Winning in Growth Cities 2012
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Transcript of Winning in Growth Cities 2012
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7/31/2019 Winning in Growth Cities 2012
1/54
2012/2013
winning ingrowth cities
A cu ma & wak f ld cap al Ma k r a Publ a
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7/31/2019 Winning in Growth Cities 2012
2/54
A cu ma & wak f ld cap al Ma k r a Publ a
1
introDUctiont p a b p pa d by r a am acu ma & wak f ld d fy day
a al al a m ma k . t p l k a la a d fa m m a d
d ff p , a ll a d ma d a d a y b. Af d fy day , p
l k a m f fu dam al d f y p f ma ,mpa a fu u , a d d
pa f ll a a d l f a d.t f al f p p d a a f a pf cu ma & wak f ld r a a d cap al Ma k l bally.
w l y ff a b mad p d mpa abl a dbu y l l da a, d f u d d ff u ll
a ly a y, a d m ably ap alp f y m a a. su p al d ff mu
b b m d mpa da a m . F fuf ma ma , pl a a au cu ma & wak f ld a am.
. . m
contentst summa y 2
w a w c ? 13
w a D c y su ? 25
gl bal Da a 36
t r p 48c a 49
n Y k, UsA
winning ingrowth cities
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2
the sUMMArYA a a ba kd p f la l m a d a y l balp p y ma k , maj a u d bu k d by
b d ma d a d m abl p . i d d, p 25 a d ma k a f m 53% 56% y a
Ju , l f m lum ( lud d l pm ) by5.9% u a 0.8% a ma k a a l .
n Y k a la l bal m ma k f dy a u , lum 18.9% Us$34.7 b , 18%ab a al, L d , a 3.8% . L d
b l bal ff a d l m ma ka d la f -b d a ma 92%l ad d pla d y, Pa . n Y k ma mp m mul -fam ly m ma k l L A l a
p f du al, s a a f d l pm a d h Kf a l.
t fu dam al d f y u d l d ma d a d a f fa , b y d u ual z a d
al d a lud la bu l a pu f fa u a l ab l y. w a al
mp a f pu a , b a d a d l f mmu a .Ad a l y may u f d m k a y ,bu ly ap l f a a m l p
f d a a d p pl , ly p d k f k ll , k l d a d l a bu al
ba kd p f ul u , a a d ual y f l f faa a f am k f fu u .
t da a a aly d a llu a a , d m a up f 10-15 ld a b abl d, a la a d f , mp bu al -
p a a k f l bal . o up a fa : a a b
u a y a d p bly u lpful, a d a a ul a al, a d l bal ub f p al d k ll a d a m
L k a fa a aly d p , n Y k l aba k up p p p y m
a p 25 p all f a a a dual y f l f a d l a ly b f a a ma k f b
a d a . h , L d a l u , m p 5 pla a n Y k a d ju la l ly du
ak m y. s a a , t ky a d Pa a m ly- a k d ma k . s a a a l a
al a d m bu al mp f fu a a p . t ky m a l j y al a
la l bal y by p pula a d l m b p f la , ly a a a f
a abl . Pa , l k L d , ll a a f fa u a du a , ul u a d y. t
tABLe 1: gLoBAL investMent - the toP six cities12 Months to q2 2012
0
5
10
15
20
25
30
35
40 Hong KongLA Metro
ParisTokyoLondon MetroNYC Metro
2012 Q22011 Q22010 Q22009 Q2
A n n u a
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2012/2013
A cu ma & wak f ld cap al Ma k r a Publ a
s u : cu ma & wak f ld, r al cap al A aly
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3
up mak up p 10 a la ly A a l a : hK , s ul, s ap a d B j , add L A l .
t a y f l bal m a b l l a d y a . h , l a a d ff pa f
, a l ll play f ld ula a d f pua a a l m a ( u a l y a d ba l
du p llu a d y u ) uld du a mulu ffa a fu u .
w a u a a ma u y a d p a f
a b ad a f u , a ual y f p p yk a d a f ma k a l bal a ll ll all lp p up m f l bal m .
i ly, f d d fa u d p b p a d u al a d lu a d
p f am k f fu u p al ( u a du aa d a ) ly L d a d n Y k app a b
p l . A a ma k d d m a m f al , a d aumb f eu p a ma k m ly f fu u p al,
l d by Am dam a d Mu . i d d, l k a a y d may ll u ab u fu u p p y m ,
may b a u a Am dam, Mu a d F a kfu , a
ll a M lb u a d B j , uld f a u m ly.opp u f up a d l a ly
a d m ma k , a ll a m d- k lllu , f ampl , a pa ula u a d um app al.
w a m , p a a d a l pa ly aa pp u y f f ll bu al mak a
y a mpa l k l a alu upa b a d a k a d a d .
L k y a a ad, u aff a y l bally ll b l a d u , d l
a l a d l a m f m mm . i d d, b m a d al a ma k
d ll ma u a 2013 a d y d f ml a l a . h , a d p
u fa u a Us l a d buda l mpa , m m d uld l b
mp a y a d . s l d p a pla abu z a d l fla a d ady lab u
ma k , uld b f d ma d ma y .
c p p y ma k , bu u a y may l ly a l y up d ma d, bu upply a ma y a a may mula m up a , lay d
u d f a ual u f . Fu m ,
la l y f fla y a a b d, d f d m d f fla p f f
p bl . A a la ly y ld a , p p y ll d ma d f m a dl . h , l lum lb f f m a a d fl f a d by ba k ,
d f a a u l k ma fa y bu b pa a d l a .
t f , all d a pla f a y y a a ad bu ly f f d u m
ably up a d ma k . t a f ll a b ap d by upply a d p a la
d , a d l a a y f u p ll b ma ap ad f a a f u bu la
tABLe 2: gLoBAL investMent voLUMes(ex DeveLoPMent sites)
$0
$100
$200
$300
$400
$500
$600 Top 25 Cities (current) Rest of the Market
1 2 Q 2
1 2 Q 1
1 1 Q 4
1 1 Q 3
1 1 Q 2
1 1 Q 1
1 0 Q 4
1 0 Q 3
1 0 Q 2
1 0 Q 1
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0 9 Q 3
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0 9 Q 1
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s u : cu ma & wak f ld, r al cap al A aly
winning ingrowth cities
t u l bal a f m pa y
a d m a y ll d f d. h , p a
a ally af y f a d b all d y m .i u p a y ll
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gl ruf aP d & gl bal ceo
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m l k ly. A a ul ll b a b ad a f play a d m a a uld u
a a f m a d p up ma k a d da l u d y.
ProPertY MArKet trenDst l bal p p y ma k a l a ly l d m .h , al u p a up a d a a a
ly k a , a a lab l y f u y a d m ad b a ll ma d a la ab l y, y ld a d l -
m alu f p p y d a .
i a k ma k d l l u d y a d p al a d, a d a pa y, m ab l y a d
m u y . t a a la d au d a y f u ma u , , l u d ma k . F
ampl , p 25 a u d a af al m a a 56% u 46% ba k 2009.
A p 25 , 23 a la d a ma u a d ju 2m (M a d s a a , al u a f s a a ,
m la ly B j , l d f b d d ma u , d l pm a d a d l balbu pla fa a ad f u y a a l a d mak
y mu a 1 y a A a). 21 f 25 a alu a d la y a syd y, s a l , P a dD m up a p f sa D , hambu ,M lb u a d B j , la f l u du
l d la d al bu u ly m ba k up al a d app al m .
h , f n Am a d m a p a k , 15 f p 25 a a d 17 f fa
pa y a a l a u a ab u up d m a a y m . t b d by y ld a d y ld p m um a ll a l u d y a d
a pa y, k a l f b k a d u f day. A a d p 25, 6u a a d 5 ma k .
sector trenDso up m a ad p d a a -a d- app a
pa y a , f u a a d l da ma y a by mak b u f pa a d
a kl ly ma k . h , ma y a a d ua a a f , a d l
m mp a a , a du ya a u a up a a d .
t pa ula ly u a upply ally d mf yp f m d ff pa a bu a .
F , a l a d mul -fam ly a b k y a a f ld p f , a l ably
u p f m b adly fla ma k a a . i m f a a d by l a ab
m b p d, 13 app a p 25 fa l, ff a d du al a d a fu 9 app a
l f a l a 2 f m . L d ad a d y aall; a a a p f ff m , f
d f l , l mb d d f m f f f a l a du a d f apa m , all a d d by olymp .h K a d pla a la a l a y a Ju , add b f u f l a d f fd l pm . n Y k a p a a f mul -fam ly a d
p 5 play all a . o ly t ky , d f a l a d du al, f u f ff
mul -fam ly a d L A l , f f du al, d f
mul fam ly a d f u f a l. Pa a d f ff f a l a d l .
A p 25 a a l , n Am a d m aall ba d l pm , all f a A a . i da Ma la d c a, u d l mma k all f fall p l y a b
d a 24% d p al pa y a .eu p a ad a a d ff , a
l p 25 l A a a a l ff f ll d by du al. Am a d m a a l
ff m bu 10 f p 25 ll ca ada. t apa m ma k a a a y Us b a (19),
g ma y d ma k a k .
