Professional Documents
Culture Documents
Global 8 25 22 -17
APAc
Availablility - NB % Inducements - NB %
15 21 4 27 12 11
Development starts - NB %
0 26 3 17 7 -12
3m Rent Expectations - NB % Investment Enquiries - NB%
10 27 16 -9
ries - NB% 3m Capital value expectations - NB %
3 13 12 -16 5 12 12
Net demaNet demand
-8
Occupier demand - NB % Availablility - NB %
23 -8 17 25 -13 38
0 0 38 29 50 36
24 10 43 39 48 43
10 9 35 38 24 43
0 -36 25 16 37 22 63 73
-15 -6 19 4 22 31 46 55
2 -14 30 21 32 36 49 57
-28 -24 10 5 5 19 45 53
3 -7 26 34 25 20 44 52
5 16 14 11 13 17 43 50
-8 8 20 27 15 18 42 50
-14 -9 3 1 6 3 16 23
3 5 27 34 25 23 31 40
21 12 29 38 26 24 28 40
28 5 34 39 35 29 28 31
43 9 45 48 52 36 -3 3
42 -9 15 21 17 9 8 9
53 -14 40 52 49 19 24 34
40 -25 35 58 45 3 -4 10
37 -18 23 42 32 -6 -17 -11
37 -20 25 44 41 -10 -2 14
26 -18 15 29 26 -11 -20 -15
33 -28 9 29 27 -29 -19 -14
29 -25 17 34 34 -18 -13 -1
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
54 63 26 41 20 16 39 7
29 54 18 17 23 14 29 6
47 43 2 3 3 0 67 6
34 46 4 14 2 -5 21 10
44 38 15 19 13 15 -26 2
33 44 24 16 33 22 -32 0
33 44 -6 -6 -2 -10 -43 0
7 19 4 6 0 4 -39 0
27 27 -7 -12 -5 -5 -49 2
26 18 1 -10 11 3 -65 2
29 24 -11 -28 -6 0 -59 3
-7 -7 -12 -13 -10 -14 -65 0
3 10 -18 -6 -23 -23 -59 0
25 14 -9 -21 -16 9 -53 0
-5 -18 -8 -10 -11 -3 -32 2
-12 -27 -2 -13 -8 14 -59 1
-3 -16 3 4 -5 8 -78 0
-18 -26 11 9 5 18 -64 1
-8 -34 5 -5 1 18 -49 1
-8 -28 11 8 1 25 8 2
Capital value expectations - respondents' 12m average % fo
-3.0
-1.3
-1.9
-3.7
-3.0
-1.8
-2.1
-2.4
-2.6
-0.9
-2.0
-0.5
-2.2
-2.3
-2.4
-2.8
-2.3
-3.0 5.6 33.3 29.9 -3.1 10.1 4.5 -40.9
-3.9 7.6 43.8 36.1 -18.4 17.3 9.9 -43.2
-3.8 18 57 53 -3 17 19 -38
View on current market valuation levels Per
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
6 16 31 41 6
2 6 44 38 10 6
2 10 41 37 10 16
0 16 40 40 4 7
2 13 45 33 7 13
0 13 53 30 4 6
0 18 36 36 9 7
2 9 36 45 7 2.3
3 5 24 55 13 7.9
0 0 45 48 6 12
0 9 31 50 9 3
4 12 22 46 16 8
2 14 33 44 7 9
0 11 43 34 11 21
1 6 46 39 9 24
3 9 40 41 7 22.857143
2 5 47 39 6 23.484848
2 7 57 29 6 16
Perceptions on current phase of property cycle
31 8 15 17 23 3.7
16 18 8 20 24 3.7
22 22 0 18 31 3.9
13 11 7 27 29 4.1
15 21 4 30 23 4
16 9 13 27 29 4.2
6.8 22.7 0.0 31.8 36.4 4.6
5.3 13.2 0.0 28.9 44.7 4.7
3 18 6 12 50 5
6 12 9 15 55 5
4 16 8 6 58 4.74
2 16 12 19 42 5
4 13 13 17 32 4
4 9 13 9 41 4
15.714286 18.571428571 8.571428571 10 24.285714286 3.4
19.69697 14.393939394 10.60606061 11.363636364 20.454545455 3.28030303
16 20 18 11 20 4
Occupier
Demand Investment
minus Demand
Availabilit minus
OSI ISI y Supply
6 -33 6
-1 -30 -26
-25 -31 -88
-62 -57 -145
-76 -40 -133
-54 -20 -66
-28 -2 -42
-6 25 27
28 35 72
-9 12 23
23 19 43
21 5 48
19 20 38
7 -3 2
-2 -20 -32
-5 -18 5
-7 -7 -1
-7 -13 -17
-20 -15 -45
-48 -4 -87
-22 20 -38
-38 5 -68
-29 32 -52
-12 38 -10
-16 29 -29
-21 31 -47
-27 12 -45 11
-28 11 -43 18
-21 20 -34 30
-21 16 -31 35
-13 15 -21 24
-3 10 -17 11
0 18 -2 38
-7 4 -18 4
6 19 14 34
4 12 18 28
6 25 15 45
17 22 29 35
17 12 29 32
18 22 37 41
8 20 20 39
8 11 11 15
9 5 11 6
1 -3 -8 -5
-2 0 -2 -3
Occupier demand - NB % Availablility - NB %
0 50 22 33 0 33 0 0
7 31 20 48 0 10 5 -7
14 13 17 63 0 -13 10 -14
0 13 -5 29 -14 -29 22 50
10 18 25 27 20 27 7 30
14 29 10 29 0 0 0 -17
-13 25 17 50 0 0 -14 13
-13 25 13 25 0 13 -19 -14
0 40 20 40 0 20 -7 0
0 14 5 29 0 -14 19 43
10 20 6 18 10 -9 0 10
-13 0 13 25 13 0 0 13
0 17 0 0 0 0 11 17
17 -8 8 15 15 -8 -5 8
0 18 9 27 0 0 -38 -50
-36 0 5 27 0 -13 -22 15
27 18 18 27 18 9 10 30
-14 29 17 31 0 20 21 50
0 15 26 46 8 23 -2 29
-6 18 6 18 0 0 -18 -7
0 -13 -4 -13 0 0 13 38
5 15 5 -5 5 14 -4 20
-13 -7 0 -7 0 7 -7 27
0 19 7 7 0 13 17 44
0 10 6 8 -8 17 22 58
8 0 8 8 0 17 9 18
9 27 0 -10 0 11 15 44
0 14 14 7 8 27 2 33
-33 30 6 0 0 18 9 27
0 18 -3 -9 -10 10 30 64
0 44 7 13 -14 22 10 29
-8 23 2 7 -15 15 2 14
0 26 25 21 5 47 -14 0
-6 29 -2 -13 -13 20 8 41
-25 50 15 20 0 25 -13 10
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
-67 -67 50 67 0 67
-17 2 34 40 0 52
33 71 17 13 0 38
-13 63 17 13 -25 63
0 33 7 0 11 11
-14 29 -14 -14 -29 0
-14 29 -4 13 -25 0
-25 38 4 13 -13 13
20 75 7 0 -20 40
20 33 -14 0 -25 -20
13 25 22 33 11 22
13 25 17 13 0 38
0 17 33 50 17 33
-9 50 22 33 8 25 14 14
-10 36 30 45 0 45 6 0
10 45 19 31 0 25 3 4
-30 -10 -37 -33 -56 -22 -13 -30
29 64 26 36 7 36 -9 6
0 15 10 29 -7 7 -4 4
27 33 18 27 13 13 10 21
38 -13 13 25 0 13 2 0
32 42 31 37 22 33 29 53
33 60 27 27 13 40 7 27
27 56 37 47 31 33 18 31
18 55 12 36 -9 9 4 13
33 33 14 17 0 25 15 41
44 44 42 67 25 33 15 32
17 38 23 46 0 21 13 46
56 50 32 36 40 18 16 14
45 45 33 55 45 0 23 35
63 22 37 50 50 11 26 37
42 33 36 46 46 15 25 43
26 -21 19 42 32 -16 18 39
59 0 18 35 41 -24 8 34
29 -50 2 30 25 -50 13 70
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
-14 43 33 46 0 54
-20 36 39 64 0 55
0 5 38 50 25 38 22 42
-15 5 -13 -25 -19 6 -15 -22
-39 7 32 25 22 49 60 71
-21 7 5 25 -7 -4 26 57
0 11 41 47 36 39 49 60
-6 13 4 13 13 -13 17 25
16 18 35 53 22 32 33 45
-7 0 17 20 10 20 44 47
11 13 42 63 31 33 32 50
0 0 9 32 0 -5 44 50
5 0 14 25 14 4 25 33
14 0 29 45 11 30 46 60
-5 -1 28 46 12 25 41 62
20 14 41 50 45 27 22 36
40 -5 50 59 59 32 39 45
42 0 56 81 75 11 19 38
38 -8 43 62 58 8 46 62
32 -18 18 32 28 -5 23 47
34 -44 33 53 66 -19 37 47
44 -75 23 61 36 -29 37 56
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
-0.7
-3.8
-2.5
-3.2
-1.5
-2.2
-0.6
-2
-2.2
-4.6
-3.2
-3.0
-2.1
-2.7
-2.5
-5.0
-1.9
-6.1 -3.6 47.4 36.8 -10.5 -5.6 -26.3 -63.2
-4.7 -0.2 56.3 50.0 -31.3 -20.0 0.0 -56.3
-9.1 -9.2 40.0 37.5 -12.5 -20.0 -25.0 -75.0
View on current market valuation levels Perceptions
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
0
0
0
0
0
0
0
0
0
0
0
0
7
13
17
-8
-13
-17
-4
11
-2
-5
-4
8
3
0
-7
-19
-2
7 21 7 36 7 4 -10
13 20 13 13 33 4 5
25 13 0 13 38 4 1
0 0 0 37 42 5 12
13 7 0 33 40 5 5
7 7 0 47 40 5 7
8 0 8 33 33 4 -2
0 0 25 33 42 5 7
0 10 10 20 50 5 11
0 0 7 43 36 5 10
0 0 0 45 45 5 19
9 0 18 18 45 5 11
0 0 11 11 44 4 8
0 0 7.1428571 14.285714 64.285714 5 13
0 4.7619048 0 19.047619 61.904762 4.952381 -14
0 0 0 17.647059 76.470588 5.5294118 11
0 0 0 30 50 4.7 -2
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
-2 -22
0 -7
31 9
10 4
-17 -25
-11 -57
5 -29
0 -4
10 -7
3 -5
10 -24
0 17
13 6
12 15
18 6
25 -5 57
-15 -39 -7
31 8 67
11 -21 24
24 20 56
18 0 42
35 18 75
36 18 82
38 9 76
25 -12 63
17 17 36
27 -1 39
21 6 39
30 23 60
35 6 73
22 -1 30
31 17 58
5 -23 -5
22 0 49
3 1 8
Occupier demand - NB % Availablility - NB %
0 -11 0 0 20 -10
9 -15 59 22 10 -11
-8 9 33 22 8 0
Development starts - NB % 3m Rent Expectations - NB %
-11 19 44 22 -11 17 30
67 -6 29 0 -48 -11 14
58 5 38 36 -58 10 62
tions - NB % Investment Enquiries - NB% 3m Capital value expectati
20 0 44 67 44 22 56
30 -77 25 38 70 -33 0
27 -58 16 69 45 -67 16
Capital value expectations - NB % 12m Rent Expectations - NB %
56 56 56 12 15 20
14 45 -59 -1 19 43
54 45 -50 10 43 41
12m Capital value expectations - NB % Foreign enquiries, NB %
0 39 39 44 33 48
-64 -4 10 33 -55 26
-53 7 43 40 -61 27
eign enquiries, NB % Supply availaibility - for sale, NB %
67 44 33 19 44 22
43 50 -14 3 -5 -20
62 45 -25 16 31 18
Credit conditions
-11 11 0 33 44 22 0
33 -5 0 19 57 24 0
0 42 0 50 42 8 0
Capital value expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
0 6 31 63 0 0
0 0 20 67 13 0
8 0 23 62 8 0
8 0 67 17 8 17
0 11 33 56 0 0
0 5 50 41 5 23.809524
0 0 62 15 23 0
Perceptions on current phase of property cycle
27 7 26
7 -29 22
5 2 0
Occupier demand - NB % Availablility - NB %
2005 H1 Brazil 58 25 75 75 -8 25
2005 H2 Brazil 58 75 50 50 -75 -100
2006 H1 Brazil 83 100 100 50 -92 -100
2006 H2 Brazil 91 100 100 75 -83 -100
2007 H1 Brazil 91 100 100 75 -83 -100
2007 H2 Brazil 92 75 100 100 -50 -75
2008 Q1 Brazil 67 67 67 67 -100 -100
2008 Q2 Brazil 58 75 75 25 -33 -50
2008 Q3 Brazil 83 83 83 83 -47 -50
2008 Q4 Brazil -17 -50 0 0 -17 25
2009 Q1 Brazil -7 0 -20 0 -20 0
2009 Q2 Brazil 22 33 11 22 0 11
2009 Q3 Brazil 46 50 38 50 8 38
2009 Q4 Brazil 42 55 27 45 -27 -9
2010 Q1 Brazil 70 80 60 70 0 -10
2010 Q2 Brazil 85 89 89 78 -29 -25
2010 Q3 Brazil 46 40 56 44 -18 -10
2010 Q4 Brazil 61 75 58 50 -17 0
2011 Q1 Brazil 38 46 31 38 -39 -42
2011 Q2 Brazil 79 91 64 82 -33 -36
2011 Q3 Brazil 50 50 50 50 13 25
2011 Q4 Brazil 19 14 14 29 5 0
2012 Q1 Brazil 59 62 54 62 50 75
2012 Q2 Brazil 18 18 18 18 21 45
2012 Q3 Brazil 14 13 14 14 59 50
2012 Q4 Brazil -29 -50 -25 -13 71 88
2013 Q1 Brazil -29 -38 -25 -25 83 100
2013 Q2 Brazil -36 -33 -38 -38 64 67
2013 Q3 Brazil -14 -21 -24 -12 36 63
2013 Q4 Brazil -43 -44 -50 -33 75 78
2014 Q1 Brazil -46 -50 -53 -35 50 56
2014 Q2 Brazil -52 -55 -60 -40 35 45
2014 Q3 Brazil -55 -36 -55 -73 30 36
2014 Q4 Brazil -20 -25 -25 -9 35 43
2015 Q1 Brazil -50 -56 -52 -42 34 52
2015 Q2 Brazil -37 -29 -29 -53 34 47
2015 Q3 Brazil -70 -73 -58 -80 45 50
2015 Q4 Brazil -78 -78 -89 -67 41 56
2016 Q1 Brazil -88 -82 -91 -91 27 45
2016 Q2 Brazil -66 -60 -63 -75 76 90
2016 Q3 Brazil -33 -24 -21 -54 44 52
2016 Q4 Brazil -42 -26 -43 -56 16 17
2017 Q1 Brazil -16 -11 -11 -25 -7 -6
2017 Q2 Brazil -37 -33 -26 -51 -10 -18
2017 Q3 Brazil -26 -20 -28 -31 -13 -14
2017 Q4 Brazil 11 21 0 12 -13 -29
2018 Q1 Brazil 4 9 0 3 -21 -30
2018 Q2 Brazil -15 -4 -25 -17 -15 -8
2018 Q3 Brazil 7 28 6 -13 -8 -11
2018 Q4 Brazil 28 33 35 15 5 -5
2019 Q1 Brazil 18 35 18 0 -14 -12
