32
ML\A Mdv \d~a ]q\way Mkimc ~j A`~a|  D ML\A Vqlkimd~ij` Gal|qd|y <64< I ^i I ? Jwa|wiar vb  < Jggima vb 1 Eqk~ihjq}i`b vb 4< \a~dik vb 47 I`nq}~|idk vb <= Hj~ak} vb <2 Dvva`nix vb =6

CBRE Cap Rate Survey February 2012

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Page 1: CBRE Cap Rate Survey February 2012

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ML\A Mdv \d~a ]q\way

Mkimc ~j A`~a|

 D ML\A Vqlkimd~ij` Gal|qd|y <64<

I ^i I?

Jwa|wiar vb <

Jggima vb 1

Eqk~ihjq}i`b vb 4<

\a~dik vb 47

I`nq}~|idk vb <=

Hj~ak} vb <2

Dvva`nix vb =6

Page 2: CBRE Cap Rate Survey February 2012

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Mdv \d~a ]q|wayGal|qd|y <64<

<

;; { 00I` ^hI} I}}qa?

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I`}j| ne`n gj| q] mjee|mik |k } }}} x`nn i` <644 d }n |mj| i` h k}i`b e|c mj`niij`} h n|i i`mje

mjeli`n rih ljh kjr |} jg ||` `n xm}}i jkiki i` jh| }} mk}}} h} |}nn e` i`}j|} j |mj`}in| mjee|mik |k} i`}e`} Gib|} g|je \k Mik d`kim} (\Md) }hjr h |`}mij` jke b|r j| 16! g|je <646 rih |`n |j| }k}

jki`b .<44< likkij` ~j hi} gib| i`j mj`x+ i` <661+ h gi|} | gj| rhimh mj`}i}` gib|} | iklk+ h q] e|c }r .==9>

likkij` i` mjee|mik |j| |`}mij`}

~h |ik `n hjk }mj|} }r h k|b} b|jrh |} i` i`}e` mii i` <644+ rih jke 894! `n 978! |}mik v| jg h}

hibh |} jg b|jrh i} g|je h |`|j`n jg xmij`} j` h mmi jg h q] mj`}e| ]|} jg i`}j| i``ij`} mj`}i}`k }hjrn

|ik } h k} gj|n }mj| |k i`j h njr`|` bi` h mj`}e| |kn mj`jeim }hjmc}

 d`jh| gmj| n|ii`b h hibh |} jg b|jrh i} h i`}j| |g|`m gj| }g `n }m|i ~h \Md gib|} }hjr h gj| h |ik }mj|+

i`}e` }k mii rihi` h }|i m`| mjej`` r} 468! g|je | |ki| ~hi} mbj| i} h mjej`` m|i`b b|jm|

`mhj|n |ik rhimh me j l |imk|k gj|n l i`}j|} gj| rih h gjm} j` h }k jg h nik `m}}ii}3 h} }hji`b m`|}

 r| `j } iemn l h nmki` i` ni}m|ij`| }`ni`b }` n|i`b h mj`jeim njr`|` Lj`n hi} }be` jg |ik hjr|+ jh|

}} } }}jmin rih mj| }}} `n mj| e|c} nin rkk I`}e` i` h jggim }mj| r} =49! | j| |+ kjr| h` j|kk

|`}mij` jke+ l h MLN jggim mjej`` r} 17=! | j| | ~h |mij` h h} }}} h ej| n|lk xi |imi`b+

`n xi kitini+ h en i`}j|} |imk|k h`b| gj| h} }}} hjbh h k|b kj }iz} k}j ec} MLN jggim }}} ` ggimi` r

j nkj k|b ej`} jg mik timck

~h |gj|e`m jg h }mj| |ki j jh| }} mk}}} i} mk|k n|ii`b i`}j|} j }c j nkj k|b ej`} jg mik i` mjee|mik

|j| i`}e`} ~h @M\aIG |j| i`nx }hjr} h |i ti |k } nki|n 4>=! jk ||` i` <644 ~hi} gib| me i`

4=4! ||` gj| <646 nki|i`b rj mj`}mi |} jg njlk%nibi ||`} L mj`|} h ]'v 166 j`k nki|n <4! jk ||` i`

<644 bi` h h|}h gkk%jgg }` i` db} gjkkjri`b h njr`b|n jg q] }j|ib` nl g|je ddd j dd# B|`n+ mjee|mik |k } k}j

}gg|n }jerh g|je h i`}j| }cii}h`}} h mmje`in h njr`b|n+ i`j h >h t|| jg <644 h m jg b|jrh i` i`}e` 

}k} }kjrn j 46>! j` | j| | l}i} } i`}j|} }|bbkn j ec }`} jg h kjr kk} jg mikizij` |} `n xmij`} gj|

ejn| m jg ojl b|jrh i` h mjei`b |}

Q`i~an ]~d~a} Jwa|wiar

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Q`i~an ]~d~a} Jwa|wiar (mj`~i`qan)

