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INTERNATIONAL

INVESTMENT ATLAS

S U M M A R Y

2011

CUSHMAN & WAKEF IELD RESEARCH


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INTRODUCTION INTERNATIONAL INVESTMENT ATLAS SUMMARY 2011

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The following report has been prepared by Cushman & Wakefield to provide an overview of activity in the global commercial

real estate investment markets in 2010 and an indication of activity in 2011.

The information used is based on initial estimates made in February 2011 and hence may be subject to change. Investment

volume estimates relate to commercial property only, excluding residential space and are based on recorded transactions in

each market place.

This summary forms part of a more detailed research report of global activity which includes market by market profiles for

the main areas of interest showing the size and status of each and giving a flavour for the real estate sector and a brief view

on where each is heading. Details of the full report are given on page 13 of this summary, together with a range of contact points

for Cushman & Wakefield Research and Capital Markets globally.

Tokyo, Japan Dublin, Ireland Bogota, Colombia


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GLOBAL YIELDS INTERNATIONAL INVESTMENT ATLAS SUMMARY 2011

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Country Offices Shops Industrial Trend

Argentina 10.00% 9.00% 12.00%

Australia 6.25% 5.50% 7.75%

Austria 5.50% 4.70% 7.50%

Bahrain 10.00% 11.00% 11.00%

Belgium 6.20% 5.00% 7.75%

Brazil 8.50% 8.50*% 11.00%

Bulgaria 10.00% 9.00% 13.00%

Canada 7.00% 6.75% 7.75%

Channel Islands 6.50% 5.50% 7.50%

Chile 8.50% 8.50% 9.50%

China 5.00% 7.00% 8.50%

Colombia 9.75% 10.00*% 10.90%

Croatia 8.00% 7.75% 9.50%

Czech Republic 6.50% 6.25%* 8.25%

Denmark 5.00% 4.50% 7.25%

Ecuador 11.60% 15.30% 11.70%

Egypt 9.25% 10.25% 10.25%

Estonia 9.00% 8.50% 10.50%

Finland 5.75% 5.25% 7.25%

France 4.75% 4.75% 7.00%

Germany 4.95% 4.10% 6.60%

Greece 8.10% 7.35% 9.90%

Hong Kong 3.40% 3.90% 5.30%

Hungary 7.25% 7.25%* 9.00%

India 10.00% 13.50% 12.00%

Indonesia 10.00% 10.00% 12.00%

Ireland 7.50% 6.25% 8.50%

Israel 7.50% 7.00% 8.50%

Italy 5.25% 6.25%* 8.00%

Japan 4.50% 4.70% 6.30%

Latvia 9.00% 8.50% 10.75%

Country Offices Shops Industrial Trend

Lithuania 8.00% 8.00% 10.75%

Luxembourg 5.90% 5.75% -

Malaysia 6.00% 6.00% 8.00%

Mexico 11.75% 12.25% 11.50%

Netherlands 6.05% 4.70% 7.70%

New Zealand 8.00% 7.00% 7.50%

Norway 5.75% 5.75% 6.75%

Peru 15.00% 16.00% 18.00%

Philippines 9.50% 3.20% 4.30%

Poland 6.50% 6.50%* 8.50%

Portugal 7.00% 6.25% 8.50%

Republic of Korea 6.50% 7.50% -

Romania 9.00% 9.00*% 9.50%

Russia 9.00% 10.00%* 11.00%

Saudia Arabia 9.50% 11.00% 11.00%

Serbia 10.50% 10.50% 13.00%

Singapore 3.90% 5.50% 6.70%

Slovakia 7.25% 7.25%* 8.75%

Slovenia 7.75% 7.00% 9.25%

South Africa 9.00% 7.75%* 11.00%

Spain 5.75% 4.75% 7.75%

Sweden 5.00% 5.00% 7.00%

Switzerland 4.50% 4.50% 6.75%

Taiwan 2.50% 2.00% 3.00%

Thailand 7.00% 8.00% 8.50%

Turkey 8.15% 7.50% 9.15%

Ukraine 16.00% 17.00% 17.00%

United Arab Emirates 9.50% 12.50% 12.25%

United Kingdom 4.00% 3.00% 6.00%

USA 6.20% 7.70% 7.80%

Vietnam 12.00% 11.00% 12.00%

*Shopping Centres. Note: Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. Source: Cushman & Wakefield December 2010


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GLOBAL INVESTMENT VOLUMES

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Millions (Above US$5 million equivalent, excludes apartments) Millions (Above US$5 million equivalent, excludes apartments)

