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1、GlobalRealEstateMarkets2011Research2011GLOBALREALESTATEMARKETSAnnualreview&outlookHighlightsuGlobally,commercialpropertymarketsareinthemidstofamulti-speedrecovery1>.Whileconsiderablevariationsremainbetweenmarkets,theimprovementoftheworldeconomyin20
2、10helpedtoboostdemandforofficespaceinmostcities,andagrowingnumberhaveseenrentsriseandvacancyratesfall.Inmanymarkets,particularlyinNorthAmericaandEurope,thisprocesshasbeenaidedbyasharpslowingofdevelopmentcompletions.uRentalgrowthhasbeenledbytheworld’sma
3、jorfinancialcenters,withofficerentsrisingincitiessuchasNewYork,London,HongKongandSingapore.Incontrast,rentscontinuetocomeunderdownwardpressureinasmallergroupofmarkets,includingLosAngeles,Madrid,SeoulandDubai,wheretheeconomicoutlookremainsuncertainorava
4、ilabilityishigh.uImprovedinvestorconfidencehelpedtransactionalactivitytoincreaseacrossallglobalregionsin2010.Investmentvolumesarelikelytorisefurtherin2011,albeitremainingwellbelowpre-downturnlevels.2ContentsNorthAmerica4Europe14MiddleEast22Africa24Asia
5、-Pacific26Globalofficerents2932011GLOBALREALESTATEMARKETSAnnualreviewandoutlook.newmarkkf.comNORTHAMERICAimprovementoverthe2009averagepriceUnitedStatesof$17><85/sf,andtheaveragecapratefortheInlargedegree,theperformanceofofficemarketin2010was7.5%compare
6、dtocommercialrealestateintheU.S.<8.3%in2009.InvestmentactivityforindustrialsurprisedtheglobalmarketwiththepropertiesintheU.S.alsoincreasedin2010.speedandconfidenceofrecoveryAtotalof$15.<8billioninindustrialsalestookthroughout2010.Withrealestateplacedur
7、ingtheyear,comparedto$7.<8billionactivityatastandstillin2009,thein2009,althoughvolumehasyettoreachthemarketentered2010withlimitedamountofactivityseenfrom2004to200<8withliquiditytorefinancethedistressedanannualaverageof$3<8.4billion.TheaverageCMBSpool,t
8、heperpetualthreatsalepriceforindustrialpropertiesintheU.S.offoreclosedproperties,andthewas$61/sfin2010,comparedto$60/sfin2009,prospectofsignificantlossesfromandtheaveragecapratewas<8.3%comparedthespiraldownturnofprices.Intheto<8.5%.end,
