s1. global investment activity: where in the cycle? - cbre.kz · ** london, paris, stockholm,...
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S1. Global Investment Activity: Where in the Cycle?
228 193
110 140 119
184 159
209 175
245 229
174 186
82
92
71
97 90
137
130
171
137
40 45
33
40
37
46
50
61
50
72
41
-
50
100
150
200
250
300
350
400
450
500
H1 2007 H2 2007 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014 H1 2015
Americas EMEA Asia Pacific
Global Commercial Real Estate Investment
$US Billion
By Region
Source: CBRE Research, Real Capital Analytics
-
30
60
90
120
150
180
210
240
270
H12007
H22007
H12008
H22008
H12009
H22009
H12010
H22010
H12011
H22011
H12012
H22012
H12013
H22013
H12014
H22014
H12015
Ты
сячи
Americas EMEA Asia Pacific
Source: CBRE Research, Real Capital Analytics
Global Commercial Real Estate Investment
$US Billion
By Region
How Close to the Peak of the Investment Market?
Global Investment Activity By Region on a 6-monthly basis
Source: CBRE Research, Real Capital Analytics
S2. The State of the Global Economy
The State of the Global Economy Is the market momentum about to come to a halt?
Source: CBRE Research
-6,0
-4,0
-2,0
0,0
2,0
4,0
6,0
8,0
10,0
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Emerging Markets Advanced Economies World
World Growth is Sluggish, But on Track
Annual GDP growth, %
Source: Oxford Economics, CBRE Research
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
% US Policy Rate Eurozone Policy Rate UK Policy Rate
Policy Rates Will Rise Very Slowly
Source: Oxford Economics, CBRE Research
S3. Sector Analysis: Changing Investor Preferences, or a Natural Evolution?
10
Global Investment Market: Sector Distribution
Source: CBRE Research, Real Capital Analytics
2007 v H1 2015
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2014 H1 2015 2013 2014 H1 2015 2013 2014 H1 2015
Office Retail Industrial Hotel Other
Global Commercial Real Estate Investment
Share of the Total
By Sector
Source: CBRE Research, Real Capital Analytics
AsiaPac Americas EMEA
S4. Global Real Estate Values and Pricing
All Property, Annual Growth Rate
CBRE Global Capital Value Indices
-30%
-20%
-10%
0%
10%
20%
30%
40%
20
04
Q2
20
05
Q2
20
06
Q2
20
07
Q2
20
08
Q2
20
09
Q2
20
10
Q2
20
11
Q2
20
12
Q2
20
13
Q2
20
14
Q2
20
15
Q2
Asia Pacific
Americas
EMEA
Source: CBRE Research
10,0
8,0
6,0
4,0
2,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
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Sh
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Ho
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Ko
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Sin
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Be
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Mu
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Se
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Tokyo
Ne
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Los A
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Bo
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Sa
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Ch
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Prime Office Yield 10-year Government Bond Spread
Global Real Estate-Bond Yield Gap
Prime office yield (net) relative to 10-year government bond, Q2 2015
(%)
Source: CBRE Research, Macrobond
Asia North America Pacific Europe
S5. Top Destinations of Capital
Key Destinations: Top 20 Markets and their Respective Rankings by Total CRE Investment
Source: CBRE Research, Real Capital Analytics
Key Destinations of Capital: Top 20 Cities in H1 2015
Source: CBRE Research, Real Capital Analytics
By Total Investment By International Capital Flows Only
$US Billion
S6. Three Trends US Investors Should be Watching
19
US Gateway Markets* Top European Markets**
Rise of ‘Permanent’ Capital: International Capital Flows
* New York, Boston, Washington DC, Chicago, San Francisco and Los Angeles
** London, Paris, Stockholm, Berlin, Frankfurt, Hamburg and Munich
Source: CBRE Research, Real Capital Analytics
6%
34%
0% 6% 9%
16% 16%
32%
11%
0%
20%
40%
60%
80%
100%
2007 2008 2009 2010 2011 2012 2013 2014 H12015
Other REITs / SWFs
3% 8% 7% 4%
13% 20%
25%
13% 25%
2007 2008 2009 2010 2011 2012 2013 2014 H12015
S7. Sources of Capital: The Tidal Wave of Cross-border Capital
8% 9% 10% 23% 24%
33% 41% 44% 48%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2014 H1 2015 2013 2014 H1 2015 2013 2014 H1 2015
Domestic International
Americas
Global Commercial Real Estate Investment
Share of the Total
By Buyer Origin
Source: CBRE Research, Real Capital Analytics
Asia Pacific EMEA
Global Capital Flows
Cross-Regional Capital Flows reached $67.5 billion in H1 2015, a
31% increase on H1 2014
Source: CBRE Research, Real Capital Analytics
* All commercial real estate and hotels, including multi-family sector in the North America
LONDON
Asia
LONDON
Pacific
Middle East
South America
Europe
LONDON
25.7
1.0
5.8
Africa
6.2
0.6
6.6
2.4
0.6 3.6 0.1
2.4
6.0
2.6 0.7
1.9 0.3
0.8
0.6
0.4
0.1
North America
Buyer Origin Key
(w/ total outbound capital, USD)
• Asia $16.5B
• Africa 0$0.8B
• Europe $6.4B
• Middle East $11.5B
• North America $28.8B
• Pacific 0$2.9B
• South America0 $0.6B
Top Sources of Cross-border Capital in Global CRE
Source: CBRE Research, Real Capital Analytics
H1 2015
S8. New Sources of Asian Capital
High Net Worth Wealth in Asia Pacific
Source: Capgemini Financial Services Analysis, 2015
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
2009 2010 2011 2012 2013 2014
$US Billion
S9. Outlook – Market Opportunities
Outlook and Market Opportunities
Source: CBRE Research