Country 2009 2010 Annual Change Trend

Argentina 144 235 63.9%

Australia 7,218 10,541 46.0%

Austria 1,252 1,111 -11.2%

Bahrain 0 0 n/a

Belgium 1,685 1,587 -5.8%

Brazil 1,250 4,583 266.7%

Bulgaria 89 19 -78.9%

Canada 4,668 11,575 148.0%

Channel Islands 93 82 -11.9%

Chile 1,393 403 -71.1%

China 112,666 148,478 31.8%

Colombia 73 72 -1.1%

Croatia 81 137 69.1%

Czech Republic 402 490 22.0%

Denmark 1,654 2,578 55.9%

Ecuador 0 0 n/a

Egypt n/a 204 n/a

Estonia 23 35 49.6%

Finland 1,306 2,102 61.0%

France 7,857 11,085 41.1%

Germany 10,415 19,510 87.3%

Greece 277 158 -42.9%

Hong Kong 7,128 15,804 121.7%

Hungary 474 241 -49.2%

India 1,798 3,219 79.1%

Indonesia 6 0 n/a

Ireland 135 240 77.7%

Israel 1,320 1,100 -16.7%

Italy 3,776 3,789 0.3%

Japan 15,366 17,221 12.1%

Latvia 0 0 n/a


Lithuania 0 0 n/a

Luxembourg 506 345 -31.8%

Malaysia 1,024 2,997 192.7%

Mexico 310 207 -33.1%

Netherlands 3,510 5,151 46.7%

New Zealand 2,004 2,303 14.9%

Norway 1,455 4,125 183.6%

Peru 71 179 153.3%

Philippines 339 24 -93.0%

Poland 698 1,957 180.3%

Portugal 593 705 18.8%

Republic of Korea 7,786 4,518 -42.0%

Romania 129 240 85.6%

Russia 1,657 2,803 69.2%

Saudia Arabia 505 57 -88.6%

Serbia 311 106 -65.8%

Singapore 2,142 10,027 368.2%

Slovakia 26 61 135.4%

Slovenia 11 0 n/a

South Africa 1,554 815 -47.5%

Spain 3,413 3,614 5.9%

Sweden 2,481 9,230 272.0%

Switzerland 476 570 19.7%

Taiwan 3,934 5,711 45.2%

Thailand 305 620 103.0%

Turkey 543 1,381 154.3%

Ukraine 323 451 39.6%

United Arab Emirates 1,849 1,125 -39.1%

United Kingdom 28,885 42,813 48.2%

USA 29,400 71,268 142.4%

Vietnam 183 166 -9.0%

Source: Cushman & Wakefield, Property Data, KTI and RCA


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INTERNATIONAL INVESTMENT ATLAS SUMMARY 2011

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US$ Millions (Above US$5 million, excludes apartments) US$ Millions (Above US$5 million, excludes apartments)


Argentina 202 307 51.5%

Australia 10,264 13,997 36.4%

Austria 1,796 1,491 -17.0%

Bahrain 0 0 n/a

Belgium 2,418 2,129 -11.9%

Brazil 1,770 6,072 243.0%

Bulgaria 128 25 -80.3%

Canada 6,609 15,284 131.3%

Channel Islands 133 110 -17.7%

Chile 1,929 519 -73.1%

China 161,486 198,002 22.6%

Colombia 106 96 -9.4%

Croatia 116 184 58.1%

Czech Republic 577 658 14.1%

Denmark 2,373 3,458 45.7%

Ecuador 0 0 n/a

Egypt n/a 250 n/a

Estonia 34 47 39.8%

Finland 1,874 2,820 50.5%

France 11,273 14,871 31.9%

Germany 14,943 26,174 75.2%

Greece 398 212 -46.6%

Hong Kong 10,150 20,686 103.8%

Hungary 681 323 -52.5%

India 2,522 4,309 70.9%

Indonesia 7 0 n/a

Ireland 193 322 66.2%

Israel 2,263 1,024 -54.8%

Italy 5,418 5,083 -6.2%

Japan 21,033 23,020 9.4%

Latvia 0 0 n/a


Lithuania 0 0 n/a

Luxembourg 726 463 -36.2%

Malaysia 1,419 3,801 167.9%

Mexico 443 269 -39.3%

Netherlands 5,036 6,910 37.2%

New Zealand 2,875 3,090 7.5%

Norway 2,087 5,534 165.2%

Peru 103 243 136.4%

Philippines 493 30 -94.0%

Poland 1,002 2,626 162.1%

Portugal 851 946 11.1%

Republic of Korea 10,966 5,915 -46.1%

Romania 186 322 73.6%

Russia 2,377 3,761 58.2%

Saudia Arabia 713 80 -88.8%

Serbia 446 142 -68.0%

Singapore 2,142 10,027 368.2%

Slovakia 37 81 120.1%

Slovenia 16 0 n/a

South Africa 2,229 1,094 -50.9%

Spain 4,897 4,848 -1.0%

Sweden 3,560 12,383 247.8%

Switzerland 683 764 12.0%

Taiwan 5,551 7,475 34.7%

Thailand 437 805 84.3%

Turkey 779 1,853 137.8%

Ukraine 463 606 30.7%

United Arab Emirates 2,491 1,515 -39.2%

United Kingdom 41,444 57,436 38.6%

USA 41,427 93,779 126.4%

Vietnam 261 214 -17.9%

Source: Cushman & Wakefield, Property Data, KTI and RCA


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Cushman & Wakefield is the exclusive leasing agent for One World Trade Center.

One World Trade Center will be New Yorks premier office tower, offering an

exceptionally well positioned and appointed facility with unsurpassed convenience,

security and safety. Among the worlds most green construction projects,

the building provides an unprecedented range of leasing opportunities.

One World Trade Center


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CAPITAL MARKETS CONTACTS

Capital Markets provides advisory and execution and investment management services to clients engaged inbuying, selling, investing in, financing or building real estate. These services typically are provided to private andinstitutional owners and investors, as well as to corporate owners and occupiers.

Our objective is to advise clients on how to maximise the value of their real estate. We assist them in extracting thatvalue through the application of sophisticated financial strategies and funding mechanisms. Our efforts include but

are not limited to investment sales and purchases, loan sales, joint ventures, sale-leasebacks, traditional mortgages,private placements, securities underwriting, mezzanine financing, loan syndication and other financing vehicles.

For further information on our services contact:

GlobalGreg VorwallerExecutive Vice PresidentGlobal Head of Capital [email protected]: + (1)312 470 1855

EMEAMichael RhydderchHead of Capital Markets [email protected]: +44 20 7152 5060

Asia PacificJohn StinsonHead of Capital Markets Group, Asia [email protected]: +(65) 6232 0878

The AmericasJanice StantonSenior Managing Director, Capital Markets [email protected]: +1 (212) 841 5025

or visit www.cushmanwakefield.com


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