4
tABLe 3: investMent trenDs BY sector
-30%
-20%
-10%
%0
10%
20%
30%
40%
50%Top 25 CitiesMarket
RetailOfficeIndustrialHotelDev SiteMulti-familly
C h a n g e
i n I n v e s t m e n t ,
Y e a r t o
J u n e
2 0 1 2
A cu ma & wak f ld cap al Ma k r a Publ a
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2012/2013
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A cu ma & wak f ld cap al Ma k r a Publ a
5
MArKet PricingMa y a b m u f y ld pa y aa d l a k f f m u d fl
ual y a all ma k y a , ly ly8 f la 25 m ma k a al am 25l y ld l bally. w a m , a a y ld f
p 25 a a a Ju a a a a f ma uma k ally a l a d du al m .
n l , l a d l bal d ma d a d mp d
a pa y a l ly l ad m u f m p f pp m ma k l bally, p f k d ma k m m a d a uably m l ally d . w a m , ap b p a d d a a d l a
a d d m a a . imp a ly , f da ya a ma a a d u f m m , a d m a y a u ly la d a da y ll ma
a d k f a da y a a m d .
i d d, l ll p m f u d, d la y a al adyp m f a l , m u
a d l a a a f u . i a
k d a ma y a f ll laa a ab lu y ld. w l m b d y ld a l u ally d d k f , p m um a ap m y ld la 10 y a b d l bally a a d f m229bp la y a 265bp Ju 2012, a d ll u d .
whAt is Driving citY sUccess?P l a ly y, a uably m a
a a ma y a . h , a y f fa f a d a ma a a u a d u a a l m a a a dful f m a
, a pp p f m abl d l ap ad u ba .
g fa a fa p la d b d ma d-fa fa u a d a lf-p p ua f u
b a d b u a lu f duuma ap al a ll a a l m a b f a a
f ll a d f p ad p b a b adup f . t la f la ly fa l a d by up
d a u a l y a d u ba a a ll a u u a u a ab l y, u y a d a
a d k pa a d ff y f d d y m
w a m , l m d a p u au ba a a d m ddl la a a
u a l y a d u u . t a mp a fa d f u mpl ly l a , pa ly
b au y a - la d. s al u al b ama k a d d a u , bu z al mak ap bl , f ampl by upp f d l p a
p d a l k. Al u p y al a d ll ual ap alal k y, f u u a ul u a d y a a
mpa ju ma a d ual y f l f bu al a aa d a ll ual u . D p amb u
l p bl f u m f u u
fa a d l a d k m:
h K , c a
winning ingrowth cities
0%
1%
2%
3%
4%
5%
6%
7%
8%
9% Top 25Mature markets onlyGlobal
IndustrialOfficeRetail
A v e r a g e
P r i m e
Y i e l d
- m
i d 2 0 1 2 ( % )
tABLe 4: YieLD AverAges in the MArKet AnD For the toP25 investMent tArgets
s u : cu ma & wak f ld
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6
A cu ma & wak f ld cap al Ma k r a Publ a
t Un b l a m p pl l a .w a may b f m f a a a ma d70% f co2 m d f m , a d y a u f60-80% f l bal y ump . su a ab l y lud
a ma a m a d ff y ll f b f mp a y u .
M a u f ual y f l f f a d m d- z da a la , d m a d ff ul y f
mb al u al ll-b m ala a . i a fa ll ad ly fa u mall
ju a a y pa f a al ay a a fu f z ab all? F ampl , p
k, la a b d a d l f dly mply b auy a m a u k . i may al fl a d
m a u u a y a maj , aa y au a a .
A l f u ba u a ab l y d ba f u m al d u u a alkab l y a d y l
a a u a l ap a d u ba da d l ad mpl ly m . i la
, d mp a al ady a d a ff y a ll a du p a l a d u a y
a l u f a u u a d al f . c a uff a a umb f m a
a d a a ul d b m l . A amm , u k fa p up d f uma b
m d p d. t d al a af 9/11 a pla a dbu d d y uld a k .e ually app d Japa a bu ld u d ay af
t ku a uak . t mpa f u , u a l al a , ll d ff y
by y a a fu f a umb f fa lud ual yf kf . t du a al a d a f a u u a
a f a mpa kf lf, pu a bu a d ab l y ab b d a a d bu ld up
m b l y up ak a d a ampa d.
su a a al y bala b du al a a du ba d l pm a p d a y m a a d
a l a d d fy a d ly du y.hub d ju k ll a d k l d bu al ul u a d
a m a d d y a a , p a d ad ff a a d al up . Publ a d p a l m
a y, l m pla u a a d a all a d, f p bl , u a a a d
p u .
cites AnD reAL estAtec a m mp a m m a z
u p 100 a u f ly 12% f p pula bu 30% f gDP. h , a m abl
a am a u f alm 80% f p p ym a y. t p 10 a m bala d
m ally, p ak f 3.5% f p pula a d 4.8% f l bal gDP bu a u f 36% f p p y m . s a
a p p y m ?
su a a f a y a a dful f ld ff ul b ak d . h , mb d fa
a al a m p uld b a d a f pa pa b ad ably a aumb f play f m ma k ly b
p d a mp a p abl ll . t pa ula ly u a m a a y a d a ulaa d a pa y a a m d a d mp d. A y l
ll fu u a a b ad a f la d m a f a m alp a uld b pa
da a d may d p d a y.
eu p a ab lu al a am l bal my ap p y ma k l L d a d Pa bu la k am
al f m a a A a a d Am a , ly Ma d i a bul a . A am m ,eu p d a a a f m d um la k ll lu a a a a f a u a s k lm, Mu a dAm dam. s m f ma k ll u mp
ly f a ff m upll a k p a k ma u a d p a u
n Am a a a m f a a la , afa , a d a f l bal m uld
u ly ma . Am m ma k , A a
s u : cu ma & wak f ld, r al cap al A aly , va u
2012/2013
0%
10%
20%
30%
40%
50%
60%
70%
80%
90% Top 25 CitiesTop 50 CitiesTop 100 Cities
Property TradingGDPPopulation
S h a r e o
f G l o b a l
T o t a
1 ( % ) 2 0 1 1 / 1 2
tABLe 5: MArKet concentrAtion
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7
ff a bl d f al , a d a a k yub La Am a ea eu p , bu a may a a
La Am a u d l bal p f l a d a la m eu p M , i a bul a d wa a
a b al a d a al ub . t l ad A a a la ly c a a u ba a a d
m d a u . g l l f d l pm , p d d ubl ff k ma y d
10 y a , p al f l bal p p yma k l a ly f a .
gLoBAL reAL estAte: the YeAr AheADt ma fu dam al f ma k a a pla d bua m u d a u y. em a d ma u ma ka p d f m a d ula y mp m
a i d a la a f f m ul a l a f mpl ym f m spa .
h , l l m play u a m d dual , fam ly ff a d l bal p fu d may b
p pa d a m a d d u lla l y, ap al p a a d fla d , m z f ma y fu d a d mpa m a y a
a l k m l ly a fu u ull d . M ma ly k, a d u y a
l k a d a m u f a , a p al al . D l pm al a
f a u ada m a a , ably A a a d La Am abu al pa f n Am a u a mul -fam ly d al,a d f fu u , m f eu p m l u d bu upply
a d .
M a l , al f u ly m d m a um a fa ly fla aj y ma l a , m ma k . n l , f all
k p f l a al a ll d d ma d m , a u ba a a d d m ap mma k l k M c y, Jaka a, i a bul a d f u 1, 2
3 a c a, a f k lllu sa F a , Ba al L d u d
p P , cal a y M .
P m y ld a b b adly abl la y a ma a , Am a a l ly a d f
mp , f ll d by A a a d eu p . e p a a f u , al u l a ma
a d f mul l bal ma k , b uld a fu b u f mp a y a d u a a la ly
af ua d a f alu a ll u a ld. t y uld fau p up d a m bu u
ab l y d l al al ll f u a a , a d , b d y ld .
A ay f m g ad A ma k , alu ll ma ak fp pa , bu ma k l k ly b m mu m
ua d m a a a da y d f d a d pull dapa ba d ab l y d l a a p abl lu f
up . w da y m upply a , p p a a adap up d ll l a ly u
l a a ll b m d ma d.
off d ll b m d, a m a d al,ll- d a d ual y pa ma y a a . h , am u a d du , m bu a l lu d al d a a . r a l d
al m d, m a a l u bu d ma d u aa a f ab -a a a m z a d al , a
lum f a al u m a d l a d l a. i a d ma d f u d a d m m
alb yp ally 1 all a .
MArKets BY region: north AMericAt Us la ly al y bu u d ub dly l a
p d, d m y d app , l balp - upy m ma k a d f al l ff y ab u
y a . P a ld f m f b pa f , bu k m y ld al
ady ak a l l k f ampl d al d l pm d ma d f d y a a l d.
n l , l my may b la l , ad l d , a d mpa a -
ak my ll l ly p a a f u d upply la k f d l pm y a .
sa F a , UsA
A cu ma & wak f ld cap al Ma k r a Publ a
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c ma ma a f m , al u a b m d ma d m d ma k a
k u y ld. n Y k p p k f m play f mm ab ad f ff upply a d l l
f p la pla m . sa F a a dwa a l , bu wa a b
mp d by u a u l k f m j b lf d f du pla . i a B , L A l
a d Dalla a ll a h u , s a l a d D . w f u up fu dam al , t a a b f df m d j b , p f ally h u bu y d by l
du y. s a l a d D , l k sa F a , a b b dby l y d . F m a l d
a a m l m d buy-l , ly m pay f m p .
r d al d ma d b ad , bu a u ap a , m a u d l pm a a a pu a
u dl a . t a d ma d a b pu d up am p a b m l a a a bl . w
d l pm d , a l a u l ly, a b u dup a d p u , al u may a a y a a ad.
t fu dam al f du al ma k a ad ly mpa a a y d p , a f u am up a d
u al- ad a u ub l a . s u cal f a p ma k by m ma , f ll d by n J y, M am
a d c a , a d ady p d y a .
i a l ma k , d a b m u f b Am , a fa u d p
ll a y a d p mall a t ma k a ly p la d u l a d d u p f m ll a m a d lu u y a l a a d a a ul , a l f pa ll b m ddl
u d. w Us ally p f m b , fa u fampl sa F a , s a l a d P la d, f ll d by
s u Us a d n a . g ad A a p f m ll a d u m al lp a ay
d d ma d u ba lu u y ma k n Y k,wa , M am , L A l , sa F a a d La v a a
ll a t a d va u ca ada.
c ca ada, fu d d ma d u ba d by a la k f a a labl ual y k u ma y
u a y ab ad. reit a b ma a d a b pa d a d l da , lp d by l f ap al. w f buy al a m
m ap al a a labl a 2011, fu ll d by a flual y bu al by a a f y ld. w upply a , mff-ma k d al a b a d up , a d ma k may d
y a a bu a p d.
LAtin AMericAD ma d ally l d La Am a bu m au u
a la y a upply a a mu a df a up d ma d. i a d l bal k a
8
r d Ja , B az l
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9
d play k dly bu l a umb f l bal play a ll l k a ma k . D m
fu d d ma d al d, p fu d a d u alm y f ady ak m k .
F m a ma p p B az l a b m a k, l d ma d f m c a mm d .h , u mpl ym , a a d fla allfall , f a p k up m m .o u a l bu ll bu
, l d by c l , e uad a d P u a ll a v zu la, a p - l u b m a b f d
u ma k . M a al bu k d al l bal d, f a b d up a d a k
f ap al fl .
h u ma k ma u d - uppl d f l p p y, a d m a plu a m aa a lab l y a b ma k . r a l a al b a b
p , f u ba m ddl la d a a al a l a d a pp u
a d d l p f d u d - uppl d ma k
a d la u . M al a p , buma m l m ma k u m uld b m mu d. Add ally B az l m
f u d d a b uuppl d pa .
off ma k a fa d la ly ll, s Paul , L ma a d B a al
y a . D ma d ally ady bu a a y aa d l ma y u a s Paul (d p
d l pm ) a l a fall , a sa a , B a a d L mh , a d d l pm up au a puup a a y m a a , u a M c y, Bu A r d Ja , a d ma k ll ma upply l d
m, d l pm p p l k ly a d.
