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MARKET OVERVIEWSecond Quarter 2009
 
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   M   A   R   K   E   T   O   V   E   R   V   I   E   W   -   S   E   C   O   N   D   Q   U   A   R   T   E   R   2   0   0   9   N   E   W    Y   O   R   K   C   A   P   I   T   A   L   M   A   R   K   E   T   S   G   R   O   U   P
 
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Table of Contents
■
Executive Summary
 –
Economic Overview
 –
NY Capital Markets
 –
NY Office Leasing
 –
NY Residential
■
Addenda
 –
Economic Overview
 –
NY Capital Markets
 –
NY Office Leasing
 –
NY Residential
 
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   M   A   R   K   E   T   O   V   E   R   V   I   E   W   -   S   E   C   O   N   D   Q   U   A   R   T   E   R   2   0   0   9   N   E   W    Y   O   R   K   C   A   P   I   T   A   L   M   A   R   K   E   T   S   G   R   O   U   P
 
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* Additional data can be found in the addenda (Slides 32-46).
Economic Overview -National
■
9.5% unemployment rate highest since 1984; projected to reach 10% by year-end
■
TALF and CMBS Public-Private Investment Program underway to help unfreeze commercialloan market –marketimpact TBD
■
A record high 5.5% of outstanding CMBS loans in special servicing
■
Unprecedented loan maturities during next five years
■
2008 real estate investment activity down 82% versus 2007; 2009 running 86% below 2008
■
REIT prices down 60%+ from 2007 peak
Executive Summary
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