to declining demand from its major export partners in Europe and North America as they continue to struggle with economic crises.
The document summarizes key points from a report on real estate trends in global cities. It notes that the world's urban population is forecast to increase by 380 million in the next 5 years, requiring significant new infrastructure and development. This growth creates opportunities for real estate investors and occupiers. It discusses how sources of capital from North America and Europe may seek opportunities from economic recovery and low bond yields. It also notes trends like companies expanding operations abroad and evolving office space designs that prioritize employee satisfaction.
Amazon, Ambivalence and the Future of Industrial Real EstateShah Ahsan
The document discusses the rise of industrial real estate leading up to COVID-19 due to e-commerce growth and foreign capital inflows. It notes that while industrial has historically fared better than other sectors in recessions, the pandemic's impact on the global economy creates uncertainty. The near-term outlook is bearish due to overbuilding and high unemployment. However, long-term fundamentals for industrial remain strong due to expected increases in inventory and further growth of e-commerce.
The report analyzes the stock market performance of 126 technology, media, and telecommunications companies from 2005-2009. It finds:
1) The average 5-year annual returns for the sectors were 6.2% for technology, 5.3% for telecom, and 2.5% for media, below the overall market average of 6.6%.
2) Companies from emerging economies dominated the top performers, holding 7 of the top 10 spots in telecom, 5 in media, and 4 in technology.
3) While the sectors as a whole lagged, the top 10 companies in each achieved much higher average annual returns of 23.3% in technology, 26.2% in media
Tendencias emergentes-sector-inmobiliario-europa-2016PwC España
Casi 80% de los expertos del sector afirma que la promoción y el desarrollo es la mejor alternativa ante la escasez de activos de calidad. Sectores como el sanitario y de salud, el hotelero, los alojamientos para estudiantes, los data centers o el logístico, en el punto de mira de los inversores.
Madrid y Barcelona –en 4ª y 12ª posición- continúan entre las capitales europeas más atractivas para la inversión.
The document summarizes key findings from the Emerging Trends in Real Estate Europe 2016 report. It finds that the real estate industry in Europe is optimistic about business prospects in 2016, though slightly less confident than in 2015. Investors remain focused on major cities and alternative asset classes. While low interest rates support the industry, geopolitical uncertainties introduce caution, especially around Brexit and economic weakness in other regions. The top 5 cities for investment are seen as Berlin, Hamburg, Dublin, Madrid, and Copenhagen.
This piece of research demonstrates the extensive knowledge that Instant have accumulated about the serviced office sector in emerging markets around the globe i.e. South America, East Europe, Africa and Asia Pacific etc..
Following the release of our Global Serviced Office Review, we gathered feedback from many of our corporate clients to determine which global regions were most relevant to their needs. Whilst specific needs did vary, the most common request was for Instant to provide a comprehensive guide to the serviced office sector in the world's emerging markets. this report is therefore intended to give greater insight for international corporations looking to set up offices in these locations.
The document proposes three initiatives, one of which is to drive adoption of Global Legal Entity Identifier (LEI) numbers by corporates and SMEs to improve transparency, digitization, onboarding and risk management in global supply chains. This could increase access to trade and finance for SMEs by enabling risk assessments and analysis of company performance histories across borders using a standardized global identifier. The initiative would establish a task force to educate institutions and technology firms to help implement and utilize the LEI standard to open opportunities for more inclusive trade.
How to create a platform for the 21st century insurance firmMarcel Nickler
nsurance executives in many ways must feel like the proverbial kid in a candy shop. Aging populations in Western nations, deregulation of key markets, spectacular growth of the middle class in Asia and consumers embracing the use of new technologies are among the major trends creating huge growth opportunities for insurance companies—at least for those that can scale to take advantage.
Forecast of Top Index Funds for Investing in the Stock MarketMintKit Institute
A rundown of the top index funds sets the stage for a systematic approach to forecasting and investing in the stock market. The leading benchmarks of the bourse lie in the Dow Jones Industrial Average, the S&P index, and the Nasdaq 100 yardstick. For these beacons of the stock market, the tracking funds take the form of DIA, SPY and QQQ respectively. In addition to the outlook for the pacesetters, the prospects for bantam firms and emerging markets are profiled till the 2030s and beyond.
Inside Business, inside Business Report, US Media, US Media Television, US Media TV, Inside Business Report with Fred Thompson, Inside Business US Media, Art of Living with Marilu Henner, Art of Living, Marilu Henner, Fred Thompson, Inside Business Report US Media TV
Diving into the Nordic and Baltic 2020 Venture Capital LandscapeWhite Star Capital
This document provides an overview of the Nordic and Baltic venture capital landscape from the perspective of an international investor. Some key points:
- The Nordic region saw record VC funding in 2018 and 2019, with over $4.6 billion invested in 2019 alone. Deal volume and sizes are also increasing.
- Sweden dominates the market currently but growth is shifting to Denmark and Finland with larger deal sizes. Seed deals are maturing into larger Series A and B rounds.
- Valuations have grown significantly, driven by some huge late-stage rounds for companies like Klarna, iZettle, and Pleo. Median pre-money valuations have increased over 20% annually.
-
The document provides an overview of articles in the latest issue of Brainy Bull magazine, including:
- Interviews with hedge fund manager Jack Schwager and sustainable investing advocate Heidi Ridley.
- Reports on how COVID-19 is changing the workplace and transforming retail through direct-to-consumer brands.
- Insights from the founder of the Long-Term Stock Exchange and the creator of the VIX index.
This document discusses three megatrends - globalization, demographic shifts, and flexible working - that are changing commercial real estate investment. It describes how globalization is increasing capital flows and creating new investment opportunities. Demographic trends like population aging are impacting real estate sectors. The rise of flexible working arrangements and co-working spaces represents an opportunity for investors. The document promotes a co-working investment opportunity offering high returns through a rapidly expanding co-working provider.
Welcome to the Cushman & Wakefield Atlas Outlook 2016,
an update on the International Investment Atlas that reviews
how the market performed last year and, more particularly,
what we should anticipate for the year ahead.
We have examined a series of questions when approaching this publication: what are the key forces
driving and transforming the global market? Who will be the winners in this volatile environment?
How should a subsequent investment strategy be most advantageously aligned?
Of course, in a highly uncertain but fast changing world, the need for insightful research is
increased – but the task of delivering a robust and well-considered view is made more difficult. By
bringing together expert opinion from across our capital markets, occupier and research teams
around the world, we have sought to answer this challenge and hope you agree we have delivered a
concise but thoughtful review of the state of the market and the outlook for the year ahead.
Naturally, any research can only be enhanced by further industry insight. To help us continuously
improve our Atlas Outlook, we would value your thoughts, comments or suggestions. Feel free to
share these via our Cushman & Wakefield social media
channels or by contacting our capital markets or research teams directly.
The document discusses trends in real estate investment and development in major US cities. It notes that as the US economy strengthens and the US dollar appreciates, US cities are attracting more overseas investment in real estate. It profiles five US cities - Chicago, San Francisco, Los Angeles, Miami, and New York - and their dominant industries. Real estate trends in US cities often influence trends in other parts of the world, particularly in terms of urban regeneration and repopulation in cities.
International investment atlas 2014 pdf 13th marchLAZOVOY
The document provides a summary of global commercial real estate investment trends in 2013 and 2014. Some key points:
- Global investment volumes increased 22.6% in 2013 to $1.18 trillion, the highest level since 2007, as confidence and liquidity increased. However, the recovery remains uneven across regions and countries.
- Office and development sites were the largest investment sectors in 2013. China remained the top investment market due to land sales, while the US, UK, Japan, Germany, and Australia also saw strong growth. Emerging markets showed mixed results.
- Cross-border investment rose significantly as investors sought yield and diversification. Asian, Middle Eastern, and global investors increasingly looked outside their home regions
Karen Hanover - Commercial Real Estate - IRRKaren Wagner
Karen Hanover presents commercial real estate market analysis for 2017 by Integra Realty Resources. For more real estate investing tips and tricks, go to http://karenhanover.biz
As a representative of CONLON/Christie’s International Real Estate, Luxury Defined 2016 is an incredible document that offers insight into the luxury residential property market unlike any other resources. This year’s Luxury Defined report looks beyond the headlines and offers fresh perspectives on how macroeconomic factors are impacting prices, inventory, and sales in the prime property market.
The report examines data from affiliates in more than 100 prestige real estate markets worldwide and sets global benchmarks by ranking the top 10 cities for luxury property (Luxury Index) as well as the top 10 performing markets (Luxury Thermometer). London tops this year’s list as the world’s most “luxurious” real estate market, and Auckland supplants Toronto as the “hottest” luxury residential real estate market globally.
This document provides an executive summary of the 2013 Emerging Trends in Real Estate report. Some key points:
- The U.S. real estate recovery is expected to continue at a modest pace in 2013, with gains seen across markets and property sectors. Returns will remain relatively low but attractive given the economic environment.
- Investors are turning to secondary markets and commodity assets to find yields, needing to focus on income-producing properties. New construction remains limited due to weak demand.
- Commercial mortgage issues will take years to resolve as maturities increase; low rates have temporarily bailed out borrowers but rates increases remain a risk. Yields are found in mezzanine debt and preferred equity.
The National Multifamily Index ranks major U.S. markets based on projected vacancy rates, rent growth, and employment gains. San Francisco and San Jose rank at the top due to strong job growth, low vacancy, and high rents. Markets in the Pacific Northwest and Northeast also rank highly. Atlanta and Riverside-San Bernardino moved into the top 20 due to improving economies and property performance. Midwest markets rank in the lower third despite favorable demand drivers. Supply growth will challenge some markets like Houston and Tampa.
The document discusses international trade trends for Bangladesh and compares it to global and regional trade patterns. It finds that while Bangladesh's trade has grown, it is becoming more dependent on exports to large developed economies like the EU and US, making it vulnerable to economic downturns in those markets. Recent forecasts project Bangladesh's economic growth will slow to around 6% in the next two years due to declining demand from its major export partners in Europe and North America as they continue to struggle with economic crises.
The document summarizes key points from a report on real estate trends in global cities. It notes that the world's urban population is forecast to increase by 380 million in the next 5 years, requiring significant new infrastructure and development. This growth creates opportunities for real estate investors and occupiers. It discusses how sources of capital from North America and Europe may seek opportunities from economic recovery and low bond yields. It also notes trends like companies expanding operations abroad and evolving office space designs that prioritize employee satisfaction.
Amazon, Ambivalence and the Future of Industrial Real EstateShah Ahsan
The document discusses the rise of industrial real estate leading up to COVID-19 due to e-commerce growth and foreign capital inflows. It notes that while industrial has historically fared better than other sectors in recessions, the pandemic's impact on the global economy creates uncertainty. The near-term outlook is bearish due to overbuilding and high unemployment. However, long-term fundamentals for industrial remain strong due to expected increases in inventory and further growth of e-commerce.
The report analyzes the stock market performance of 126 technology, media, and telecommunications companies from 2005-2009. It finds:
1) The average 5-year annual returns for the sectors were 6.2% for technology, 5.3% for telecom, and 2.5% for media, below the overall market average of 6.6%.
2) Companies from emerging economies dominated the top performers, holding 7 of the top 10 spots in telecom, 5 in media, and 4 in technology.
3) While the sectors as a whole lagged, the top 10 companies in each achieved much higher average annual returns of 23.3% in technology, 26.2% in media
Tendencias emergentes-sector-inmobiliario-europa-2016PwC España
Casi 80% de los expertos del sector afirma que la promoción y el desarrollo es la mejor alternativa ante la escasez de activos de calidad. Sectores como el sanitario y de salud, el hotelero, los alojamientos para estudiantes, los data centers o el logístico, en el punto de mira de los inversores.
Madrid y Barcelona –en 4ª y 12ª posición- continúan entre las capitales europeas más atractivas para la inversión.
The document summarizes key findings from the Emerging Trends in Real Estate Europe 2016 report. It finds that the real estate industry in Europe is optimistic about business prospects in 2016, though slightly less confident than in 2015. Investors remain focused on major cities and alternative asset classes. While low interest rates support the industry, geopolitical uncertainties introduce caution, especially around Brexit and economic weakness in other regions. The top 5 cities for investment are seen as Berlin, Hamburg, Dublin, Madrid, and Copenhagen.