A cu ma & wak f ld cap al Ma k r a Publ a
citY tArgets For investMent in 2013AMericAs AsiA PAciFic eMeA
core off : Us cBD ga ay (nY k, sa F a , waDc), ca ad a (t ,va u )
r a l: c 24 u a ay UsA a d ca ada
Apa m : Mul -fam ly pUs (n Y k, B , saF a , L A l )
off : syd y, M lb u , Ps a a , B j , t ky
r a l: s a a , B j plu d f ma k (s ap , h K ,
syd y, t ky )
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i a d f m b du al d ma d ally,bu m ably au M , f u d ala a f m M y d M c y, f ll d by
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A cu ma & wak f ld cap al Ma k r a Publ a
w l u p d, m d a b ak fa y a , bu a ab l a p d d m a ad
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A cu ma & wak f ld cap al Ma k r a Publ a
2012/2013
KeY inDicAtors For cUshMAn & wAKeFieLDs winning citiesre investMent
2011/12 Us$ BiLLionrcA, ex Dev sites
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L d 29.3 23.8 12.60 783 1 4L A l 17.0 16.9 17.00 677 38 9
M lb u 3.4 4.1 4.23 159 14 97M 5.2 12.7 16.20 224 26 165
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Pa 19.4 26.5 10.60 650 6 5sa F a 15.4 10.4 7.15 259 18 19
s ul 6.0 4.7 25.40 512 13 20s a a 7.9 24.5 25.50 213 16 11
s ap 7.3 7.3 6.55 179 7 6s k lm 6.4 11.1 2.10 125 19 47
syd y 6.4 4.9 4.70 192 8 64t ky 23.9 49.8 34.50 1,335 3 1
t 8.0 15.7 5.85 222 4 80n : g ap al d f may a y by da a m. i add ff k f u a ma k a p d a d f may a y ad lud d.Bu Fu : c&w mp a k ba d p a f p a ad ua (hq ), bu a d mp a f f a al ( a k u f 199 ).c y: c&w mp a k ba d a p pa da a, p ( a ) aff a d m dal pl f pa a p , u a publ a p ( a k u f 164 ).s u : cu ma & wak f ld, r al cap al A aly , t ma B k ff, p:// . yp pula .d ; o f d e m , B k i u , F u Ma az ; Z/Y g up; gawc, ePoMM; Aci; AAPA
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who Are the winning cities?
toP DestinAtions For investMent in ProPertY
the FAstest growing ProPertY investMent MArKets
toP DestinAtions For retAiL investMent
toP DestinAtions For oFFice investMent
toP DestinAtions For inDUstriAL investMent
toP DestinAtions For investMent in DeveLoPMent sites
toP DestinAtions For MULti- FAMiLY resiDentiAL investMent
toP DestinAtions For hoteL investMent
toP DestinAtions For cross-BorDer investMent
ProPertY YieLDs
ProPertY YieLD PreMiUM
A cu ma & wak f ld cap al Ma k r a Publ a
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toP DestinAtions For investMent in ProPertYw l fall m , all ad lum 2012 ( l m q2) a ma al 0.8% a ad mpp u y a . i am p ma y d a f p p y m , p f u p 2012
d n Y k c y M a a m ap al f al a ( lud d l pm ), f ll d by g aa d Pa . Add ally, f f pla a k al ma a d y f m a 2011,app a a l ly d ff d 2012. i m f d bu , p p a d ually a
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A cu ma & wak f ld cap al Ma k r a Publ a
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2012/2013
0 5 10 15 20 25 30 35
Denver
Phoenix
Moscow
Berlin
Atlanta
Seattle
Seoul
Stockholm
Sydney
South Florida (Miami)
Singapore
Houston
Boston
Dallas
Shanghai
Toronto
Chicago
Washington DC Metro
San Francisco Metro
Hong Kong
Los Angeles Metro
Paris
Tokyo
London Metro
New York Metro
US$ Billion
toP 25 cities For gLoBAL ProPertY investMent in 12 Months to q2 2012e lud d l pm , a y a a, l d d al , Us$5 m ll plu
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the FAstest growing ProPertY investMent MArKetst c y f gua z u a p a a ap al d u f a y maj al a mam q2 2012. w l a f a ly upp d by al f ju bu ld ( gua z u ic , a d a d f Us$975 m ll ), a a l A a Pa f a p f m d ly y a
p f p Fa g i m Ma k a k . t f , ta p a d P , d d m a d a p f f cBD ff bu ld .
h , l A a p f ma a b mp , n Am a a a a d m a d a k 17 f p 25 a d f p f . t a b l d by b ad p ad f ma u a d pa la d dual l z f u d m a a . t b d al a Us$1.2 b ll al f s a Plaza a p f f ll-l a d, mul - a d ff pa . eu p a f a u d m a k , a d B l 15 . B k d by , la d al lud d o l ff - la d, pp a
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15
0 50 100 150 200
San Francisco
Philadelphia Metro
New York Metro
Ottawa
Dallas
Atlanta
Calgary
Toronto
Edmonton
Boston
Berlin
Brisbane
Houston
Seattle
Shanghai
Denver
Oslo
Austin
Raleigh/Durham
Munich
Perth
TaipeiBaltimore
Charlotte
Guangzhou
Annual Growth (%)
toP 25 cities For gLoBAL ProPertY investMent growthin 12 Months to q2 2012e lud d l pm , a y a a, l d d al , Us$5 m ll plu . Ba (q3 2010 - q2 2011) a a Us$ 1b ll
c ff za d/
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la y a , a
l a p f fmul - a d, cBD
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up .
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toP DestinAtions For retAiL investMenth K a d p p f a l m l m q2 2012, lum ab d by ub a al Us$2.4 b ll al f F al walk. L d la m d d p , m up pla
f a 50% a f w f ld s a f d c y f Us$1.4 b ll , lp y a Us$4.9 b ll y a . t ky lpla d, L A l a d n Y k ak f u a d f f , p ly. J a bu , ly Af a l a
p 25 a d la m d 21 pla , Us$1.1 b ll f al a d (q3 2011 q2 2012), l k d la pp d al 2011.
o all a l lum 12 m q2 2012 d 1.1% mpa d p u y a , bu u a ts a a p f m d pa ula ly ll ba k f d ma d f m ma k a , a pa pla f
abl d a a d upply l l . s u Am a , l p 50 l bally, a by p m fu dam al . Al u a la k f upply a b a k y b mp d m a d l a
a a l bal ap dly pa d ma k .
16
0 2 4 6 8 10
Houston
Taipei
Berlin-Brandenburg
San Diego
Johannesburg
Nashville
Philadelphia Metro
St Petersburg
Boston
Phoenix
Dallas
Guangzhou
Moscow
Munich
Washington DC Metro
Shanghai
San Francisco Metro
Paris
South Florida (Miami)
Chicago
New York Metro
Los Angeles Metro
Tokyo
London Metro
Hong Kong
US$ Billion
toP 25 cities For retAiL ProPertY investMent in 12 Months to q2 2012c mm al a l p p y, a y a a, l d d al , Us$5 m ll plu
D ma d fa l m
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2012/2013
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toP DestinAtions For oFFice investMento all ad lum l bal ff ma k up by 2.3% l m q2 2012, L d a
p pla f ff p p y m a l k af a du u u bul m . i d da am a a 2011, n Y k 2 d pla , f ll d by Pa , t ky a d wa Dc. i y a
p 5 l a d d a al f Us$68.6 b f a a a ma al a f 2.4% mpa d q2 2011, alb d by Pa a d n Y k.
i m a y a d la ly f l bal ma k ly a t p 25 2012 o l , Dalla a d B ba , d pla B j , M am a d hambu . h , d ma d , m b b ad z . o all, ma d f 2012 a d b f 2013 ll ul a a d la , m l u d ma k , la ly du a pa d l ab l a a d y
m . h , upply a m l ad a p d d a a ly u f al
17
0 5 10 15 20
Brisbane
Dallas
Rhine-Rhur
Melbourne
Frankfurt/Rhine-Main
Oslo
Seattle
Houston
Moscow
Boston
Stockholm
Singapore
Los Angeles Metro
Chicago
Sydney
Hong Kong
Shanghai
Seoul
Toronto
San Francisco Metro
Washington DC Metro
Tokyo
Paris
New York Metro
London Metro
US$ Billion
toP 25 cities For oFFice ProPertY investMent in 12 Months to q2 2012c mm al ff p p y, a y a a, l d d al , Us$5 m ll plu
c ally l a dff d m a
, al a p f
f m ap da a
upp m am .
w l a k y ld
m a a ,da y ual y
bu ld
l a d da yl a all la ly b
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toP DestinAtions For inDUstriAL investMentc p d a f du al m ( l m q2 2012), L A l m u p
pla f m 2011. n Am a a a l d m a d du al m a y y a , p 25 pla a k . h , a b a , m , n Am a b l ump A a Pa f ma k . t pa ula ly d ma ufa u , a a
p .
t ky a m a A a Pa f y, d pla s ap f m f pla ( u ly f ll 14 plama k , b m ( . c a) a d ma u ( . Japa ), a a u d upply f g ad A pa , au p
m u d p u a d pa k a d . eu p al ma a d u z p 25 pla . L d ju mad p 10 9 pla , f ll d by M 18 p a d Ma 2
u b a d f l l bally, a d al d a ly l bal u l k f ma y p a , k y l a a a d l l f a y l m . i add , u a ab l y b m a a
up a mpa l k fu u a d b m m a a f m al p b l y, m f a a d p du al m ma k .
18
0 1 2 3 4
Osaka
Manchester Metro
Baltimore
Shanghai
San Diego
Houston
Phoenix
Moscow
Seattle
Washington DC Metro
South Florida (Miami)
Singapore
Toronto
Atlanta
Boston
Sydney
London Metro
Hong Kong
Taipei
Dallas
Chicago
New York Metro
Tokyo
San Francisco Metro
Los Angeles Metro
US$ Billion
toP 25 cities For inDUstriAL ProPertY investMent in 12 Months to q2 2012c mm al du al p p y, a y a a, l d d al , Us$5 m ll pluo all m
l bally du al ma k
a l 2012a p u 12m a b
u a mm a d
l m d a a lab l yf p m p du
ma k mpa a y.