N}i jkiki i` h }jmc e|c i` <644+ h klj| e|c }nik nnn ojl} ~h m jg ojl b|jrh mmk|n mh ej`h |k i` <644

|bi`b <62+666 `r ojl} | ej`h h|jbh d|ik ~h mjeli`n g gm} jg ln rh| i` h @j|h}+ j|`nj} i` h ]jh `n }kmhi` ni}|ij`} g|je h O`} ~}`ei mjeli`n j }h ej`hk ojl b|jrh njr` j ` |b jg 86+666 `r ojl} | ej`h g|je

E j db} jg <644 J| h |} jg h | hjbh+ h m jg ojl m|ij` |lj`nn+ |bi`b 426+666 `r ojl} | ej`h Rhik

h| r} }kjrnjr` i` b|jrh ein%|+ h `nk r} kr} eji`b i` h |ibh ni|mij` amj`jeim gj|m}} gj| <64< b`|kk hjkn ojl

b|jrh j kik ej| h` h rhimh r} }` i` <6443 }ikk ` hi} }kjr |`n jr|n b|jrh rikk hk h |gj|e`m jg h k}i`b e|c `n

|j| i`mje

 Rih h xmij` jg h |ik }mj|+ kk mjee|mik |j| } |j|n gkki`b m`m |} i` <644 d | `n+ jim m`m |} gkk

j 476! rih ie|je`} i` ljh MLN `n ]l|l` jggim e|c ~h jg gim }mj| mj`i`} j `oj }|j`b |`}mij` jke+ rih emh jg h gjm} j` R}hi`bj` NM `n E`h` rhimh mmj`n gj| ej| h` >6! jg kk }k} i` <644 Gj| h |+ h jke jg jggim |`}mij`}

jkn o} `n| .7<9 likkij`+ =49! | j| |

In~|idk ikliki nmki`n }n m jg <6 l}i} ji`} | t|| i` <644 |mhi`b 4=1! l | `n a|k i` h |mj|+ j`k

hj} e|c} rhimh r| |bij`k ni}|ilij` m`|} j| mh hl} }r ie|je`} i` k}i`b l l | `n <644+ ` e|c} kic vhj`ix

 rh| h gkk i` h hj}i`b m}n }j emh i` }r }l}`ik nmki`} i` ikliki |} ~h |mj| jg h i`n}|ik i`}e` e|c 

i` h} hj}i`b n|i` e|j |} i} }ikk `j} hjr| rih j| }| jg m |} gj| }likizn mk}} d }}} }ikk i` h hibh 7! j ein 2!

|`b gj| }}} i` hj}i`b%n|i` e|c} |}} h kjr 1! |`b gj| ni}|ilij` gjm}n e|c}

\~dik h} l` h j`k |j| }mj| j |j| n|ij|i`b g`ne`k} g|je k} | \ik ikliki me i` 4=<! l | `n+

g|je 4=6! h `n jg <646 ~h }ik| ki`i`b i` h e|c i} h m jg i`m|} h} }jn rih ikliki `jr `mh`bn g|je h =|n

t|| dmmj|ni`b j \Md+ }k} jke |mhn j .><4 likkij` i` <644 |}} .<<= likkij` i` <646 \jbhk 76! jg h jke i` <644

 r} gjm}n j` h }|i m`| mjej`` jg h e|c

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Q`i~an ]~d~a} Jwa|wiar (mj`~i`qan)

Ek~ijib mj`i`} j `oj h hkhi} g`ne`k} } mje|n j h jh| |j| }mj|} wm`m }jjn 1=! l | `n <644+

njr` g|je 76! h `n jg <646 ~h m`m | gj| h }mj| i} `jr h kj`b%|` |b `n } ne`n mj`i`} j b|jr+ nniij`k|` |}}| m` l xmn \`} b|r ` kej} 1! m i` <644 |}} 4>! gj| <646 ~h }k jg hibh%|i} }}} mmj`n gj| |jbhk

<2! jg kk i`}e` jke i` h |} g|je <661 j <668 l h mmj`n gj| o} `n| =7! jg kk mii }i`m <669 i` | n j i`}j|

|g|`m gj| }}} i` br e|c} I` <644+ o} j| <>! jg kk i`}e` mii r} gjm}n j` @r yj|c `n R}hi bj` NM+ e|c}

 rh| }likizn mk}} d m |} }jjn >! `n >1! |}mik h `n jg <644

I` h j~k }mj| h m jg b|jrh i` |` | iklk |jje (\v|) mj`i`} j }e hn I` h gkk }|im }be`+ gj| h >h

t|| jg <644 \v| b|r 28! g|je | |ki| rhik h kiein }|im }be` }r b|jrh jg 87! ~hi} m jg \v| b|jrh h}