2019 Q2 Brazil 6 38 -6 -13 -19 -38
Inducements - NB % Development starts - NB %
-50 0
-50 -75
-100 -75
-75 -75
-75 -75
-25 -50
-100 -100 0 0 0 0 56 67
-25 -25 -50 -75 -50 -25 92 100
-67 -20 -33 -33 -33 -33 89 100
-25 -50 25 25 25 25 -58 -75
-40 -20 13 0 20 20 -13 20
0 -11 29 38 38 13 -33 -11
13 -25 8 0 25 0 25 50
-36 -36 3 9 0 0 45 55
-10 20 -3 0 0 -10 47 80
-38 -25 -11 -11 -11 -11 56 67
-33 -11 -46 -50 -44 -44 50 60
-33 -17 -11 -17 -8 -8 53 75
-33 -42 0 0 0 0 13 15
-45 -18 -55 -55 -55 -55 61 73
0 13 8 13 0 13 63 75
14 0 -29 -29 -29 -29 29 57
50 25 -14 -8 -8 -25 59 54
9 9 21 36 9 18 39 36
71 57 32 25 33 40 70 75
75 50 29 50 25 13 29 25
88 63 33 63 25 13 42 25
75 50 44 67 38 25 20 0
41 41 27 41 29 38 -6 6
60 89 52 63 44 50 39 33
53 41 39 47 29 41 -31 -31
20 40 60 70 56 56 -23 -18
36 18 12 18 18 0 -63 -70
27 33 23 26 18 24 -22 -14
30 18 41 50 40 33 -38 -52
38 18 39 53 24 41 -58 -44
46 40 37 48 32 32 -69 -72
33 33 30 33 22 33 -74 -67
18 18 28 36 9 40 -85 -73
63 75 27 30 13 38 -55 -60
33 46 40 40 38 43 -36 -32
24 7 7 -2 11 12 -42 -42
-9 -6 7 11 -3 11 -36 -39
-5 -8 10 8 11 11 -38 -41
-10 -14 -31 -33 -28 -31 -35 -36
-5 -5 -2 -5 0 -2 -12 -16
-9 -24 -4 -12 -3 3 -15 -19
-17 -19 -15 -16 -17 -11 -29 -29
-6 -6 -21 -28 -22 -13 -17 -6
10 10 23 29 20 20 8 10
-29 0 -14 -35 -12 6 -16 -6
-20 0 0 -13 7 7 -4 0
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
8 0
33 50
8 25
67 75
83 100
92 100
67 33 67 100 33 67 -11 0
100 75 67 75 75 50 58 75
100 67 33 33 33 33 6 -33
-50 -50 0 0 0 0 -91 -100
-20 -40 -20 -20 -20 -20 -27 -20
-33 -56 -7 -11 -22 11 19 11
25 0 8 0 0 25 29 25
18 64 45 36 45 55 61 73
30 30 70 70 70 70 47 60
33 67 74 89 67 67 74 78
56 33 54 50 56 56 54 60
33 50 61 50 67 67 44 50
8 17 54 69 38 54 41 54
45 64 55 64 55 45 47 55
50 63 54 63 63 38 38 50
0 29 33 43 29 29 24 29
62 62 49 46 38 62 49 54
45 36 15 9 18 18 18 18
67 67 26 13 33 40 28 29
38 25 -8 -13 -13 0 -4 -13
50 50 -21 -50 -13 0 50 63
13 50 -36 -56 -25 -25 16 11
-24 -6 -15 -37 -18 -6 -22 -38
30 56 -18 -22 -10 -22 7 0
-38 -23 -40 -39 -41 -41 -16 -12
-30 -20 -56 -60 -44 -63 -47 -45
-60 -60 -30 -45 -18 -27 -30 -22
-32 -21 -20 -38 -5 -16 -28 -20
-30 -32 -53 -64 -52 -42 -38 -35
-63 -69 -67 -71 -59 -71 -58 -56
-70 -67 -57 -60 -44 -67 -12 -14
-78 -78 -59 -67 -44 -67 -22 -22
-91 -91 -64 -64 -55 -73 -9 0
-50 -56 -32 -30 -33 -33 -33 -10
-38 -39 -40 -28 -39 -52 10 33
-43 -43 -14 -4 -13 -25 -12 -10
-36 -33 2 8 0 -3 -3 -6
-34 -38 -12 -13 -15 -8 -15 -11
-44 -26 -3 0 -10 0 -6 0
-11 -8 3 2 0 7 16 22
-13 -13 -2 3 -6 -3 19 25
-31 -26 -17 -6 -23 -23 -2 3
-18 -27 24 44 22 6 8 19
15 0 36 48 30 30 36 43
-12 -29 22 41 24 0 18 24
-7 -7 4 25 -13 0 13 19
Enquiries - NB% 3m Capital value expectations - NB % 12m Rent Expectations - NB %
0 25
25 25
25 -25
100 25
100 50
100 75
0 -33
75 25 42 50 50 25
33 17 27 20 40 20
-75 -100 -33 -50 -25 -25
-20 -40 13 20 0 20
22 22 22 33 11 22
25 38 81 86 86 71
45 64 59 73 50 55
40 40 67 90 50 60
78 67 52 56 44 56
44 56 87 90 90 80
50 33 53 50 58 50
42 25 23 23 23 23
36 50 33 27 36 36
13 50 50 50 50 50
14 29 29 29 29 29
31 62 59 69 46 62
18 18 55 55 55 55
33 20 55 25 67 83
-13 13 30 25 38 29
38 50 21 13 25 25
25 13 -29 -44 -25 -14
-31 -19 -26 -39 -35 -29 -58 -75
0 22 12 0 11 29 -21 -33
-29 -6 -30 -25 -40 -27 -21 -28
-44 -50 -54 -50 -56 -56 -45 -55
-33 -33 -60 -60 -60 -60 -56 -68
-32 -32 -9 -5 0 -21 -31 -47
-39 -41 -40 -39 -43 -36 -53 -58
-56 -63 -40 -38 -44 -38 -61 -65
-5 -19 -63 -58 -62 -70 -79 -77
-22 -22 -26 -33 -22 -22 -72 -78
-9 -18 -30 -27 -9 -55 -66 -68
-40 -50 -24 -30 -20 -22 -20 -25
13 -17 -11 -8 -17 -9 -14 -13
-10 -15 -5 -2 -9 -5 -27 -17
0 -3 17 18 12 21 16 19
-11 -25 -8 -7 -7 -10 -11 -7
-11 -7 -6 -4 -12 -4 8 10
14 11 13 24 5 8 12 15
19 13 12 13 10 13 18 21
0 -9 0 14 -6 -9 31 33
6 0 10 18 12 0 29 39
30 35 29 38 25 25 52 64
35 -6 8 6 12 6 44 60
-7 27 19 31 7 20 39 55
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
-6.6
-4.1
-7.1
-7.5
-12.8
-9.7
-13.8
-3
-4.7
-4.9
0.3
-1.9
-2.0
-0.6
0.4
3.4
-0.2
2.0 66 86 65 75 60 55 55
-1.5 48.0 88.2 52.9 52.9 41.2 35.3 17.6
0.5 48.2 62.5 53.3 64.3 37.5 28.6 42.9
View on current market valuation levels Perceptions
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
44
58
50
-14
-13
-5
15
28
48
57
49
44
31
63
32
27
41
4
3
-22
-28
-39
-19
-38
-42
-56
-32
-21
-48
75.0 12.5 0.0 0.0 0.0 2.0 -48
66.7 12.5 8.3 0.0 4.2 2.4 -55
88.9 0.0 0.0 0.0 0.0 1.9 -56
64 36 0 0 0 2 -60
60 40 0 0 0 2 -42
16 64 20 0 0 3 -38
24 51 18 0 2 3 -21
11 40 43 3 0 3 -7
20 53 23 3 0 3 -20
31 28 31 0 0 3 0
17 19 58 3 3 4 5
6 28 63 0 3 4 2
11 22 50 11 0 4 -6
0 23.529412 70.588235 5.8823529 0 3.8235294 17
5 19 76 0 0 4 14
0 35.294118 58.823529 5.8823529 0 3.7058824 18
18.75 18.75 37.5 25 0 3.6875 3
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-6 167
33 92
11 130
-41 0
-4 13
14 22
63 37
56 70
27 70
54 114
56 64
44 78
18 77
40 112
42 38
29 14
47 9
35 -3
45 -45
6 -100
24 -113
-4 -100
-22 -50
6 -118
-25 -96
-49 -87
-44 -85 -73
-25 -54 -67
-34 -83 -62
-42 -71 -86
-33 -116 -35
-36 -119 -81
-19 -115 -27
-40 -142 -96
-15 -77 -32
-21 -58 -57
-2 -9 -23
-7 -27 -14
3 -14 16
8 24 10
9 25 14
-2 -1 -5
6 15 8
14 23 13
10 31 22
10 25 11
Occupier demand - NB % Availablility - NB %
100 67 67
100 67 33
100 50 50
100 33 67
33 0 67
-33 33 67
33 0 33 0 0 0
33 0 33 0 0 0
67 67 25 25 25 25
100 50 33 0 0 0
50 -50 25 0 50 50
60 20 100 38 80 0
90 30 56 43 60 20
92 0 58 72 92 50
89 44 78 74 78 67
83 9 100 88 100 73
80 22 56 56 67 25
71 43 75 68 71 43
63 0 63 67 88 25
0 0 50 0 0 0
57 0 50 32 29 17
14 14 57 29 29 29
0 0 40 27 20 20
14 14 86 57 57 43
0 -14 57 28 33 0
14 -36 36 26 36 0
33 -17 25 9 9 0
-23 -13 13 10 14 -4
-47 0 50 15 12 0
-17 25 38 3 -14 0
-14 -7 -20 -12 -29 -14
-54 -38 -15 8 0 8
-50 -11 -11 -7 0 -11
-21 21 14 -17 -36 -14
-14 14 7 0 -7 -7
-33 -44 -11 11 11 0
-7 7 21 0 -20 -7
31 0 31 -15 -31 -15
13 13 -13 -17 -25 -13
0 -11 -6 0 0 0
5 -5 -9 2 0 5
-19 -19 -24 5 14 0
31 8 0 -3 -8 0
50 -13 0 -4 -13 0
67 56 11 -4 -11 -11
9 -27 0 16 9 0
71 7 29 14 29 0
20 0 0 7 10 0
Development starts - NB % 3m Rent Expectations - NB %
0 44 67 0 67 33 100
0 67 67 67 67 56 67
25 75 75 75 75 25 25
0 -17 0 -50 0 -43 -67
-50 -83 -100 -50 -100 -43 -100
25 -100 -100 -100 -100 -47 -60
50 -77 -80 -80 -70 -77 -100
75 -85 -73 -91 -91 -47 -67
78 -74 -78 -89 -56 -52 -67
91 -59 -67 -64 -45 -56 -42
75 -13 -40 -22 22 -61 -70
88 -64 -86 -57 -50 -27 0
88 -4 -38 -25 50 -17 0
0 17 0 0 50 -33 0
50 6 -33 -20 80 -11 0
29 -14 -29 -14 0 -33 -29
40 -20 -20 -20 -20 -20 -20
20 -8 -8 -17 0 0 27
22 12 0 17 17 18 41
33 -4 6 -12 -6 16 35
23 0 -4 12 -7 21 44
7 5 21 0 -7 19 36
15 9 27 9 -9 25 67
-11 10 30 22 -22 9 40
0 19 57 29 -29 29 50
14 14 50 7 -14 38 57
22 47 80 40 20 50 60
29 33 67 33 0 41 87
0 28 58 25 0 39 50
-13 21 63 38 -38 54 63
0 31 71 28 -6 40 50
0 35 58 26 20 46 57
0 37 50 40 20 44 52
0 47 67 50 25 18 23
0 48 86 71 -14 25 25
11 33 56 44 0 31 38
40 15 27 9 10 9 -9
14 29 57 36 -7 33 29
10 3 20 20 -30 7 0
ations - NB % Investment Enquiries - NB% 3m Capital value expectatio
9 -36 18 27 18 9 11
13 0 12 9 9 18 -7
24 -12 29 41 29 17 12
22 -3 5 23 -12 4 15
14 7 7 21 -7 7 16
8 0 27 73 9 0 17
0 -13 46 60 33 44 31
29 7 26 79 21 -21 24
29 29 33 57 29 14 43
40 50 50 70 50 30 40
29 7 22 36 31 0 48
42 25 45 67 42 27 33
50 50 21 25 25 13 52
33 35 66 65 56 76 42
43 39 76 89 53 85 69
38 43 66 74 60 65 50
8 23 31 46 38 8 49
25 25 57 71 57 43 52
33 22 27 11 44 25 33
27 10 34 36 36 30 9
50 21 31 29 50 14 26
20 0 10 0 40 -10 20
Capital value expectations - NB % 12m Rent Expectations - NB %
0 0 0
33 33 67
-100 0 -100
-50 0 0
-75 -25 -80
-80 -40 -70
-92 -25 -82
-33 -25 -33
-55 -30 -64
-40 -40 -60
-14 -43 -25
0 13 -13
-50 -50 -50
-14 0 -50
-50 -50 -67
0 20 -20
17 0 44 28 22 6 1.7
36 0 48 40 12 0 1.4
40 7 40 47 7 0 1.7
82 0 82 18 0 0 2.6
40 0 50 40 10 0 2.8
86 14 71 14 0 0 3.1
57 7 50 43 0 0 2.7
70 40 30 30 0 0 2.8
93 27 67 7 0 0 2.9
83 17 67 17 0 0 2.2
63 13 50 38 0 0 3.6
78 11 67 22 0 0 3.1
58 21 37 42 0 0 3.2
55 10 45 45 0 0 3.9
54 15 46 31 8 0 3.2
100 29 71 0 0 0 -0.1
0 11 11 56 22 0 2.3
0 0 9 82 9 0 1.0
36 7 36 50 7 0 1.4
20 0 30 60 10 0 1.5
apital value expectations - respondents' 12m average % forecast Capital value expectations -lon
1.0
1.2
1.4
2.4
2.0
2.6
2.1
3.8
2.8
3.0
2.3
2.5
3.6
3.8
2.1
1.8
1.9
-20.0 0.0 -22.2 -60.0 -40.0 -44.4 1.8
35.7 28.6 -7.1 -21.4 -21.4 -57.1 1.8
70.0 80.0 40.0 0.0 -22.2 -30.0 0.2
ent expectations - respondents' 12m average % forecast Rent expectations - longer term
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
0 40 53 7 0
9 27 55 9 0 0 9
0 27 73 0 0 0 9
7 36 50 7 0 7 0
7 43 36 14 0 7 0
0 50 30 10 10 0 0
13 27 60 0 0 0 0
0 17 58 25 0 0 0
13 13 63 13 0 0 0
0 22 67 11 0 0 0
0 5 84 11 0 0 0
0 15 60 25 0 0 0
8 23 54 15 0 0 7.692308
0 43 14 43 0 0 0
0 22 56 22 0 0 0
9 9 36 45 0 18.181818 0
7 7 43 36 7 21.428571 0
0 20 50 30 0 0 0
Perceptions on current phase of property cycle
37 -26
41 -34
20 -42
-23 -58
-23 -44
-48 -40
-52 -48
-47 -54
-26 -31
-38 -22
-31 -12
-29 6
-25 8
-11 -3
-18 -1
-25 8
-13 16
0 15
0 26
0 16
-35 35
-29 30
-19 38
0 39
12 35
11 39
10 15
21 0
14 5
18 73 0 0 4 25 18
18 45 27 0 4 22 29
21 43 29 0 4 29 10
7 64 21 0 4 21 29
0 60 40 0 4 25 23
0 66.666667 33.333333 0 4.3333333 29 22
8.3333333 33.333333 58.333333 0 4.5 39 26
0 50 50 0 4.5 36 20
0 11.111111 77.777778 11.111111 5 28 24
0 30 55 15 4.85 37 41
0 30 60 10 4.8 30 30
0 7.692308 53.84615 30.76923 5 22 17
0 14.28571 85.71429 0 4.857143 26 20
0 11 56 33 5 24 11