This piece of research demonstrates the extensive knowledge that Instant have accumulated about the serviced office sector in emerging markets around the globe i.e. South America, East Europe, Africa and Asia Pacific etc..
Following the release of our Global Serviced Office Review, we gathered feedback from many of our corporate clients to determine which global regions were most relevant to their needs. Whilst specific needs did vary, the most common request was for Instant to provide a comprehensive guide to the serviced office sector in the world's emerging markets. this report is therefore intended to give greater insight for international corporations looking to set up offices in these locations.
The document proposes three initiatives, one of which is to drive adoption of Global Legal Entity Identifier (LEI) numbers by corporates and SMEs to improve transparency, digitization, onboarding and risk management in global supply chains. This could increase access to trade and finance for SMEs by enabling risk assessments and analysis of company performance histories across borders using a standardized global identifier. The initiative would establish a task force to educate institutions and technology firms to help implement and utilize the LEI standard to open opportunities for more inclusive trade.
How to create a platform for the 21st century insurance firmMarcel Nickler
nsurance executives in many ways must feel like the proverbial kid in a candy shop. Aging populations in Western nations, deregulation of key markets, spectacular growth of the middle class in Asia and consumers embracing the use of new technologies are among the major trends creating huge growth opportunities for insurance companies—at least for those that can scale to take advantage.
Forecast of Top Index Funds for Investing in the Stock MarketMintKit Institute
A rundown of the top index funds sets the stage for a systematic approach to forecasting and investing in the stock market. The leading benchmarks of the bourse lie in the Dow Jones Industrial Average, the S&P index, and the Nasdaq 100 yardstick. For these beacons of the stock market, the tracking funds take the form of DIA, SPY and QQQ respectively. In addition to the outlook for the pacesetters, the prospects for bantam firms and emerging markets are profiled till the 2030s and beyond.
Inside Business, inside Business Report, US Media, US Media Television, US Media TV, Inside Business Report with Fred Thompson, Inside Business US Media, Art of Living with Marilu Henner, Art of Living, Marilu Henner, Fred Thompson, Inside Business Report US Media TV
Diving into the Nordic and Baltic 2020 Venture Capital LandscapeWhite Star Capital
This document provides an overview of the Nordic and Baltic venture capital landscape from the perspective of an international investor. Some key points:
- The Nordic region saw record VC funding in 2018 and 2019, with over $4.6 billion invested in 2019 alone. Deal volume and sizes are also increasing.
- Sweden dominates the market currently but growth is shifting to Denmark and Finland with larger deal sizes. Seed deals are maturing into larger Series A and B rounds.
- Valuations have grown significantly, driven by some huge late-stage rounds for companies like Klarna, iZettle, and Pleo. Median pre-money valuations have increased over 20% annually.
-
The document provides an overview of articles in the latest issue of Brainy Bull magazine, including:
- Interviews with hedge fund manager Jack Schwager and sustainable investing advocate Heidi Ridley.
- Reports on how COVID-19 is changing the workplace and transforming retail through direct-to-consumer brands.
- Insights from the founder of the Long-Term Stock Exchange and the creator of the VIX index.
This document discusses three megatrends - globalization, demographic shifts, and flexible working - that are changing commercial real estate investment. It describes how globalization is increasing capital flows and creating new investment opportunities. Demographic trends like population aging are impacting real estate sectors. The rise of flexible working arrangements and co-working spaces represents an opportunity for investors. The document promotes a co-working investment opportunity offering high returns through a rapidly expanding co-working provider.
Welcome to the Cushman & Wakefield Atlas Outlook 2016,
an update on the International Investment Atlas that reviews
how the market performed last year and, more particularly,
what we should anticipate for the year ahead.
We have examined a series of questions when approaching this publication: what are the key forces
driving and transforming the global market? Who will be the winners in this volatile environment?
How should a subsequent investment strategy be most advantageously aligned?
Of course, in a highly uncertain but fast changing world, the need for insightful research is
increased – but the task of delivering a robust and well-considered view is made more difficult. By
bringing together expert opinion from across our capital markets, occupier and research teams
around the world, we have sought to answer this challenge and hope you agree we have delivered a
concise but thoughtful review of the state of the market and the outlook for the year ahead.
Naturally, any research can only be enhanced by further industry insight. To help us continuously
improve our Atlas Outlook, we would value your thoughts, comments or suggestions. Feel free to
share these via our Cushman & Wakefield social media
channels or by contacting our capital markets or research teams directly.
The document discusses trends in real estate investment and development in major US cities. It notes that as the US economy strengthens and the US dollar appreciates, US cities are attracting more overseas investment in real estate. It profiles five US cities - Chicago, San Francisco, Los Angeles, Miami, and New York - and their dominant industries. Real estate trends in US cities often influence trends in other parts of the world, particularly in terms of urban regeneration and repopulation in cities.
International investment atlas 2014 pdf 13th marchLAZOVOY
The document provides a summary of global commercial real estate investment trends in 2013 and 2014. Some key points:
- Global investment volumes increased 22.6% in 2013 to $1.18 trillion, the highest level since 2007, as confidence and liquidity increased. However, the recovery remains uneven across regions and countries.
- Office and development sites were the largest investment sectors in 2013. China remained the top investment market due to land sales, while the US, UK, Japan, Germany, and Australia also saw strong growth. Emerging markets showed mixed results.
- Cross-border investment rose significantly as investors sought yield and diversification. Asian, Middle Eastern, and global investors increasingly looked outside their home regions
Karen Hanover - Commercial Real Estate - IRRKaren Wagner
Karen Hanover presents commercial real estate market analysis for 2017 by Integra Realty Resources. For more real estate investing tips and tricks, go to http://karenhanover.biz
As a representative of CONLON/Christie’s International Real Estate, Luxury Defined 2016 is an incredible document that offers insight into the luxury residential property market unlike any other resources. This year’s Luxury Defined report looks beyond the headlines and offers fresh perspectives on how macroeconomic factors are impacting prices, inventory, and sales in the prime property market.
The report examines data from affiliates in more than 100 prestige real estate markets worldwide and sets global benchmarks by ranking the top 10 cities for luxury property (Luxury Index) as well as the top 10 performing markets (Luxury Thermometer). London tops this year’s list as the world’s most “luxurious” real estate market, and Auckland supplants Toronto as the “hottest” luxury residential real estate market globally.
This document provides an executive summary of the 2013 Emerging Trends in Real Estate report. Some key points:
- The U.S. real estate recovery is expected to continue at a modest pace in 2013, with gains seen across markets and property sectors. Returns will remain relatively low but attractive given the economic environment.
- Investors are turning to secondary markets and commodity assets to find yields, needing to focus on income-producing properties. New construction remains limited due to weak demand.
- Commercial mortgage issues will take years to resolve as maturities increase; low rates have temporarily bailed out borrowers but rates increases remain a risk. Yields are found in mezzanine debt and preferred equity.
The National Multifamily Index ranks major U.S. markets based on projected vacancy rates, rent growth, and employment gains. San Francisco and San Jose rank at the top due to strong job growth, low vacancy, and high rents. Markets in the Pacific Northwest and Northeast also rank highly. Atlanta and Riverside-San Bernardino moved into the top 20 due to improving economies and property performance. Midwest markets rank in the lower third despite favorable demand drivers. Supply growth will challenge some markets like Houston and Tampa.
This report summarizes Q1 2015 trends in the US national office sector real estate market. It finds that the overall national availability rate rose slightly to 17.0% as new construction increased supply in many markets like Houston and Dallas. Asking rental rates continued to increase nationally and in major cities like New York City and San Francisco driven by new construction and tight supply. The report also discusses how companies are increasingly expanding to lower cost Sunbelt markets in the South and West for access to talent at a lower cost while pursuing the American consumer population growth in these areas.
Новые тенденции на европейском рынке недвижимости в 2016 годуPwC Russia
The document summarizes key findings from the Emerging Trends in Real Estate Europe 2016 report. It finds that the real estate industry in Europe is optimistic about business prospects in 2016, though slightly less confident than in 2015. Investors remain focused on major cities and alternative asset classes. While low interest rates support the industry, geopolitical uncertainties introduce caution, especially around Brexit and economic weakness in other regions. The top 5 cities for investment are seen as Berlin, Hamburg, Dublin, Madrid, and Copenhagen.
The glittering power of cities for luxury growthAnil GROVER
The global economy is experiencing an unprecedented shift toward emerging-market cities. Here’s a road map of where luxury-goods companies should compete in the next decad
The document summarizes the results of the Savills Prime Office Cost Index (SPOC) for 2016. Key points include:
- 15 of the 20 cities tracked saw declines in total occupancy costs in USD terms due to currency fluctuations. London, Houston, and Mexico City saw the largest declines.
- Tenant representatives forecast Hong Kong and Tokyo will be very favorable for landlords, while Frankfurt, Houston, London, and Washington DC will be very favorable for tenants.
- The "Technology, Advertising, Media, Information" sector is expected to have the biggest impact across markets. WeWork is also frequently cited as influencing the office space conversation.
2019 top us-markets-for-large-multifamily-investment-reportLane Kawaoka, PE
[I did not find this report one bit useful as I like secondary and tertiary markets that do better than these top tier markets... and cashflow] SimplePassiveCashflow.com/mfh
This document provides an overview and summary of the Emerging Trends in Real Estate Asia Pacific 2014 report. It discusses key trends in Asian real estate markets including increased competition for conventional assets forcing investors to seek yield in niche markets. Real estate capital flows in Asia remained robust in 2013 despite threats of tapering, with Asian capital becoming increasingly dominant. Major Western markets are now attracting large flows of Asian capital. The top investment destination in the survey was Japan, buoyed by economic reforms, while emerging markets like Jakarta and Manila also attracted interest despite challenges. Industrial/distribution remained the favored property sector.
The world’s dominant commercial real estate markets have moved into 2014 in better shape than at any time since the Global Financial Crisis of 2008-2009.
Capital markets are exhibiting remarkable strength and the disconnect, that has emerged over the past two years between a more cautious occupational market, is showing signs of narrowing.
Jones Lang Lasalle Report on Global Real Estate Prospective for Third quarter of 2014.
World GDP output is now forecast to rise by 3% in 2014. The prediction has been revised lower this quarter largely as a consequence of the steep U.S. downgrade, and GDP growth now stands at a similar rate to last year.
Even before this change, emerging markets had the most dynamic outlook, continuing the post-crisis trend. But the balance is still slowly tipping back towards the developed world, where a steady upturn is in prospect.
The 2015 Global Investor Sentiment Report shows international property investors anticipate an increase in investment volumes across markets over the next 12 months, despite a mixed bag of economic performance worldwide. The survey results suggest that a significant proportion of investors expect higher risk markets to maintain existing levels of investment rather than to experience further significant inflows or outflows.
The majority of Asian real estate investors remain confident in the region and intend to expand their property portfolios in the next six months. While 39% believe investment conditions will improve in the next year, down from 62% last year, long-term fundamentals are still seen as strong. Most Asian investors (73%) believe real estate investment volumes in Asia will increase in 2015, with 17% expecting an increase of over 10%. Market liquidity remains a top concern after transaction volumes fell in some individual markets in the past year.
Lee & Associates is a commercial real estate firm with 887 agents and $12 billion in annual transaction volume. It has offices across the US and Canada. The document summarizes key industrial real estate market trends in 2016, including declining vacancy rates, strong demand from e-commerce companies, record acquisition prices, and rising rents. It predicts the industrial market will continue expanding in 2017 due to a growing US economy and steady demand for distribution space.
This document provides an overview and analysis of construction costs in major cities around the world based on data from Arcadis' 2016 International Construction Costs report. Some of the key findings include:
- New York, London, and Hong Kong are the most expensive cities for construction, with costs 40-60% higher than many European cities.
- Rapid inflation in construction markets like the UK and US is challenging the viability of projects and ability to respond to growth.
- Middle Eastern cities like Dubai and Doha remain relatively low-cost due to access to cheap labor and energy.
- Currency fluctuations have caused costs to fall in many Asian and European cities relative to the US and UK.
Global trade is projected to grow by an average of 9.5% per year over the next decade, adding $2.7 trillion in new goods annually to the global pipeline. E-commerce is dramatically changing retail and driving demand for new real estate strategies, like small urban fulfillment centers for same-day delivery. Retailers are integrating their online and physical operations to provide a seamless customer experience across channels. This is requiring flexible, automated supply chain networks and distribution centers closer to major population centers.
