RCAnalytics.com US Capital Markets Update to October 16, 2012 Dan Fasulo
RCAnalytics.com US Capital Markets Update to October 16, 2012 Dan Fasulo.
Mar 29, 2015
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RCAnalytics.com
US Capital Markets Update
to
October 16, 2012Dan Fasulo
Transaction Activity Slowing around World
http://www.rcanalytics.com
Global: Most Active Acquisition Targets
http://www.rcanalytics.com
Market/Property Type Targets in H1’12
http://www.rcanalytics.com
US Q3’12 Preview
Quarterly Sales Volume office, industrial, retail, apartments, hotels and dev sites
Year-Over-Year Change
-
20
40
60
80
100
120
140
160
180
'06 '07 '08 '09 '10 '11 '12
Bill
ion
sEntity
Portfolio
Individual
-100%
-50%
0%
50%
100%
150%
200%
'06 '07 '08 '09 '10 '11 '12
http://www.rcanalytics.com
US H1’12 Review: Top Markets
http://www.rcanalytics.com
US H1’12 Review: Property Sectors
http://www.rcanalytics.com
Multifamily Land in High Demand
http://www.rcanalytics.com
US Cap RatesAverage Cap Rates by Sector
Apartment
RetailIndustrial
Of f ice - CBD
Off ice - Sub
75
100
125
150
175
200
225
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Moody’s/RCA CPPI
CBD Office & Apartments Leading Recovery in Prices
http://www.rcanalytics.com
National
6 Major Metros
Non-Major Metros
75
100
125
150
175
200
225
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Moody’s/RCA CPPI
http://www.rcanalytics.com
Capital Remains Concentrated in Largest Markets
Miami
Phila
Seattle
Dallas Houston
50
75
100
125
150
175
200
225
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
PhoenixAtlanta
Las Vegas
50
75
100
125
150
175
200
225
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
http://www.rcanalytics.com
Next Favored Tier of Markets Emerging
Rebounding Still ChallengedRCA CPPI
Commercial Property Prices Apartment Property Prices
http://www.rcanalytics.com
Wide Disparity in Market Prices
http://www.rcanalytics.com
Equity Capital
** Excludes entity level transactions
Composition of Lenders
http://www.rcanalytics.com
Debt Capital: Credit Conditions Improving
http://www.rcanalytics.com
Distress Improving, but Still a Problem
http://www.rcanalytics.com
Distress Improving, but Still a Problem
Attraction of Commercial Real Estate
http://www.rcanalytics.com
Average US CRE Cap Rates to US Treasuries
©2012 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; analyses based on properties & portfolios $2.5 million and greater.
Thank You
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