18.181818 9.0909091 9.0909091 45.454545 4.2727273 6 9
0 0 50 28.571429 4.4285714 15 12
0 0 30 70 5.7 3 3
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
56
44
10
-88
-38
-120
-95
-72
-22
-35
-30
-54
-33
-17
-47
-43
-7
0
0
0
-48
-38
-14
0
31
34
28 33
29 -15
26 -2
92 36
73 56
36 5
21 43
67 30
38 17
41 45
33 8
51 31
69 53
71 41
33 3
37 9
-7 1
31 18
-10 10
3 -10
Occupier demand - NB % Availablility - NB %
73 -6 -33 18 0
27 -9 -36 9 0
40 27 -13 47 47
38 36 33 33 42
13 22 19 32 16 9 13 0
14 0 -31 20 11 25 33 20
-34 5 -1 7 8 17 9 25
-4 3 -10 14 6 18 16 16
-14 -7 -17 6 -9 14 18 9
-6 -14 -23 -14 -4 16 17 8
-4 10 -2 22 10 26 42 23
10 25 11 36 27 28 42 19
-12 7 -8 10 19 18 23 6
10 11 3 23 7 19 42 12
-5 2 -8 11 4 34 42 25
-9 13 6 27 7 36 41 39
-6 12 3 26 6 14 13 24
-1 19 18 28 12 4 0 11
0 43 50 58 22 14 21 25
26 39 48 53 15 3 21 7
20 32 45 38 12 0 0 -5
-15 14 27 29 -15 -21 -17 -8
4 25 34 41 1 -9 -14 -2
26 37 39 51 19 -11 -15 0
Supply availaibility - for sale, NB % Credit conditions
13 0 13 -6 -6 41 6 47
21 6 25 0 -7 6 0 19
18 5 -8 7 17 20 7 40
23 -8 -4 -16 -4 12 4 23
14 18 17 8 27 4 0 21
21 14 26 4 13 -12 0 20
12 -5 11 -18 -7 -7 0 14
23 12 22 3 10 0 0 24
23 9 37 -6 -3 -13 0 13
4 5 19 -12 8 0 0 15
35 9 15 15 -4 0 0 18
27 -3 9 -9 -9 -13 0 9
6 6 0 6 13 -18 0 12
0 -14 -19 -18 -6 6 0 17
-5 -7 -22 -17 18 -20 0 20
-17 1 -3 -6 13 -19 0 16
5 5 5 5 5 -14 0 10
-38 0 0 -4 4 -42 0 13
-10 5 -2 0 16 -11 2 16
-17 -4 -5 -14 8 -5 3 22
Capital value expectations - respondents' 12m average % forecast
0.6 0.0
0.3 0
-0.6 -0.8
0.0 -0.5
-1.4 -1.5
-1.6 -1.8
0.3 -0.1
1.0 0.5
0.2 0.7
0.0 -0.9
-1.0 -0.4
0.1 -0.4
-0.4 -1.1
-0.3 -0.4
2.6 -0.6
2.5 0.1
1.0 -1.1
2.0 -2.8 -1.5 8.3 29.2 -4.3 -13.0 12.5
1.9 -0.7 25.6 46.7 45.5 25.6 17.8 22.7
2.4 -0.7 27.1 48.6 48.6 28.6 11.4 28.6
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
0 7 50 36 7
0 11 44 33 11 11 19
0 8 46 33 13 16 16
0 12 42 38 8 15 22
0 14 43 25 18 7 25
0 9 35 24 32 15 6
3 13 41 28 16 19 13
0 15 26 33 26 22 4
0 4 46 39 11 21 4
0 20 40 32 8 13 8
0 17 39 28 17 17 6
0 22 50 22 6 0 6
0 24 24 43 10 10 0
3 16 31 28 22 9 3
0 19 29 33 19 14.285714 0
0 8 33 50 8 41.666667 8.3333333
0 11 22 56 11 22.727273 4.5454545
0 11 42 34 13 10.810811 10.810811
Perceptions on current phase of property cycle
6 -19
12 -22
-17 -32
-62 -62
-73 -47
-68 -36
-45 -18
-27 10
-21 27
-13 17
-3 27
13 46
16 58
38 32
17 17
29 35
37 46
32 44
28 33
24 27
33 44
24 24
12 14
-3 8
9 16
-4 11
-1 13
-2 15
-20 -9
22 4 22 22 4 -15 4
28 0 4 36 4 -14 -5
30 4 0 30 3 -24 -13
18 0 18 32 4 -18 0
18 3 15 44 4 -8 5
13 16 19 22 4 -20 -8
19 19 11 26 4 -13 11
14 18 14 29 4 -7 8
13 13 17 38 4 9 15
6 28 11 33 4 1 4
6 33 22 33 5 9 17
0 19 19 52 5 19 14
6 12 24 45 5 27 19
9.5238095 19.047619 19.047619 38.095238 4.4285714 13 7
0 12.5 8.3333333 29.166667 3.25 9 2
9.0909091 15.909091 13.636364 34.090909 3.9545455 12 13
13.513514 18.918919 16.216216 29.72973 4.0810811 15 20
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-11
-18
-64
-126
-143
-147
-92
-59
-35
-6
13
45
44
80
39
63
60
45
48
30
59
-21
8
-14
-13
-15
-17 20
-11 26
-53 -14
-61 18
-44 -4
-46 -17
-51 11
-26 4
-34 -12
-17 22
-36 21
0 34
-2 6
21 37
9 24
47 33
4 -7
19 6
11 14
25 36
Occupier demand - NB % Availablility - NB %
31 38 47 34 32
36 34 29 26 47
20 29 34 19 35
-16 -7 -15 5 -9
33 32 30 35 30 -20 -18 -18
1 17 21 23 7 -19 -12 -31
0 27 29 26 26 -9 -4 -9
15 30 37 35 20 -15 -12 -20
-14 7 13 10 -3 -27 -27 -16
-12 5 17 0 -3 -28 -11 -40
9 36 51 34 22 -6 21 -12
-22 4 20 3 -13 -31 -13 -39
-21 20 40 22 -2 -7 11 -12
-10 12 19 15 2 -10 0 -13
3 26 43 18 18 -14 -4 -15
2 25 31 33 11 -29 -10 -19
26 45 55 42 39 18 32 9
35 54 62 50 50 19 31 8
36 45 58 34 42 12 23 2
39 60 71 50 60 8 25 -8
24 27 34 18 28 8 19 -2
-8 5 24 1 -10 -14 -3 -11
10 24 37 20 16 1 11 -1
20 26 35 21 24 -3 4 -8
Supply availaibility - for sale, NB % Credit conditions
-22 34 51 10 41 20 0 45
-14 25 40 2 33 24 0 46
-13 56 67 39 61 60 5 64
-15 21 28 0 36 34 17 39
-39 27 35 16 29 -10 4 24
-34 36 56 2 48 21 7 41
-27 23 44 -12 36 43 21 43
-41 37 59 6 44 -19 10 19
-20 41 60 3 60 -6 11 28
-18 18 24 6 24 -3 9 24
-22 22 31 8 27 -14 4 29
-57 7 25 -20 15 -33 0 19
15 29 51 3 33 7 7 36
19 31 39 11 42 0 6 33
11 26 45 -6 38 6 0 45
8 17 56 -32 28 -14 0 39
8 20 39 0 21 0 4 34
-26 17 27 -5 27 2 2 41
-7 24 39 12 23 57 4 67
-6 32 48 9 40 43 7 58
Capital value expectations - respondents' 12m average % forecast
1.0 0.5
0.8 0
0.2 -0.5
-0.1 -1.2
-1.4 -2.9
-2.4 -2.8
0.4 -0.6
-2.6 -2.1
-0.5 -3.5
-0.9 -2.7
-0.6 0.9
-0.3 -1.3
2.2 1.9
1.6 1.2
0.8 1
1.6 1.6
0 -1
-2.1 -3.1 0.2 50.0 21.3 24.2 -14.5 -34.4
-0.5 -1.1 17.7 62.9 40.6 38.8 3.0 -10.3
-0.3 -0.5 26 65 40 52 4 1
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
22 5
20 11
0 -6
-51 -31
-51 -22
-26 -6
0 27
6 22
13 38
25 27
34 26
41 50
53 57
47 45
43 36
18 8
19 13
18 25
11 12
10 39
30 29
4 20
5 12
9 13
0 12
-12 -6
-5 -8
-5 -4
-7 -17
17 7 20 5 3 -6 -10
28 2 4 12 3 -24 -20
29 7 12 5 3 -21 -19
5 15 28 12 4 -3 2
3 0 22 16 3 -22 -23
6 14 31 11 4 -24 -14
6 9 21 15 3 -8 -6
0 17 31 14 4 -7 2
0 24 29 10 4 -2 1
2 21 34 10 4 9 11
4 16 27 7 3 10 13
6 24 33 6 4 17 12
0 18 39 7 4 5 15
2 12 32 2 3 4 8
3.2258065 9.6774194 11.290323 6.4516129 2.5645161 -18 -12
7.0422535 14.084507 28.169014 4.2253521 3.2535211 -2 -2
3 13 18 7 3 -8 -5
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
24
2
-12
-56
-116
-46
-19
-19
9
50
19
20
38
88
44
15
24
10
-5
-12
8
-15
-14
-9
-30
-34
-24 -27
-28 -24
-37 -65
-36 -33
-58 -51
-56 -50
-23 -15
-57 -52
-71 -43
-29 -19
-35 -12
-24 -5
-6 -2
-14 -3
-11 1
-19 16
-12 -1
-34 -23
-27 -19
-41 -28
Occupier demand - NB % Availablility - NB %
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
0 46 31 23 0 0 0
8 8 83 0 0 0 8
10 10 70 10 0 0 0
7 29 50 14 0 0 0
0 20 80 0 0 0 0
0 23 77 0 0 7.1428571 14.285714
0 11 61 28 0 5.8823529 5.8823529
9 18 73 0 0 9.0909091 0
0 17 67 17 0 0 0
0 0 88 13 0 0 0
0 20 50 30 0 0 0
0 13 63 25 0 12.5 0
0 38 50 13 0 0 0
0 9 73 18 0 0 10
Perceptions on current phase of property cycle
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
8 40 4 8 4 0 75 13
9 54 18 23 8 23 69 31
12 52 22 32 25 8 75 21
21 28 28 47 16 21 89 21
47 76 53 59 29 71 76 29
Capital value expectations - respondents' 12m average % forec
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
12 20 48 20 0 0
8 17 42 33 0 0
8 25 29 29 8 4.1666667
16 16 37 21 11 0
18 6 35 24 18 0
Perceptions on current phase of property cycle
17 50
25 67
50 -25
-25 25
67 0
43 57
0 0 11 33 0 0 22 67
25 0 0 -25 25 0 25 50
40 0 7 -20 40 0 8 25
0 0 43 29 57 43 -83 -75
-25 -25 33 25 50 25 -92 -75
57 71 100 100 100 100 -100 -100
67 33 83 100 83 67 -94 -100
18 20 48 50 45 50 -80 -67
14 14 52 71 43 43 -24 -29
-60 -20 53 60 60 40 -40 -20
-63 -20 19 27 13 15 -11 13
-13 -29 -5 0 -13 0 18 43
-10 -10 6 9 0 10 35 64
-50 -25 -13 0 -38 0 2 6
-29 -7 5 7 7 0 -7 -7
0 -31 10 36 0 -8 -13 0
-38 -11 12 33 0 0 -4 22
-18 8 -6 0 -9 -8 -18 -27
9 0 26 27 10 40 -15 -17
-10 0 19 36 0 20 6 27
-22 0 4 22 -22 13 0 0
-20 0 24 43 0 20 0 0
0 0 27 40 25 13 27 30
-5 15 20 38 7 12 29 36
-10 30 14 36 -11 11 31 42
45 18 16 40 -20 27 27 50
0 20 12 36 10 -9 19 27
8 0 13 60 -8 -14 12 36
45 -9 9 18 0 8 7 10
33 -5 25 58 0 16 4 6
33 0 20 50 11 0 1 -10
17 0 0 7 0 -7 -17 -47
20 0 -6 -17 20 -20 4 -8
-27 -9 -22 -40 -9 -18 14 14
60 22 -2 -8 -10 11 15 36
-23 -23 -19 -27 -15 -15 -6 13
-20 -20 -9 -6 -7 -13 5 8
-27 -13 -20 -26 -20 -13 13 41
15 -15 -27 -59 -7 -14 3 17
-5 -22 -24 -26 -22 -24 4 11
0 -17 -19 -15 -17 -25 11 33
-10 -9 -11 -33 -10 9 -6 9
-43 -29 -18 -10 -29 -14 -31 -22
0 9 -12 -25 -10 0 -15 8
-22 22 -21 -40 -22 0 -7 -11
-63 -22 -37 -56 -43 -13 -19 0
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
83 83
92 100
50 50
58 75
12 33
-56 -67
0 0 22 67 0 0 -22 -67
25 0 25 50 25 0 0 0
0 0 7 40 -20 0 -40 -20
-88 -88 -35 -50 -29 -25 -100 -100
-100 -100 -33 0 -75 -25 -33 25
-100 -100 -81 -71 -86 -86 0 29
-83 -100 -33 0 -67 -33 -17 17
-91 -82 -39 -58 -27 -30 32 67
-14 -29 -33 -43 -14 -43 19 29
-60 -40 -7 -20 0 0 20 20
-25 -21 -24 -13 -13 -50 22 33
13 0 32 29 38 29 32 29
50 -10 -3 0 10 -20 57 70
13 -13 13 6 27 7 64 73
0 -13 -7 -13 7 -13 33 36
-15 -23 -3 -7 8 -8 -13 0
-25 -11 8 0 25 0 -8 0
-36 8 0 9 0 -8 0 18
-18 -9 0 0 9 -9 -23 -40
0 -10 -36 -40 -11 -56 -10 0
11 -13 12 11 33 -13 32 29
20 -20 -29 -43 0 -40 0 20
38 13 3 -9 11 11 30 44
39 11 8 -13 31 11 35 44
40 10 13 -17 50 10 41 44
42 -8 -24 -50 0 -23 54 50
40 -9 7 -18 30 9 41 40
15 -14 -13 -33 0 -7 55 53
30 -18 6 0 18 0 51 30
24 -17 8 -26 39 11 68 67
44 -30 21 10 33 20 41 40
23 -27 13 0 31 8 49 33
30 -10 14 0 20 22 23 33
18 9 8 14 0 10 43 38
18 -9 16 21 27 0 34 46
-8 -23 15 7 15 23 56 60
17 -8 20 11 20 29 49 46
19 -20 60 53 73 53 52 53
27 -36 51 53 43 57 50 58
25 -25 47 55 33 53 45 61
17 -17 24 23 33 17 19 17
10 -36 39 50 50 18 13 18
-14 -57 50 50 43 57 42 25
0 -55 21 33 40 -9 9 18
22 -33 28 50 44 -11 44 56
-13 -44 34 60 29 13 41 44
Enquiries - NB% 3m Capital value expectations - NB % 12m Rent Expectations - NB %
83 83
75 100
50 50
50 50
-17 20
-67 -33
0 0
-25 25 17 50 0 0
-20 -80 -89 -83 -83 -100
-100 -100 -48 -38 -57 -50
-75 -50 -58 -50 -75 -50
-14 -14 -76 -57 -86 -86
-17 -50 -22 0 -33 -33
18 9 0 17 -27 8
14 14 5 14 -14 14
20 20 40 40 40 40
6 27 33 50 7 43
38 29 50 71 38 43
50 50 50 60 50 40
60 60 71 80 60 73
21 40 19 7 21 27
-38 0 5 8 0 8
-25 0 -12 -25 -13 0
9 -25 -6 9 -9 -17
-40 10 -15 -18 -9 -18
-30 0 -30 -30 -20 -40
25 43 13 13 13 13
-25 0 8 20 25 -25