North America Industrial Construction Cost Guide 2023Guy Masse
The industrial construction sector in North America has seen historically high levels of activity and costs in recent years due to robust demand. While supply chain issues and inflation have driven up costs, some commodities prices are starting to moderate. However, construction contractors still largely expect costs to continue increasing in the near term due to labor constraints, high material and transportation costs, and a large backlog of projects. With record levels of construction underway and vacancy rates near all-time lows, the industrial sector faces ongoing challenges in completing projects on time and on budget.
March 2022 Labour Market Survey Highlights
• Employment rose by 73,000 in March, driven by an increase in full-time work.
• Employment rose in both the services-producing and the goods-producing sectors.
• Total hours worked rose 1.3% in March.
• The unemployment rate fell 20 basis points to 5.3% in March, the lowest rate on record since comparable data became available in 1976.
• The proportion of workers who report that they usually work exclusively from home continued to decline, down 180 basis points to 20.7%.
Cushman & Wakefield Toronto Americas Marketbeat Office Q1 2019 Guy Masse
Outlook
Given low availability, robust demand, and little relief from new
supply, the office story in Downtown Toronto is expected to remain
one of historically tight conditions and rising rental rates. On the
suburban front, availability is expected to trend upward in GTA
West as over 800,000 square feet (sf) hits the market in the second
half of 2019. GTA East will continue to see a moderate performance
with less than 200,000 sf of space tracked to become available this
year.
This document summarizes real estate market conditions in Montreal, Quebec in the first quarter of 2019. It finds that the unemployment rate remained unchanged at 5.9% and vacancy rates declined to 10.9% as positive absorption of 795,000 square feet continued across major markets. Rental rates increased slightly by 2% annually as large blocks of available space disappeared and demand increased in a tightening market. The outlook is for the positive momentum to continue through 2019, with further tightening of vacancy rates and small increases in average rental rates.
- Office availability rates decreased across central and suburban markets over the past year and quarter, with Vancouver CBD availability reaching an all-time low of 1.4%.
- Suburban markets saw strong absorption of nearly 800,000 square feet in the first quarter, driven by growth in Montreal, Vancouver, and Waterloo.
- Overall new supply additions were modest at 2.5 million square feet for the quarter, with most new space added to suburban markets.
- Total absorption of office space was over 1.2 million square feet for the quarter, led by continued momentum in suburban market growth.
Cushman & Wakefield's Canadian Office Statistical Summary Q4 2018Guy Masse
Q4 2018
Canadian Office Statistical Summary
Driven by buoyant demand from technology companies, extremely tight CBD markets in both Vancouver and Toronto got even tighter over the final quarter of the year, helping drive the National CBD vacancy rate to 8.7% - its lowest point since Q3 2015!
KEY HIGHLIGHTS
• Canadian CBD Class A markets saw absorption of 3.6 msf in 2018, with a fourth quarter contribution of 1.5 msf. This is the strongest premium space growth since 2011.
• The arrival and partial occupancy of Stantec Tower helped drive Q4 2018 absorption in Edmonton’s downtown market to above 800,000 sf, with a final year-end 2018 tally of 1.2 msf.
• Although Calgary continues to see modest momentum in its CBD market, Suburban markets had a strong year with absorption reaching 337,000 sf. This drove vacancy to 16.9% from 19.4% one-year-ago.
• Vacancy in Downtown Toronto reached an incredibly tight 1.9% in Q4, a vacancy rate not seen in over 35 years. Conditions are expected to remain extremely tight until late 2020 when the first in a 10.7 msf wave of new developments will begin to hit the downtown market.
• Downtown Vancouver, another hot market driven by technology growth, saw its vacancy decline to 2.3% in Q4; its lowest point since Q2 2008. Like Toronto, little relief for tenants is not anticipated until the next wave of downtown new supply begins to arrive in late 2020.
-U.S. Office Market Was Driven by the Tech
Sector in the Fourth Quarter of 2018
-Absorption exceeds construction completions, vacancy
declines and the pipeline grows
-Tech markets tighten
-Rents rise, but the pace slows:
Retail Lives
Economic fundamentals continue to strengthen in the
U.S., a trend that is expected to endure through
mid-2019. With continued wage growth acceleration
and consumer confidence near an 18-year high, the
retail marketplace has registered solid spending.
Inflation-adjusted consumer expenditures show a
steady 2.5-3% year-over-year (YOY) growth pattern
since the beginning of 2016. eCommerce sales
accounted for approximately 11.5% of retail sales
(excluding auto sales) in 2017. While we expect that
penetration rate to climb to 14.0% by 2019, physical
stores remain vital to retailer survival in this evolving
retail climate. Despite what the media would lead you
to believe, the overall retail industry is still posting
gains even while it faces secular challenges.
The U.S. industrial market experienced strong net absorption in Q3 2018, with overall vacancy remaining at historic lows despite increased construction. Demand was broad-based across regions and product types, with the South and West leading in absorption. Rents continued rising above 5% annually in over half of markets as demand outstripped supply in a tight market. The development pipeline expanded but speculative construction remains concentrated in top markets, indicating limited overbuilding risk through 2019.
C&W REAL ESTATE MARKET REPORTS : WORKPLACE 2025 #CREGuy Masse
Visualizing the workplace in 2025 starts with the realization that planning for that reality starts today. People today can work from anywhere, at any time so offices now must compete with other workplace options. When workers do go into the office they want a work environment to complement their work-life experience – and in a place where they feel valued, connected and supported. It’s all about people – and it’s closer than you think.
Cushman & Wakefield Q12018 Canadian Office Statistical SummaryGuy Masse
Q1 2018 Canadian Office Statistical Summary
Turning Up the Heat
The summer arrived about nine years ago for many Canadian office markets, marking one of the longest growth cycles on record. With CBD availability rates plunging as low as 2.5% in Toronto and 4.3% in Vancouver, the heat has intensified. Meanwhile, oil-producing markets are seeing the first signs of recovery.
KEY HIGHLIGHTS:
• After enduring a grinding bust cycle, top oil-producing markets -- Calgary, Edmonton, and St. John’s -- reached high-water CBD availability marks of 23.7%, 14.1%, and 26.7%, respectively. CBD Edmonton will see the Stantec Tower arrive in Q3 2018, pushing availability towards 20%.
• With oil prices gaining some buoyancy in recent months and CBD Calgary expected to hit peak availability by early 2019, expectations are growing that absorption will begin shifting to the positive side over the next few quarters.
• Remarkably, CBD Toronto saw the strongest absorption of the quarter, reaching close to 300,000 square feet (sf). Both Toronto and Vancouver downtown markets will remain notoriously tight until at least 2021.
• Of the major markets, Vancouver did it again, posting the strongest suburban expansionary momentum in the country, totaling about 300,000 sf. The runner up, surprisingly, was Calgary, where suburban absorption hit 115,000 sf over the quarter. Green shoots!
Trump100 days- Implications for the Property Markets Guy Masse
PRESIDENT TRUMP'S ADMINISTRATION & ITS IMPLICATIONS FOR THE PROPERTY MARKETS
Measuring the success of a new Administration by its first 100 days is a tradition, and President Trump reaches his first key milestone with campaign promises to overhaul Washington and jump-start the economy. This special report provides a perspective on:
How key economic indicators (inflation, job growth) and commercial real estate are performing so far
The status of key policy proposals, including trade and defense
What to watch for beyond the first 100 days
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
Living in an UBER World - June '24 Sales MeetingTom Blefko
June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
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Anilesh Ahuja Pioneering a Paradigm Shift in Real Estate Success.pptxneilahuja668
Anilesh Ahuja journey is a testament to the power of vision, resilience, and unwavering determination. As a visionary leader, he continues to inspire and empower others to dream big and challenge the status quo. His legacy extends far beyond the realm of real estate, leaving an indelible mark on the industry and the world at large.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
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The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Kumar Codename Fireworks at Hadapsar Link Road, Pune - PDF.pdfmonikasharma630
Codename Fireworks developed by Kumar Properties is a new residential development that offers 2/3 BHK premium residences with easy access to proposed ring road, airport, metro station.
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Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
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2. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Capital Markets Research Publication
INTRODUCTION
CONTENTS
Welcome to the Cushman & Wakefield third annual Winning in
Growth Cities publication. This report has been prepared by the
Cushman & Wakefiled Research team to identify the winning
cities in today’s international real estate investment market. The
report looks at the largest and fastest growing cities in investment
terms and differences in pricing, as well as crossborder demand
and activity. This year, the scope of the report has been expanded
to include a deeper look into the varying investment trends by
property sector. These three separate reports analyse the
fundamental drivers of city performance particular to the office,
industrial and retail property sectors. The final section of the
report provides a range of contact points for Cushman &
Wakefield Research and Capital Markets globally. While every
effort has been made to provide comparable and robust city level
data, definitions used in different sources will necessarily vary,
with regard most notably to the geographical scope of the city or
metro area. Such potential differences must be borne in mind in
comparing data items. For further information, please contact the
authors in the Cushman & Wakefield research team.
Market Summary
2
Market Outlook
2
Patterns of Market Activity
3
Trends by Sector
4
International Investors
4
Regional Trends
5
Drivers of City Success
6
City Winners
8
Top Destinations for Investment
10
Global Yields
13
Investment Volumes
14
The Report
20
Contacts
21
All sections of the report are available freely to download at our
dedicated report website:
www.winningingrowthcities.com
Austin, USA
1
3. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
MARKET SUMMARY
The global property market performed well in the past year with
volumes up 16.7% to US$649bn, driven by the biggest cities which
saw a near 21% rise.
TOP CITIES FOR INVESTMENT (EX DEVELOPMENT)
Annual volume to June ($Bn)
New York is the top city overall and in fact moved further ahead
in the past year with a 39% increase to $49.2bn. London saw a 6%
increase and remains second while, with the fastest growth in the
top 25, Los Angeles leapt ahead of Tokyo into 3rd spot. The
makeup of the top 25 was little changed however, with Beijing and
Stockholm dropping down the list and Denver and Frankfurt
moving up as US and German cities outperformed.
The biggest gainers were Austin, Milan, Las Vegas, Montreal and
Tampa. North America had 15 of the top 25 fastest growing major
markets, 14 in the US plus Montreal. Europe managed 4 (Milan,
Frankfurt, Berlin and Hamburg) while Asia took 6 (Seoul plus
Perth, Brisbane and Sydney in Australia and Nagoya and Osaka in
Japan).
Paris was the main faller in the top 10 thanks to a drop in larger
deals. Other major cities to fall include Toronto and Chicago but
some of the more notable were in China, with Shanghai, Beijing,
Guangzhou, Chengdu and Tianjin all down 40% or more – driven
largely by a fall in domestic rather than cross border spending. A
number of European cities also fell – led by St Petersburg, Istanbul
and Budapest.
The top cities continue to be popular across multiple sectors
although different cities tend to dominate different markets, with
London the largest office market, Hong Kong top for retail, LA
the largest industrial and New York winning out in multifamily and
hospitality.
Non-domestic investors remain key but domestic players
increased their activity at a faster rate last year, 18.5% versus
11.8%. However this under represents international players since
much of their investment is channelled via domestic platforms and
looking forward, accessing local partners and platforms will
remain vital to attracting foreign capital.
Office are the most demanded sector in top cities, but they did
lose market share last year (from 48% to 45%) with residential
the big winner, moving up to 26% for all top 25 cities.
Indeed, while to date many of the largest global players have
focussed on offices- arguably the most global and easiest to
understand property type across borders - these players are now
broadening their interest to other sectors and in particular,
focussing on large scale mixed commercial and residential
developments.
2
Source: Cushman & Wakefield, RCA
MARKET OUTLOOK
Looking forward to 2014, most indicators suggest property
demand will both increase and broaden to embrace new markets
and a higher share of investment will be cross border as investors
increase their risk tolerance. The impact of the withdrawal of
quantitative easing may be negative for some emerging markets as
“hot money” flows reverse and some second tier assets are hit as
costs and competing returns increase. However, assuming the US
recovery continues, the overall 2014 environment will be
favourable for much of the market as stimulus measures and
recovery spark an appreciation in capital values for effective,
occupied space.