l` gi|k mj`}` }i`m h mj`jeim |mj| }|n i` <646 Rih j`%`ibh k} |e+ h hjk }mj| r} h gi|} }mj| j }hjr `ie|je` ~h |mj|i`b g`ne`k} h hkn i`}j|} ec h oe i`j h hjk }mj| rih i`}e` }k} `|k njlki`b

i`j <644

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Jgma { J|ir

I`wa}~ea`~ wjkqea i` ~ha jma }am~j| i} qv .42= likkij` i` <644 wa|}q} <646 ^j vq~ ~hi} bq|a i` va|}vam~iwa+ i` <669 nq|i`b ~ha ej}~

mhdkka`bi`b amj`jeim a`wi|j`ea`~ ~ha ed|ca~ hd} }aa` i` d ba`a|d~ij`+ ~j~dk jma i`wa}~ea`~ dm~iwi~y rd} ka}} ~hd` .424 likkij`3 ka}} ~hd` ~ha

i`m|ad}a |je kd}~ yad| Ej}~ j ~hi} i`m|ad}a i` dm~iwi~y rd} }aa` i` ~ha MLN jma ed|ca~ rhimh }dr d` i`m|ad}a j .4<8 likkij` |je d yad|

ad|kia| ~j |admh .=1> likkij` i` dm~iwi~y ^ha}a ed|ca~} hdwa }hjr` ej|a kitqini~y ~hd` ~ha }qlq|ld` ed|ca~} i` <644 ri~h }dka} |av|a}a`~i`b

17! j dkk dm~iwi~y na}vi~a ~ha}a ed|ca~} |av|a}a`~ j`ky >6! j dkk jma i`wa`~j|y i` ~ha Q]

^ha ML\A Mdv \d~a ]q|way hibhkibh~} d }ib`imd`~ ni}vd|i~y i` i`wa}~j| naed`n j| jma d}}a~} dm|j}} nia|a`~ ~yva} j ed|ca~} ^ha|a i} d

>16 ld}i} vji`~ }v|adn la~raa` ~ha kjra}~ d`n hibha}~ mdv |d~a} j| }~dlikizan Mkd}} D jma d}}a~} i` MLN }qled|ca~} d`n |jqbhky d =96

ld}i} vji`~ }v|adn j| d}}a~} i` ]qlq|ld` }qled|ca~} I` ~ha ein%yad| <644 wa|}ij` j ~hi} |avj|~+ ~ha ni}vd|i~y la~raa` ~ha hibha}~ d`n kjra}~

MLN ed|ca~} rd} dk}j d~ dljq~ >16 ld}i} vji`~} lq~ i` ]qlq|ld` d|ad} ~ha }v|adn rd} d||jra| d~ =>6 ld}i} vji`~} Ri~h v|imi`b }j ~ibh~ j|

mj|a d}}a~} i` MLN jma ed|ca~}+ }jea i`wa}~j|} d|a labi``i`b ~j }~|a~mh ~j i`wa}~ea`~} i` }qlq|ld` kjmd~ij`} i` d }akam~ `qela| j ed|ca~}

d`n mdv |d~a} d|a dnoq}~i`b

]km g|je h ki} lkjr j mm}} h m||` MLN jggim m |} `n gj|m}

Njrkjdn d Mjevk~ Jim MLN M||~ Mdv \d~ Md|~ (VNG)

Njrkjdn d Mjevk~ Jim MLN Mdv \d~ Gj|md~ Md|~ (VNG)

]km g|je h ki} lkjr j mm}} h m||` }l|l` jggim m |} `n gj|m}

Njrkjdn d Mjevk~ Jim }l|ld M||~ Mdv \d~ Md|~ (VNG)

Njrkjdn d Mjevk~ Jim }l|ld Mdv \d~ Gj|md~ Md|~ (VNG)

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Jgma MLN { a}|` \bij`

/ Mje|n j 4} Hkg <644

MDV \D^a GJ\aMD}^/

Mkd D Mkd L Mkd M

}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn

 D~kd~d

Ldk~iej|

Lj~j

Md|kj~~

 Odmcjwikk

Eevi

Eidei

`dwikk

`r Yj|c Mi~y 

J|kdnj

Vi~~l|b

Vikdnkvid

\dkib

^devd

 Rdib~j+ NM

/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c

Mkd D Mkd L Mkd M

}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~kd~d 721! % 2<1! I 216! % 866! 216! % 866! 816! % 9<1! 916! % 46<1! 4616! % 4416!

I

Ldk~iej| 716! % 721! I 2<1! % 221! 8<6! % 876!I

886! % 9>6! 916! % 4666!I

4466! % 4<66!

Lj~j >16! % 116! I 2<1! % 8<1! 716! % 216!I

216! % 816!I

866! % 966!I

966! % 4666!I

Md|kj~~ 716! % 216! 266! % 216! 266! % 216! 216! % 8<1! 816! % 916! 4666! #I

 Odmcjwikk 866! % 9<1! 4466! % 4=66! 821! % 4666!I

4416! % 4=16! @*d @*d @*d @*d

Eevi 816! % 966! @*d 966! % 4666! @*d 966! % 916! @*d 966! % 4666! @*d 4666! % 4466! @*d 4666! % 4466! @*d

Eidei 766! % 266! 2<1! % 866!I

721! % 221! 866! % 966! 2<1! % 8<1! 821! % 921!