22 22 50 63 38 50
33 28 40 46 39
44 33 30 30 40 20 9.375 -16.66667
75 38 38 18 64 33 0 -50
44 40 32 18 50 27 -32 -68
54 57 34 14 38 50 -26 -61
50 73 35 36 27 42 -22 -41
76 61 34 24 38 41 -21 -47
44 40 55 50 56 60 -5 -30
62 53 54 47 62 53 25 7
18 18 38 33 40 40 12 21
45 45 54 62 42 58 22 39
36 18 57 62 55 55 14 18
46 62 32 33 38 23 3 17
50 50 53 42 64 55 26 19
53 50 54 59 47 56 42 63
36 55 33 25 36 36 53 59
44 31 56 56 53 59 49 58
33 8 22 8 42 17 45 51
30 -9 41 36 50 36 32 37
43 57 60 50 57 71 56 60
10 0 -9 8 10 -45 32 51
67 11 37 44 67 0 52 65
56 22 39 56 50 11 39 75
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
50 0 63.333333 40 80 70
33 15 53 36 64 58
0 -27 -5 -27 0 14 36 30
-12 -4 5 -14 4 25 43 40
-9 -17 24 18 14 42 61 40
-8 -8 36 24 41 44 70 65
0 15 28 25 28 30 41 40
23 47 56 47 58 63 54 40
5 10 45 50 35 50 28 33
5 23 35 42 25 38 54 62
5 18 31 34 27 31 16 31
0 -8 20 30 12 19 47 50
23 37 49 46 50 50 33 23
32 32 50 44 53 53 40 35
50 50 22 21 23 23 32 33
37 50 58 61 56 59 37 33
50 33 44 50 38 46 17 17
35 23 39 41 40 36 0 0
64 43 50 44 64 43 29 0
31 13 23 35 41 -6 1 9
76 15 50 76 69 4 26 44
43 -2 55 67 75 23 27 44
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
44 33 25 45 10 18 75 8
38 50 44 54 33 46 73 20
70 73 0 10 -20 9 50 8
81 65 5 17 -6 6 94 11
44 40 7 40 0 -20 64 0
69 53 0 13 -8 -7 81 13
20 30 7 9 -11 22 58 0
45 55 -4 15 -9 -18 69 8
9 9 -26 -15 -27 -36 54 8
46 46 -58 -36 -77 -62 13 7
33 42 -35 -23 -42 -42 23 0
33 50 -30 -21 -38 -31 29 6
36 27 -65 -50 -73 -73 8 0
53 25 -18 -17 0 -38 -5 0
33 0 -36 -33 -25 -50 -8 0
10 -9 -40 -45 -30 -45 -9 0
43 43 -59 -63 -57 -57 -25 0
20 -27 -54 -50 -45 -67 -42 0
44 -11 -37 -33 -56 -22 -44 0
38 0 -50 -56 -63 -33 11 0
Capital value expectations - respondents' 12m average % forec
-3.9 -4 -0.9
-4.1 -3.7 -3.6
-0.2 0.0 0.4
0.0 1.1 1.2
0.5 0.8 -0.6
1.2 2.5 1.8
1.0 0.8 0.8
0.6 0.0 0.0
0.6 0.3 0.3
0.7 0.2 0.0
0.8 0.6 0.8
0.7 0.5 0.8
0.4 0.9 0.5
1.9 1.5 1.9
1 0.4 2.3
0.2 0.3 1.4
1.3 1.8 1.1
0.0 1.1 -3.0 -24.5 -8.3 10.0 -36.4 -30.0
4.1 4.4 -0.6 -5.6 0.0 22.2 -22.2 -11.1
3.2 3.3 0.4 -0.8 22.2 28.6 0.0 -12.5
ectations net balance % Rent expectations - respondents' 12m average % forecast
-4.8
-2.9
-2.1
-2.4
-1.3
0.3
-2.0
-0.2
-0.2
-1.5
0.0
-1.3
0.7
0.6
0.6
0.2
1.8
-1.8 -10.8 33.3 0.0 -10.0 -27.3 -11.1 -50.0
-2.2 22.6 60.0 44.4 33.3 20.0 22.2 -44.4
-4.3 17.5 30.0 28.6 -12.5 44.4 42.9 -28.6
View on current market valuation levels Perceptions on
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
4
11
-7
-45
-39
-73
-46
-27
-35
-18
-6
26
2
24
7
-3
-8
1
-13
-18
10
-24
-4
3
10
-4
2
-1
9
5 21 26 37 11 4 5
18 27 18 27 9 4 14
13 13 25 38 13 4 18
8 0 33 17 33 4 20
7 0 14 50 29 5 23
7 7 14 36 36 5 12
7 7 7 20 53 5 23
0 0 0 43 50 5 25
0 0 0 44 50 5 39
0 0 0 15 85 6 47
11 0 5 16 68 5 38
8 0 0 8 83 6 33
0 0 0 8 92 6 28
0 0 0 11.111111 88.888889 5.8888889 35
0 0 0 0 76.923077 4.8461538 20
0 0 0 0 80 5 21
0 0 0 20 70 5.3 32
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-11 -22
6 0
-43 -40
-49 -73
-31 -25
-25 -95
-19 -67
-1 -12
5 -43
16 40
12 53
22 55
30 16
41 71
12 34
-4 3
-13 -12
-5 -6
-24 -24
-20 -13
9 38
0 -35
27 -6
0 0
22 6
32 -19
16 -18 16
15 -1 11
29 3 51
32 2 63
30 1 35
35 25 50
18 26 16
34 59 47
39 -16 60
49 65 114
46 60 84
45 59 82
49 65 115
40 61 63
26 60 55
31 40 53
53 69 101
18 26 63
40 27 81
43 78 91
Occupier demand - NB % Availablility - NB %
-50 0 0 0 0 0 0 0 0
-37 -27 -28 -33 -21 0 0 0 0
-39 -52 -66 -55 -35 0 0 0 0
-58 -79 -83 -82 -71 0 0 0 0
-51 -57 -64 -62 -44 0 0 0 0
-18 -46 -55 -44 -39 0 0 0 0
18 -42 -37 -58 -33 0 0 0 0
43 -27 -27 -32 -23 0 0 0 0
33 -8 -3 -24 4 0 0 0 0
38 9 23 3 -1 0 0 0 0
40 6 8 -6 14 0 0 0 0
45 14 17 9 14 0 0 0 0
32 28 41 4 39 0 0 0 0
35 2 0 -4 10 0 0 0 0
30 -5 -11 -15 9 0 0 0 0
7 -20 -22 -32 -7 0 0 0 0
29 -6 -10 -15 7 0 0 0 0
3 -22 -28 -29 -10 0 0 0 0
4 -24 -26 -33 -14 0 0 0 0
17 -10 -18 -19 5 0 0 0 0
31 -8 -11 -22 10 0 0 0 0
21 -2 -5 -5 4 0 0 0 0
37 0 -5 -6 12 16 20 4 19
48 11 11 5 16 4 6 0 7
42 18 18 16 21 5 10 -2 7
48 26 33 22 24 20 32 4 21
57 18 27 11 16 4 6 -3 9
61 32 38 25 31 6 13 -2 8
63 43 51 32 45 18 25 12 17
58 43 50 40 38 18 26 13 16
56 36 42 34 33 18 27 13 15
56 45 52 37 46 20 31 14 14
52 42 47 44 35 27 37 22 21
51 41 52 33 36 29 42 28 17
49 44 52 40 39 39 59 30 27
52 38 43 39 32 33 48 30 21
47 34 48 33 22 29 48 24 16
39 38 54 41 20 39 61 37 20
46 40 53 38 29 35 58 31 17
27 45 63 50 22 35 63 36 8
19 38 54 47 13 38 64 47 3
2 33 53 43 3 35 63 42 1
10 25 44 34 -3 35 61 40 4
-5 25 45 40 -10 33 61 46 -7
-4 29 54 45 -13 39 69 52 -3
12m Capital value expectations - NB % Foreign enquiries, NB % Supply availaibility - for sal
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
24 24 13 36
15 18 7 21
28 28 23 33
37 41 33 36
17 23 12 17 47 62 33 45 3
26 34 20 25 56 65 48 56 -11
46 53 39 46 64 79 50 65 1
36 40 32 35 59 67 51 58 -3
38 45 34 36 49 54 45 49 -9
49 56 43 47 55 66 44 55 -12
44 50 42 39 51 57 47 49 -17
47 55 46 40 46 55 40 44 -18
51 61 48 43 42 49 41 35 -21
39 44 40 34 54 61 48 51 -33
36 46 33 30 40 53 34 34 -12
42 54 42 29 40 52 38 31 -25
40 54 41 25 45 53 43 40 -22
41 54 43 26 44 59 47 27 -19
46 62 55 23 42 56 45 26 -20
37 57 43 12 33 51 35 14 -11
32 50 39 8 35 52 41 11 -14
31 50 47 -6 37 56 48 6 -19
35 58 48 0 31 52 40 1 -14
Supply availaibility - for sale, NB % Credit conditions
Imp signif imp slight No chng Deter Deter
Office Ind Retail NB % (1) (2) (3) slight (4) signnif (5)
3 2 2 47 12 50 23 13 2
-8 -14 -9 58 16 49 27 8 0
2 0 1 65 21 50 23 4 2
0 -1 -8 42 13 43 29 14 1
-5 -10 -11 38 6 40 45 8 0
-13 -10 -13 41 7 41 44 6 1
-21 -16 -15 49 13 48 28 9 2
-15 -21 -19 36 7 42 39 13 0
-23 -19 -22 36 7 39 43 9 1
-36 -29 -33 21 5 30 50 14 0
-18 -10 -9 18 5 30 49 15 1
-27 -23 -24 35 9 32 51 7 0
-24 -22 -20 31 8 32 51 9 0
-24 -21 -10 30 9 30 51 9 0
-26 -23 -10 15 6 27 50 17 1
-17 -13 -2 11 4 26 51 18 0
-16 -19 -8 11 5 21 60 14 1
-26 -27 -5 4 3 21 55 18 2
-23 -18 -1 15 4 28 52 15 2
Capital value expectations - respondents' 12m average % forecast Capital value expectations -longer ter
Prime Prime Prime Secondary Secondary Secondary Prime
All-Propert Office Industrial Retail Office Industrial Retail All-Propert Office
4 15 38 34 9
2 11 39 31 16 4
3 12 29 40 16 6
3 8 28 45 17 4
5 9 30 36 20 2
6 14 29 35 16 4
2 12 29 46 11 5
3 8 25 48 17 3
1 9 32 43 15 2
0 7 27 45 20 4
0 6 25 44 24 3
2 9 27 40 23 5
2 5 28 44 22 7
1 6 31 37 24 4
1 4 27 41 27 7
-47.3 1 5 23 44 27 15
-53.6 1 4 20 51 24 11
Perceptions on current phase of property cycle
5 -26
-5 -27
-9 -36
-49 -49
-65 -39
-64 -21
-56 -25
-40 -11
-34 -10
-15 5
-5 9
4 5
18 10
10 -1
-7 -9
-14 -25
-10 -9
-22 -24
-23 -22
-19 -16
-18 -11
-19 -7
-11 -2
-8 9
-4 9
4 14
-1 24
-1 33
9 35
4 20 25 26 21 4 10 34
7 20 24 21 22 4 5 34
5 20 20 26 26 4 14 39
4 10 23 29 33 5 17 38
4 5 20 36 31 5 16 37
3 5 21 35 32 5 22 40
4 7 14 32 39 5 20 43
4 4 14 34 43 5 21 33
1 3 14 35 42 5 27 38
2 3 11 38 44 5 26 38
2 5 11 32 46 5 28 37
2 3 7 29 52 5 28 34
3 6 7 32 49 5 24 26
3 3 6 28 54 5 25 25
1 3 5 18 57 5 22 27
3 6 4 16 60 5 22 26
Occupier demand - NB % Availablility - NB %
59 5 0 14 0 60 23 50
46 -5 -8 -12 4 50 21 38
63 16 18 15 16 70 19 57
55 14 12 19 9 49 11 49
36 -10 -6 -17 -6 27 0 36
36 -6 -15 5 -9 30 0 44
34 -10 -16 -4 -10 33 18 33
28 -4 9 -16 -6 28 8 36
23 -4 -3 -7 -3 41 9 41
47 -31 -35 -25 -32 7 2 20
17 -2 -12 4 0 22 4 37
25 -14 -13 -15 -14 41 16 25
30 -12 -7 -19 -11 38 17 31
3 -9 -29 -3 6 33 19 22
21 -20 -30 -34 2 19 9 28
-9 -4 -16 -9 14 12 3 22
-11 -7 -4 -13 -4 0 6 14
-7 -23 -35 -35 -1 -5 2 19
-7 -19 -29 -24 -4 37 8 41
-16 -11 -26 -12 6 33 11 33
Capital value expectations - respondents' 12m average % forecast
-2.8 -2.0
-3.4 -2.8
0.2 0.0
-2.2 -1.7
-1.1 -1.1
-1.9 -1.6
-1.9 -2.9
-0.2 -2.0
0.9 0.2
-1.1 -1.4
-3.3 -2.3
0.6 -0.2
-2.6 -4.1
-0.3 -1.9
1.4 -2
0.4 -1.8
0.2 -1.7
1.4 -2.0 4.0 29.1 39.0 -4.0 2.6 14.1
1.5 -2.9 11.4 46.8 40.0 2.3 8.9 13.6
1.1 -3.0 4.8 22.0 35.3 -11.4 5.4 17.6
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
-18 -35
-43 -47
-34 -53
-68 -55
-75 -56
-79 -11
-82 -26
-44 11
-40 9
-2 40
-3 10
7 12
12 18
15 -1
-24 -22
-32 -39
-27 -15
-49 -44
-49 -38
-52 -37
-47 -22
-51 -24
-44 -12
-38 1
-35 -7
-22 7
-18 22
-32 24
-13 28
26 44 12 9 4 -15 19
32 26 15 12 4 -14 32
43 21 4 25 4 -10 33
15 21 27 27 4 3 35
3 25 31 28 4 -2 31
3 30 30 24 4 9 38
10 17 17 41 5 4 35
0 15 30 48 5 7 26
3 15 33 45 5 18 38
0 10 31 48 5 16 32
8 11 33 33 5 22 29
2 4 20 58 5 21 33
10 10 37 35 5 18 17
0 3.9215686 23.529412 56.862745 4.9215686 16 15
2.1978022 3.2967033 16.483516 48.351648 4.2307692 15 25
5.7692308 1.9230769 13.461538 59.615385 4.7307692 18 27
8.5106383 8.5106383 10.638298 61.702128 4.9574468 9 19
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-34
-90
-81
-155
-171
-153
-155
-67
-87
0
-8
-13
11
2
-63
-61
-38
-80
-103
-91
-80
-96
-83
-62
-67
-27
-17 63
-28 62
-20 47
-35 31
-25 66
-10 68
2 74
12 54
25 69
19 92
27 60
29 73
12 69
43 48
38 66
36 26
34 35
42 59
43 57
18 37
Occupier demand - NB % Availablility - NB %
20 64 58 64 30 80
30 48 41 49 32 43
29 45 51 54 39 59
18 47 55 68 45 52
26 36 32 38 31 27 43 58
29 42 56 67 49 51 60 68
37 43 68 74 60 70 67 82
36 38 60 65 57 58 70 76
33 30 58 64 53 56 57 62
38 38 64 71 60 63 66 75
48 39 67 71 66 64 65 71
46 31 64 68 66 57 62 69
51 41 61 70 56 56 51 56
45 26 63 67 62 59 59 62
38 26 56 68 53 48 41 55
48 11 49 65 48 34 36 51
45 26 59 73 58 45 48 55
54 12 59 74 62 41 50 64
59 -1 53 71 64 25 44 63