A cu ma & wak f ld cap al Ma k r a Publ a
s u : cu ma & wak f ld, r al cap al A aly
2012/2013
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toP DestinAtions For investMent in DeveLoPMent sitest A a Pa f u d l bal d m a m f m a d l d ay d l pm ma k l m q2 2012, ak all f p 25 p . t d dual a k la ly am a
a : J a (16 pla ), ta a (22 d pla ) a d x am (25 pla ), d d pla Fuz u, ha bL k a p p , s a a a d B j ma d f a d d, p ly. h , all am u f
p 25 a l d, ad lum p d d 21% a a ual ba , a Us$166.6 b ll 2012. t la ly du al m a d u f p l a d m a u a m d a d
m -d u d ma d. t lud d -paym , l a a a d a ba d m pua damp d d ma d.
t ly A a Pa f l a mak p 50 L d , ak 33 d p , a d n Y k 36 pl a a u d f A a Pa f a al f a Duba by a l al em a ca
f Us$400 m ll .
19
0 4 8 12 16
Xiamen
Changchun
Wuxi
Tangshan
Ningbo
Foshan
Tokyo
Suzhou
Qingdao
Jinan
Nanjing
Guangzhou
Chengdu
Hangzhou
Kunming
Dalian
Changzhou
Wuhan
Singapore
Shenyang
Hong Kong
Chongqing
Tianjin
Beijing
Shanghai
US$ Billion
toP 25 cities For gLoBAL ProPertY investMent in DeveLoPMent sites in12 Months to q2 2012D l pm , a y a a, l d d al , Us$5 m ll plu
t d m af A a
Pa f fm
d l pm u , al uall a y l l
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d ab d l ma k , pa ula ly
c a. tb ak , , may
m ff 2013 ad mulumay b a a d.
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toP DestinAtions For MULti-FAMiLY resiDentiAL investMentn Y k a umb p a la l bal d al ma k (mul -fam ly). i d d p f m 2011 a k a d f f u d ly p pula d m p l a a a a a a ablt la l d al a ju u d Us$920 m ll , UK D la y a u d olymp v lla ea L d
qa a i m Au y 2011.
i a l a ly k p a k y d al al ma k , p ally l f l d aff um a p p pu a d a d u ly l k al ma k a mm da d f m b . t , a d u d u ba a m a a f A a Pa f a d La
l bal ad lum d al d la a f a y y a q2 2012,
20
0 2 4 6 8 10
Orlando
Tampa
Toronto
San Diego
Rhine-Rhur
Stockholm
Austin
Raleigh/Durham
Boston
South Florida (Miami)Singapore
Seattle
Denver
Chicago
Phoenix
Houston
Atlanta
Dallas
Berlin-Brandenburg
London Metro
San Francisco Metro
Tokyo
Los Angeles Metro
Washington DC Metro
New York Metro
US$ Billion
toP 25 cities For MULti-FAMiLY resiDentiAL ProPertY investMentin 12 Months to q2 2012Mul -fam ly, a y a a, l d d al , Us$5 m ll plu
i uff ba k l d m
f umm a u
fl mbuy a y, bua m upa d l a a abuy, al k l a
ff ua .t
m u bam a a all k ly b ff a ly f m
ap al d d al
.
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2012/2013
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toP DestinAtions For hoteL investMenth lp d d ub by olymp , L d la m f pla t p D a f h l i m a kn Y k p . i d d, la l a d al a al d d L d , ld fam u cla d
a d f app ma ly Us$500 m ll . D f m 2011, f f p by ad lum f app a a f h K f m A a Pa f a d f m a t ky a d o aka. A d f m L
ly eu p a y f a u p 10, m f m d pla .
gl bally, m l a d 12.4% l m q2 2012 mpa d p uad d a l d d al l m a d l d a y. g a l d by ba k , u y
d dual , al d al fu d , a p d u b m a play f u f p y p du l a d p b a d d p a p m am , a d u ly
f a d f ma k l k ly d fu .
21
0 1 2 3 4
Singapore
Atlanta
Hawaii
Houston
Amsterdam/Randstad
Austin
Frankfurt/Rhine-Main
San Diego
Toronto
Dubai
Berlin-Brandenburg
Shanghai
Boston
Dallas
Washington DC Metro
Chicago
Osaka
Paris
Tokyo
South Florida (Miami)
Los Angeles Metro
Hong Kong
San Francisco Metro
New York Metro
London Metro
US$ Billion
toP 25 cities For hoteL investMent in 12 Months to q2 2012
h l p p y, a y a a, l d d al , Us$5 m ll pluga ay L a
pbu a d uf fall ll a
a ma k f, al ub a d p
ll al ma ak y fa d -makp .
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toP DestinAtions For cross-BorDer investMentgl bal fl f -b d ap al a d Us$150 b ll 12 m q2 2012, a f 4.3% am p d
u p f m ma k a a l f ll by 7.5% ( lud d l pm ). L d pp d abl f a Us$19.6 b ll , Pa m ay ba k d pla a d n Y k u d p . t ky a d h K a
A a Pa f l a f u a d f f , p ly. w m u a m ba kp m al a , a y f u d l a a a p d ff m l l f u y a
a d a a d y k. i d d, all f p 5 l a a a am ud pa y a . t al am u f -b d ap al ( lud d l pm ) ua d 19.3%
lum (y a q2 2012). t p a ma k a f 2.2%, a d u d a ly
m y a .
22
0 5 10 15 20
Moscow
Melbourne
Stockholm
Rhine-Rhur
Chongqing
Los Angeles Metro
Nanjing
Chicago
Frankfurt/Rhine-Main
Washington DC Metro
Munich
Amsterdam/Randstad
San Francisco Metro
Warsaw
Singapore
Beijing
Berlin-Brandenburg
Shanghai
Guangzhou
Sydney
Hong Kong
Tokyo
New York Metro
Paris
London Metro
US$ Billion
toP 25 cities For cross-BorDer investMent in 12 Months to q2 2012All , a y a a, l d d al , Us$5 m ll plu
c ap a k df b a
f ma k y
a d ma k llu a am a al
ap al, a d d ma d f p du d m a
ma k , pf a ll
ma k a duld a
m a a 2013.
A cu ma & wak f ld cap al Ma k r a Publ a
s u : cu ma & wak f ld, r al cap al A aly
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23
ProPertY YieLDsgl bal p p y y ld f p m al a a a a a
d a p ma y ff , a l a d du almm al d a 6.86% a q2 2012. w p m ,
p du la ly al y l l f d ma d, all- d a a p m y ld m d by 5 ba p
l m q2 2012. i a da y f ma k p dly ak all a a .
g ap ally, Am a p d la fall all- d y ld, m by 20 ba p 7.26%,la ly d by mp ff a d du al
m m l a a . i d d, l a u f p 25 y ld ma k Am a , ual a A a Pa f a d eu p . M a l , eu p a f a u d 18 m p25 l bal l y ld ma k , mak m abl
la l m . t maj y f y ld m m eu p a a mp y ld ma k u aM , K a d i a bul, am .
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
Kiev
Moscow
Mexico City
Mumbai
Pune
Hyderabad
Bangalore
Chennai
New Delhi
Ahmedabad
JakartaSofia
So Paulo
Rio de Janeiro
Buenos Aires
Bucharest
Houston
Bangkok
Dallas
Istanbul
Athens
Atlanta
Philadelphia
Bratislava
Chicago
Top 25 High Yielding Markets
EMEA APAC Americas
Top 25 Low Yielding Markets
EMEA APAC Americas
0% 1% 2% 3% 4% 5% 6% 7%
Amsterdam
Glasgow
Oslo
Rome
Vancouver
Manila
Stockholm
Berlin
Copenhagen
Cologne
Vienna
Paris
SeoulDusseldorf
Frankfurt
Hamburg
Tokyo
Singapore
Munich
Geneva
London
Zurich
Hong Kong
Taipei
Milan
A cu ma & wak f ld cap al Ma k r a Publ a
Ma u ma k a d p al
l l f d ma d a al m d ual y upply a
p m y ld m ,alb ma ally m
a . r a umb f lma u al a a a p ad ,
fl l l f k a a d l a
s u : cu ma & wak f ld
Low AnD high YieLDs BY region
All , 3 y a , d a a , ba d 97 l bal
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ProPertY YieLD PreMiUMr al a p m um b d m l bal ma k a aall m , a d a ma l aa mp l bal my d ma d f p p y ll
ma bu . h , l a a l bally a 265ba p p m um p m p p y b d y ld ,
u a mu u a d f ubl d a d m al a ma k a u d ld. t
f u b l , ba d p m um p p y y ld
a a f b d y ld pa y a , la p ad a d d ff f m ma k ma k . A d f p um A p p y fa l ma - k
p m um b d ma k a d u f 740 ba p ,l h u a d f p um a y ld
a a 551 bp Us b d a a .
ProPertY YieLD PreMiUMs to 10 YeAr BonDs (3 YeAr AverAge BonD YieLD AnD 3 YeAr AverAge weighteD ProPertY YieLD)
24
A cu ma & wak f ld cap al Ma k r a Publ a
w l m b dy ld a ll d d aa l - k u dl a , ya l d du ally a k fb ma k. i ly
, 16 f ma kff l k p m um
a eu p a 17 f ff p m ua Am a .
-8% -6% -4% -2% 0% 2% 4%
Athens
Rio de Janeiro
So Paulo
Istanbul
Manila
Lisbon
Budapest
Hong Kong
Dublin
Seoul
Milan
Rome
TaipeiMadrid
Barcelona
Bucharest
London
Melbourne
Bologna
Warsaw
Sydney
Brisbane
Paris
Vienna
Brussels
0% 1% 2% 3% 4% 5% 6%
Houston
Dallas
Atlanta
Philadelphia
Chicago
Auckland
Miami
Mexico City
Boston
Bangkok
Los Angeles
Sofia
SeattleMontreal
Edmonton
Washington DC
Calgary
Tokyo
Toronto
Ottawa
San Francisco
Tolouse
Moscow
Bordeaux
Jakarta
EMEA APAC Americas EMEA APAC Americas
Low or Negative Premium to Bonds High Premium to Bonds
s u : cu ma & wak f ld, e
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whAt is Driving citY sUccess?