Europe will perhaps be the top target for cross border players
due to the mix of low risk together with scope for recovery and
release of distressed assets. The USA however may be the best
performer as the ingredients for a stronger economic recovery
are coming together and whilst highly competitive, the deep
4. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Capital Markets Research Publication
liquidity of most US cities should be attractive to global players.
At the same time, interest in growth markets in Asia and Latin
America will keep the key cities in these markets in demand
among long term global players.
In all areas however property will increasingly be defined by cities,
not regions or countries and the emphasis will not just be on the
biggest but also the best, be that in culture and experience or
business and resources. The hierarchy of global cities will change
as a result and with a levelling playing field on regulation and
forces pushing against agglomeration, such as new technology,
there will be a stimulus for faster change which should pick-up in
2014 as investors look for the “next “market and seek out value,
stock and diversification.
PATTERNS OF MARKET ACTIVITY
The top 25 cities saw their market share rise from 53% to 55%
over the year to June, with volumes ahead by 20.7% versus a
12.1% rise in the rest of the market. However there may be signs
that this heavy focus is starting to waiver as investors seek new
opportunities, with the market share of the largest 25 cities down
from 58% in Q1 to 50% in Q2.
The cities being pursued meanwhile continue to have a generally
low yield profile, albeit for retail and industrial the top 25 had a
higher average yield than mature markets in general.
YIELD AVERAGES FOR THE TOP 25 INVESTMENT TARGETS
For cross border players, London and New York will remain
preeminent but other global hubs - Tokyo, Paris and Hong Kong
and Shanghai in particular - should see greater global attention as
will other tier 1 cities in the world’s largest economies, the USA
and China. A focus on the desirability of a city, its quality and
brand, will lead to a range of others gaining attention such as
Amsterdam, Berlin,Vienna, Taipei, Auckland and Melbourne.
In emerging markets, new players such as Bogotá and Ho Chi
Minh will be worth considering alongside the BRIC cities and
emerging Asian markets while in Africa and the Middle East, Dubai
is starting to stabilise but may still be vulnerable to regional
geopolitical events while markets such as Nairobi, Cairo and
Beirut will be of interest in time.
Finally, with cities competing on a global scale, this may encourage
more flexibility from city leaders to deliver the sort of attractive
and dynamic business and living environment that will both bring
in property investors and benefit from the renewal and
modernisation their investment produces – investment which will
grow more crucial in the future where public sector cash is less
forthcoming, debt for development remains limited and the need
to modernise to compete, harness technology and embrace
sustainability will only increase.
Sydney, Australia
Source: Cushman & Wakefield.
It remains notable that increased global demand and transparency
are slowly leading to more uniform pricing of top prime markets
globally, while the pricing for riskier or second tier markets is
more extreme and locally driven. This may change as investors
spread their focus but a critical issue for large scale investors will
continue to be finding an adequate pool of assets to invest in.
Large funds may enjoy being dominant but they don’t want to be
just a very big fish in a small pond driving up prices – they need a
market which is scalable, offers choice and a potential exit and
enough opportunities to build a portfolio efficiently.
Unfortunately few cities have real liquidity in the sort of lot sizes
global funds prefer. The top 100 cities for larger deals had an
average of 40 transactions per annum above $100mn over the
past 2 years for example while the next tier of 100 had just 5. US
cities dominate the list, led by New York with an average of 215,
followed by Los Angeles (191 deals) and San Francisco (163). For
Asia the most liquid market for major deals was Tokyo (148)
although the development of the Asian market is underlined by
the fact that Shanghai and Beijing both also rank in the top 20
with over 80 deals of this size per annum.
In Europe London leads the way (109 deals) followed by Paris
(68). Other markets such as Berlin and Munich are also
competitors for major deals while among currently less favoured
targets, Madrid, Milan and Amsterdam offer clear potential for
major global players.
3
5. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
TRENDS BY SECTOR
INTERNATIONAL INVESTORS
Patterns of demand by sector across top cities were not
dissimilar to those seen in the wider market, with offices taking
most attention (44.8% of all investment in the top 25 cities),
followed by multifamily (26.1%) and retail (17.7%). Growth
however was strongest away from offices, which, as in the wider
market, saw only a modest increase.
Among international players, London remains by far the most
favoured market with a 13% share versus 4% for Paris and 3.6% for
New York. Overall,10 of the top 25 are in Europe, the same number
as in Asia, while 5 are in the USA. The fastest growth was in Seoul,
moving up the ranking among international players from 167th to
24th, but growth in a range of Chinese cities was perhaps most
notable, led by Hangzhou, Suzhou and Tianjin. Among European
cities, Milan and Frankfurt fared well with cross border buyers.
Multifamily residential and development sites saw the biggest
increase in the year to June, followed by industrial which was the
only sector that failed to see stronger growth for top cities than
for the market as a whole.
As a result, over the year, concentration levels rose in all sectors
bar industrial and most notably for retail (up 600bp) and
multifamily (up 530 bp).
The strongest degree of market concentration is currently seen in
the office sector however, with the top 25 cities taking 68% of all
trading, followed by multifamily (65%) and development sites
(59%). By contrast other sectors have a markedly lower level of
concentration with hospitality at 51%, industrial 48% and retail
44%.
Looking at the cities attracting investment in each sector, the top
markets continue to be popular across multiple sectors although
different cities do tend to dominate in each, with London the
largest office market, Hong Kong top for retail, Los Angeles the
largest for industrial and New York winning out in multifamily and
hospitality.
Only the US cities of New York, Los Angeles and San Francisco
appear in the top 10 list for all five sectors, but London and Tokyo
make the top 10 in four sectors, with Hong Kong, Sydney and
Washington appearing in the top 10 for three sectors.
SECTORS OF ACTIVITY
Source: Cushman & Wakefield, RCA
4
The biggest source of this cross border capital was Asia meanwhile,
with US$55.4bn invested non-domestically, 32% of the total. A
significant share of this was targeted within the Asian region
however and in relative and absolute terms, American investors
have been the strongest players outside their own region in the last
year, with US$40.8bn invested, 44% of the total amount spent
outside the investor’s home region.
The fastest growing stream of investment however has been Asian
capital flowing out of the region. This increased by 58% last year
compared to a 34% increase in global investment by Middle Eastern
and African players, a 15% increase by American players and a 9%
rise for Europeans.
Within this, the biggest increases came from Chinese and
Singaporean buyers who moved-up the ranking to become the
most dominant Asian buyers last year, accounting for 26.5% and
25.5% of the Asian total respectively, replacing Malaysian funds
who had been number one in the previous year. Malaysians had a
14.3% share in the past year and were followed by investors from
Hong Kong (13.8%) and South Korea (13.1%).
Nearly 45% of all Asian investment targets the office sector, with
hotels next in line (20%). However it has been the less favoured
sectors which have attracted the biggest increase in the past year,
led by industrial and retail, which have doubled while offices rose
just 8%.
SOURCES OF INTERNATIONAL CAPITAL
Source: Cushman & Wakefield, RCA
6. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Capital Markets Research Publication
TOP CITY TARGETS FOR CROSS BORDER ASIAN
INVESTORS
Source: Cushman & Wakefield, RCA
Geographically, the UK has been the top country target, followed
by the USA, Australia, Brazil and Germany, whilst by city London is
far and away the main target, attracting 32% of all Asian
investment outside Asia and seeing an 85% increase last year. New
York is in second place and saw a 55% increase, while a range of
smaller cities such as Los Angeles, Brussels and Houston saw the
biggest gains, if from a lower base.
REGIONAL TRENDS
American cities dominate the rankings for all sectors, while Asia
scores highest for retail and offices (10 and 7 cities in the top 25
respectively) and EMEA has most concentration for offices and
industrial (7 for each). Retail is the most varied sector globally
(with 10 Asian, 10 American and 5 EMEA cities) and multifamily is
the most concentrated (with 21 American cities in the top 25).
A recovering housing market has certainly stoked US buyers
interest but demand has in fact been very strong on the debt and
equity side across all US sectors and with risk tolerances
improving, interest has spread away from core cities to embrace
secondary cities as well as overseas markets. With economic
growth steadily coming through and a tapering of QE drawing
closer, a rise in interest rates has been shaping market
expectations but with demand for space rising and construction
still subdued, the strong flow of capital into real estate is likely to
remain. As a result, rising interest rates will have only a limited
impact on core markets but a slower CMBS market will mean
secondary markets are more vulnerable.
In Canada the weight of demand remains very strong and
alongside the county’s safe haven image, this has pushed yields
down further, encouraging some to look overseas and in some
cases to take more risk at home, in development for example.
From the risk averse, Canada will continue to attract capital and
with REITS highly liquid, demand overall should remain high,
particularly as the global economy starts to grow and the
occupier market responds.
Economic sentiment is cooler towards Latin America with
commodity prices down and areas of social unrest but trends in
the region have in reality become more diverse. Occupier and
investor demand has held up better than many anticipated and
cities such as Mexico City and Sao Paolo have performed well in
terms of investment activity. Nonetheless, investment has tended
to become more focussed, with retail generally up and Mexico
gaining over South America, and while the long term appeal of the
market is not in doubt, in the short term the efficacy of
government decision making and market stability will remain
under the microscope.
In Asia, investment volumes overall have been stable while leading
cities have picked up market share as investors have grown
somewhat more risk averse in the face of renewed economic
tensions. With a tapering in quantitative easing drawing closer in
the US at least, the mood may remain cautious but there are now
adequate signs that the economy globally and regionally is starting
to stabilise and hence while “hot” money may continue to move
on, strategic investors should grow increasingly active as
corporate confidence returns.
Conditions are however far from uniform city by city, with local
economics and property market fundamentals all differing and
definitions of mature and emerging changing as markets develop
and the impact of technology and infrastructure development
accelerates.
In EMEA, investment activity has started to respond to an easing
in fears over the euro zone as well as a somewhat better supply
of finance and investment opportunities. At the same time, buyers
are changing their risk tolerances due to greater certainty but
also a lack of well-priced opportunities in preferred markets and a
Stockholm, Sweden
5
7. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
REGIONAL VERSUS GLOBAL INVESTMENT
DRIVERS OF CITY SUCCESS
Cities are more important in market terms than their size
suggests – with the top 100 accounting for 13% of population but
38% of GDP. However what is even more notable is that the same
cities account for over 86% of property investment activity. But if
power clearly lies increasingly with the city rather than the nation,
the hierarchy of cities is changing, with some forces pushing
towards a handful of mega cities but others ripping power from
the established elite and spreading it to new urban centres.
Source: Cushman & Wakefield, RCA
search for yield. Larger lots are most in demand among the global
pension, insurance and sovereign wealth funds who are driving the
market and London. Paris and key German cities continue to
dominate. However a wide range of other locations are coming
to the fore as investors start to look further afield, with some
seeking out second tier assets in core locations but a growing
number ready to accept more macro risk in other countries, but
choosing to focus on the top cities in each.
Occupier sentiment is cautious but improving and prime supply is
tight or falling in many European cities. Indeed, pressure is now
mounting for prime property yields to fall. In the medium term
this will be justified by the lack of recent development which will
underpin an eventual return of rental growth but for now it is
income and income sustainability which will drive performance.
Montreal, Canada
6
Growth forces are in fact heavily polarised between those
demand-side factors which favour convergence and a selfperpetuating focus on the biggest and the best – such as
clustering of industries and human capital and the agglomeration
benefits that can follow – and other forces spreading power
between a broader group of cities, facilitated by supply side
factors such as technology and urbanisation as well as “scale
sensitive” issues such as sustainability, security and changing living
and working patterns and the inefficiency of crowded systems.
What is more, while some drivers are persistent– such as
urbanisation and the growing middle class – others are changing,
such as technology and resource use. Physical and intellectual
capital are also clearly key but softer issues such as culture and
history have a growing impact not just on image and quality of life
but also on attracting resources in the first place. A range of
factors are in fact currently in focus including:
8. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Capital Markets Research Publication
‡
MARKET CONCENTRATION
Source: Cushman & Wakefield, RCA,Various
‡ Increasing attention on the quality of human capital - on
education and skills on one hand but on health and living
standards as well, and on the quality of the living and working
environments that make a place enjoyable and attractive.
‡ The stability offered by the social structures are of increasing
importance for their ability to support business as well as to
promote a higher quality and more satisfied workforce.
‡ Political structures are important in supporting society but also
in delivering action and accountability. This can be more variable
city to city than many other characteristics of urban areas and
hence have a stronger influence on which city ranks highest.