50 -4 39 65 44 6 36 52
52 -6 43 67 53 8 40 56
61 -17 37 64 55 -8 39 58
64 -10 44 71 64 -2 29 48
61 -18 37 59 59 -6 22 43
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
-0.9
0.3
0.5
0.6
0.4
0.0
0.3
0.0
0.7
-0.1
-0.2
-1.4
-0.7
-0.7
-1.4
-1.9
-1.6
-4.0 7.0 42.6 35.0 -20.2 23.1 12.0 -50.4
-2.5 12.5 51.4 48.6 -18.9 31.5 12.5 -50.0
-5.0 8.9 52.9 36.4 -22.1 28.2 10.4 -52.2
View on current market valuation levels Perception
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
7 10 24 43 16
3 8 23 38 28 5
6 13 15 40 25 8
6 3 19 55 17 5
7 7 12 46 28 2
11 16 10 43 20 1
3 14 11 53 20 6
4 3 12 53 27 2
0 3 22 51 24 3
0 2 14 53 32 7
0 0 12 49 38 3
2.326 5.814 10.465 43.023 38.372 0
2 4 16 43 36 8
1 3 10 42 43 4
1 2 12 41 43 4.6511628
1 5 9 43 41 8.8235294
3 1 8 58 31 6.4102564
3 3 9 51 34 6.8493151
Perceptions on current phase of property cycle
23
30
24
-28
-55
-56
-41
-33
-30
-16
4
15
49
31
19
15
16
9
5
13
16
15
16
21
24
27
11
19
22
5 6 2 40 43 5 26
6 6 6 31 43 5 19
3 5 0 46 42 5 28
1 1 0 40 55 5 30
5 0 1 42 51 5 29
0 2 2 36 55 5 33
2 1 3 37 55 5 27
0 1 3 28 65 5 28
2 0 0 32 60 5 32
0 2 0 32 64 5 31
2 0 1 22 75 6 32
0 2 1 24 65 5 29
2 2 0 17 75 6 24
2.3255814 1.1627907 0 20.93023256 70.93023256 5.43023256 26
0 2.94117647 0.73529412 9.558823529 77.94117647 5.36029412 24
0 5.12820513 2.56410256 8.974358974 76.92307692 5.38461538 27
1.369863 2.73972603 0 10.95890411 78.08219178 5.4109589 19
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-19 38
-5 30
-24 36
-40 -46
-21 -85
-27 -92
-19 -62
-17 -62
-14 -55
-10 -26
17 17
17 38
24 74
15 39
18 32
1 17
15 22
7 13
6 8
14 22
15 19
22 14
13 24
27 43
30 38
25 48
33 9 76
48 41 94
48 26 89
55 45 99
46 21 85
50 39 91
52 47 98
51 48 104
52 57 104
57 59 113
40 43 75
42 54 89
50 51 98
45 64 82
37 49 70
31 48 57
36 53 73
31 47 66
30 50 56
24 33 44
Occupier demand - NB % Availablility - NB %
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
14 34 45 7 0 3 17
5 37 53 5 0 0 26
13 57 30 0 0 4 13
25 30 40 5 0 0 5
5 59 27 9 0 0 14
12 59 29 0 0 0 24
0 45 45 9 0 0 0
0 70 30 0 0 0 0
0 30 60 10 0 0 0
8 38 50 4 0 0 0
0 43 36 21 0 0 7.1428571
7 43 33 17 0 6.6666667 3.3333333
7 36 36 21 0 0 0
7 53 40 0 0 0 0
Perceptions on current phase of property cycle
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
-6 -6 30 33 18 39 28 6
0 -6 23 17 11 41 28 0
-2 -20 30 39 17 36 -15 2
-12 -38 17 26 6 20 7 1
-18 -40 19 15 6 35 -15 0
-18 -60 24 23 18 31 -15 1
-31 -65 21 3 10 51 -23 0
-35 -65 31 30 18 45 -18 0
0 -18 14 20 0 20 14 0
-14 -18 23 24 11 35 5 2
8 -5 24 28 6 38 14 2
-14 -37 21 33 7 22 9 2
-6 -15 11 21 -3 15 -6 0
0 4 16 21 2 25 11 0
14 -14 22 22 10 34 10 2
13 3 16 25 7 16 0 1
-14 -5 6 15 -10 13 -2 3
-31 -33 0 9 -10 -1 -16 2
-12 -11 8 18 -5 11 25 5
-28 -27 -3 5 -11 -1 5 5
Capital value expectations - respondents' 12m average % forec
-0.7
-1.7
-3.3
-4.1
-8.1
-8.3
-8.7
-8.1
-4.4
-4.1
-2.5
-1.3
-1.8
0.4
0.5
2.8
-0.2
-3.5 -14.1 15.4 -16.0 -22.7 0.6 -33.1 -28.7
-0.3 7.6 38.6 3.5 5.0 22.6 -13.4 -10.9
-0.9 1 23 0 -2 10 -12 -11
View on current market valuation levels Perceptions on c
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
32 -12
-6 12
-39 -58
-80 -63
-69 -41
-46 25
7 47
32 24
46 44
48 25
51 52
51 41
59 51
54 52
22 18
-1 -2
13 23
8 22
15 29
12 41
4 -12
8 8
-13 -16
-15 -13
-15 -10
-17 -10
4 -1
-3 -3
-7 -1
2.8 18.3 2.8 16.9 45.1 4.4 -3 1
7.5 11.3 0.0 17.0 37.7 3.9 -22 -13
14.1 12.7 0.0 1.4 11.3 2.0 -23 -21
25 10 1 6 7 2 -24 -24
28 7 4 5 7 2 -31 -28
16 7 13 22 22 4 -16 -5
3 10 5 19 32 4 -11 0
9 4 4 27 46 5 -1 9
4 0 7 26 52 5 6 8
3 0 6 33 39 4 7 12
2 0 12 29 46 5 10 13
3 0 3 32 61 5 14 19
6 1 3 28 58 5 23 23
9.3922652 5.5248619 5.5248619 10.497238 46.40884 4.1104972 0 2
16.483516 4.9450549 6.5934066 5.4945055 13.736264 2.3681319 -18 -13
14.851485 6.9306931 16.831683 20.792079 20.29703 3.6386139 -1 3
16 5 8 15 31 4 -4 -4
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
50
-33
-74
-134
-87
-76
3
61
58
78
111
97
122
86
18
12
5
14
17
23
-20
26
-57
-33
-26
-49
-16 -13
-15 -12
-23 -24
-28 -14
-43 -29
-42 -35
-46 -45
-61 -54
-40 -15
-28 -5
-18 -2
-5 0
5 11
11 10
10 9
23 25
-1 3
-31 -19
-14 -2
-24 -8
Occupier demand - NB % Availablility - NB %
0
0
0
25
67
56
29 17 17 33 0 -6 0 0
17 13 33 0 0 1 -17 20
0 8 20 0 0 20 40 40
-17 28 50 17 17 -100 -100 -100
25 63 100 50 50 -100 -100 -100
50 33 43 29 29 -100 -100 -100
71 62 71 57 57 -81 -86 -86
56 62 73 64 46 -78 -80 -77
0 62 86 43 57 -71 -71 -71
33 41 50 40 33 -56 -50 -67
0 9 17 0 10 -50 -55 -50
42 31 33 25 33 -54 -58 -50
21 -3 -7 8 -7 -23 -29 -25
0 6 14 0 0 11 29 0
17 6 17 -10 9 6 8 11
33 13 33 0 0 -18 -33 -20
25 46 56 14 63 5 38 0
14 29 38 17 29 5 13 0
-18 6 17 0 0 12 25 -10
33 24 33 0 33 10 29 0
44 37 42 33 33 -3 -8 11
0 38 45 20 45 3 27 0
17 33 28 38 33 2 5 6
11 12 11 13 11 -38 -44 -25
0 11 8 18 8 -3 8 0
0 -7 -13 7 -13 18 38 14
-8 0 0 0 0 18 38 15
7 0 -6 7 0 -1 27 0
14 -11 -18 0 -14 16 36 0
-6 -23 -33 -13 -24 31 61 25
0 -33 -38 -31 -31 39 59 36
-11 -34 -56 -12 -35 41 75 27
-29 -34 -55 -20 -27 32 50 21
-25 -36 -52 -26 -30 57 100 63
-21 -20 -30 -14 -16 62 84 68
-8 -35 -31 -33 -42 68 92 58
-17 -46 -52 -48 -37 52 86 55
-25 -20 -15 -31 -13 61 84 56
-22 -44 -42 -35 -56 38 81 33
-23 -26 -28 -27 -23 32 64 32
-17 -20 -19 -22 -20 50 67 56
-5 -23 -13 -23 -33 68 91 75
0 -21 -25 -21 -15 43 56 50
-18 -14 -24 -12 -6 53 65 65
0 -18 -36 -30 13 29 55 20
-5 -14 -23 -14 -5 25 33 29
3m Rent Expectations - NB % Investment Enquiries - NB%
50
100
75
50
64
56
-57
-40 -70 -75 -67 -67
0 -67 -67 -67 -67
-67 -89 -100 -83 -83
-50 -90 -100 -100 -75
-43 -46 -38 -50 -50
0 -50 -50 -50 -50
-8 -21 -21 -25 -17
0 -22 -33 -17 -17
33 11 17 0 17
25 41 55 27 42
33 33 42 25 33
21 10 15 0 14
40 29 40 25 20
33 -18 -18 -18 -18
-33 -60 -60 -60 -60
-38 -29 -22 -29 -38
-14 -48 -75 -67 0
0 -22 -30 -25 -11
14 -24 -29 -29 -14
-25 -37 -42 -33 -33
0 -3 9 -11 -10
22 -12 -10 -20 -6 2 14 -13
11 -8 -11 -13 0 40 44 25
8 0 8 0 -8 32 31 33
44 11 13 13 6 36 38 21
46 37 46 23 42 22 32 19
14 16 47 38 -36 6 37 4
50 23 36 33 0 21 47 0
47 23 28 25 18 30 42 25
62 49 71 50 25 79 85 77
64 67 75 67 60 67 78 66
95 59 71 47 57 61 68 50
71 69 83 68 57 70 81 56
68 57 53 58 61 86 85 84
73 71 83 67 64 66 58 71
61 70 86 70 56 59 74 57
69 76 78 75 75 59 58 67
69 74 88 73 63 58 48 54
44 62 76 50 59 50 66 44
58 59 61 63 55 66 70 65
40 82 74 86 86 73 71 70
31 61 56 71 54 60 63 56
47 53 59 59 41 75 81 80
38 73 91 60 67 86 95 89
19 52 52 57 48 72 80 71
12m Capital value expectations - NB % Foreign enquiries, NB %
0 8 16 0 6
50 23 11 25 33
31 21 31 17 15
47 23 31 13 25
15 51 53 45 54 60 71 62
-23 14 49 23 -29 31 44 36
16 34 47 25 31 41 64 33
22 37 40 38 33 37 59 20
73 71 75 68 69 73 88 71
56 62 65 64 57 77 81 79
64 84 77 82 92 74 81 68
72 71 81 63 70 76 92 70
89 77 74 78 81 83 95 74
71 69 71 62 73 77 83 83
47 61 69 61 52 78 86 75
53 70 72 69 69 72 79 75
74 79 83 80 75 56 63 47
41 64 68 59 66 63 77 63
64 72 77 75 63 71 80 69
80 77 74 76 80 49 65 43
63 57 56 60 54 43 56 43
63 58 69 64 40 61 71 59
72 81 82 78 83 41 60 38
65 48 55 48 41 32 38 33
Supply availaibility - for sale, NB % Credit conditions
46 31 46 31 17 64 14 57
13 28 47 31 7 69 13 63
25 19 27 17 13 73 9 64
31 35 44 25 35 74 5 74
58 37 53 36 23 59 18 47
71 25 38 25 13 56 6 50
71 32 50 21 24 73 18 55
67 20 33 9 19 83 22 61
79 31 45 26 21 75 25 50
64 21 55 18 -10 77 31 46
72 8 19 0 6 78 22 57
63 2 32 -6 -19 63 16 47
60 9 33 0 -7 76 29 47
50 5 14 5 -6 73 18 55
63 17 35 13 5 80 12 68
40 10 30 0 0 40 20 32
31 -17 -6 -14 -31 33 11 22
53 -8 -6 -6 -12 47 5 47
25 23 36 0 33 50 8 50
24 -22 -24 -29 -14 35 0 35
Capital value expectations - respondents' 12m average % forecast
0.2 0.8
-0.2 -3.4
0.9 0.7
0.8 0.8
3.6 4.2
3.4 2.1
3.8 4.2
3.8 3.9
5.3 5.8
2.1 2.3
2.4 2.4
3.0 3.0
4.0 3.6
1.5 2.4
3.3 3
2.4 3.1
2.3 2.1
1.8 1.0 10.4 18.8 25.0 12.5 6.3 -6.3
2.8 3.6 66.7 90.9 70.0 88.9 72.7 44.4
2.2 1.3 14.1 30.0 30.0 30.0 0.0 0.0
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
1 -31
-11 -34
3 -18
-56 -52
-73 -47
-51 -31
-52 -17
-52 -24
-48 -24
-29 11
-6 10
-12 -2
11 -11
11 5
-1 -11
0 -36
-24 -31
-25 -38
-4 -25
-16 -22
-22 -25
-13 -18
-9 -13
6 1
1 -5
20 6
21 24
11 13
15 20
26.3 68.4 5.3 0.0 3.8 38 14
17.6 70.6 11.8 0.0 3.9 46 29
13 75 13 0 4 54 37
9 68 23 0 4 57 39
8 56 36 0 4 58 43
5 35 60 0 5 52 36
7 50 36 7 4 53 45
0 17 71 13 5 59 46
0 21 53 26 5 43 48
0 6 53 35 5 53 46
0 9 65 22 5 43 38
4 12 48 36 5 47 37
4 12 28 48 5 48 43
5.5555556 11.111111 27.777778 50 5.0555556 36 43
5.2631579 0 26.315789 63.157895 5.3157895 35 40
0 16.666667 33.333333 41.666667 4.9166667 42 34
4.3478261 4.3478261 21.73913 60.869565 5.1304348 40 33
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-19
-36
-12
-67
-87
-121
-81
-107
-52
-72
-15
-6
33
28
17
6
8
-29
9
-37
-37
-9
-2
31
8
29
67 36
6 23
12 36
69 19
77 39
88 45
94 57
100 58
86 50
34 64
94 69
81 69
77 63
71 54
65 52
48 48
35 69
45 67
35 29
41 46
Occupier demand - NB % Availablility - NB %
29 7 0 13 7
29 29 47 24 18
50 43 80 20 25
65 49 62 28 58
47 68 81 61 62 27 53 11
67 83 89 79 82 22 57 -9
47 66 75 56 67 12 32 0
39 51 67 42 45 16 38 9
29 56 70 53 46 11 39 8
23 49 69 40 39 21 47 12
24 46 65 44 31 24 42 19
36 59 72 54 52 28 53 22
49 68 78 60 66 20 45 5
4 30 47 22 23 -5 19 -14
45 53 69 42 49 14 39 3
40 50 59 43 48 7 24 -1
46 51 64 38 51 7 32 -12
46 54 63 46 54 27 44 13
55 65 78 52 64 27 44 19
62 61 67 54 63 19 40 7
62 48 61 40 43 22 41 0
71 63 72 54 62 21 37 14
60 66 76 62 60 45 59 35