PoPULAtion siZe
econoMic PerForMAnce
retAiL
coMMerce AnD FinAnce
innovAtion
connectivitY
green trAnsPort
qUALitY oF LiFe
toUrisM AnD cULtUre
eDUcAtion AnD sKiLLs
25
A cu ma & wak f ld cap al Ma k r a Publ a
M , ru a
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26
PoPULAtion siZera a d a y pu ly al p pula ,
u al lud a a a d ly mpa d by da ly m , ul u al a d bu a la d a y
u d a d u f f a y p pula . Aa l m a ju a : a k f m
d b a a d ly a a d by a f y by a k f mmu . w
p 20 m f p pula z , maj y
p a l m a , m f m a y. A a ampl , t ky m p l ap pula ld f ly t ky p p bual a a f Y k ama, Ka a ak a d sa ama. A a
ampl , mb d p pula f n Y k a a af B d p , n a k a d n ha , a a n Y k
M a a a m a u a ly d m a mmumpa y. L k a p ad f p , a
d p 20 a a ly d m a d by A a Pa f ,la ly a a u f b a a d a ap d m a maj u ba l a .s m la ly 2011, M p ly eu p a
p 20 .
toP cities BY PoPULAtion siZerAnK coUntrY citY PoPULAtion
(MiLLion)
1 Japa t ky 34.52 c a gua z u 25.9
3 c a s a a 25.54 i d a Jaka a 25.4
4 K a (r publ f) s ul 25.46 M M c y 23.3
7 i d a n D l 23.28 Pak a Ka a 21.7
9 P l pp Ma la 21.59 UsA n Y k 21.5
11 B az l s Paul 21.212 i d a Mumba 20.9
13 UsA L A l 17.014 Japa o aka 16.8
15 c a B j 16.516 ru a M 16.2
17 e yp ca 15.818 i d a K lka a 15.7
19 A a Bu A 14.320 Ba lad D aka 14.1
s u : t ma B k ff: t P pal A l m a f w ld
A cu ma & wak f ld cap al Ma k r a Publ a
A a l m a ,d f d a m
mb d b u mmu
a d bu l -up a a , bfl full f f a
p pula a d mpa da ly bu , ul u al
a d m a f ay.
t ky , Japa
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econoMic PerForMAncet f bala f m p b ma ua d m ma k a ll a b a a d p m p f d u b f d u a d
a . w am la m f ma k , p b m d b y a d
a al-l l p f ma . ou f 25 m u ful m f 2010-2011 y, a lm maj y
(18) f l a a A a Pa f a d 15 a
l bal m ma k (12 A a, 2 La Am a a d 1 eu p ). t p ad mpa d ul p , 11 f p 25 p f m f m
A a Pa f a d ly 7 m ma k . M p f ally,c a p du d 11 f m dy am m a a m f
m y, all f a d u d ly byap d gDP a d mpl ym bu al by mp
p du y a .
M , a aly la m f a uma k u a f p ma y f mp a b f m n Am a ma k f A a a d La Am a. h , l - m f
p Us a ll a ma u eu p a ma k u aL d ll ma a a p p f ma fu u
lu f a y u a a a , la ly du mp z a d ll- abl d
mp a l bal map.
econoMic PerForMAnce rAnKingrAnK Long terM
Pre-recessionrecoverY Postrecession
1 s ul s a a
2 L d s ap3 s a a gua z u
4 L A l t a j5 B j s z
6 s z Bu A7 B h K
8 s ap ta p9 gua z u c
10 Dalla s Paul11 n Y k s u a
12 M M13 h K s ya
14 sa D wu a15 ta p F a
16 sa F a n Y k 17 P la d na j
18 wa Ba k k 19 P s ul
20 Dubl F a kfu21 M am ha z u
22 t a j Jaka a23 M lb u ta u
24 syd y Ka u25 i a bul c l -D ld f
s u : cu ma & wak f ld a aly u da a f m: B k i u , o f d e m , M dy A alyU.s. c u Bu au
Al u a - p d ymay b u d ay fa u m ma k d l p d mp a
a pa ap ap m d by ya by u y. F ampl ,
l - m mp f ma a k , 18 u f 25 ma u ma k .Add ally, n Y k a d g ma al mad p25 m f y, a d d a
l f ma u A a l d by s ap .
A cu ma & wak f ld cap al Ma k r a Publ a
s a a , c a
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retAiLr a l a mp a a y . A
a ly al bu a d m a y ub mpl ym a d p d u al a a
k ly ul u a d l u f m a l bual p m pp l a u a d a f
a al b a d . t all a l a k b l mpf u d ff a , am ly d m p du ,p pula , p m a d umb . t a
a k d d dually a d d ually f m amp f u , a a k d a d d l f u l a l y.
n Y k a p a l d a ld, m a u f ll d y l ly by L d d a d t ky
d pla . h , d p t B Appl l ad ay, A aPa f ad m (5) p 10 a a y ,a d 15 f p 20 ua d eu p A aPa f . n l , UsA ad m (4) p 20
a a y u y, l l a a k y d l bal a l la d ap .
toP cities For retAiLrAnK coUntrY citY
1 UsA n Y k 2 UK L d
3 Japa t ky4 F a Pa
5 c a h K6 UsA L A l
7 r publ f K a s ul8 c a s a a
9 c a B j10 ru a M
11 s ap s ap12 i aly r m
13 spa Ba l a14 i aly M la
15 tu k y i a bul16 UsA sa F a
17 B az l s Paul18 Au al a syd y
19 spa Mad d20 UsA M am
s u : cu ma & wak f ld a aly u da a f m: eu m i a al, B k i u , o f de m , M dy A aly , U.s. c u Bu au
A cu ma & wak f ld cap al Ma k r a Publ a
A d a ala l m , u
a a , amplm d pa a d aafflu p pula
a m f ald f au ful l bal a l
y.
n Y k, UsA
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coMMerce AnD FinAncew am bu lu , am app a al ad f p a p a , bu f a al bu ly 3 d m a all a a : L d , nY k a d t ky . M a m d f p al a , f
ampl B u l , M la , s Paul a d L A l a km ly a bu ub . i al a b ad a
f j y a lu f p a ad ua (hq ), al a d ub- al ub u a Mad d, M ,
Mumba , h u a d o aka d a ly j y am a f a al a d bu ub .
i ly, a d gl bal F a al c i d(Z/Y g up), ma a a f mp m am f a al
2011 a eu p u a F a kfu ,Mu , Lu mb u a d s k lm all m f a d. Mak
ay f m ma A a , pa ula ly ma la d c a, u y l l d a a u .t l k ly b ju a m ba , a d a
am m A a a u d ad a u as ul a d syd y. A a ld 8 f p 25 pla u9 eu p a d 8 n Am a.
29
w l L d a d Pad m a , eu p ama k a b m md , u z
mpa , pa ula lyam f a al .Dubl , M la , Mad d, L ba d A a all m dd l F a kfu , Pa ,v a a d Am dam m dup, a d d a umb f -
u z ma k ludwa a , s k lm a dZu .
toP cities For BUsiness AnD FinAnciAL servicescoUntrY no oF gLoBAL hqs BUsiness services FinAnciAL services
L d 4 1 1
n Y k 5 2 2t ky 1 5 5
h K 15 3 3t 7 10 13Pa 3 22 6
s ap 32 4 4
syd y 15 16 9F a kfu 15 13 14Zu 9 6 29
c a 32 7 7B j 2 26 20
s ul 6 9 37M lb u 15 20 17
wa Dc 32 15 8s a a 10 8 40
Am dam 15 33 10sa F a 32 12 21
s k lm 25 25 18Mu 15 19 37
s u : cu ma & wak f ld a aly u da a f m: F u Ma az , Z/Y g up, gawc,Bu a k u f 178, F a al c u f 77
A cu ma & wak f ld cap al Ma k r a Publ a
L d , UK
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30
innovAtioni a a a f k p l a d d l pby u l ll ual ap al . t
a k , a p pa d by 2 k , l m a yld d a B , UsA. ha a a k a d
b m b ha a d a d Mit u lp d k pB a p f a k f d u y a .
B a f ll d by sa F a (Bay A a), d plaa d Pa d. t p d m a d by f m nAm a a d w eu p , f A a y, h K ,pla d 15 p .
A fu d a f a umb f pa aa u d. A oecD u y a al pa a dpa appl a d d a m a a a u f
ju 2% f l bal p pula bu a m f 24% f ld pa appl a . Al u eu p ad m pa appl a all, a a y l l U d s a
u f f p . h , all af l bal pa f m U d s a a fall f m 40%
2000 28% 2009, a a umb f p alub f a b l a d A a.
A umb f a a d u , a
a a da upp bu
k, a k yd f a
, a d a k pma y f Us a dw eu p a a ad f a .h , d pp
umb f pa a dpa appl a f m
UsA p a l f A a
ma k a l bal f a .
toP cities For innovAtionrAnK coUntrY citY
1 U d s a B2 U d s a sa F a (Bay A a)
3 F a Pa4 U d s a n Y k
5 Au a v a6 n la d Am dam
7 g ma y Mu8 F a Ly
9 D ma k c p a10 ca ada t
11 U d K d m L d12 g ma y F a kfu
13 g ma y hambu
14 g ma y B l15 c a h K16 i aly M la
17 Au al a M lb u18 g ma y s u a
19 spa Ba l a20 Au al a syd y
s u : . a - . m (2 k )
A cu ma & wak f ld cap al Ma k r a Publ a
B , UsA
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31
connectivitYc y a mp a mp f la
a a d u a bu a d l u pp u .t f , a d p f y
a k a a b l bal byb a a d a add p a mp
a d al a p y m. c u ly, maj yf a mak up p a d a uly l bal
l a , t ky f p a d h K , n Y k
a d L d d, d a d f u pla p ly. t kya ll a al l k by b a a d a a d alp a mp publ a p k a all
m m m a y, lp ll aa y a d u f pla . i m f publ a p
maj y f d p f m f m A a a d eu p . A a, a dm p f ally c a, ll- p d p 10 f
y a a ul f ly b a a da aff , la d m pa
c a. w d a p y, bul bal a p a la ly d m a d by c a a d
UsA; , a a umb f k y ub a eu pa ll, u a L d , Pa a d F a kfu .
toP cities For connectivitYrAnK coUntrY citY
1 Japa t ky2 c a h K
3 UsA n Y k 4 U d K d m L d
5 F a Pa6 s ap s ap
7 c a gua z u
8 UsA c a9 UsA L A l10 c a B j
11 c a s a a12 spa Mad d
13 g ma y F a kfu14 UsA A la a
15 UAe Duba16 UsA Dalla17 n la d Am dam
18 UsA D
19 UsA sa F a20 r publ f K a s ul
s u : cu ma & wak f ld a a ly u da a f m: ePoMM, Aci, AAPA
A cu ma & wak f ld cap al Ma k r a Publ a
A k y mp f ulyl bal y y
f ld, bya , a - y a p . i p 10 f c a mul pl ,la ly du u f
m a d ub ua d a a d a aff
BUsiest AirPorts BY PAssenger trAFFicAnnUAL 2010
s u : Aci
A la a ha f ld(89.3 m ll )
B j(73.9 m ll )
c a - oha(66.7 m ll )
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green trAnsPortMa y a l b a bl d by ppl l l f
a d, a umb f a , p llu . t f , d y all a l l , b m
ally mp a k a a ll ab f a yp pula . t p a f m d f a p , ua y l a d a p f l a , a m
lp du b a d p llu a d a u al ay fu u u . i d u f p f
a p , B l a k d ly du b y l -f dly u l k a d m dal pl f y l u a bual b au f ap d ad p f l l . Fud a k , a umb f eu p a a d c
ll m f m dal pl fa u f y l , m U d s a p ly y la d y l p .