The quality of the political set-up is also being actively
scrutinised as public sector spending pressures open the door
to more private investment.
‡ Patterns of corporate behaviour are always important and
current trends such as re-shoring are notable, as some
businesses repatriate parts of production and support from
lower cost markets. Equally however off-shoring continues as
businesses seek cost-effective solutions
Paris, France
‡ Pressure on the cost base is being seen in all areas of business,
demanding an efficient, flexible but sustainable office
environment in all cities to succeed.
‡ Everyone acknowledges the scale of change being driven by
technology but some investors may underestimate that this will
continue to change rapidly due to existing as well as new
developments impacting on society and business.
‡ Technology is likely to be particularly important in dealing with
the issues generated by congestion and population density. In
transportation this may include providing an information or
mobility grid to link all aspects of transportation information
for example on parking, charges, ticketing and traffic to keep
people and goods moving.
Many of these factors feed into the brand of the city and this is
becoming increasingly important in demonstrating the qualities of
an area through events, attractions and experiences. The brand
then adds value to the city but also to its real estate market.
From a real estate perspective meanwhile, major investors need
to find markets they are comfortable doing business in – which
comes from a combination of transparency, the ease and fairness
of doing business and the availability of trustworthy partners and
advisers.
Berlin, Germany
7
9. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
TABLE 1: A RANKING OF MARKETS
INVESTMENT PAST 3
YEARS
TOP RETAIL CITIES
TOP CITIES FOR OFFICES
TOP CITIES FOR
DISTRIBUTION
GLOBAL BUSINESS HUBS
1
New York
London
New York
Shanghai
New York
2
London
New York
Paris
Hong Kong
London
3
Tokyo
Paris
Singapore
Singapore
Paris
4
Hong Kong
Hong Kong
London
New York
Tokyo
5
Paris
Tokyo
Tokyo
London
Hong Kong
6
Los Angeles
Los Angeles
Hong Kong
Paris
Singapore
7
Singapore
Shanghai
Boston
Tokyo
Shanghai
8
Washington
Seoul
Chicago
Chicago
Beijing
9
San Francisco
Beijing
Washington
Beijing
Seoul
10
Beijing
Moscow
San Francisco
Shenzhen
Los Angeles
11
Chicago
Shenzhen
Stockholm
Amsterdam
Chicago
12
Seoul
Singapore
Zurich
Guangzhou
San Francisco
13
Stockholm
Amsterdam
Sydney
Busan
Amsterdam
14
Dallas
Madrid
Melbourne
Madrid
Sydney
15
Miami
Istanbul
Los Angeles
Munich
Moscow
16
Shanghai
Taipei
Seoul
Abu Dhabi
Stockholm
17
Sydney
Miami
Vienna
Memphis
Munich
18
Toronto
Milan
Houston
San Francisco
Frankfurt
19
Moscow
San Francisco
Philadelphia
Taipei
Taipei
20
Boston
Barcelona
Taipei
Louisville
Berlin
Cushman & Wakefield, Real Capital Analytics
CITY WINNERS
The concentration of activity we see in a handful of cities is
difficult to break down. However, when combined with the fact
that the real estate investment market should be growing and the
range of participants broadening, then it is only to be expected
that competition between cities will increase. At the very least we
will in the future have a broader range of large dominant cities, if
not that some existing “alpha cities” could drop down the
hierarchy.
Assessing by sector who the winners may be, we have complied
rankings based on key factors driving potential in each area (table
1). Looking across the results, Europe’s stalwarts, London and
Paris are clearly in a strong position but North America has a
stronger mix of large, innovative and fast growing cities and its
share of global investment should remain strong as a result.
Among emerging markets, Asian cities offer a stronger blend of
scale, growth and innovation than key hubs in Latin America or
Eastern Europe but that may change as Latin America gets used to
a higher global profile and as larger cities in emerging Europe –
8
Moscow, Istanbul and Warsaw – develop as regional hubs. The
leading growth cities in Asia meanwhile are largely in China as
urbanisation and modernisation roll on and given the high levels
of development, the potential for these cities in the global
property market is significant.
In the retail market, a diverse mix of international traders, tourist
attractions, ample modern space, an affluent and large population,
an efficient logistics industry and a favourable tax system are
some of the core ingredients for a successful city. According to
our analysis of these indicators, London ranks as the top retail
city, followed closely by New York. Notably however five Asian
cities make up half of the retail top 10, highlighting the new global
retail hierarchy emerging due to Asia’s expanding middle class.
For offices, a mix of economic size, diversity of companies and job
prospects, as well as a broad spectrum of social factors is key to
the draw of one city over another. Historically, the ‘pull factor’ of
a city was more limited with the majority of people gravitating
towards centres that could offer the best employment prospects.
This has changed over the last few decades whereby size and
employment are still important but, increasingly, so is a city’s
10. 2013/2014
WINNING IN
GROWTH CITIES
A Cushman & Wakefield Capital Markets Research Publication
business and social environment. With choice and mobility more
available, levels of crime, quality and availability of healthcare and
pollution are all increasing considerations. On this basket of
measures, New York leads, followed by Paris, Singapore, London
and Tokyo.
In order to assess the most developed logistics infrastructure for
each city, six indicators were analysed: busiest cargo airports and
port, urban rail networks, congestion, the location of
manufacturing company headquarters and innovation. Based on
these factors, Asian cities take the top three spots, with Shanghai
in first place, Hong Kong in second and Singapore in third. New
York and London were not too far behind to round off the top
five cities.
Near the head of the list in all areas in fact, New York and London
clearly back up their winning position in the property investment
rankings. Paris, Tokyo, Hong Kong, Singapore and San Francisco
also demonstrate strength across the board in all sectors, closely
followed by Shanghai, Beijing, Seoul and Los Angeles. Compared
to the property investment ranking today meanwhile, some of the
markets that may deserve more attention from property
investors are Taipei, Amsterdam, Shenzhen, Madrid, Munich and
Berlin.
“Most indicators suggest property
demand will both increase and
broaden to embrace new markets,
and a higher share of investment
will be cross-border as investors
increase their risk tolerance.
Assuming the US recovery
continues to gain traction helping
confidence and growth across all
economies, we anticipate that next
year will be favourable for much
of the market as both stimulus
measures and recovery spark an
appreciation in capital values for
good quality space with strong
occupier demand.”
Tokyo, Japan
9
11. 2013/2014
A Cushman & Wakefield Research Publication
TOP DESTINATIONS FOR
INVESTMENT
While the market continues to grow more global, the range of
countries that many players have been willing to invest in has
actually got smaller in recent years. However with investors not
just eager for new stock but also higher yields or returns, more
are now turning towards emerging, second tier or overlooked
markets.
Looking at 2014, US markets should remain high on the buying
agenda for domestic and international players thanks to more
economic upside with steady jobs growth supporting the
recovery in the housing market and this feeding back into
improvements in consumer and business spending that will benefit
all sectors of the market. Increased risk tolerances will lead more
investors to look towards either second tier assets in gateway
cities or secondary cities. Where employment fundamentals are
secure and there are multiple drivers of growth, the latter is likely
to be well rewarded in the current under supplied market but
investors need to avoid over exuberance and for long term
international players, gateway cities will remain of primary
interest.
High pricing makes Canada a hard market to enter but still an
attractive one for either the risk averse looking for capital
preservation or for those that can take more risk in markets with
an under supply, such as offices or residential in Toronto or
Vancouver.
San Francisco, United States
10
In Latin America, a return of global economic growth will set the
framework for more stability and a focus on the longer term
growth drivers of wealth and population together with foreign
investor and corporate demand to access markets, resources and
production. The largest cities in the region will continue to push
up the global rankings, led by Mexico but also Brazil as World Cup
and Olympic fever gains ground– however the mismatch in supply
and demand for modern space is more acute in second tier cities
in general and at least for those with access to a secure platform
and high enough risk tolerance, this will be a growing focus as
infrastructure and investment opens up new markets.
What’s more, a greater acceptance of risk should also lead
investors to look more widely in the region, with increasing trade
set to bolster Colombia’s market for example, focused on Bogotá
but with a range of larger urban centres also offering
opportunities. Peru is also expected to out-perform but offers
less opportunities due to its smaller scale and Lima’s dominance.
Parts of Asia may be vulnerable to yield shifts as capital flows
change and liquidity is diverted from emerging markets by an end
to QE but better economic performance should help spur
portfolio investors seeking medium term growth opportunities.
Logistics growth is likely to be widespread as consumer demand,
trade and market changes impact on demand patterns. In other
sectors a return of growth will not be uniform and may be led by
markets such as Jakarta and Tokyo in the office sector but with
others such as Singapore and Seoul also bottoming out. Bangkok
and Jakarta will lead for retail growth, with key Chinese cities also
steadily gathering pace.
12. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Research Publication
TABLE 2: CITY TARGETS FOR INVESTMENT IN 2014
AMERICAS
ASIA
EMEA
‡ Offices: US CBD Gateway cities
(New York, San Francisco and
Washington), core Canadian cities
(Toronto and Vancouver)
‡ Offices; Sydney, Melbourne,
Shanghai, Beijing and Tokyo
‡ Office: London, Paris, Stockholm,
Munich, Frankfurt and Berlin
‡ Retail and Hospitality: Hong
Kong, Tokyo and Sydney
‡ Retail: Core 24 hr gateway cities in
USA and Canada
CORE
‡ Residential: Japan
‡ Retail: Dominant shopping centres and
luxury/flagship high streets in core
German cities including Munich, Berlin
and Stuttgart plus Paris, London
‡ Apartments: Multifamily in top US
cities eg NY, Boston, SF and LA
CORE-PLUS
‡ Offices: Core space, growth markets
(Atlanta, Houston, Dallas, Denver,
Boston, and LA)
‡ Suburban offices in core US and
Canada cities
‡ Logistics; Core assets: South
California, New Jersey, Miami and
Chicago
‡ Logistics: Top Australian
cities
‡ Offices: Singapore, Hong
Kong and Seoul
‡ Offices: Amsterdam, Tier 2 German
Cities, UK Thames Valley, Prague,
Warsaw plus development in core cities:
‡ Retail: Growth markets such
London, Paris, Stockholm, Frankfurt
as Beijing, Shanghai, Chengdu,
Jakarta, Singapore, and Seoul ‡ Retail: Retail refurbishment in core
cities in northern Europe. Core space in
‡ Logistics: Tokyo, Singapore
larger cities in Italy, Poland and Spain
and Hong Kong
‡ Logistics: German second tier, Warsaw,
Prague and Budapest
‡ Core leased assets: Mexico
OPPORTUNISTIC
‡ Logistics: London, Paris, Munich,
Hamburg, Rotterdam and Antwerp
‡ Logistics: market servicing key
Brazilian, Mexican and Colombian
cities
‡ Offices in emerging growth
markets: Jakarta, Kuala
Lumpur and Mumbai
‡ Retail and residential development:
Santiago, 1st and 2nd tier Brazilian,
Mexican and Colombian cities
‡ Offices: Mexican cities for short term
gain and possibly Lima
‡ Retail: Emerging markets:
Hanoi, Kuala Lumpur,
Bangkok, New Delhi and
other top Indian and
Chinese cities
‡ Under rented class A US office and
apartment property: South Florida,
Dallas, Chicago
‡ Logistics: Gateway China
Cities: Shanghai, Beijing and
Guangdong
‡ Offices: Lisbon, Moscow, Istanbul, Milan
and Madrid
‡ Retail: Moscow, major cities in Turkey
and active management/ development in
larger cities
‡ Logistics: Development and units
serving large Eastern European cities
and peripheral western cities: eg
Oporto, Barcelona and Milan
‡ Distress: Italy, Spain and Portugal
Cushman & Wakefield, Global Capital Markets Group
Quantitative easing in Japan is likely to boost property demand
and with a potential boost to retail and logistics as deflation ends,
the market should see increased activity. High quality shopping
centres meanwhile are likely to benefit from the increasing
growth and modernisation of retailing in China as well as demand
for effective modern space. In China more generally, sentiment is
improving beyond just the usual top cities. Shanghai is highly
regarded for growth potential across all sectors as well as for its
scale and liquidity and hence relative stability. Beijing is not far
behind but other tier one cities such as Suzhou, Wuhan, Chengdu
and Guangzhou are becoming mainstream targets for
international capital due to their scale, growth and increasing
individual identity.