52 63 71 55 62 25 33 22
Supply availaibility - for sale, NB % Credit conditions
18 39 53 12 53 20 5 35
18 21 29 4 30 43 4 52
6 31 26 21 44 50 0 61
0 29 35 16 37 23 9 38
-14 16 18 5 24 22 5 38
3 15 19 6 21 40 8 47
12 12 3 10 24 16 6 33
8 8 7 9 9 18 4 32
10 13 18 10 11 28 6 39
-19 7 15 3 4 11 11 34
1 -5 -6 -8 -1 41 11 44
-3 1 5 -4 3 39 12 44
2 5 10 -1 7 34 10 43
23 -5 -3 -9 -2 43 17 41
19 11 22 5 7 30 11 44
11 27 42 17 21 38 6 50
25 6 11 -3 9 36 11 44
14 9 13 3 11 11 9 38
42 28 41 12 32 39 14 40
21 27 35 12 34 37 17 43
Capital value expectations - respondents' 12m average % forecast
4.0 4.7
3.8 7.2
4.0 6.3
3.4 3.2
4.3 2.9
1.3 1.4
1.4 1.2
2.4 2.4
2.8 3.8
0.4 0.5
1.8 2.7
1.8 2.5
0.9 2.0
1.5 2.9
2 2.6
2.2 3.5
1.7 1.8
2.7 3.7 57.1 80.0 54.5 66.2 55.4 37.9
2.4 2.8 57.1 83.3 61.1 62.9 55.6 33.3
3.9 4.6 51 74 51 57 52 29
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
-3 -13
-12 -2
-45 -43
-76 -61
-69 -45
-25 -17
-8 7
8 22
-6 25
12 21
12 31
17 8
21 13
-6 -11
-14 -18
-35 -21
8 3
-23 -23
-10 -4
-4 14
-5 -7
-1 4
-22 -23
-13 -1
7 -8
10 11
11 5
6 6
2 7
50.0 25.0 10.7 0.0 3.3 8 6
38.3 27.2 6.2 1.2 3.1 2 1
46.2 25.5 6.6 1.9 3.2 4 6
20 41 15 2 3 7 11
23 37 21 0 4 14 14
19 43 16 1 4 11 13
29 23 14 1 3 -3 -11
21 35 16 6 4 6 9
23 31 18 4 3 7 6
28 38 11 3 3 4 6
23 39 25 6 4 11 21
23 38 25 3 4 18 19
20 39 20 3 4 13 8
22.857143 37.142857 25.714286 5.7142857 3.9714286 15 14
15.151515 43.939394 16.666667 3.030303 3.5757576 23 23
7.5268817 37.634409 36.55914 3.2258065 4.0215054 22 19
19 30 19 4 3 14 14
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-83
-40
-100
-131
-122
-31
-10
10
-13
9
-27
22
3
-8
-54
-46
-24
-57
-31
-17
-9
-33
-56
-40
7
-8
-7 -15
10 -3
-9 -6
4 -6
4 -6
1 6
27 17
23 20
10 15
-5 -26
5 17
11 5
6 2
22 35
31 20
4 -7
11 20
7 32
9 12
-1 3
Occupier demand - NB % Availablility - NB %
25 20
0 0
0 100
0 100
33 33
0 100
0 100 38 33 0 67 39 100
-25 0 7 0 25 0 -2 20
0 43 5 0 0 14 24 43
28 -5 32 74 11 11 21 40
8 17 28 58 17 8 12 36
8 8 25 67 17 -8 -1 8
42 42 37 69 9 33 10 23
20 0 11 44 0 -11 14 11
30 0 32 55 30 11 31 40
42 42 25 42 17 17 42 58
44 56 56 90 44 33 25 20
17 0 29 71 0 14 0 -29
0 9 21 64 -9 9 7 10
38 38 25 38 0 38 24 14
50 -25 23 62 8 0 7 9
22 22 37 56 22 33 11 0
13 25 21 50 0 14 -4 13
10 0 20 20 20 20 -30 -40
0 -11 19 33 0 22 11 -11
starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
29 -6 -4 -64 26 26 8 -5
9 -9 -24 -64 0 -9 -27 -36
8 -18 -23 -54 -8 -8 11 0
-8 15 -30 -31 -17 -42 -11 0
30 0 -23 -89 10 11 36 22
30 22 4 -64 30 44 31 20
33 33 -11 -42 0 8 36 33
33 22 -39 -60 -22 -33 44 44
29 0 -13 -71 17 14 37 43
10 0 -12 -73 18 18 17 0
29 29 21 13 25 25 29 29
31 -18 -17 -31 14 -33 8 9
22 11 19 -11 33 33 15 11
-13 -13 13 0 25 13 21 0
0 60
0 -50
-100 -50
-100 -50
-100 0
-33 0
-50 33
-50 -25 36 80 0 20
-17 14 29 67 -20 33
24 6 5 -21 18 18 9 -33
-27 -18 -15 -45 0 0 -17 -45
22 10 -11 -33 0 0 -9 -41
-8 -25 -25 -15 -33 -25 -50 -50
30 56 1 -30 11 22 -25 -80
40 33 17 -30 30 50 -2 -68
50 25 14 17 8 17 10 -17
56 33 1 -40 22 22 -22 -55
43 25 13 -38 38 38 -24 -86
40 10 0 -30 10 20 -14 -86
29 29 0 -17 17 0 29 13
36 -20 -3 9 8 -27 -12 -40
22 11 19 0 22 33 22 0
50 13 0 0 0 0 -4 -25
-30 -30 10 10 20 0 0 0
33 -11 30 22 33 33 46 39
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
29 32 11 -18 24 26 2 -5 18
0 -5 6 -14 23 9 -30 -45 -18
4 8 10 -13 22 22 17 20 20
-42 -58 -22 -15 -28 -23 25 33 25
-10 15 -2 -30 5 20 46 22 60
36 25 4 -40 16 35 45 40 50
25 21 22 -4 33 37 42 42 42
-6 -6 -3 -42 17 17 14 10 11
0 14 29 -13 50 50 36 13 57
36 9 -7 -60 45 -5 20 0 40
50 25 12 -14 50 0 24 29 29
15 -9 0 9 -4 -5 4 20 36
28 39 37 22 44 44 22 22 22
13 0 4 -19 13 19 17 -13 38
-6 15 45 6 -6 -10 5 20 40
-27 30 55 36 0 -27 0 18 36
10 27 64 18 0 8 0 38 31
17 69 85 69 54 8 0 31 46
56 29 56 30 0 33 11 22 67
44 26 22 33 22 60 0 60 40
42 72 92 67 58 50 0 58 33
22 39 50 33 33 40 0 50 40
38 17 50 0 0 50 0 63 25
20 20 40 0 20 50 0 50 50
14 43 86 14 29 43 14 29 57
-44 28 55 31 0 38 0 46 46
22 26 33 22 22 22 0 33 56
25 8 25 0 0 0 0 25 50
-30 17 40 20 -10 40 0 40 60
22 19 22 11 22 44 0 44 56
Capital value expectations - respondents' 12m average % forecast
1.7 -2.0
-1.7 -3.6
-1.8 -4.8
-4.3 -5.8
-2.0 -7.5
-0.3 -3.4
-0.2 -0.8
-2.1 -3.8
-1.6 -5
-1.3 -5.5
1.9 2.2
-0.6 -0.6
1.0 0.6
-0.3 -0.9
30 25 20 0 5 20 3
55 27 18 0 0 0 2
31 23 38 0 8 0 2
23 38 15 15 0 8 3
10 60 10 0 10 10 3
10 50 20 0 10 10 3
17 25 25 25 8 0 3
20 10 40 10 10 10 3
0 25 50 13 0 13 3
20 60 10 10 0 0 2
29 14 14 14 29 0 3
0 36 21 29 7 7 3
11 44 0 22 22 0 3
25 37.5 25 0 12.5 0 2.375
-15 -1 -43 -7
-31 -24 -79 -58
-26 -9 -61 -17
-36 -35 -97 -80
-12 3 -32 7
5 7 2 5
-12 -7 -58 -36
-28 2 -46 6
-3 11 -1 20
-1 -1 6 -3
11 -5 -13 -14
-12 -8 -23 -20
1 2 -11 -11
-3 4 -33 12
-20 -3 -9 -10 10
11 0 11 -44 33
-14 -5 0 -29 14
38 15 8 -15 54
-19 -10 -8 -26 3 16 30 -21
-2 22 25 8 33 34 30 18
26 25 28 6 42 44 54 17
9 19 25 0 31 36 44 18
13 20 31 1 28 45 51 33
36 18 21 -2 35 54 63 42
21 20 28 1 31 40 49 22
26 24 30 10 32 33 43 16
27 25 35 7 31 33 38 17
15 18 22 3 27 34 38 24
27 12 16 -8 28 39 48 18
32 22 28 7 32 38 53 10
34 26 34 10 36 36 42 16
35 32 40 15 42 45 53 25
28 21 29 5 29 30 38 18
20 20 20 17 23 11 17 6
21 17 17 13 21 6 9 6
33 18 25 9 19 22 39 7
13 9 20 4 4 15 31 2
12 34 44 26 32 27 43 23
Supply availaibility - for sale, NB % Credit conditions
38 41 53 45 26 22 0 44
55 40 45 38 37 41 5 51
61 20 26 17 19 56 9 55
46 27 37 18 26 67 6 65
51 6 12 -5 10 73 5 68
58 41 39 41 43 64 0 67
48 20 22 14 25 55 10 48
39 12 16 6 14 46 4 54
43 21 27 17 18 40 8 44
39 27 31 24 25 23 7 43
50 16 19 14 15 39 10 40
51 12 18 6 12 37 7 41
49 12 16 3 16 47 3 47
58 12 16 4 16 40 9 40
35 6 7 -8 17 47 9 42
11 9 12 8 8 33 6 41
3 13 26 3 12 17 0 31
20 19 25 6 25 5 2 34
12 11 24 8 2 24 4 29
14 15 26 3 17 43 5 41
Capital value expectations - respondents' 12m average % forecast
-3.9 -1.4
-0.4 0.8
-1.0 1.2
-1.2 0.0
-1.7 0.0
-1.7 0.6
-1.2 -0.3
-0.7 0.5
-0.6 0.0
-1.8 0.0
-2.5 -0.9
-1.5 0.1
-0.7 -0.1
-0.6 0.6
-1.3 -0.2
0.4 0.4
-1.1 -0.7
-1.9 -0.6 7.2 55.4 27.8 42.6 -14.5 -35.2
-2.8 -2.2 -1.8 44.9 19.1 29.8 -24.5 -34.0
-0.6 -0.3 7.1 37.1 17.1 45.7 0.0 -22.9
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
-20 -23
-30 -32
-47 -48
-54 -56
-57 -48
-71 -42
-56 -29
-62 -47
-34 -20
-4 -9
7 3
6 -18
-15 -13
-28 -29
-15 -25
-38 -64
-33 -47
-36 -60
-45 -51
-45 -41
-39 -50
-43 -41
-31 -34
-21 -26
-19 -26
-23 -16
-25 -12
-10 -8
1 7
46.9 32.7 4.1 0.0 3.2 0 1
29 48 2 0 3 1 15
34 37 7 0 3 8 2
31 52 8 2 4 6 8
33 43 14 0 4 8 11
20 52 10 2 4 2 6
37 30 17 3 4 6 -1
24 45 11 4 4 11 11
17 51 14 4 4 10 11
24 49 21 2 4 18 16
25 35 23 4 4 14 13
16 48 20 5 4 12 15
19 37 20 6 4 6 5
20 31.428571 25.714286 8.5714286 3.9142857 12 3
12.727273 36.363636 25.454545 12.727273 4.0909091 6 6
15.686275 21.568627 25.490196 7.8431373 3.6078431 2 8
16.216216 27.027027 16.216216 8.1081081 3.2972973 16 8
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-67
-114
-75
-94
-113
-100
-72
-93
-43
-17
-7
9
0
-25
-26
-73
-27
-74
-104
-69
-49
-101
-71
-41
-62
-38
-51 -39
-30 -27
-4 13
-4 -2
4 33
0 -4
7 12
12 18
-5 2
6 -10
9 13
4 17
21 21
13 18
18 28
6 5
18 -2
9 -1
1 7
0 6
Occupier demand - NB % Availablility - NB %
20
-50
0
-17
25
0
38 21 50 0 13 8 0 13
13 33 75 13 13 4 13 0
57 37 83 17 14 -16 0 -33
50 52 89 22 44 -22 0 -56
71 79 100 67 67 -25 0 -43
78 30 44 22 22 0 11 -22
50 63 88 50 50 -17 0 -25
43 57 100 29 43 -29 -43 -14
33 36 58 17 33 -28 -17 -17
71 33 33 17 50 -44 -14 -50
44 19 33 11 11 -44 -44 -44
13 42 45 33 40 -8 -9 0
45 38 58 0 42 -32 -25 -40
45 23 29 6 38 -11 -6 -6
13 17 17 18 14 10 17 9
0 7 33 -11 0 19 11 44
0 4 11 0 0 11 11 22
20 7 20 0 0 3 -20 40
10 -7 -20 0 0 13 0 30
14 0 0 0 0 27 25 57
0 2 0 7 0 14 6 31
0 14 14 7 21 27 27 40
27 24 9 27 36 45 36 64
20 0 -30 10 20 23 20 20
-9 -9 -18 0 -9 18 18 18
9 -9 -22 -10 4 32 32 33
-23 -22 -43 -8 -16 12 14 15
-5 -6 -25 0 8 16 24 15
-28 -14 -22 -11 -10 23 27 20
-19 -9 -19 -3 -7 26 33 28
-48 -25 -26 -22 -28 19 19 24
-24 -28 -50 -13 -21 25 28 19
-29 -3 -13 0 3 19 20 25
-27 -11 -27 7 -13 5 8 8
-4 -7 -8 -4 -8 13 17 10
5 7 17 6 0 30 42 26
-24 -8 -16 4 -12 13 24 9
12 8 0 18 6 26 31 31
-24 -9 -17 0 -11 22 21 24
-17 -13 -22 -4 -13 31 26 38
-9 2 0 5 0 11 24 14
-14 3 0 5 5 21 24 29
-5 -8 -24 0 0 1 10 14
-10 0 -10 10 0 13 20 30
-22 -13 -17 -11 -11 -8 0 -6
0 -17 -26 -18 -6 23 29 29
3m Rent Expectations - NB % Investment Enquiries - NB%
80
75
100
50
80
20
-63
-13 -38 -38 -38 -38
-14 -52 -67 -33 -50
-78 -85 -100 -78 -78
-57 -95 -86 -100 -100
-33 -72 -63 -67 -88
13 -63 -63 -63 -63
57 -86 -86 -86 -86
-8 -39 -33 -33 -50
29 -33 -33 -17 -50
11 -30 -33 -33 -22
17 -44 -55 -38 -38
42 -12 -33 0 0
-25 -27 -29 -13 -45
43 12 18 11 0
30 7 10 10 0
33 33 44 33 22
40 20 10 40 10
33 21 30 22 11
57 5 0 14 0
75 75 84 75 65
50 67 67 67 67
64 85 91 82 82 61 82 45
80 57 70 40 60 57 80 40
73 61 64 64 55 70 91 45
73 65 71 65 57 65 74 62
54 70 79 61 71 59 77 45
61 78 85 71 79 59 73 47
63 67 73 54 73 49 61 38
54 77 86 69 74 49 68 35
54 64 69 48 75 53 68 36
31 72 74 67 74 55 74 37
7 44 50 30 53 44 55 31
0 5 7 0 7 31 63 0
10 27 26 24 30 25 34 20
5 23 32 11 26 7 26 -13
30 35 45 24 36 8 13 0
20 31 53 13 27 12 19 10
17 34 32 33 37 14 26 8
22 30 30 33 26 23 39 20
9 33 43 29 27 26 45 11
9 29 38 24 24 12 25 14
5 34 36 52 14 21 34 23
-10 50 60 60 30 30 45 35
6 44 56 44 33 36 60 28
0 33 40 37 21 44 65 47
12m Capital value expectations - NB % Foreign enquiries, NB %
55 88 91 82 91
50 83 90 70 90
73 70 82 64 64