A a ul f m dal pl , eu p a d m a upp d f a k f p l a . tb p f m y Am a a ca ad a yM al d pla , f ll d by n Y k l .c A a , s a a a d t ky up d f f a d
pla p ly.
32
h a d p llu a b
ly d m al a y u ,
a d by mb ay l a d
l y ua l l
a l k mp all a p
f a u u .
toP cities For green trAnsPortAtionrAnK coUntrY citY
1 g ma y B l2 D ma k c p a
3 ca ada M al
4 g ma y hambu5 c a s a a6 Japa t ky
7 U d K d m L d8 n la d e d
9 g ma y Mu10 F a Pa
11 UsA n Y k 12 UsA P la d
13 s d s k lm14 UsA L A l
15 n la d Am dam16 c a B j
17 n la d g18 n la d r dam
19 B l um A p19 s d Malm
s u : cu ma & wak f ld a aly u da a f m: ePoMM, iBM, oecD
A cu ma & wak f ld cap al Ma k r a Publ a
0 20 40 60 80 100 120
Mexico City
Beijing
Shenzhen
Nairobi
Johannesburg
Index Score
worst Five cities For coMMUter PAin
i d m a u m al a d m ll f mmus u : iBM 2011
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33
qUALitY oF LiFeM a u ual y f l f ff d by a y a f a y
p a . h , ma mm ad md f : p al af y a d all m l l ; l ma ; l l
f p llu ; a d a b l y d al a . Add ally, a ly l a a a al a a d a ma k d d y,
a d ual y f l f a ly b m a u d a a y l l.L k a M qual y f L f i d l d b l ,eu p a d m a a k , ak f u f p f
p . i d d, eu p a f a u d 15 m p 25, A a Pa f l a ak 6 pla Au kla d pal p . t f ll d by va u f f pla ,
pp a k f Am a .
eu p a app a ff a m f al- m abala d a a l d j b pp u , d al a ,a bl publ a d ally a l - a -a a
m a . ca ada a a p f m f m Am a , f u p 25 a k . i La Am a,
ll-publ d l l f m m l a mpa all ual y f l f . t d y f A a Pa f
m ma u u , u a n Z ala d a d
s ap , f a u ly a k a y a p d ad a f flu fa a lud p l al ab l y,
al a , publ a d f a u u .
toP cities For qUALitY oF LiFerAnK coUntrY citY
1 Au a v a
2 s z la d Zu3 n Z ala d Au kla d
4 g ma y Mu5 g ma y D ld f
6 ca ada va u7 g ma y F a kfu
8 s z la d g a9 s z la d B
9 D ma k c p a11 Au al a syd y12 n la d Am dam
13 n Z ala d w ll14 ca ada o a a
15 ca ada t16 g ma y hambu
17 g ma y B l18 Au al a M lb u
19 Lu mb u Lu mb u20 s d s k lm
21 Au al a P22 B l um B u l
23 ca ada M al24 g ma y nu mb
25 s ap s aps u : M qual y f L f i d 2011
A cu ma & wak f ld cap al Ma k r a Publ a
gl bal p 25 a k
a l k d by l l l f
m , ab l y ffa d a da df m d al a a
ll a a dd y ul u ala d l u pu u .
v a, Au a
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toP cities For cULtUrerAnK coUntrY citY
1 U d K d m L d2 F a Pa
3 UsA n Y k 4 spa Mad d
5 spa Ba l a6 Au a v a
7 i aly r m8 r publ f K a s ul
9 tu k y i a bul10 n la d Am dam
11 c a s a a12 Au al a syd y
13 c a B j
14 UsA L A l15 UsA M am16 Japa t ky
17 g ma y B l18 M M c y
19 i aly M la20 ru a M
s u : cu ma & wak f ld a aly u da a f m: Unesco, eu m i a al, Ma ca d,op aba , . a pap . m
0 5 10 15 20 25
Bangkok
New York
London
US$ Billion
toP regionAL cities For toUrist sPenD (Us$ BiLLion)toUrisM AnD cULtUreAl u a ly mpl , m fa
d f a y a a u d a d m a m . All f 20l a l d t p c f t u m a d cul u a k
ff a al a d ul u al pull f u y a a a , m d m p l p a ly- a abl
m d a m . Add ally, 12 f p 20 au y ap al , a ma l a a u ually
a a maj bu a a f u y pa ula ly l a u y a a mall ff alap al. w a aly f , maj y f
l a p a eu p , ad lypla d by d y f m eu p a p
ma y a u a u . e lud U d s a , Am a ly M a
p a u m a d ul u a k , lu f Az u , a l p m y Us, um u p
a d ul u al a d l u a a u f M c y.
A mb af y,
al a d ul u al a dl u pu uall lp mak a
y a p ud a . i
a d, eu p a
m u p du umb f a
u a aa d a y a b l y
ma y pa f ld.
A cu ma & wak f ld cap al Ma k r a Publ a
s u : Ma a d w ld d i , 2012
2012/2013
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eDUcAtion AnD sKiLLsi d m a y du a b a m p u a d d u
ld. c u a L d a d B a umb f p u l p m y, u a p mpu a f a d a a lab l y f adua a d a a lab l y f
k ll . i d d, a f ma y f l a , a maj y f p 20 f du a a dk ll a mul pl p- a d u m p l .
h , b y d umb a d u y a k , fa u a ud p pula a d a f a al d m ud a u al d m a y p f y
ff d du a a d k ll . A a l , a p p f a al ud m a y a af du a a l bal al , l ad a d a f
adua a d a a labl k ll . i a y, Au al a l ad ay f m f udp pula . Add ally, ll f bu
- al b adua add alu f a y a a labl k ll. M a u d by qua ua ll sym d L m d (qs),
m u p d p, lud s ap a dBu A , a f pu abl u a d
adua a l b .
35
w a mak a y a ubf du a a d k ll
ly lud al b f u bu al
a ual al p du d by u ,
f m ab l y a a al bal ud ba
adua a jud d
by maj mpl y y.
L d s l f e m , L d , UK(64% a al/eU ud )
ill i u f t l y, c a , UsA(44% a al ud )
rMit U y, M lb u , Au al a(40% a al ud )
ProPortion oF internAtionAL stUDentstoP in region, 2011
A cu ma & wak f ld cap al Ma k r a Publ a
s u : u y b
winning ingrowth cities
toP cities For eDUcAtion AnD sKiLLsrAnK coUntrY citY
1 U d K d m L d2 F a Pa
3 UsA B4 c a h K
5 Au al a M lb u6 s z la d Zu
7 s ap s ap
7 Au al a syd y9 s d s k lm10 ca ada M al
11 UsA n Y k 12 UsA c a
13 i la d Dubl14 c a B j
15 g ma y Mu16 Japa t ky
17 g ma y B l18 n la d Am dam
19 ca ada t20 D ma k c p a
s u : cu ma & wak f ld a aly u da a f m:t m h edu a , qs qua ua ll sym dL m d
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gLoBAL DAtA
gLoBAL YieLDs
investMent voLUMes
stAnDArD gLoBAL LeAse terMs
cap t , s u Af a
2012/2013
A cu ma & wak f ld cap al Ma k r a Publ a
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gLoBAL YieLDs
gLoBAL YeLDs - PriMe grADe A, JUne 2012coUntrY oFFices shoPs inDUstriAL
A a 10.00% 9.00% 12.00%Au al a 6.50% 5.50% 8.35%
Au a 5.35% 4.25% 7.50%Ba a 10.00% 11.00% 12.00%
B l um 6.35% 4.75% 7.50%B az l 9.00% 7.50%* 12.00%
Bul a a 9.50% 9.00% 11.75%ca ada 5.30% 4.70% 5.90%
c a l i la d 6.00% 6.25% -c l 8.50% 7.50%* 9.50%
c a 5.60% 4.50% 6.50%c l mb a 13.00% 11.00% 10.50%
c a a 8.00% 7.75% 9.50%cz r publ 6.25% 6.00%* 8.00%
D ma k 5.25% 5.00% 7.50%e uad 11.50% 15.50% 12.40%
e a 8.00% 8.25% 9.50%F la d 5.50% 5.00% 7.50%
F a 4.50% 4.25% 7.25%g ma y 4.75% 4.05% 6.50%
g 9.00% 7.85% 12.00%
h K 2.90% 2.40% 3.60%
hu a y 7.25% 6.50%* 9.00%i d a 10.00% 10.00% 9.00%
i d a 7.00% 10.00% 11.00%i la d 7.80% 6.90% 9.00%
i a l 7.50% 7.25% 8.50%i aly 5.50% 6.25%* 7.75% Japa 4.30% 4.70% 6.20%
La a 8.50% 8.50% 9.50%*s pp cn :Da a la p y/ ly a d a u y a a .Y ld ma k d d a al ula d a ba lud a f , a a d l al f .s u : cu ma & wak f ld
37
gLoBAL YeLDs - PriMe grADe A, JUne 2012coUntrY oFFices shoPs inDUstriALL ua a 7.50% 8.25% 9.00%
Lu mb u 6.00% 5.50% 8.50%Malay a 6.00% 5.00%* 7.75%
M 11.50% 11.00% 11.75%n la d 6.05% 4.70% 7.60%
n Z ala d 7.50% 6.00% 7.50%n ay 5.25% 5.25% 6.50%
P u 11.50% 17.00%* 18.00%P l pp 7.00% 3.20% 3.60%
P la d 6.25% 6.00%* 7.75%P u al 7.75% 7.00% 9.50%
r publ f K a 6.50% 7.00%* -r ma a 8.50% 8.50%* 9.50%
ru a 8.50% 9.25%* 10.50%s b a 10.50% 10.50% 13.00%s ap 4.00% 6.40%* 6.70%
sl ak a 7.25% 7.25%* 8.75%sl a 7.75% 6.75% 9.00%
s u Af a 9.00% 7.25%* 10.00%spa 6.00% 4.85% 8.25%
s d 4.75% 5.00% 6.75%s z la d 3.80% 3.90% 5.50%
ta a 1.95% 1.75% 2.25%t a la d 7.00% 9.00% 8.50%
tu k y 7.65% 7.25% 9.00%Uk a 15.00% 16.00% 16.00%
U d A ab em a 10.00% 11.00% 8.50%U d K d m 4.00% 3.00% 5.75%
UsA 4.90% 5.00% 6.00%v am 11.50% 11.00%* 10.00%*s pp cn :Da a la p y/ ly a d a u y a a .Y ld ma k d d a al ula d a ba lud a f , a a d l al f .s u : cu ma & wak f ld
A cu ma & wak f ld cap al Ma k r a Publ a
winning ingrowth cities
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investMent voLUMes
A cu ma & wak f ld cap al Ma k r a Publ a
2012/2013
totAL investMent voLUMesMetro q3 2011 - q2
2012 (Us$)growth
(coMPAreD withPrevioUs 12