`dwikk 786! % 216! 216! % 866! 821! % 966!  I

916! % 4666! 916! % 4666!I

4666! #I

`r Yj|c Mi~y  >16! % 166! 166! % 766!I

166! % 766! 766! % 266! @*d @*d @*d @*d

J|kdnj 721! % 2<1! I 216! % 866!I

221! % 816! 886! % 966! 9<1! % 921!I

4666! % 4616!

Vikdnkvid 716! % 266! 266! % 216! 216! % 866! 866! % 816! 966! % 4666!I

4666! % 4466!I

Vi~~l|b 216! % 866! I 866! % 816!I

816! % 966!I

916! % 46<1! 4616! % 44<1!I

4466! % 4<66!I

\dkib 716! % 216! 266! % 216! 266! % 216! 216! % 8<1! 816! % 916! 4666! #

^devd 716! % 216! 8<1! % 9<1! 8<1! % 916! I 966! % 4666!I

916! % 4616!I

4666! % 4466!I

 Rdib~j+ NM >21! % 1<1! 1<1! % 766! 116! % 7<1!I

766! % 721! 716! % 216! 216! % 866!

Nam|ad}a

\aedi` Gkd~

I`m|ad}a

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Jgma MLN { M`|k \bij`

Mkd D Mkd L Mkd M

}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~i 121! % 716! 716! % 266!I

266! % 221! 216! % 816! 966! % 4666! 4666! % 4466!

Mimdbj 121! % 716! 716! % 266!I

266! % 216!I

216! % 221!I

@*d @*d @*d @*d

Mimid~i 866! % 966! 966! % 916! 916! % 4616!I

4666! % 4466!I

4616! % 4416!I

4466! % 4<16!

Mkwkdn 821! % 9<1!I

966! % 916! 916! % 4666!I

4666! % 4616! 4616! % 4466! I 4466! % 4<66!I

Mjkel 116! % 716! 7<1! % 216! 216! % 816! 216! % 816! 816! % 916! 816! % 916!

Ndkkd 866! % 966! 816! % 916!I

966! % 916! 916! % 4666! 916! % 4466! 4666! % 4466!

N~|ji~  816! % 4666!I

966! % 4466!I

966! % 4<66!I

4666! % 4>66!I

4666! % 4=66!I

4<66! % 4166!I

hj~j 766! % 266!I

216! % 816!I

216! % 816!I

966! % 4666! 916! % 4666!I

4416! % 4<66!I

Iniddvjki 866! % 921! 866! % 921! 916! % 4466!I

9<1! % 4621!I

4666! % 4<21! @*d 921! % 44<1! @*d

Cdd Mi~y  8<1! % 816! 866! % 966! 916! % 4666! 916! % 4666! 4466! % 4<66! 4466! % 4<66!

Eidvjki 716! % 216! 866! % 966! 866! % 966!I

916! % 4616!I

4666! % 4<66! 4416! % 4=16!

}d D~jij 716! % 266!I

266! % 216!I

866! % 821! 821! % 916! 4666! % 4466! 4466! % 4<66!

}~. Kji 816! % 916! 9<1! % 46<1!I

916! % 4616! 46<1! % 44<1!I

4466! % 4>66! 4<<1! % 4166!

MDV \D^a GJ\aMD}^/

Mkd D Mkd L Mkd M

}~dlikizn Wdk Dnn }~dlikizn Wdk Dnn }~dlikizn Wdk Dnn D~i

Mimdbj

Mimid~i

Mkwkdn

MjkelNdkkd

N~|ji~ 

hj~j

Iniddvjki

Cdd Mi~y 

Eidvjki

}d D~jij

}~. Kji

Nam|ad}a

\aedi` Gkd~

I`m|ad}a

/ Mje|n j 4} Hkg <644

/ M \ Gj|m} ||}`} h ML\a |jg}}ij`k’} ji`ij` jg rh| m |} | kick j |`n i` 4} hkg jg <64< i` hi| kjmk e|c

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Mdv \d~a ]q|wayGal|qd|y <64<

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Jgma MLN {  R}|` \bij`

Mkd D Mkd L Mkd M

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Nw| 116! % 766!I

721! % 266! 721! % 266! 866! % 816! 866! % 816!I

966! % 916!I

Kd Wbd 266! % 866! 966! % 4666! 866! % 966! 4666! % 4466! 4666! % 4466! 4466! % 4<66!I

Kj Dbk 116! % 766!I

766! % 716!I

766! % 266!I

716! % 866!I

216! % 816!I

866! % 4666!I

J|db Mj~y  766! % 716!I

2<1! % 866! 2<1! % 8<1!I

8<1! % 9<1! 966! % 4666! 9<1! % 4466!

