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1、Global Real Estate Markets 2011Research2011GLOBAL REAL ESTATE MARKETSAnnual review & outlookHighlightsuGlobally, commercial property markets are in the midst of a multi-speed recovery1. While considerable variations remain between markets, the improvement of the world economy in 2010 helped to b
2、oost demand for office space in most cities, and a growing number have seen rents rise and vacancy rates fall. In many markets, particularly in North America and Europe, this process has been aided by a sharp slowing of development completions.uRental growth has been led by the worlds major financia
3、l centers, with office rents rising in cities such as New York, London, Hong Kong and Singapore. In contrast, rents continue to come under downward pressure in a smaller group of markets, including Los Angeles, Madrid, Seoul and Dubai, where the economic outlook remains uncertain or availability is
4、high.uImproved investor confidence helped transactional activity to increase across all global regions in 2010. Investment volumes are likely to rise further in 2011, albeit remaining well below pre-downturn levels.2ContentsNorth America 4Europe 14Middle East 22Africa 24Asia-Pacific 26Global office
5、rents 2932011GLOBAL REALESTATE MARKETSAnnual review and NORTH AMERICAimprovement over the 2009 average price United Statesof $1785/sf, and the average cap rate for the In large degree, the performance of office market in 2010 was 7.5% compared to commercial real estate in the U.S. 8.3% in 2009. Inve
6、stment activity for industrial surprised the global market with the properties in the U.S. also increased in 2010. speed and confidence of recovery A total of $15.8 billion in industrial sales took throughout 2010. With real estate place during the year, compared to $7.8 billion activity at a stands
7、till in 2009, the in 2009, although volume has yet to reach the market entered 2010 with limited amount of activity seen from 2004 to 2008 with liquidity to refinance the distressed an annual average of $38.4 billion. The average CMBS pool, the perpetual threat sale price for industrial properties i
8、n the U.S. of foreclosed properties, and the was $61/sf in 2010, compared to $60/sf in 2009, prospect of significant losses from and the average cap rate was 8.3% compared the spiral downturn of prices. In the to 8.5%.end, 2010 posted nearly polar opposite results. The market disconnect to the recov
9、ery also appeared with the traditional correlation In the office sector, $40.2 billion in sales volume tbetween the labor market and the leasing ook place in 2010 an increase over the $16.0 billion total for 2009, although smarket. In unprecedented terms, the leasing till onmarket headed towards rec
10、overy without the ly one third of the $123.0 billion annual average volume seen from 2005 through 2008. usual labor identifier in place. Total nonfarm Office sales averaged $217/sf in 2010, a 17.2% employment was virtually flat for the year, 4increasing only 0.9% as 1.1 million jobs companies and th
11、e curtailment of supply in the however, was not enough to bring the 2010 year-were added since the end of 2009. The pipeline. By the end of 2010, corporate assets end net total into positive territory and finished national unemployment rate, which was 9.7% were at their highest level in more than 50
12、 at negative 24.3 million square feet for the year, at the start of the year, finished the year at years. The accumulation of cash was a result compared to negative 90.3 million square feet of 9.4%. The average asking rent for Class A of seven consecutive quarters of profit growth; net absorption th
13、at took place in 2009. The U.S. office space at the end of 2010 moved up to corporate profits reached a record high of industrial vacancy rate fell to 12.6% at the end of $31.72/sf, compared to the 2009 year-end $1.7 trillion in the third quarter of 2010 and as the year, up from 12.3% at the end of
14、2009. The average of $31.64/sf and, although still well companies planned to begin using their cash 2010 year-end average asking rental rate was below the $37.14/sf peak in the third quarter of to invest in hiring employees, pressure on the $5.10/sf, indicating a 4.4% drop from the 2008, indicated p
15、ricing strength to the market. market started to push upward. Development of $5.31/sf average at the end of 2009. Leasing The overall vacancy rate for Class A office space new office properties slowed as a total of 13.5 activity in U.S. industrial properties was 228.5 in the U.S. finished at 16.5% f
16、or the end of million square feet of Class A space was under million square feet in 2010, compared to 294.3 2010, compared to 16.3% at the end of 2009 construction at the end of the year. This was million square feet in 2009 and the annual and 13.9% at the end of 2008. Net absorption about half of the 25.7 million square feet that average of 266.9 million square feet leased of Class A office space was po