Months)1 n Y k M $34,684,213,620 17.5%2 L d M $29,313,332,246 2.4%3 t ky $23,921,608,806 -7.6%4 Pa $19,434,399,700 12.3%5 L A l M $16,965,881,654 -0.4%6 h K $16,811,979,810 -4.6%7 sa F a M $15,385,083,694 15.0%8 wa Dc M $13,794,705,826 -4.7%9 c a $10,572,543,045 13.2%10 t $8,031,490,550 26.4%11 s a a $7,897,026,601 42.8%12 Dalla $7,885,963,922 19.0%13 B $7,522,593,126 32.1%14 h u $7,298,762,891 39.0%15 s ap $7,298,373,016 -48.8%16 s u Fl da (M am ) $6,516,306,270 -1.3%17 syd y $6,410,910,527 0.2%18 s k lm $6,355,892,918 -1.9%19 s ul $5,996,745,546 -26.9%20 s a l $5,935,710,980 41.6%21 A la a $5,912,171,681 19.4%22 B l $5,782,419,407 34.0%23 M $5,174,307,361 -14.9%24 P $5,035,919,942 12.9%25 D $4,596,494,788 44.3%26 sa D $4,494,492,859 8.3%27 r -r u $4,470,273,069 -12.6%28 ta p $4,323,586,548 86.0%29 F a kfu /r -Ma $3,975,268,207 -20.0%30 Mu $3,847,639,580 69.4%31 Am dam/ra d ad $3,646,524,629 -18.0%32 M lb u $3,395,416,258 -38.7%33 B ba $3,258,666,162 37.2%34 gua z u $3,199,131,764 184.3%35 B j $3,077,463,375 -51.3%36 hambu $2,946,634,521 -34.6%37 o aka $2,894,319,724 -4.7%38 P lad lp a M $2,852,038,122 15.7%39 Bal m $2,847,416,303 110.8%40 Au $2,841,471,491 45.7%41 o l $2,796,591,646 44.6%42 c a l $2,723,398,102 130.5%43 va u $2,276,361,934 4.0%44 cal a y $2,227,557,803 25.4%45 ral /Du am $2,166,275,962 59.8%46 na ll $2,071,822,052 120.0%47 M ap l $2,064,840,102 7.5%48 o la d $2,008,767,617 -4.3%49 wa a $1,957,339,403 3.4%50 s u a $1,910,581,699 163.3%s u : cu ma & wak f ld, r al cap al A aly
retAiL sectorMetro q3 2011 - q2
2012 (Us$)growth
(coMPAreDwith PrevioUs
12 Months)1 h K $8,677,656,313 57.8%2 L d M $4,869,535,454 29.6%3 t ky $3,884,913,290 -17.9%4 L A l M $3,870,889,162 62.2%5 n Y k M $3,101,715,489 -16.3%6 c a $2,249,545,527 25.7%7 s u Fl da (M am ) $2,095,867,595 70.6%8 Pa $1,866,116,526 -24.9%9 sa F a M $1,847,220,670 15.9%10 s a a $1,719,625,521 144.6%11 wa Dc M $1,547,877,101 20.5%12 Mu $1,377,801,406 131.6%13 M $1,341,041,179 94.1%14 gua z u $1,333,810,236 1214.0%15 Dalla $1,321,981,657 63.6%16 P $1,238,793,151 56.2%17 B $1,229,439,866 3.4%18 s P bu $1,227,821,600 321.9%19 P lad lp a M $1,145,862,017 47.5%20 na ll $1,111,718,962 439.2%21 J a bu $1,104,525,455 129.2%22 sa D $1,092,623,393 146.1%23 B l -B a d bu $1,058,683,356 59.7%24 ta p $1,058,559,058 28.4%25 h u $1,016,080,686 15.7%26 Bal m $959,506,472 172.3%27 s k lm $932,527,947 -26.3%28 s a l $932,498,440 184.9%29 syd y $888,687,370 -28.7%30 F a kfu /r -Ma $884,952,649 33.1%31 wa a $834,043,268 18.3%32 r -r u $801,449,960 -64.1%33 s ul $782,159,930 -52.2%34 t $776,009,236 -56.5%35 B ba $763,676,829 301.1%36 A la a $742,021,925 -23.9%37 s ap $720,199,904 11.8%38 c a l $711,491,098 166.8%39 s u a $692,851,964 245.4%40 s L u $690,969,272 67.5%41 ha a $638,952,872 84.9%42 Ka a c y $632,803,725 284.7%43 M ap l $567,928,291 23.6%44 hambu $560,405,010 -56.1%45 B m am $555,203,449 -49.0%46 M lb u $525,687,305 -68.1%47 cap t $523,256,465 767.5%48 o aka $518,331,379 -37.1%49 Am dam/ra d ad $506,489,823 -64.3%50 va u $501,464,702 31.9%s u : cu ma & wak f ld, r al cap al A aly
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investMent voLUMes
A cu ma & wak f ld cap al Ma k r a Publ a
winning ingrowth cities
oFFice sectorMetro q3 2011 - q2
2012 (Us$)growth
(coMPAreDwith PrevioUs
12 Months)1 L d M $17,092,330,000 -15.2%2 n Y k M $16,982,324,033 11.4%3 Pa $15,768,959,279 47.5%4 t ky $12,515,819,779 -8.8%5 wa Dc M $6,228,943,791 -12.9%6 sa F a M $5,897,425,598 17.6%7 t $4,939,026,672 194.5%8 s ul $4,782,074,320 -20.7%9 s a a $4,750,531,010 33.5%10 h K $4,708,410,877 -41.4%11 syd y $4,266,780,559 24.9%12 c a $4,171,347,516 43.7%13 L A l M $3,837,472,971 -2.3%14 s ap $3,780,611,561 -37.1%15 s k lm $3,625,833,302 39.9%16 B $3,342,391,240 43.6%17 M $2,895,279,288 -24.6%18 h u $2,846,322,880 31.6%19 s a l $2,611,890,696 49.5%20 o l $2,446,783,802 77.5%21 F a kfu /r -Ma $2,233,541,406 -35.6%22 M lb u $2,191,506,054 -9.7%23 r -r u $2,051,400,930 5.7%24 Dalla $1,967,369,816 40.2%25 B ba $1,917,613,947 26.6%26 D $1,794,998,330 59.5%27 Mu $1,779,616,882 169.8%28 Am dam/ra d ad $1,684,557,827 -22.3%29 B j $1,660,803,842 -60.9%30 ta p $1,586,447,494 80.4%31 B l -B a d bu $1,585,751,551 18.3%32 cal a y $1,482,307,931 88.2%33 hambu $1,436,308,384 -36.0%34 A la a $1,361,455,750 75.1%35 sa D $1,356,915,343 77.3%36 gua z u $1,321,691,023 42.2%37 s u Fl da (M am ) $1,232,466,328 -32.4%38 P $1,129,381,260 102.5%39 r ad $1,091,306,841 749.7%40 P $1,085,993,089 12.5%41 Mad d $1,085,372,052 149.6%42 va u $923,649,193 49.9%43 wa a $916,418,395 -12.4%44 c a l $870,886,840 352.5%45 edm $851,404,103 56.9%46 g bu $769,384,164 19.1%47 Ly $728,975,472 91.2%48 c p a $701,833,206 -25.7%49 M ap l $693,579,074 -11.4%50 e d $690,961,142 822.1%s u : cu ma & wak f ld, r al cap al A aly
inDUstriAL sectorMetro q3 2011 - q2
2012 (Us$)growth
(coMPAreD withPrevioUs 12
Months)1 L A l M $3,892,417,499 -20.7%2 sa F a M $2,983,863,300 9.6%3 t ky $2,911,963,032 35.7%4 n Y k M $1,521,806,688 -21.2%5 c a $1,426,174,837 -39.5%6 Dalla $1,377,183,597 -30.8%7 ta p $1,370,239,289 135.6%8 h K $1,265,512,277 -32.5%9 L d M $1,062,702,259 -9.1%10 syd y $1,061,899,197 -34.0%11 B $968,342,963 251.7%12 A la a $920,099,448 -14.8%13 t $880,366,746 -52.8%14 s ap $877,181,361 -76.3%15 s u Fl da (M am ) $857,242,592 -13.4%16 wa Dc M $836,943,879 44.8%17 s a l $716,061,220 35.2%18 M $694,728,972 -1.9%19 P $645,536,262 -13.9%20 h u $609,224,576 10.9%21 sa D $577,332,878 -7.2%22 s a a $577,122,648 1073.6%23 Bal m $575,335,591 124.9%24 Ma M $565,449,951 606.7%25 o aka $523,696,449 -1.6%26 M lb u $510,932,199 -47.6%27 Pa $477,642,303 -65.1%28 B ba $449,174,341 -31.4%29 r -r u $440,065,030 347.9%30 s k lm $426,045,816 -26.4%31 s u a $425,534,878 1012.7%32 B m am $411,671,729 6.4%33 c a l $405,051,513 59.0%34 M ap l $404,893,913 86.3%35 s ul $374,859,610 -5.9%36 c lumbu $347,991,538 -16.1%37 Au $328,686,240 80.1%38 ral /Du am $307,308,500 220.3%39 M al $292,631,961 -19.3%40 edm $285,699,974 55.3%41 va u $267,873,332 -44.7%42 D $267,658,908 -35.1%43 P la d $265,771,534 -5.4%44 F a kfu /r -Ma $263,118,143 76.1%45 La v a $259,780,947 -67.7%46 P lad lp a M $256,562,301 80.3%47 P $256,125,310 26.2%48 Am dam/ra d ad $252,363,626 -42.5%49 Au kla d $245,794,334 664.7%50 c a $235,926,093 -5.5%s u : cu ma & wak f ld, r al cap al A aly
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2012/2013
investMent voLUMes
MULti-FAMiLY sectorDeveLoPMent sitesMetro q3 2011 - q2
2012 (Us$)growth
(coMPAreDwith PrevioUs
12 Months)1 s a a $15,695,567,138 -25.6%2 B j $14,835,195,620 -32.1%3 t a j $11,186,154,068 19.3%4 c $10,137,794,722 30.9%5 h K $8,922,721,739 25.8%6 s ya $8,759,161,138 18.9%7 s ap $8,199,039,037 -31.9%8 wu a $7,736,742,639 -45.5%9 c a z u $6,953,358,018 99.4%10 Dal a $6,741,605,195 -50.5%11 Ku m $6,340,320,557 -20.1%12 ha z u $6,252,385,411 -42.8%13 c du $5,896,090,289 -29.6%14 gua z u $5,607,288,520 -17.0%15 na j $5,519,216,026 -45.7%16 J a $5,058,283,295 144.0%17 q da $4,998,293,276 -3.3%18 suz u $4,849,538,164 -44.1%19 t ky $4,111,517,716 -21.1%20 F a $3,581,743,475 -30.6%21 n b $3,564,854,629 -39.9%22 ta a $3,454,974,825 67.1%23 wu $2,767,858,922 -36.9%24 c a u $2,745,056,031 -55.3%25 x am $2,698,593,324 -8.5%26 x a $2,601,596,962 18.1%27 ta p $2,467,835,080 -27.9%28 h f $2,326,655,408 -30.2%29 ha b $2,306,647,616 -44.5%30 na a $2,108,909,244 15.8%31 Z z u $2,077,492,324 21.2%32 s z $2,014,818,328 -39.7%33 L d M $1,964,078,577 33.5%34 c a a $1,952,607,727 -28.8%35 D ua $1,731,073,444 7.7%36 n Y k M $1,684,166,143 62.0%37 n D l $1,678,915,084 302.1%38 s ul $1,627,753,224 17.6%39 s j az ua $1,605,189,807 57.8%40 Ya z u $1,501,093,552 -32.6%41 Z u a $1,443,703,222 94.2%42 na $1,317,972,139 -54.8%43 w z u $1,305,744,332 -19.1%44 Z j a $1,303,781,800 -18.8%45 na $1,278,242,320 -48.4%