In Europe, investors will continue to seek out new areas of
opportunity but in so doing they need to focus on the drivers for
sustaining long term income–not on the short term level of yield.
That may involve a focus on markets in the Nordics, the UK and
Germany where the supply of modern space is falling and a
modest increase in demand is already starting which could create
early growth pressures. More generally however limited
development in recent years and an ageing stock profile will
create growth pressures and asset management or development
opportunities in all sectors in gateway cities followed by second
tier cities where the quality and diversity of the local business
base is of the right standard.
Germany will be particularly favoured and offers a range of
opportunities, from wealth preservation in Munich through to
growth in a major core city like Berlin. In taking on more risk
meanwhile, investors can choose between anticipating recovery in
distressed but mature tier 1 cities such as Milan, Madrid,
Barcelona, and Amsterdam or looking towards less mature
markets, currently favouring offices and residential in Istanbul as
well as retail in Moscow and key cities in Turkey. A key focus for
those looking towards development in core markets meanwhile
should be the large scale infrastructure investment going into
London and Paris in particular, which will undoubtedly create
opportunities.
11
13. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
GLOBAL DATA
GLOBAL YIELDS
INVESTMENT VOLUMES
Beijing, China
12
14. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Capital Markets Research Publication
GLOBAL YIELDS
GLOBAL YIELDS - JUNE 2013
GLOBAL YIELDS - JUNE 2013
REGION
COUNTRY
OFFICES
SHOPS
INDUSTRIAL
REGION
COUNTRY
OFFICES
SHOPS
INDUSTRIAL
Americas
Argentina
9.00%
9.00%
12.00%
EMEA
Lithuania
7.00%
8.00%
8.50%
Asia Pacific
Australia
6.50%
5.50%
8.35%
EMEA
Luxembourg
6.00%
5.00%
8.50%
EMEA
Austria
4.90%
4.25%
7.50%
Asia Pacific
Malaysia
6.00%
5.00%*
7.80%
EMEA
Bahrain
10.00%
10.00%
10.00%
Americas
Mexico
10.50%
10.50%
12.00%
EMEA
Belgium
6.35%
4.35%
7.35%
EMEA
Netherlands
6.30%
4.70%
7.70%
Americas
Brazil
9.00%
7.50%*
12.00%
Asia Pacific
New Zealand
7.50%
6.00%
7.25%
EMEA
Bulgaria
9.50%
9.25%
11.75%
EMEA
Norway
5.15%
5.25%
6.50%
Americas
Canada
5.00%
4.30%
5.50%
Americas
Peru
8.50%
15.80%
11.50%
EMEA
Channel Islands
6.00%
6.50%
-
Asia Pacific
Philippines
7.20%
3.00%*
3.80%
Americas
Chile
8.00%
7.50%*
9.50%
EMEA
Poland
6.25%
6.00%*
7.50%
Asia Pacific
China
EMEA
Portugal
7.75%
7.00%
9.75%
Americas
Colombia
Asia Pacific
Republic of Korea
5.55%
7.00%*
-
EMEA
Croatia
EMEA
Czech Republic
EMEA
5.55%
5.20%*
8.00%
10.00%
14.00%*
12.50%
8.00%
7.75%
9.50%
EMEA
Romania
8.50%
8.50%*
9.50%
6.25%
5.75%*
8.25%
EMEA
Russia
8.50%
9.25%*
11.50%
Denmark
5.00%
5.00%
7.50%
EMEA
Serbia
9.50%
10.50%
13.00%
Americas
Ecuador
11.80%
14.00%*
12.90%
Asia Pacific
Singapore
3.85%
5.30%
6.70%
EMEA
Estonia
7.90%
8.25%
9.50%
EMEA
Slovakia
7.25%
7.25%*
8.75%
EMEA
Finland
5.25%
5.00%
7.50%
EMEA
Slovenia
8.00%
6.75%
9.50%
EMEA
France
4.25%
3.75%
7.25%
EMEA
South Africa
8.90%
7.25%*
9.75%
EMEA
Germany
4.65%
3.80%
6.50%
EMEA
Spain
6.00%
4.85%
8.25%
EMEA
Greece
9.50%
7.80%
13.00%
EMEA
Sweden
4.50%
4.50%
6.50%
Asia Pacific
Hong Kong
2.90%
2.30%
2.70%
EMEA
Switzerland
3.75%
3.80%
5.50%
EMEA
Hungary
7.50%
7.25%*
9.00%
Asia Pacific
Taiwan
2.50%
2.00%
2.50%
Asia Pacific
India
10.00%
10.00%
9.00%
Asia Pacific
Thailand
7.00%
9.00%*
8.00%
Asia Pacific
Indonesia
7.00%
10.00%
9.50%
EMEA
Turkey
7.00%
7.00%
9.00%
EMEA
Ireland
7.00%
6.60%
8.75%
EMEA
Ukraine
15.00%
16.00%
16.00%
EMEA
Israel
7.50%
7.25%
7.75%
EMEA
United Arab Emirates
7.50%
7.50%*
9.00%
EMEA
Italy
5.75%
7.00%*
8.15%
EMEA
United Kingdom
3.75%
2.75%
5.50%
Asia Pacific
Japan
4.00%
4.10%
5.60%
Americas
USA
EMEA
Latvia
7.75%
8.00%
9.25%
Asia Pacific
Vietnam
5.00%
5.00%
5.90%
11.25%
11.50%*
10.00%
*Shopping Centres
Note:Yields markes in red are calculated on a net basis to include transfer costs, tax and legal fees.
Data relates to top city/cities only and is not a country average
Source: Cushman & Wakefield
13
15. 2013/2014
A Cushman & Wakefield Research Publication
INVESTMENT VOLUMES
TOTAL INVESTMENT VOLUMES (EX DEV SITES)
TOTAL INVESTMENT VOLUMES (EX DEV SITES)
METRO
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED
WITH PREVIOUS
12 MONTHS)
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED WITH
PREVIOUS 12
MONTHS)
1 New York Metro
49,179,522,147
39.4%
26 Austin
5,582,238,365
2 London Metro
32,274,829,182
6.1%
27 Munich
5,263,635,146
23.8%
3 Los Angeles Metro
30,757,876,871
77.3%
28 Stockholm
5,162,909,447
-21.7%
4 Tokyo
25,858,887,222
1.6%
29 San Diego
5,103,490,410
11.5%
5 San Francisco Metro
21,749,045,653
37.9%
30 Melbourne
4,786,635,398
36.7%
6 Washington DC Metro
20,265,322,883
42.1%
31 Osaka
4,774,924,788
53.5%
7 Hong Kong
18,796,372,373
9.9%
32 Brisbane
4,737,027,907
46.2%
8 Paris
15,934,354,781
-27.0%
33 Hamburg
3,901,571,328
39.1%
9 Houston
10,810,882,837
37.6%
34 Tampa
3,547,864,901
80.1%
10 Chicago
10,628,537,456
-3.4%
35 Philadelphia Metro
3,359,001,021
12.9%
11 Dallas
10,501,531,152
30.2%
36 Perth
3,152,698,581
55.5%
12 Seattle
9,921,952,882
64.5%
37 Minneapolis
3,064,639,984
44.3%
13 Seoul
9,471,408,178
50.9%
38 Amsterdam/Randstad
2,967,905,045
-20.1%
14 Singapore
9,312,055,865
22.2%
39 Montreal
2,879,882,348
81.0%
15 Sydney
9,245,126,391
37.7%
40 Oslo
2,792,355,150
-3.1%
16 Atlanta
9,023,834,872
47.8%
41 Beijing
2,661,127,220
-62.6%
17 Berlin-Brandenburg
8,830,629,935
44.5%
42 Taipei
2,652,403,560
-38.7%
18 Boston
8,734,169,067
15.9%
43 Charlotte
2,630,368,552
-9.2%
19 Toronto
7,379,599,481
-13.6%
44 Orlando
2,606,403,045
26.1%
20 Moscow
7,132,864,084
20.5%
45 Baltimore
2,601,888,152
-10.4%
21 South Florida (Miami)
6,954,384,645
6.3%
46 Las Vegas
2,565,782,800
82.9%
22 Frankfurt/Rhine-Main
6,193,528,051
55.3%
47 Warsaw
2,376,765,902
20.8%
23 Shanghai
6,080,963,676
-39.8%
48 Calgary
2,337,328,925
-10.0%
24 Denver
6,021,335,355
26.8%
49 Portland
2,238,853,434
42.5%
25 Phoenix
5,961,139,217
17.7%
50 Zurich
2,084,452,384
317.3%
Source: Cushman & Wakefield, Real Capital Analytics
91.7%
Source: Cushman & Wakefield, Real Capital Analytics
TOP 25 CITIES FOR GLOBAL PROPERTY INVESTMENT
50
12 months to Q2 2013, excludes development sites, greater city area, closed deals, US$5 million plus
US$ Billion
40
30
20
10
14
Phoenix
Denver
Shanghai
Frankfurt/Rhine-Main
South Florida (Miami)
Moscow
Toronto
Boston
Berlin-Brandenburg
Atlanta
Sydney
Singapore
Seoul
Seattle
Dallas
Chicago
Houston
Paris
Hong Kong
Washington DC Metro
San Francisco Metro
Tokyo
Los Angeles Metro
London Metro
New York Metro
0
16. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Research Publication
INVESTMENT VOLUMES
RETAIL SECTOR
RETAIL SECTOR
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED
WITH PREVIOUS
12 MONTHS)
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED
WITH PREVIOUS
12 MONTHS)
1 Hong Kong
8,904,073,227
-0.9%
26 Washington DC Metro
1,108,464,920
2 New York Metro
8,190,918,829
141.4%
27 Atlanta
1,073,193,704
-29.2%
47.6%
3 Tokyo
5,016,083,157
33.9%
28 Leeds
1,041,702,833
664.9%
4 Los Angeles Metro
4,294,734,331
10.1%
29 Montreal
969,266,931
105.5%
5 London Metro
3,584,509,195
-26.0%
30 Phoenix
968,342,871
-19.6%
6 Sydney
2,896,825,718
181.6%
31 Frankfurt/Rhine-Main
873,438,967
-3.7%
7 Seoul
2,685,679,636
229.3%
32 Perth
852,016,259
86.0%
33 Seattle
851,195,881
-9.4%
34 Houston
843,450,321
-14.9%
35 Oslo
830,454,528
331.9%
-22.5%
8 Chicago
2,541,477,831
2.0%
9 Shanghai
2,111,309,162
-13.0%
10 San Francisco Metro
1,908,367,244
4.9%
11 South Florida (Miami)
1,851,645,821
-11.5%
36 Berlin-Brandenburg
818,393,608
12 Moscow
1,813,303,253
35.4%
37 Amsterdam/Randstad
797,506,892
52.6%
13 Dallas
1,579,141,741
21.7%
38 Portland
730,559,000
252.0%
14 Osaka
1,471,222,332
138.2%
39 Milton Keynes
724,070,073
415.4%
15 Toronto
1,437,910,357
67.6%
40 Denver
653,820,433
22.8%
16 Melbourne
1,423,671,104
113.7%
41 Birmingham
647,365,384
16.6%
17 Paris
1,419,639,955
-37.4%
42 Calgary
645,580,749
47.1%
18 Sheffield
1,383,131,270
907.8%
43 San Diego
634,621,638
-41.9%
19 Tampa
1,363,675,178
343.7%
44 Philadelphia Metro
601,700,795
-48.3%
20 Las Vegas
1,307,270,613
187.7%
45 Nagoya
592,384,672
192.7%
21 Brisbane
1,261,873,975
63.1%
46 Taipei
566,902,050
-46.4%
22 Singapore
1,198,694,788
-0.6%
47 Orlando
563,859,298
35.9%
23 Stockholm
1,164,944,780
-0.6%
48 Edmonton
550,795,718
53.2%
24 Beijing
1,152,875,983
-64.4%
49 Hanover
523,198,125
-4.6%
25 Boston
1,121,040,280
-2.9%
50 Hamburg
498,562,659
60.0%
Source: Cushman & Wakefield, Real Capital Analytics
Source: Cushman & Wakefield, Real Capital Analytics
TOP 25 CITIES FOR RETAIL PROPERTY INVESTMENT
10
12 months to Q2 2013, greater city area, closed deals, US$5 million plus
6
4
2
Boston
Beijing
Stockholm
Singapore
Brisbane
Las Vegas
Tampa
Sheffield
Paris
Melbourne
Toronto
Osaka
Dallas
Moscow
South Florida (Miami)
San Francisco Metro
Shanghai
Chicago
Seoul
Sydney
London Metro
Los Angeles Metro
Tokyo
New York Metro
0
Hong Kong
US$ Billion
8
15
17. 2013/2014
A Cushman & Wakefield Research Publication
INVESTMENT VOLUMES
OFFICE SECTOR
OFFICE SECTOR
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED WITH
PREVIOUS 12
MONTHS)
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED WITH
PREVIOUS 12
MONTHS)
1 London Metro
23,546,672,088
31.0%
26 Melbourne
2,326,605,961
12.6%
2 New York Metro
20,340,082,488
17.7%
27 Austin
2,090,317,192
303.6%
3 Tokyo
13,383,455,234
1.5%
28 Hamburg
1,990,480,874
54.3%
29 Perth
1,826,065,212
49.8%
4 Paris
11,235,446,263
-33.2%
5 San Francisco Metro
8,269,015,600
36.2%
30 Warsaw
1,804,601,306
97.4%
6 Los Angeles Metro
7,756,021,461
97.7%
31 Milan
1,759,690,922
287.0%
7 Hong Kong
6,867,602,728
49.3%
32 Oslo
1,755,896,813
-29.4%
8 Seoul
5,995,050,957
19.7%
33 Denver
1,577,344,218
-12.1%
9 Washington DC Metro
5,815,811,938
-10.4%
34 Zurich
1,522,797,386
1102.4%
10 Houston
4,775,094,012
59.8%
35 Minneapolis
1,502,072,405
109.7%
1,482,873,325
112.3%
11 Seattle
4,698,000,290
72.2%
36 Osaka
12 Singapore
4,600,499,821