Vjix  716! % 266!I

216! % 866!I

216! % 866!I

816! % 966!I

816! % 966!I

916! % 4666!I

Vj|~kdn 7<1! % 266! 266! % 216!I

266! % 866!I

216! % 866!I

8<1! % 9<1! 216! % 4666!I

}dm|de~j 721! % 2<1! 221! % 816! 216! % 866! 816! % 9<1! 866! % 821! 966! % 4666!

}dk~ Kdc Mi~y  286! % 866!I

8<6! % 8>6!I

866! % 816!I

816! % 966! 4666! % 4=66! 4<66! % 4166!

}d Nibj 7<1! % 2<1!I

721! % 221! 216! % 866! 816! % 966! 221! % 821! 8<1! % 9<1!

}d G|dmimj >21! % 766! 766! % 266!I

766! % 216! 721! % 821! 866! % 4666!I

966! % 4466!I

}d~~k 116! % 121! 766! % 266!I

716! % 266!I

266! % 866!I

8<1! % 966! 9<1! % 4666!

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I`m|ad}a

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Jgma ]qlq|ld` { a}|` \bij`

Mkd D Mkd L Mkd M

}~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ }~dlikizn |n/ Wdk Dnn |n/ D~kd~d 721! % 2<1! 216! % 816! 221! % 821! 821! % 916! 921! % 4616! 4616! % 4416!

I

Ldk~iej| 721! % 2<1!I

221! % 8<1! 8<6! % 876!I

886! % 9>6! 916! % 4666!I

4466! % 4<66!

Lj~j 716! % 216!I

216! % 816!I

216! % 816!I

866! % 966!I

966! % 4666!I

4666! % 4<66!I

Md|kj~~ 2<1! % 866! 866! % 816!I

221! % 821!I

821! % 916!I

4666! % 4466! 4466! % 4<66!

 Odmcjwikk 866! % 9<1! 4466! % 4=66! 821! % 4666! 4416! % 4=16! 4616! % 4<21! 4<66! % 4>16!

Eevi 866! % 816! @*d 216! % 866! @*d 966! % 916! @*d 816! % 966! @*d 4666! % 4466! @*d 4666! % 4466! @*d

Eidei 716! % 216!I

216! % 816!I

221! % 821! 821! % 921! I 966! % 4666! I 46<1! % 44<1!I

`dwikk 216! % 286!I

221! % 866! 816! % 966! 966! % 916! 4666! % 4616!I

4666! #I

J|kdnj 216! % 866! 866! % 816!I

8<1! % 821! 816! % 966! 9<1! % 921! 4666! % 4621!

Vikdnkvid 266! % 216! 866! % 816!I

966! % 4666! 4666! % 4466!I

4616! % 4<66!I

4466! % 4=66!I

Vi~~l|b 216! % 866!I

866! % 816!I

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966! % 4666!I

4466! % 4<66! 4<66! % 4<16!

\dkib 2<1! % 866! 866! % 816! 221! % 821! 821! % 916!I

4666! % 4466! I 4466! % 4<66!

^devd 266! % 866!I

866! % 966!I

866! % 966!I

821! % 921!I

9<1! % 46<1!I

4666! % 4<66!I 

 Rdib~j+ NM 166! % 121! 266! % 216! 2<1! % 866! 866! % 816! 866! % 966! I 816! % 966! I

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Page 10: CBRE Cap Rate Survey February 2012

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Mimdbj

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866! % 821!I

816! % 9<1! 916! % 4466! 4466! % 4<66!

Mimdbj 216! % 816!I

8<1! % 966! 816! % 921! 9<1! % 46<1! 916! % 4621! 46<1! % 4<21!

Mimid~i 866! % 966!I

816! % 916!I

966! % 916! 916! % 4616!I

4666! % 4466! 4616! % 4<66!

Mkwkdn 821! % 9<1!I

966! % 916! 916! % 4666!I

4666! % 4616! 4616! % 4466!I

4466! % 4<66!I

Mjkel 116! % 716! 716! % 216! 216! % 816! 216! % 816! 816! % 916! 816! % 916!

Ndkkd 266! % 866! 216! % 816! 221! % 816! 866! % 816! 816! % 966! 966! % 4666!

N~|ji~  816! % 4666!I

966! % 4466!I

966! % 4<66!I

4666! % 4>66!I

4666! % 4=66!I

4<66! % 4166!I

hj~j 216! % 866! 866! % 816! 866! % 816!I

966! % 4666!I

4666! % 4466! 4466! % 4<66!I

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9<1! % 4616! 916! % 4466! @*d 921! % 4<21! @*d

Cdd Mi~y  221! % 816! 216! % 8<1! 966! % 4666!I

966! % 4666! 4666! % 4466! 4666! % 4466!