46 xuz u $1,161,224,724 2.5%47 Fuz u $1,037,973,126 -84.6%48 J a $1,017,462,478 50.1%49 Ya a $1,011,813,005 -27.3%50 gu ya $970,095,305 -33.7%s u : cu ma & wak f ld, r al cap al A aly
MULti-FAMiLY resiDentiAL sectorMetro q3 2011 - q2
2012 (Us$)growth
(coMPAreD withPrevioUs 12
Months)1 n Y k M $9,540,684,000 83.1%2 wa Dc M $4,528,524,877 9.5%3 L A l M $4,362,499,823 0.1%4 t ky $3,704,309,651 -24.1%5 sa F a M $2,929,836,882 4.0%6 L d M $2,745,913,343 226.8%7 B l -B a d bu $2,644,120,119 42.5%8 Dalla $2,595,958,736 21.7%9 A la a $2,561,110,303 48.5%10 h u $2,471,668,757 78.2%11 P $2,047,811,759 29.5%12 c a $2,008,396,305 32.9%13 D $1,770,602,561 77.1%14 s a l $1,604,776,589 32.2%15 s ap $1,597,316,938 -39.5%16 s u Fl da (M am ) $1,394,997,725 -24.9%17 B $1,375,563,860 5.9%18 ral /Du am $1,300,327,585 91.9%19 Au $1,291,424,540 144.1%20 s k lm $1,164,047,593 -26.4%21 r -r u $1,089,522,599 86.8%22 sa D $1,088,495,120 46.4%23 t $1,052,964,685 24.9%24 tampa $970,789,811 12.0%25 o la d $934,932,668 12.9%26 Bal m $920,685,822 163.6%27 h K $900,703,862 -27.9%28 Am dam/ra d ad $840,562,099 153.9%29 P la d $764,101,200 22.0%30 B j $713,068,714 1541.4%31 hambu $709,734,855 3.7%32 c p a $683,311,383 369.7%33 c a l $631,201,492 56.1%34 P lad lp a M $555,374,600 5.0%35 va u $551,524,757 45.8%36 sa A $535,463,174 0.8%37 M al $491,120,809 34.9%38 Pa $471,231,322 -20.1%39 na ll $460,973,846 67.7%40 o aka $455,484,870 -15.2%41 Ja k ll $443,612,576 44.5%42 Mu $418,768,868 -2.8%43 M mp $400,336,229 126.0%44 sa m $384,129,104 47.3%45 D $306,310,824 50.8%
46 suz u $299,133,634 -47 M ap l $291,656,695 -8.1%48 gua z u $289,979,355 -49 r m d $284,521,441 493.4%50 Ka a c y $274,725,000 327.8%s u : cu ma & wak f ld, r al cap al A aly
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winning ingrowth cities
investMent voLUMes
hoteL sectorMetro q3 2011 - q2
2012 (Us$)growth
(coMPAreDwith PrevioUs
12 Months)1 L d M $3,542,851,190 31.2%2 n Y k M $3,537,683,410 3.3%3 sa F a M $1,726,737,244 40.1%4 h K $1,259,696,480 30.5%5 L A l M $1,002,602,199 -30.9%6 s u Fl da (M am ) $935,732,030 33.5%7 t ky $904,603,054 131.1%8 Pa $850,450,270 -60.8%9 o aka $720,244,286 725.8%10 c a $717,078,860 -7.6%11 wa Dc M $652,416,178 -50.8%12 Dalla $623,470,116 114.6%13 B $606,855,196 0.5%14 s a a $587,547,096 28.3%15 B l -B a d bu $392,735,961 96.6%16 Duba $390,718,844 30.5%17 t $383,123,211 107.1%18 sa D $379,126,124 -75.9%19 F a kfu /r -Ma $374,441,945 14.6%20 Au $365,128,698 -11.1%21 Am dam/ra d ad $362,551,254 301.6%22 h u $355,465,992 30.5%23 ha a $333,362,553 -1.2%24 A la a $327,484,256 -17.3%25 s ap $323,063,251 -74.2%26 D $299,995,721 3.6%27 ta p $298,306,910 658.4%28 B j $247,825,396 212.9%29 Ma M $241,117,718 -7.1%30 P lad lp a M $236,451,473 -56.6%31 Malm $214,595,125 419.1%32 v a $212,891,062 -43.8%33 o la d $212,712,558 -28.0%34 B $211,752,492 2605.8%35 s k lm $207,438,260 -54.8%36 M c y $190,000,000 -37 gua z u $187,629,325 99.3%38 Budap $186,800,238 169.9%39 n $181,725,824 0.0%40 La v a $179,533,962 151.4%41 n f lk $178,661,106 126.4%42 c l ad sp $175,854,541 2309.0%43 B l $169,067,075 398.8%44 M lb u $167,290,700 -61.3%45 syd y $163,421,577 202.6%
46 M $163,257,922 -80.6%47 s ya $155,696,422 -48 B m am $154,228,010 52.9%49 hambu $137,959,391 91.9%50 tu $129,627,184 1100.3%s u : cu ma & wak f ld, r al cap al A aly
cross-BorDer (ALL sectors)Metro q3 2011 - q2
2012 (Us$)growth
(coMPAreD withPrevioUs 12
Months)1 L d M $19,627,875,555 7.4%2 Pa $10,220,526,055 47.6%3 n Y k M $7,373,530,131 29.3%4 t ky $4,661,365,485 34.4%5 h K $3,994,130,528 227.3%6 syd y $3,614,271,668 47.7%7 gua z u $2,970,017,907 690.5%8 s a a $2,873,123,123 -55.9%9 B l -B a d bu $2,404,184,159 50.2%10 B j $2,181,078,327 -16.1%11 s ap $1,946,370,150 -61.3%12 wa a $1,930,378,953 6.8%13 sa F a M $1,927,801,615 58.6%14 Am dam/ra d ad $1,841,344,684 -4.1%15 Mu $1,787,645,025 61.3%16 wa Dc M $1,785,978,312 21.0%17 F a kfu /r -Ma $1,728,051,925 785.0%18 c a $1,628,643,310 396.1%19 na j $1,503,881,642 -32.3%20 L A l M $1,428,515,553 72.8%21 c $1,315,400,327 152.5%22 r -r u $1,306,269,061 -40.1%23 s k lm $1,298,014,811 19.2%24 M lb u $1,297,020,414 -41.8%25 M $1,268,408,743 -47.9%26 h u $1,248,078,164 66.6%27 c du $1,242,240,642 -28.0%28 B $1,224,999,389 45.0%29 s P bu $1,217,609,569 3748.6%30 q da $1,135,384,134 146.9%31 o aka $1,040,995,502 45.2%32 c p a $978,094,592 109.2%33 r ad $920,552,376 1291.2%34 s u a $855,752,436 244.5%35 s ya $832,095,909 0.8%36 Dalla $812,046,289 325.5%37 B ba $808,823,199 13.6%38 hambu $787,877,536 -6.7%39 B m am $763,529,670 7.5%40 s u Fl da (M am ) $738,035,137 -14.1%41 sa D $667,230,500 4933.1%42 s a l $637,201,638 156.9%43 M la $613,501,966 -39.0%44 P a u $610,374,383 -43.6%45 Ma M $590,407,336 78.9%
46 ha z u $550,541,940 -34.6%47 Ku m $548,153,988 386.4%48 Budap $516,344,280 74.5%49 F a $512,928,169 -54.1%50 B a la a $505,476,454 -s u : cu ma & wak f ld, r al cap al A aly
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A cu ma & wak f ld cap al Ma k r a Publ a
s u : cu ma & wak f ld,
2012/2013
stAnDArD gLoBAL LeAse terMs
sUMMArY tABLecoUntrY Length - YeArs tenAnt BreAKs secUritY oF tenUre/
right to renewinDexAtion or review
oFF/inD retAiLA a 3 3 Y , af 6 m . n . n p bl by la .
Au al a 5-10 5 o ly by a . n a bya .
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n au ma .h , ma y ld ff
l a ll a a a p p ual
.
i d d a m - u d m lyd . s m m a 3.0% - 5.0% p b f a
a m ff .
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n au ma . n f d d a . r a d, bya , a ma k a m a a b d a
l a d.B l um 9 9+ 3 y a ly, 6 m
p d.r a l ly mally
f a fu m f 9 y a .
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f a al p al y.
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c a li la d
9-15 9-15 n p a f 21 24 y a l a a
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al by a .
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a alb a d a d 10-15y a f
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ma.
ra bu abl a dmp a payabl .
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10 y al a .
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ly pmm a l .
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A cu ma & wak f ld cap al Ma k r a Publ a
s u : cu ma & wak f ld
winning ingrowth cities
stAnDArD gLoBAL LeAse terMs
sUMMArY tABLecoUntrY Length - YeArs tenAnt BreAKs secUritY oF tenUre/
right to renewinDexAtion or review
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a a ly ll u l d.
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u d.
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ma k .
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r f a am.
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f p d ( . 5+5) a d a .
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h K 2,3 6 y a 23 n a bya .
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a ly p mm
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eu a MUicP.
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f al.
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