36.1%
37 Helsinki
1,251,634,918
135.4%
13 Frankfurt/Rhine-Main
4,153,877,819
89.1%
38 Beijing
1,159,040,293
-59.4%
14 Sydney
4,052,321,748
-6.2%
39 San Diego
1,158,479,902
-16.4%
15 Chicago
3,765,443,567
-13.1%
40 Brussels
1,077,705,714
188.1%
16 Moscow
3,692,716,248
5.0%
41 Phoenix
1,073,949,603
-2.4%
42 Taipei
1,022,018,176
-35.6%
17 Munich
3,619,225,193
86.7%
18 Shanghai
3,590,982,493
-39.6%
43 South Florida (Miami)
1,006,544,689
-19.6%
19 Toronto
3,297,587,541
-35.3%
44 Amsterdam/Randstad
909,543,616
-48.2%
20 Berlin-Brandenburg
3,072,389,837
71.9%
45 Philadelphia Metro
903,109,948
22.6%
21 Atlanta
2,976,179,786
105.0%
46 Calgary
892,463,990
-50.1%
22 Boston
2,848,685,056
-14.7%
47 Charlotte
884,358,620
-0.9%
23 Brisbane
2,707,395,882
40.0%
48 Madrid
838,649,096
-33.1%
24 Dallas
2,511,532,990
21.5%
49 Ottawa
825,741,958
43.8%
25 Stockholm
2,493,795,200
-35.0%
50 Dublin
764,547,505
483.3%
Source: Cushman & Wakefield, Real Capital Analytics
Source: Cushman & Wakefield, Real Capital Analytics
TOP 25 CITIES FOR OFFICE PROPERTY INVESTMENT
25
12 months to Q2 2013, greater city area, closed deals, US$5 million plus
US$ Billion
20
15
10
5
16
Stockholm
Dallas
Brisbane
Boston
Atlanta
Berlin-Brandenburg
Toronto
Shanghai
Munich
Moscow
Chicago
Sydney
Frankfurt/Rhine-Main
Singapore
Seattle
Houston
Washington DC Metro
Seoul
Hong Kong
Los Angeles Metro
San Francisco Metro
Paris
Tokyo
New York Metro
London Metro
0
18. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Research Publication
INVESTMENT VOLUMES
INDUSTRIAL SECTOR
INDUSTRIAL SECTOR
METRO
Q2 2013 (US$)
Q3 2012 -
GROWTH
(COMPARED WITH
PREVIOUS 12
MONTHS)
1 Los Angeles Metro
5,348,131,964
27.8%
2 San Francisco Metro
3,487,036,528
7.7%
3 New York Metro
3,087,562,873
105.3%
4 Tokyo
2,640,222,998
-9.3%
5 Hong Kong
2,231,102,244
6 Dallas
7 Chicago
8 London Metro
1,547,279,312
9 Sydney
1,328,627,871
10 Boston
11 Toronto
12 Seattle
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED WITH
PREVIOUS 12
MONTHS)
26 Baltimore
633,730,134
6.5%
27 Sacramento
624,712,748
676.5%
28 San Diego
621,072,456
2.5%
29 Melbourne
607,204,445
169.4%
67.5%
30 Vancouver
578,974,608
36.0%
1,929,131,565
43.2%
31 Munich
578,382,178
-8.2%
1,610,813,242
9.0%
32 Rio de Janeiro
542,491,328
xxxxx%
42.8%
33 Rhine-Ruhr
510,421,312
13.7%
35.8%
34 Paris
509,176,969
192.7%
1,290,121,470
14.8%
35 St Louis
491,906,520
-41.7%
1,183,969,549
13.5%
36 Brisbane
468,998,432
-7.5%
1,026,833,538
46.9%
37 Birmingham
452,350,899
-6.4%
13 Phoenix
994,374,255
55.5%
38 Calgary
426,563,943
305.9%
14 Taipei
981,231,012
-28.4%
39 Hamburg
414,894,636
82.7%
15 Singapore
954,119,437
11.5%
40 Minneapolis
400,452,866
-3.7%
16 South Florida (Miami)
934,952,739
2.4%
41 Austin
395,661,903
37.6%
17 Atlanta
907,432,012
-4.5%
42 Denver
393,309,360
19.3%
18 Houston
891,625,085
46.8%
43 Memphis
361,901,703
35.7%
19 Montreal
836,905,775
179.9%
44 Perth
334,607,507
-57.2%
20 Philadelphia Metro
810,137,044
223.9%
45 Columbus
326,778,692
-6.0%
21 Sao Paulo
712,963,258
219.6%
46 Moscow
324,955,641
9.9%
22 Washington DC Metro
645,631,368
-21.4%
47 Gothenburg
312,866,605
129.0%
23 Stockholm
644,794,214
55.6%
48 San Antonio
298,839,725
72.2%
24 Seoul
644,736,104
63.1%
49 Stuttgart
286,243,847
-32.7%
25 Osaka
635,850,634
21.6%
50 Detroit
277,926,617
131.7%
Source: Cushman & Wakefield, Real Capital Analytics
Source: Cushman & Wakefield, Real Capital Analytics
TOP 25 CITIES FOR INDUSTRIAL PROPERTY INVESTMENT
6
12 months to Q2 2013, greater city area, closed deals, US$5 million plus
2
Osaka
Seoul
Stockholm
Washington DC Metro
Sao Paulo
Philadelphia Metro
Montreal
Houston
Atlanta
South Florida (Miami)
Singapore
Taipei
Phoenix
Seattle
Toronto
Boston
Sydney
London Metro
Chicago
Dallas
Hong Kong
Tokyo
New York Metro
San Francisco Metro
0
Los Angeles Metro
US$ Billion
4
17
19. 2013/2014
A Cushman & Wakefield Research Publication
INVESTMENT VOLUMES
MULTIFAMILY SECTOR
MULTIFAMILY SECTOR
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED
WITH PREVIOUS
12 MONTHS)
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED
WITH PREVIOUS
12 MONTHS)
1 New York Metro
14,730,065,115
54.4%
26 Jacksonville
903,833,352
106.7%
2 Washington DC Metro
11,674,804,786
146.7%
27 Las Vegas
879,769,256
157.8%
3 Los Angeles Metro
11,525,455,337
163.8%
28 Toronto
871,419,467
-21.3%
4 San Francisco Metro
6,780,178,318
124.9%
29 Baltimore
821,297,497
-7.3%
5 Berlin-Brandenburg
4,104,301,423
44.0%
30 Paris
795,696,603
-23.6%
6 Dallas
3,994,399,929
46.2%
31 Hanover
773,688,998
398.1%
7 Tokyo
3,961,310,687
-9.6%
32 Montreal
768,900,531
56.9%
29.1%
33 Osaka
728,512,556
31.3%
713,896,757
-40.8%
-13.5%
8 Houston
3,748,795,483
9 Atlanta
3,479,947,755
30.9%
34 Stockholm
10 Seattle
3,012,627,220
88.8%
35 Portland
696,169,350
11 Denver
2,882,233,202
60.8%
36 Nashville
681,838,400
47.9%
12 Boston
2,535,994,660
71.5%
37 Hamburg
639,636,166
-14.0%
13 Phoenix
2,452,936,244
16.7%
38 Amsterdam/Randstad
632,128,101
-25.5%
14 South Florida (Miami)
2,421,896,044
69.3%
39 Frankfurt/Rhine-Main
610,274,757
147.7%
15 Austin
2,380,092,301
72.5%
40 Minneapolis
520,570,129
65.4%
41 St Louis
504,127,556
433.9%
16 Chicago
2,128,087,862
4.1%
17 London Metro
1,881,523,539
-31.9%
42 Copenhagen
502,172,234
-26.5%
18 San Diego
1,435,065,837
22.4%
43 Hong Kong
457,754,252
-50.9%
19 Orlando
1,316,967,307
33.9%
44 Munich
453,027,717
-8.7%
20 Raleigh/Durham
1,216,401,068
-9.6%
45 Kansas City
446,281,239
34.5%
21 Tampa
1,199,188,898
14.2%
46 Moscow
445,000,000
456.3%
47 Nottingham
412,647,677
xxxx%
1529.1%
22 Singapore
1,158,036,970
23 Philadelphia Metro
-33.1%
1,013,741,177
67.5%
48 Calgary
372,720,244
24 San Antonio
999,996,151
61.8%
49 Sacramento
371,480,500
-13.8%
25 Charlotte
988,497,907
47.5%
50 Rochester
344,191,226
493.4%
Source: Cushman & Wakefield, Real Capital Analytics
Source: Cushman & Wakefield, Real Capital Analytics
TOP 25 CITIES FOR MULTIFAMILY SECTOR INVESTMENT
16
12 months to Q2 2013, greater city area, closed deals, US$5 million plus
14
US$ Billion
12
10
8
6
4
18
Charlotte
San Antonio
Philadelphia Metro
Singapore
Tampa
Raleigh/Durham
Orlando
San Diego
London Metro
Chicago
Austin
South Florida (Miami)
Phoenix
Boston
Denver
Seattle
Atlanta
Houston
Tokyo
Dallas
Berlin-Brandenburg
San Francisco Metro
Los Angeles Metro
Washington DC Metro
0
New York Metro
2
20. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Research Publication
INVESTMENT VOLUMES
CROSS-BORDER SECTOR
CROSS-BORDER SECTOR
METRO
Q3 2012 Q2 2013 (US$)
1 London Metro
GROWTH
(COMPARED
WITH PREVIOUS
12 MONTHS)
METRO
Q3 2012 Q2 2013 (US$)
GROWTH
(COMPARED
WITH PREVIOUS
12 MONTHS)
22,409,206,269
5.6%
26 Wuhan
1,298,424,922
2 Paris
6,982,111,604
-29.2%
27 Ningbo
1,297,518,764
1382.8%
237.7%
3 New York Metro
6,242,567,788
-6.1%
28 Sheffield
1,289,083,911
700.9%
4 Shanghai
3,886,841,965
27.6%
29 Chicago
1,189,878,092
-24.3%
5 Sydney
3,492,073,875
-2.3%
30 Osaka
1,184,023,656
6.2%
6 Frankfurt/Rhine-Main
3,329,416,644
119.8%
31 Beijing
1,138,778,590
-46.7%
7 Berlin-Brandenburg
3,112,437,681
28.9%
32 Foshan
1,107,472,942
108.4%
8 Los Angeles Metro
3,022,699,716
90.4%
33 Amsterdam/Randstad
1,089,162,618
-40.3%
34 Birmingham
1,080,002,658
53.9%
1,012,134,560
218.2%
1,000,171,102
27.7%
9 Tokyo
2,544,152,843
-46.4%
10 Singapore
2,469,502,161
8.6%
35 Helsinki
11 Hong Kong
2,446,926,157
-45.0%
36 Brisbane
37 Guangzhou
994,989,326
-66.2%
38 Leeds
970,633,931
308.8%
12 San Francisco Metro
2,265,363,762
8.2%
13 Hangzhou
2,262,174,769
310.9%
14 Warsaw
2,119,154,347
13.1%
39 Chongqing
947,831,722
-26.1%
40 Shenzhen
943,977,717
106.4%
41 Seattle
905,541,936
32.2%
872,439,101
6.0%
15 Moscow
2,075,739,170
62.4%
16 Munich
1,999,767,688
5.6%
17 Suzhou
1,957,143,332
190.5%
42 Hamburg
18 Melbourne
1,789,625,423
34.7%
43 Chengdu
833,479,558
-9.4%
19 Houston
1,726,453,537
22.2%
44 Dublin
824,908,327
220.2%
20 Tianjin
1,610,765,908
226.1%
45 Brussels
808,375,002
175.1%
21 Washington DC Metro
1,535,923,996
-3.0%
46 Dallas
805,817,856
-2.9%
47 Hawaii
781,000,000
279.6%
48 Copenhagen
751,152,631
-26.1%
49 Phoenix
750,962,378
104.9%
50 Vienna
691,981,865
7.5%
22 Milan
1,476,892,280
116.4%
23 Zurich
1,399,297,358
n/a
24 Seoul
1,358,923,210
2323.2%
25 Stockholm
1,333,582,348
2.5%
Source: Cushman & Wakefield, Real Capital Analytics
Source: Cushman & Wakefield, Real Capital Analytics
TOP 25 CITIES FOR CROSS-BORDER SECTOR INVESTMENT
12 months to Q2 2013, greater city area, closed deals, US$5 million plus
25
15
10
5
Stockholm
Seoul
Zurich
Milan
Washington DC Metro
Tianjin
Houston
Melbourne
Suzhou
Munich
Moscow
Warsaw
Hangzhou
San Francisco Metro
Hong Kong
Singapore
Tokyo
Los Angeles Metro
Berlin-Brandenburg
Frankfurt/Rhine-Main
Sydney
Shanghai
New York Metro
Paris
0
London Metro
US$ Billion
20
19
21. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
THE REPORT
INFORMATION ABOUT THE REPORT
This report has been prepared based on data collected through our own research as well as information available to us from public and
other external sources. The deals data used relates to non-confidential reported market transactions excluding indirect investment. In
respect of all external information, the sources are believed to be reliable and have been used in good faith. However, Cushman & Wakefield
cannot accept responsibility for their accuracy and completeness, nor for any undisclosed matters that would affect the conclusions we have
drawn. Certainty of the assumptions and definitions used in this research work are given within the body of the text. Information on any
other matters can be obtained from the European
A number of the rankings contained within this Winning in Growth Cities 2013/2014 publication (including the Overview as well as the
individual Office, Industrial and Retail reports) are Cushman & Wakefield composite rankings, collated using a variety of in-house proprietary
data, reliable secondary sources and a range of data indicators. These individual data indicators, scores and other forms of discreet data have
been further weighted, scored and ranked using a strict methodology, which varies depending on sector or indicator.