59 66 68 67 64
56 80 90 72 76 52 63 48
58 77 80 73 77 75 83 71
50 60 64 56 60 52 58 40
42 71 73 67 72 59 72 48
56 70 78 58 73 38 48 22
55 67 75 61 65 34 48 20
47 47 53 43 45 10 10 7
30 7 11 4 7 -3 0 -8
22 23 24 23 24 16 24 5
8 12 28 0 8 35 41 35
9 28 29 23 34 26 37 15
6 35 43 30 30 31 47 20
8 37 39 37 34 20 19 18
11 41 45 43 34 44 59 32
20 28 50 21 14 22 38 15
-2 19 25 23 9 14 24 5
7 27 34 34 13 23 29 27
10 25 30 35 10 10 20 10
21 45 61 42 33 20 33 22
21 45 57 50 29 22 31 35
Supply availaibility - for sale, NB % Credit conditions
2.7 4
2.9 3.4
2.3 3.1
2.7 3.4
2.1 3.2
2.9 3.5
1.7 2.0
-0.7 -0.7
0.1 0.0
-0.3 -0.4
0.5 0.5
0.2 1.1
0.8 1.0
2.3 1.9
0.1 -0.6
0.0 -0.9
0.5 0.2
0.3 -0.3 -18.3 -10.0 10.0 -10.0 -40.0 -20.0
0.6 0.1 -7.4 27.8 27.8 11.1 -27.8 -33.3
1.4 -0.2 -6 12 24 -6 -19 -9
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
-22 -29
-24 -21
-32 -33
-63 -57
-71 -50
-46 -33
-43 -20
-54 -44
-38 -21
-16 1
-19 1
-40 -12
-22 7
-21 -12
7 15
9 9
6 30
8 22
16 18
8 22
32 59
26 44
30 62
33 59
43 57
47 54
42 53
40 47
38 45
2.5 12.5 52.5 27.5 4.9 46 47
3.6 3.6 57.1 32.1 5.1 47 38
9 6 48 33 5 46 39
0 3 33 61 5 22 23
0 0 23 69 5 21 19
0 0 23 59 5 16 14
0 0 32 63 5 3 18
4 4 17 67 5 17 29
6 6 19 63 5 11 16
5 5 14 76 6 14 20
9 4 13 65 5 19 23
4 0 22 61 5 13 20
0 0 8.6956522 73.913043 5.1304348 13 25
0 0 8.6956522 86.956522 5.7391304 14 24
0 0 10 70 5 21 26
0 5.5555556 16.666667 72.222222 5.4444444 27 28
0 3 17 71 5 35 16
Occupier
Demand Investment
minus Demand
Availabilit minus
y Supply
-75
-60
-100
-108
-138
-107
-54
-90
-50
-24
-30
-48
-40
-36
7
10
19
7
13
5
31
51
49
40
70
70
69 90
70 64
79 68
92 66
102 49
87 46
65 23
51 51
20 15
4 31
35 52
24 17
47 26
37 39
35 27
48 45
42 38
63 27
54 41
55 16
Occupier demand - NB % Availablility - NB %
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
6 22 28 39 6 41 41
0 0 47 35 18 53 35
0 30 50 10 10 40 50
0 20 60 20 0 20 50
0 29.411765 41.176471 29.411765 0 29 47
0 13 47 33 7 27 40
0 25 42 33 0 25 50
0 21 43 36 0 29 43
0 14 43 43 0 0 50
0 9 52 36 3 21 36
0 15 47 31 7 13.559322 38.983051
1 7 54 34 4 27.058824 42.352941
2 8 45 39 6 25.510204 37.755102
1 15 42 34 8 11 40
Perceptions on current phase of property cycle
0 0
67 50
14 17
50 -25
-25 -20
-60 0
0 -20 -36 -40 -50 -20 -15 0
14 14 -24 -29 -57 14 -14 -29
17 0 17 50 0 0 -33 -80
57 29 43 86 43 0 -90 -100
75 25 67 100 75 25 -100 -100
75 50 50 50 50 50 -100 -100
60 40 53 60 80 20 -87 -100
14 43 67 67 67 67 -95 -100
80 80 40 60 40 20 -80 -80
40 20 47 60 40 40 -50 -50
50 75 25 50 0 25 -67 -75
75 50 25 25 25 25 -83 -100
40 60 0 0 0 0 -60 -60
46 38 33 46 38 15 -23 -23
33 60 31 33 20 40 -53 -53
32 56 32 44 28 24 -40 -48
13 53 12 12 12 12 -51 -53
35 55 43 75 25 30 -42 -47
23 46 0 17 -8 -8 -35 -42
8 38 26 31 8 38 -54 -62
22 39 30 37 22 32 -13 -5
20 45 47 63 28 50 -19 -20
0 100 24 57 -14 29 10 0
21 54 33 33 17 50 5 8
19 50 29 25 19 44 6 13
7 50 16 6 -6 47 2 0
-10 52 -3 -19 -19 30 -8 -5
-6 41 -6 -19 -6 6 -14 -6
-5 48 -5 -10 -14 9 -5 0
-8 25 7 8 -17 29 5 9
-3 36 7 0 -4 26 -11 4
4 39 -3 -17 4 4 4 0
3 66 11 -6 -9 47 3 3
-16 25 -1 -18 -10 25 14 27
0 42 -6 -16 -19 16 13 27
-25 31 -8 -26 -22 25 7 30
-25 16 -3 -13 -3 6 14 26
-35 -4 -24 -46 -26 0 12 33
-35 9 -22 -38 -25 -4 16 25
-37 0 -14 -39 -16 13 20 45
-31 11 -21 -42 -23 4 17 38
-28 4 -24 -44 -32 4 21 42
-38 -6 -30 -41 -38 -13 26 21
-50 24 -22 -57 -41 31 19 33
-14 38 -17 -57 -33 41 14 37
-33 32 -8 -33 -20 30 15 41
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
100 100
50 100
86 67
100 100
20 60
20 -20
-50 -50
-86 -43 -44 -50 -50 -33
-67 -50 -50 -50 -50 -50
-86 -86 -81 -86 -86 -71
-50 -50 -100 -100 -100 -100
0 25 -33 -25 -50 -25
25 75 -39 -33 -50 -33
43 43 -19 -14 -29 -14
-20 40 -60 -80 -60 -40
-20 60 -20 -20 -40 0
25 75 -17 -50 25 -25
0 -25 -25 -50 -25 0
0 -60 7 0 0 20
-15 8 -38 -69 -23 -23
-33 -7 -42 -53 -33 -40
-25 -28 -54 -67 -46 -50
-6 0 -38 -65 -18 -31
-25 -30 -51 -74 -42 -37
-33 -46 -46 -42 -42 -54
8 0 -57 -83 -17 -73
-18 -28 -56 -74 -50 -44
-6 -6 -40 -55 -26 -37
14 14 -14 -29 14 -29 10 29
33 8 -24 -23 -7 -43 -24 -21
19 -6 -13 -20 13 -33 -32 -13
43 7 8 19 38 -29 0 20
65 10 27 50 45 -15 -9 -5
44 24 24 47 20 6 -17 -3
47 14 26 47 40 -10 0 20
50 32 15 32 30 -18 1 2
42 30 15 22 28 -4 -11 7
57 30 36 55 50 5 15 30
47 23 41 53 65 6 4 27
60 16 27 43 38 0 14 38
53 17 31 43 43 7 20 45
85 29 49 70 62 15 40 71
71 32 33 54 43 4 16 28
52 41 45 71 48 15 35 56
48 19 29 43 33 10 31 54
74 40 48 84 55 6 28 52
65 21 51 85 62 7 38 59
76 24 55 85 71 10 39 74
53 20 27 47 33 0 56 68
63 -9 36 67 65 -25 28 59
56 -11 27 63 54 -36 25 55
43 -20 22 47 44 -26 33 63
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
50 18 33 30 10 60 30 0
50 47 16 31 0 18 35 18
55 30 21 17 5 40 45 5
54 22 16 22 4 22 52 8
62 44 21 43 4 15 47 13
61 43 6 4 0 13 70 13
44 44 27 19 29 32 65 12
62 35 7 6 0 14 62 8
60 20 9 3 3 20 50 6
73 37 -4 -16 -4 7 63 13
79 54 7 7 0 14 54 14
55 52 -21 -27 -27 -10 61 9
40 19 -8 -5 -10 -10 55 0
55 26 -22 -27 -30 -10 65 6
62 29 -33 -46 -35 -18 57 11
62 33 -10 -11 -10 -10 59 14
53 33 -20 -20 -27 -13 40 13
60 14 -12 -33 -19 17 -5 5
49 -11 -10 -31 -12 14 -25 3
39 -16 -10 -24 -24 17 -12 2
Capital value expectations - respondents' 12m average % forec
-7.4
-6.2
-7.5
-4.6
-8.0
-4.2
-7.1
-5.3
-3.2
-3.4
-2.8
-1.6
-3.1
-4.7
-2.9
-2.8
0.0
-5.0 5.5 48.1 49.1 3.8 -5.6 7.3 -69.8
-6.3 -6.1 54.1 38.9 -27.0 -2.8 -16.2 -83.8
-4.6 -6.3 45.7 46.7 -27.7 -8.9 -10.9 -83.0
View on current market valuation levels Perceptions on
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
21
11
-9
-50
-72
-42
-38
-33
-27
-36
-36
-22
-24
-32
-24
-44
-28
-46
-19
-24
-37
-38
-17
-22
-17
-7
4
-3
10
4.0 36.0 48.0 8.0 4.0 3.7 1
3.3 40.0 43.3 13.3 0.0 3.7 -3
8.7 13.0 52.2 21.7 4.3 4.0 10
6 14 67 8 6 4 5
0 8 44 40 6 4 13
3 12 39 39 6 4 20
3 3 28 47 19 5 33
4 11 21 61 4 5 22
0 4 26 52 17 5 34
5 0 14 77 5 5 35
3 0 13 63 20 5 31
0 0 4 61 36 5 41
0 0 5 59 36 5 39
0 6.6666667 6.6666667 53.333333 33.333333 5.1333333 47
0 0 3.4482759 29.310345 55.172414 5.0344828 31
0 0 2.7777778 27.777778 50 4.6944444 24
2.0833333 2.0833333 0 25 60.416667 5.0833333 21
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-27 21
-37 -24
-37 -39
-56 -108
-50 -158
-3 -108
-13 -80
-11 -21
-36 -67
-2 -40
8 -117
-14 -100
-16 -80
-26 -67
-37 -58
-48 -88
-36 -70
-44 -79
-49 -50
-39 -31
-51 -69
-33 -55
-13 -76
-12 -37
-16 -27
-2 -18
14 -9 14
18 -27 31
17 4 25
14 -9 29
11 -6 17
27 10 43
21 -1 22
22 33 40
24 20 40
41 64 73
29 56 54
40 80 75
27 74 52
45 79 87
45 90 85
42 81 72
30 87 64
30 73 53
23 41 43
19 51 35
Occupier demand - NB % Availablility - NB %
-60 -20
-50 -50
-33 0
-50 0
-20 -20
-40 -20
0 17 5 -29 0 43 -81 -71
0 25 33 25 0 75 -75 -50
33 67 73 78 50 89 -88 -78
80 80 86 100 50 100 -78 -80
83 100 85 86 83 86 -86 -86
86 86 86 100 71 86 -57 -57
57 43 90 100 71 100 -43 -43
38 57 49 54 46 46 -31 -46
67 56 43 70 20 40 -26 -22
10 10 13 20 0 20 -27 -30
36 45 24 45 9 18 -24 -45
0 25 44 63 33 38 -16 -25
17 43 22 17 17 33 -28 -33
-20 20 -13 -20 -40 20 7 0
33 44 22 11 22 33 -4 -11
-10 25 0 0 0 0 -3 -8
22 44 0 -10 0 11 -4 10
29 29 23 13 29 29 5 0
-10 30 -14 -20 0 -22 7 0
33 60 19 -17 40 40 -5 0
-20 20 -33 -60 -20 -20 7 0
11 -11 -25 -30 -22 -22 0 0
0 6 1 0 -3 6 35 28
-5 29 0 0 0 0 39 45
-7 20 -15 -26 -22 4 28 41
-30 -10 7 20 10 -10 20 20
-50 0 -33 -50 -42 -8 35 33
-23 -8 -38 -31 -38 -46 44 42
-33 -33 -69 -73 -67 -67 53 60
-27 13 -13 -7 -27 -7 24 43
-11 16 -9 -15 -11 0 21 30
0 25 -19 -23 -17 -17 43 62
10 38 -7 0 -25 5 41 42
-18 0 -19 -18 -14 -24 32 52
-6 0 -20 -5 -38 -17 22 47
38 33 2 6 -8 7 17 31
-22 -6 -36 -37 -44 -28 21 21
-6 18 -8 -6 -12 -6 27 33
-10 39 -5 3 -22 3 8 3
-13 34 -3 0 -15 8 16 13
2 30 16 18 7 21 -4 -6
-15 29 14 18 0 23 6 11
-6 19 9 9 -10 28 12 6
-9 30 9 13 -7 20 22 24
0 29 11 4 0 30 -1 6
8 36 19 16 3 39 10 4
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
20 0
50 25
33 33
25 25
20 0
-20 -20
-86 -86
-75 -75 -58 -25 -50 -100
-63 -67 -88 -89 -88 -89
-75 -60 -80 -80 -80 -80
29 -14 -75 -80 -67 -80
29 29 -67 -71 -43 -86
43 57 -71 -86 -57 -71
17 0 -33 -38 -23 -38
10 0 -59 -78 -44 -56
0 11 -36 -63 -22 -25
18 -9 -18 -36 -9 -9
25 57 -33 -44 -22 -33
40 50 -18 -33 17 -40
50 25 7 0 40 -20
0 0 -10 -43 14 0
9 27 -6 -20 10 -9
25 13 -7 0 -11 -11
50 17 0 0 0 0
50 10 3 0 10 0
17 50 -21 0 -17 -50
40 20 33 40 40 20
25 50 17 13 25 13
50 47 37 39 43 29 58 65
33 40 45 41 48 48 48 48
64 57 38 48 44 20 59 64
50 50 23 40 20 10 57 60
55 36 41 50 45 27 50 58
50 25 42 58 33 33 57 63
89 44 71 70 78 67 45 58
64 36 45 50 57 29 43 50
47 35 33 35 39 26 53 61
58 75 54 69 42 50 49 69
65 59 69 74 76 56 51 65
59 62 46 48 48 41 51 59
60 31 54 59 53 50 57 65
29 27 36 33 36 40 59 55
35 29 45 47 53 35 65 73
59 24 35 35 44 25 43 47
38 -4 23 21 35 12 27 24
42 3 25 26 37 11 36 41
40 5 14 19 20 2 26 35
39 -11 20 25 35 0 35 43
41 8 19 22 41 -5 37 42
22 0 15 19 33 -7 34 44
29 -10 25 32 37 6 39 53
52 -11 35 38 54 14 36 47
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
65 45 52 61 53 42
55 42 59 55 67 57
64 48 64 67 73 50
60 50 30 30 40 20
55 36 61 67 64 52 41 58
58 50 65 67 67 63 47 58
50 28 46 50 44 44 50 60
54 25 59 68 68 43 40 57
66 33 52 53 55 46 47 61
46 33 63 65 54 71 20 50
47 39 63 68 68 53 45 56
54 39 62 65 67 52 39 45
60 45 66 65 77 56 28 44
62 61 39 37 43 37 14 14
69 52 54 61 59 41 13 17
59 24 54 58 65 38 15 11
47 9 25 30 38 8 1 0
50 16 28 33 38 14 -12 -5
47 -4 18 19 30 7 -14 -11
53 10 36 40 49 18 -10 -7
58 10 28 31 45 6 1 8