Eidvjki 7<1! % 221! 966! % 4666! 866! % 916! 4666! % 44<1!I

4666! % 4416! 4=66! % 4>66!

}d D~jij 2<1! % 866! 866! % 821! 816! % 966! 9<1! % 921! 4666! % 4466! 4466! % 4<66!

}~. Kji 216! % 816! 866! % 966! 966! % 4666! 966! % 4666! 4616! % 4<66! I 4666! % 4166! I

Nam|ad}a

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Page 11: CBRE Cap Rate Survey February 2012

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4666! % 4466! @*d 4666! % 44 66!

Nw| 716! % 266!I

221! % 8<1!I

866! % 816!I

966! % 916!I

966! % 4666!I

4616! % 4466!I

Kd Wbd 216! % 816! 916! % 4616! 816! % 916! 4616! % 4416! 916! % 4616! 4416! % 4< 16! @*d

Kj Dbk 116! % 266!I

766! % 216!I

716! % 216!I

266! % 866!I

216! % 966!I

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J|db Mj~y  766! % 716! 2<1! % 866!I

2<1! % 8<1! 8<1! % 9<1!I

966! % 4666! 9<1! % 4466!I

Vjix  266! % 216! 866! % 816! 866! % 816!I

966! % 916!I

916! % 4666!I

4616! % 4466!I

Vj|~kdn 216! % 866! 866! % 821!I

816! % 9<1! 9<1! % 46<1! 966! % 4666!I

4616! % 4466!I

}dm|de~j 266! % 216! 866! % 816! 221! % 816! 816! % 9<1! 816! % 9<1! 966! % 4666!

}dk~ Kdc Mi~y  286 ! % 866!I

8<6! % 8>6!I

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}d Nibj 766! % 266!I

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2<1! % 8<1!I

216! % 816!I

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766! % 266! 766! % 216! 2<1! % 9<1! 821! % 4616! 9<1! % 4416!

}d~~k 116! % 7<1! I 766! % 866!I

716! % 216! I 266! % 866!I

216! % 966! I 866! % 916!

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Page 13: CBRE Cap Rate Survey February 2012

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116! % 716! 121! % 216!I

716! % 866! 266! % 916! 866! % 4616!I

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Page 14: CBRE Cap Rate Survey February 2012

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4<66! % 4766!

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266! % 866! I 866! % 4666!I

866! #

N~|ji~  721! % 221! 216! % 866! 216! % 816! 866! % 966! 821! % 916! 916! % 4616!

hj~j 166! % 766!I

116! % 716! 716! % 216!I

2<1! % 866! 866! % 966!I

866! % 916!I

Iniddvjki 766! % 716!I

116! % 7<1! 266! % 216!I

716! % 266! I 866! % 966!I

866! % 4<66!

Cdd Mi~y  116! % 716!I

116! % 716! I 266! % 866!I

716! % 266! I 816! % 4666!I

216! % 866!

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166! % 116! 7<1! % 721!I

7<1! % 266! I 266! % 216! 266! % 216!

}d D~jij 1<1! % 766! 1<1! % 7<1! @*d 766! % 266! 7<1! % 2<1! 266! % 866! 266! % 8<1!

}~. Kji 116! % 716!I

121! % 716!I

721! % 216! 266! % 216! 816! % 966! 916! % 4666!

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Page 15: CBRE Cap Rate Survey February 2012

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Eqk~ihjq}i`b {  R}|` \bij`

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Nw|

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 Dklt|t 121! % 766!I

121! % 7<1! 766! % 716! 7<1! % 721! 721! % 216! 266! % 8<1!I

Nw| >21! % 116!I

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>16! % 1<1!

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1<1! % 116! 116! % 121! 121! % 766! I 766! #I

766! #I

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1<1! % 121! 766! % 716!I

121! % 7<1! 716! % 266! @*d @*d @*d

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}d Nibj ><1! % >21!I

><1! % >21! I 1<1! % 121!I

166! % 121! I 766! % 716! 766! % 716!

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>16! % 166! I 166! % 116!I

116! % 766! I 116! % 716!I

766! % 716!I

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166! % 766!  I

1<1! % 766!  I

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766! % 266!

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Page 16: CBRE Cap Rate Survey February 2012

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Njrkjdn d Mjevk~ \~dik Vjr| M~| M||~ Mdv \d~ Md|~ (VNG)

Njrkjdn d Mjevk~ \~dik Vjr| M~| Mdv \d~ Gj|md~ Md|~ (VNG)

Page 17: CBRE Cap Rate Survey February 2012

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Ldk~iej| 121! % 716! @*d 866! % 816! @*d 966! % 4666! @*d

Lj~j 121! % 716! @*d 266! % 221! @*d 966! % 4466! @*d

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 Odmcjwikk 716! % 266! 116! % 216! 2<1! % 221! 766! % 866! 866! % 4466! 4666! #

Eevi 816! % 966! 216! % 866! 966! % 4666! 816! % 966! 4666! % 4466! 4666! % 4466!