Sources of information used are provided in the report, but for further detail contact our Cushman &
Wakefield research team:
David Hutchings
Head of the European Research Group
david.hutchings@eur.cushwake.com
+44 207 152 5029
Joanna Tano
Director, European Research Group
Joanna.tano@eur.cushwake.com
+44 207152 5944
Erin Can
Publications Editor & Research Analyst
erin.can@eur.cushwake.com
+44 207 152 5206
REPORT SOURCES
The Overview
Cushman & Wakefield, Real Capital Analytics, Oxford Economics. The sources listed below are specific to the focused sector reports that
have been produced for Winning in Growth Cities 2013/2014:
The Office Sector
Cushman & Wakefield, Real Capital Analytics, Brookings Institution, Economist Intelligence Unit, National Statistics, PWC, Z/Yen Group, QS
World University Ranking, United Nations, Oxford Economics and World Bank
The Industrial Sector
2thinknow, Airports Council International (ACI), TomTom, LTA Academy and the Journal of Commerce.
The Retail Sector
Cushman & Wakefield, Real Capital Analytics, Euromonitor International, Economist Intelligence Unit City Data, and Brookings Institution’s
analysis of data from Oxford Economics, Moody’s Analytics, and U.S. Census Bureau.
20
22. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Capital Markets Research Publication
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23. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
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Kent Fong
Senior Director
kent.fong@ap.cushwake.com
+ 852 2956 7081
9/F St George’s Building,
2 Ice House Street
Hong Kong
INDIA
Manish Aggarwal
Director
manish.aggarwal@ap.cushwake.com
+ 91124 469 5555
14th Floor, Tower C
Building 8, DLF Cyber City
Gurgaon 122002
India
INDONESIA
Handa Sulaiman
Executive Director
handa.sulaiman@ap.cushwake.com
+ 6221 2550 9570
Indonesia Stock Exchange Building
Tower 2
15/F, JI. Jend. Sudirman Kav.52-53
Jakarta 12190
Indonesia
JAPAN
Yoshiyuki Tanaka
Executive Director
yoshiyuki.tanaka@ap.cushwake.com
+ 81 33596 7060
Sanno Park Tower 13F
2-11-1 Nagatacho, Chiyoda-ku
Tokyo 100-6113
Japan
REPUBLIC OF KOREA
Shawna Yang
Associate Director
shawna.yang@ap.cushwake.com
+82 2 3708 8831
5/F Korea Computer Building
21, Sogong-dong
Seoul
Republic of Korea
SINGAPORE
Priyaranjan Kumar
Regional Director, Capital Markets
Asia Pacific
priyaranjan.Kumar@ap.cushwake.com
+65 8339 5335
3 Church Street
#09-03, Samsung Hub
Singapore 049483
VIETNAM
Chris Brown
Associate Director
chris.brown@ap.cushwake.com
+84 862914707
2/F, 52 Dong Du, District 1
Ho Chi Minh City
Vietnam
For all other APAC enquiries contact:
John Stinson
Managing Director - Capital Markets,
Asia Pacific
john.stinson@ap.cushwake.com
+65 6232 0878
24. WINNING IN
GROWTH CITIES
2013/2014
A Cushman & Wakefield Capital Markets Research Publication
EMEA
PORTUGAL
TURKEY
Maxime Xantippe
Partner, Head of Capital Markets
maxime.xantippe@eur.cushwake.com
+32 2 514 4000
MÜNCHEN
Thomas Müller
Partner, Capital Markets
thomas.mueller@eur.cushwake.com
+49 89 242 14 33 44
Luis Antunes
Partner, Head of Capital Markets
luis.antunes@eur.cushwake.com
+351 21 322 4753
Togrul Gönden
Managing Partner
togrul.gonden@eur.cushwake.com
+90 530 173 01 42
Avenue des Arts, 56
Kunstlaan 56
1000 Brussels
Belgium
Maximilianstraße 40
80539 München
Germany
Avenida da Liberdade 131
2nd Floor
1250-140 Lisbon
Portugal
Inönü Cad. Devres Han No. 50 2/A
Gümüssuyu 34437
Beyoglu
Istanbul
Turkiye
HUNGARY
RUSSIA
Mike Edwards
Partner
mike.edwards@eur.cushwake.com
+36 1 484 1385
Tom Cashel
Partner, Head of Capital Markets
tom.cashel@eur.cushwake.com
+7 495 799 9875
Deák Palota
Deák Ferenc utca 15
Budapest 1052
Hungary
Ducat Place ||| BC, 6th Floor
Gasheka Street, 6
125047 Moscow
Russia
ITALY
SLOVAKIA
MILAN
Stephen Screene
Partner, Head of Capital Markets
stephen.screene@eur.cushwake.com
+39 02 63 7991
James Chapman
Partner, Head of Capital Markets
james.chapman@eur.cushwake.com
+420 234 603 210
BELGIUM
CZECH REPUBLIC
James Chapman
Partner, Head of Capital Markets
james.chapman@eur.cushwake.com
+420 234 603 210
Na Prikope 1
110 00 Prague 1
Czech Republic
FRANCE
Thierry Juteau
Partner, Head of Capital Markets
thierry.juteau@eur.cushwake.com
+33 1 53 76 95 51
11-13 Ave de Friedland
Paris 75008
France
GERMANY
BERLIN
HannsJoachim Fredrich
Partner , Head of Capital Markets
hannsjoachim.fredrich@eur.
cushwake.com
+4930202144620
Leipziger Str. 126
10117 Berlin
Germany
FRANKFURT
Michael J. Morgan
Partner, Head of Capital Markets
michael.morgan@eur.cushwake.com
+49 69 506073 230
Westhafenplatz 6
60327 Frankfurt am Main
Germany
HAMBURG
Dr. Michael Thiele
Partner
michael.thiele@eur.cushwake.com
+49 40 300 88 11 10
Hermannstraße 22
20095 Hamburg
Germany
Via F. Turati 16/18
20121 Milan
Italy
ROME
Carlo Vanini
Partner, Head of Rome office
carlo.vanini@eur.cushwake.com
+39 06 4200791
Via Vittorio Veneto 54b
00187 Rome
Italy
THE NETHERLANDS
Mostová 2
811 02 Bratislava
Slovakia
SPAIN
BARCELONA
Reno Cardiff
Partner, Capital Markets
reno.cardiff@eur.cushwake.com
+34 93 488 18 81
Passeig de Gràcia 56-7°C
08007 Barcelona
Spain
Mathijs Flierman
Partner, Head of Capital Markets
mathijs.flierman@eur.cushwake.com
+3120 800 2089
MADRID
Rupert Lea
Head of Retail Capital Markets
rupert.lea@eur.cushwake.com
+34 91 781 00 10+34 91 781 00 10
Atrium, 3e verdieping/3rd Floor
Strawinskylaan 3125
1077 ZX Amsterdam
Netherlands
Jose Ortega y Gasset, 29 - 6th Floor
28006 Madrid
Spain
POLAND
Charles Taylor
Partner, Head of Capital Markets
charles.taylor@eur.cushwake.com
+36 1 268 1288
Metropolitan
Plac Pilsudskiego 1
00-078 Warsaw
Poland
SWEDEN
Magnus Lange
Managing Partner
magnus.lange@eur.cushwake.com
+46 85 456 7714
Sergels Torg 12
SE-111 57 Stockholm
Sweden
UNITED KINGDOM
BIRMINGHAM
Scott Rutherford
Partner, Capital Markets
scott.rutherford@eur.cushwake.com
+44 121 232 49009
9 Colmore Row
Birmingham B3 2BJ, England
EDINBURGH
Steven Newlands
Partner, Capital Markets
steven.newlands@eur.cushwake.com
+44 131 226 8756
66 Hanover Street
Edinburgh EH2 1EL, Scotland
GLASGOW
David Davidson
Partner, Capital Markets
david.davidson@eur.cushwake.com
+44 141 223 8767
223 West George Street
Glasgow G2 2ND, Scotland
LONDON
David Erwin
CEO of Capital Markets
david.erwin@eur.cushwake.com
+44 207 152 5016
43/45 Portman Square
London W1A 3BG, England
MANCHESTER
Matthew Stretton
Partner
matthew.stretton@eur.cushwake.com
+44 207 152 5310
26 Spring Gardens
Manchester M2 1AB, England
For all other EMEA enquiries contact:
Jan-Willem Bastijn
Partner, Head of EMEA Capital
Markets
janwillem.bastijn@eur.cushwake.com
+31 20 800 2081
23
25. 2013/2014
A Cushman & Wakefield Capital Markets Research Publication
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and
represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the
world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales
and assignments. Founded in 1917, it has 253 offices in 60 countries, employing more than 15,000 professionals. It offers
a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured
finance, corporate finance and investment banking, corporate services, property management, facilities management,
project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A
recognized leader in local and global real estate research, the firm publishes its market information and studies online at
www.cushmanwakefield.com/knowledge.
Cushman & Wakefield, LLP
43-45 Portman Square
London W1A 3BG
www.cushmanwakefield.com
24