Eidei 766! % 716! 266! % 866! 216! % 866! 866! % 966! 816! % 966! 966! % 4666!

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J|kdnj 716! % 266! 116! % 216! 2<1! % 221! 766! % 866! 866! % 4466! 4666! #

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\dkib 716! % 266! 266! % 866! 266! % 8<1! 221! % 966! 821! % 4666! 916! % 4466!

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Page 18: CBRE Cap Rate Survey February 2012

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 D~i 7<1! % 721! 721! % 2<1! 216! % 8<1! 866! % 821! 821! % 921! 921! % 4621!

Mimdbj 7<1! % 721! 866! % 966! 216! % 866! 4616! % 4416! 966! % 4666! 4<66! % 4>66!

Mimid~i 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!

Mkwkdn 2<1! % 221! 916! % 4666! 8<1! % 821! 4421! % 4<<1! 921! % 46<1! 4=66! % 4766!

Mjkel 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!

Ndkkd 716! % 266! 266! % 216! 221! % 816! 8<1! % 966! 966! % 4666! 4666! % 4466!

N~|ji~  216! % 866! 916! % 4666! 816! % 966! 4<66! % 4>66! 4666! % 4<66! 4=66! % 4766!

hj~j 716! % 266! 266! % 216! 221! % 816! 8<1! % 966! 966! % 4666! 4666! % 4466!

Iniddvjki 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!

Cdd Mi~y  266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!

Eidvjki 7<1! % 721! 866! % 966! 216! % 866! 4616! % 4416! 966! % 4666! 4<66! % 4>66!

}d D~jij 721! % 2<1! 2<1! % 221! 866! % 821! 816! % 9<1! 9<1! % 46<1! 46<1! % 44<1!

}~. Kji 266! % 216! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4616! 4<66! % 4>66!

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Page 19: CBRE Cap Rate Survey February 2012

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 Dklt|t 2<1! % 216! 866! % 8<1! 816! % 966! 966! % 916! 816! % 966! 816! % 966!Nw| 716! % 721! 266! % 221! 2<1! % 221! 866! % 821! 9<1! % 4666! 4666! % 4466!Kd Wbd 2<1! % 8<1! 221! % 821! 8<1! % 9<1! 821! % 921! 9<1! % 46<1! 921! % 4621!Kj Dbk 166! % 766! 766! % 266! 766! % 266! 266! % 866! 866! % 966! 4666! #J|db Mj~y  166! % 116! 116! % 716! 766! % 216! 716! % 866! 866! % 966! 4666! #Vjix  766! % 716! 266! % 216! 716! % 266! 2<1! % 221! 266! % 216! 866! % 816!Vj|~kdn 716! % 266! 216! % 816! 266! % 866! 866! % 966! 866! % 916! 916! % 4466!}dm|de~j 2<1! % 866! 266! % 866! 221! % 816! 216! % 816! 866! % 966! 866! % 966!}dk~ Kdc Mi~y  2<6! % 276! 216! % 8<6! 866! % 816! 8>6! % 966! 946! % 46>6! 916! % 4<<6!}d Nibj 166! % 116! 1<1! % 716! 766! % 266! 716! % 216! 216! % 816! 966! #}d G|dmimj 166! % 121! >21! % 121! 721! % 216! 716! % 216! 866! % 916! 866! % 966!}d~~k 166! % 7<1! 166! % 7<1! 7<1! % 2<1! 7<1! % 2<1! 866! % 4466! 886! % 4466!

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 D~kd~d 716! % 2<1! 2<1! % 816! 216! % 866! 866! % 816! 966! % 916! 966! % 4666!

Ldk~iej| 7<1! % 721! @*d 866! % 821! @*d 9<1! % 46<1! @*d

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Md|kj~~ 266! % 216! 216! % 866! 866! % 966! 966! % 4666! 966! % 4666! 966! % 4666!

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Eevi 8<1! % 816! 216! % 866! 821! % 9<1! 8<1! % 821! 916! % 4616! 966! % 4666!

Eidei 716! % 2<1! 2<1! % 866! 216! % 816! 816! % 966! @*d @*d

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Page 21: CBRE Cap Rate Survey February 2012

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 D~i 266! % 216! 216! % 866! 866! % 821! 821! % 9<1! 921! % 4421! 4621! % 4421!

Mimdbj 721! % 2<1! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4466! 4<16! % 4>16!

Mimid~i 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!

Mkwkdn 221! % 8<1! 4666! % 4616! 821! % 9<1! 4<<1! % 4<21! 4621! % 4=66! 4=66! % 4766!

Mjkel 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!

Ndkkd 2<1! % 221! 221! % 8<1! 8<1! % 966! 966! % 916! 4666! % 4466! 4466! % 4<66!

N~|ji~  866! % 816! 4666! % 4616! 966! % 916! 4<16! % 4166! 4466! % 4=66! 4=16! % 4766!

hj~j 2<1! % 221! 221! % 8<1! 8<1! % 966! 966! % 916! 4666! % 4<66! 4466! % 4<66!

Iniddvjki 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!

Cdd Mi~y  216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!

Eidvjki 721! % 2<1! 816! % 916! 866! % 816! 4466! % 4<66! 916! % 4466! 4<16! % 4>16!

}d D~jij 216! % 866! 866! % 816! 816! % 9<1! 9<1! % 921! 46<1! % 4<<1! 44<1! % 4<<1!

}~. Kji 216! % 866! 966! % 4666! 816! % 966! 4416! % 4<16! 4666! % 4466! 4<16! % 4166!

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Vjix  766! % 716! 266! % 216! 716! % 266! 2<1! % 221! 866! % 816! 966! % 916!

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}dm|de~j 2<1! % 866! 266! % 866! 216! % 8<1! 216! % 8<1! 866! % 821! 866! % 821!

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}d Nibj 116! % 716! 716! % 266! 266! % 866! 216! % 966! 816! % 916! 4666! #

}d G|dmimj 121! % 716! 121! % 716! 266! % 866! 266! % 866! 916! % 4616! 966! % 4666!

}d~~k 116! % 716! 116! % 716! 716! % 866! 716! % 866! 966! % 4466! 966! % 4466!

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Md|kj~~ 266! % 216! I 216! % 866! I 216! % 8<1! 866! % 816! 916! % 4666! I 4466! % 4<66!

 Odmcjwikk 216! % 816! 866! % 966! I 866! % 966! 816! % 916! 4666! % 4466! 4466! % 4=66!

Eevi 221! % 8<1! @*d 266! % 216! @*d 8<1! % 821! @*d 221! % 8<1! @*d 966! % 4666! @*d 966! % 4666! @*d

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`dwikk 216! % 816! I 866! % 966! I 866! % 966! 816! % 916! 4666! % 4466! 4466! % 4=66!

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Mimdbj 766! % 716! 721! % 216! I 2<1! % 221! I 866! % 816! 816! % 916! 966! % 4666!

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Ldk~iej| 266! % 216! 2<1! % 8<1! 866! % 966! 816! % 916!

Lj~j 766! 716! I 716! I 266!

Mimdbj 266! % 216! 221! % 8<1! 866! % 816! @*d @*D

Mimid~i 266! % 4666! @*D 966! % 4466! @*D 966! % 4466! @*D 4666! % 4<66! @*D

Mjkel 266! % 4666! @*D 966! % 4466! I 966! % 4466! I 4666! % 4<66! I

Ndkkd 766! % 721! 216! % 8<1! 816! % 9<1! I 916! % 46<6!

Nw| 266! % 216! I 2<1! % 221! I 216! % 866! I 916! % 4666! I

N~|ji~  866! % 816! @*D 916! % 4666! @*D 4666! % 4616! @*D 4466! % 4416! @*D

 Odmcjwikk 266! % 816! 216! % 966! 816! % 916! 916! % 4616!Cdd Mi~y  216! % 966! I 816! % 4466! I 816! % 4466! I 4666! % 4<66! I

Kd Wbd @*d @*D @*d @*D 866! % 4666! @*D 266! % 966! @*D

Kj Dbk 766! % 816! I 266! % 966! I 766! % 966! 866! % 4666! I

Eidei 7<1! % 2<1! 216! % 816! 221! % 821! 966! % 4666!

`r Yj|c Mi~y  >16! % 116! 116! % 716! 716! % 216! 216! % 816!

J|db Mj~y  766! % 816! I 266! % 966! I 766! % 966! 866! % 4666! I

J|kdnj 266! % 816! 216! % 966! 816! % 916! 916! % 4616! I

Vjix ' mj 766! % 716! I 216! % 866! I 866! % 816! 966! % 916!

Vj|~kdn 166! % 766! 116! % 716! 716! % 216! 966! % 4666!

\dkib 816! % 916! I 816! % 916! 916! % 4616! I 4416! % 4<16!

}d D~jij 7<1! % 721! 9<1! % 921! 2<1! % 221! 921! % 46<1! I

}d Nibj 766! % 816! I 266! % 966! I 766! % 966! 866! % 4666! I

}d G|dmimj 116! % 716! I 716! % 216! I 216! % 966! I 816! % 4666! I

}d~~k 116! % 121! 121! % 716! I 966! % 4466! 4666! % 4<66!

^devd 266! % 816! @*D 216! % 966! @*D 816! % 916! @*D 916! % 4616! @*D

 Rdib~j+ NM 266! % 216! 2<1! % 8<1! 866! % 966! I 816! % 916!

/ Mje|n j 4} Hkg <644// wk%nn m |} | l}n j` | = }likizn @JI niinn l jk mj} 

M \ ]

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I` ^hI} I}}qa?

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M \ ]

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M \ ~ ]

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