53 4 35 40 53 13 13 28
56 7 25 37 38 1 -26 -20
58 3 41 46 62 14 -5 -4
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
27 36 -8 -25 -9 10 58 0
42 42 11 8 8 17 75 0
44 44 -28 -40 -44 0 80 10
43 21 -29 -29 -29 -29 60 0
44 35 -11 -5 -17 -11 75 5
0 9 0 0 0 0 58 25
41 39 -5 -16 -6 6 28 6
27 43 -41 -39 -48 -36 9 5
20 20 -27 -18 -33 -31 -18 6
14 14 2 0 14 -7 -44 6
6 18 -9 -21 -6 0 -58 0
24 12 8 11 -6 18 -67 0
13 -8 -21 -21 -30 -12 -38 0
-14 -17 -12 -18 -14 -6 -30 3
-16 -16 4 0 9 2 11 4
-2 -21 3 -2 -2 13 -10 2
3 -8 -1 -5 -3 6 -11 5
15 -2 -4 -2 -18 7 22 7
-26 -33 6 6 -4 16 -12 2
9 -20 10 1 14 14 12 6
Capital value expectations - respondents' 12m average % forec
0.5
0.8
1.6
-1.6
1.2
0.6
0.4
0.2
2.7
3.8
1.8
0.4
-0.8
-1.6
-2.3
-0.7
-1.4
-1.0 17.0 45.2 51.2 16.7 0.0 22.5 -33.3
-0.9 23.9 52.9 48.0 9.8 12.0 40.8 -20.0
-0.8 23 52 60 14 11 27 -28
View on current market valuation levels Perceptions on
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
-16
-19
-66
-79
-73
-62
-51
-25
-47
-3
-12
-19
-7
4
-12
-10
7
-3
6
-19
20
26
28
31
33
27
42
45
65
0 0 40 27 27 4.6 26
0 10 10 35 40 4.9 32
0 8 8 31 46 4.9 29
5 0 5 58 32 5.1 38
4 4 4 30 48 4.9 36
0 0 6 24 71 5.6 40
0 0 0 25 69 5.4 31
0 0 0 21 79 5.8 44
0 0 0 17 78 5.6 29
0 3 3 7 63 4.6 20
0 3 5 13 56 4.5 18
10 6 2 20 41 4.1 7
6 4 4 12 39 4 13
3.125 3.125 3.125 10.9375 57.8125 4.515625 10
15.909091 2.2727273 6.8181818 18.181818 38.636364 4.0681818 10
0 6.122449 2.0408163 16.326531 30.612245 3.3673469 12
13 14 5 13 29 4 9
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-40 -32
-42 -42
-54 -129
-48 -166
-22 -148
-11 -110
-22 -57
-22 -46
-40 -100
-15 0
-13 -30
-11 0
-1 -20
13 40
-15 -44
-3 -17
-3 0
4 -23
6 -3
2 -43
25 20
20 39
25 45
37 41
34 51
21 43
35 75 63
25 64 33
57 102 99
42 38 81
29 48 55
41 27 70
47 21 72
50 48 106
44 62 77
20 20 25
29 62 41
22 33 33
20 2 36
20 14 36
9 4 14
12 15 15
15 9 27
12 4 21
10 6 6
16 3 11
Occupier demand - NB % Availablility - NB %
27
Occupier demand - NB % Availablility - NB %
17
67
0
75
0
-30
-14 -23 -38 -14 -14 40 63 57
-33 -15 -22 -11 -11 34 44 44
-14 -18 -38 0 -14 -32 -38 -29
0 23 50 17 0 -81 -89 -89
0 100 100 100 100 -100 -100 -100
13 83 88 75 88 -96 -100 -88
17 83 100 83 67 -89 -83 -100
50 57 58 62 50 -67 -58 -85
-20 38 50 40 20 -31 -33 -40
0 -28 -33 -33 -17 -33 -17 -50
-9 -3 0 9 -20 12 17 9
-30 3 -20 20 10 -3 40 -40
-20 -21 -55 0 -9 10 30 -10
27 -12 -17 -18 0 35 58 9
-9 -9 -27 0 0 -3 9 -9
-30 10 10 10 10 7 30 -20
0 11 8 8 17 28 50 0
0 7 7 7 7 13 31 -14
7 18 21 8 23 7 21 0
0 25 25 25 25 -17 0 -25
20 35 50 17 40 29 33 33
33 17 25 0 25 8 44 -13
8 43 58 33 38 42 75 17
25 33 67 8 25 11 42 0
21 27 71 0 7 41 79 8
0 34 60 8 29 29 71 18
83 29 79 -8 17 35 54 33
25 27 63 7 13 33 64 27
31 37 69 0 42 39 83 25
13 38 80 14 20 28 42 27
38 47 74 35 32 45 71 39
25 43 69 25 33 41 69 45
19 34 53 18 31 23 44 13
15 36 62 21 25 42 61 41
17 33 50 22 28 24 42 35
5 37 64 24 25 27 71 11
36 25 47 7 21 44 67 50
16 31 45 26 21 45 59 56
38 15 44 0 0 27 54 50
32 25 30 16 28 35 53 44
33 15 20 15 9 17 36 28
12 9 14 4 8 44 61 60
17 16 8 31 8 18 33 38
0 3 6 -21 24 40 59 69
30 17 25 0 25 32 45 42
31 17 17 16 19 14 45 35
3m Rent Expectations - NB % Investment Enquiries - NB%
100
100
100
25
-11
10
-43
-75 -28 -33 -33 -17
-88 -46 -38 -50 -50
-89 -50 -67 -50 -33
-100 -75 -75 -75 -75
-50 -58 -63 -50 -63
0 33 50 33 17
8 -15 0 -25 -18
60 40 60 0 60
17 50 67 33 50
80 76 82 64 82
45 57 70 40 60
64 73 100 30 90
73 64 73 45 73
55 48 64 27 55
30 13 30 -10 20
15 10 21 7 0
7 -17 -29 -21 0
14 -8 -8 0 -15
0 -25 -25 -25 -25
20 -18 -33 -17 0
13 0 -13 14 0
50 16 25 8 15 -11 -42 8
42 33 42 50 8 -6 -50 8
33 14 8 8 23 -10 -36 0
50 18 14 36 8 -12 -40 8
50 30 8 55 27 -37 -74 -8
69 18 0 38 15 -34 -68 -18
58 8 0 17 8 -42 -54 -35
36 10 -25 33 23 -33 -71 -11
36 21 9 32 23 -39 -57 -35
73 41 42 40 40 -43 -67 -51
56 8 11 6 7 -30 -35 -17
26 10 6 13 11 -27 -58 -20
6 11 11 24 0 -19 -36 -3
-21 0 -5 5 0 -30 -52 -18
46 36 29 36 43 -12 -33 0
38 -4 -6 -7 0 -33 -53 -32
13 6 0 13 6 -16 -39 -6
38 25 30 25 21 -11 -26 5
21 31 35 50 8 2 2 19
35 21 20 28 17 12 14 28
-17 24 33 38 0 18 38 35
22 23 32 33 6 11 19 37
5 27 40 42 0 14 8 44
15 25 41 35 0 11 21 26
12m Capital value expectations - NB % Foreign enquiries, NB %
0 46 58 33 46
25 40 50 33 36
7 19 8 8 38
0 29 14 36 38
-29 11 -4 18 20 49 46 58
-17 14 0 15 27 62 50 71
-38 4 -8 4 17 56 58 50
-17 -14 -33 5 -15 44 50 33
-26 -12 -20 -8 -7 33 39 23
-13 19 25 6 25 44 42 45
-39 -9 -14 0 -13 39 44 29
-2 8 0 3 21 23 29 19
-18 -7 -9 -3 -8 13 32 18
-21 -14 -23 -8 -11 -19 -14 -21
-4 20 0 38 20 48 64 31
-15 -6 -19 -8 9 28 24 38
-3 5 -11 13 13 33 50 29
-12 9 5 16 5 43 34 50
-15 20 14 36 9 43 46 50
-6 21 25 33 5 32 32 50
-17 24 33 31 8 32 50 54
-23 33 47 50 1 58 68 78
-10 35 43 55 8 47 53 78
-15 16 35 32 -18 41 57 62
Supply availaibility - for sale, NB % Credit conditions
42 29 46 0 42 31 0 46
64 17 29 21 0 27 0 36
58 6 8 8 0 50 17 42
50 22 67 -17 15 23 0 31
38 30 46 13 32 52 13 43
45 -9 8 -27 -9 15 0 31
44 21 39 24 0 -22 0 22
22 24 56 12 5 33 0 39
-11 37 37 41 33 -5 5 19
-21 1 10 0 -6 -19 0 5
50 19 29 14 14 7 0 29
24 35 47 14 43 -6 0 12
21 -4 15 -14 -14 12 0 29
45 13 20 11 7 6 0 19
33 15 33 13 0 38 12 27
15 11 14 20 0 17 0 29
-8 8 17 8 0 8 0 31
28 28 35 44 6 0 0 12
10 21 20 21 21 14 0 24
4 25 45 30 0 10 0 14
Capital value expectations - respondents' 12m average % forecast
0.0 0.0
-0.6 0.2
-0.4 -0.6
-1.3 -2.5
-2 -2
-0.9 -0.9
-1.9 -2.0
-0.8 -0.8
-0.6 -1.5
-1.4 -1.8
-1.1 -1.6
-2.9 -2.1
-0.2 -0.8
-1.8 -1.7
-0.7 -1.3
0.6 -1.1
0.4 -2.1
1.8 -0.9 21.7 81.3 66.7 25.0 -18.8 20.0
1.9 -1.8 10.7 50.0 52.9 0.0 -5.6 0.0
-0.4 -3.2 -4.6 34.5 33.3 -20.0 -6.9 -16.7
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
39 -23
20 -27
16 -39
-35 -49
-87 -58
-73 -31
-57 11
-32 -3
-19 39
19 41
26 52
24 51
38 52
43 46
17 29
8 13
14 3
-7 -7
-18 -9
-22 -14
-27 -20
-15 -2
-11 6
-17 25
-7 17
-9 34
-9 17
-10 22
-9 21
14.3 21.4 28.6 7.1 3.5 -19 7
20.0 20.0 28.0 4.0 3.5 -19 10
7.1 28.6 28.6 14.3 3.9 -9 37
11.111111 27.777778 22.222222 11.111111 3.6111111 -9 15
5.2631579 15.789474 42.105263 15.789474 4.1578947 -9 4
14.285714 23.809524 38.095238 9.5238095 4.0952381 -6 -1
19.047619 14.285714 0 23.809524 3.1428571 -13 -4
7.1428571 28.571429 28.571429 7.1428571 3.6428571 -1 19
11.764706 23.529412 29.411765 29.411765 4.5882353 -5 -1
11.764706 11.764706 29.411765 17.647059 3.7647059 6 12
0 29.03226 29.03226 32.25806 4.677419 4 16
8 12 32 36 4.64 14 19
8 24 28 40 5 16 18
15.384615 0 23.076923 46.153846 4.6923077 17 17
5.2631579 0 21.052632 57.894737 4.8421053 18 17
0 0 19.047619 66.666667 5.1428571 10 14
16.129032 0 25.806452 45.16129 4.6451613 7 13
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
55
48
31
-53
-119
-78
-61
-54
19
17
74
57
77
53
27
57
33
-13
-25
-25
-59
-47
-5
-19
-17
1
-48 22
-26 47
-13 56
-25 11
-51 8
-15 71
-3 38
-13 4
-26 -15
-15 -12
-11 22
3 2
2 31
17 24
2 25
11 34
43 26
21 28
-3 15
-20 14
Occupier demand - NB % Availablility - NB %
50
0
-50
0
0
33
-25 -17 -50 0 0 -33 -67 -33 0
38 4 -38 25 25 -4 -13 -25 25
10 -17 -30 -20 0 -26 -33 -22 -22
33 61 67 50 67 -67 -67 -67 -67
33 67 75 50 75 -69 -75 -75 -57
0 60 60 60 60 -87 -60 -100 -100
50 50 67 33 50 -72 -67 -83 -67
0 13 20 0 20 -47 -40 -40 -60
8 42 42 42 42 -56 -62 -62 -46
0 56 50 67 50 -83 -83 -83 -83
40 45 64 40 30 -57 -60 -56 -56
33 30 56 33 0 -33 -33 -33 -33
0 8 13 13 0 -70 -78 -56 -78
20 67 100 40 60 -40 -40 -40 -40
-13 45 67 17 50 -10 -17 0 -13
14 52 57 43 57 -48 -43 -43 -57
0 17 33 17 0 -22 -33 -17 -17
33 56 67 33 67 -28 -33 -17 -33
40 67 80 80 40 -40 -40 -40 -40
50 50 50 50 50 -33 0 -50 -50
31 -8 33 -10 0 -31 0 46 69
50 -20 30 13 40 -30 30 53 80
67 25 67 44 64 18 50 69 75
73 9 64 11 23 -14 23 33 45
56 22 63 26 33 6 39 59 61
59 47 47 37 56 15 41 60 72
60 33 67 50 73 27 50 41 44
85 38 69 37 58 12 43 55 73
40 21 50 51 67 25 61 50 53
48 17 48 69 85 44 77 69 82
50 11 28 42 68 16 42 42 61
55 -9 32 37 68 5 39 37 64
60 27 33 46 77 20 40 38 57
53 13 40 53 81 28 50 52 69
50 19 63 51 65 32 56 41 57
61 16 58 64 86 34 73 66 79
69 19 44 56 78 31 59 54 75
76 29 57 55 75 37 54 53 64
76 30 62 69 81 50 76 65 86
75 50 50 54 74 35 53 56 72
61 29 39 56 68 45 55 55 66
56 32 31 55 74 50 40 38 63
70 20 35 45.570175 76.578947 22.368421 37.763158 36.535088 48.026316
al value expectations - NB % Foreign enquiries, NB % Supply availaibility - for sale, NB %
0 69
0 80
50 83
14 41 70 100 18 91 21 18 18
44 72 89 89 89 89 30 33 22
41 69 78 82 71 82 2 -18 18
41 37 67 73 53 73 -13 -33 13
35 58 69 77 46 85 -18 -38 0
29 68 51 73 29 50 14 7 14
48 77 59 75 42 61 -21 -33 -4
14 50 48 61 28 56 -30 -39 -11
9 39 42 68 5 52 -3 -9 9
20 37 24 40 13 20 -18 -27 -7
22 66 40 50 13 56 -13 -19 -13
23 43 52 63 38 56 6 -13 6
41 77 60 71 39 71 -1 3 0
25 63 60 73 40 67 -4 -6 0
38 57 59 71 43 62 -10 -10 -14
43 67 61 57 55 71 -22 -38 -15
41 56 60 75 38 69 0 0 -13
47 52 52 71 32 52 8 6 -3
41 11 59 76 56 46 9 8 12
26.315789 35.263158 46.666667 55 40 45 -0.087719 -5 -5.263158
for sale, NB % Credit conditions Capital value expectations - respo
27 45 9 45 36 9 0 1.3 4.5
33 78 11 67 22 0 0 3.0 5.6
6 82 6 82 6 0 6 4.0 7.2
-20 100 13 87 0 0 0 3 6.3
-15 100 23 77 0 0 0 3.4 6.9
21 93 27 67 7 0 0 3.1 4.8
-25 87 17 70 13 0 0 3.4 5.9
-39 78 17 67 11 6 0 2.0 4.0
-9 64 9 64 18 9 0 1.8 5.0
-20 40 7 47 33 13 0 2.7 6.8
-6 81 25 56 19 0 0 2.4 5.0
25 94 13 81 6 0 0 1.8 3.8
-7 90 29 65 3 3 0 4.0 6.8
-6 94 25 69 6 0 0 2.2 4.8
-5 90 24 67 10 0 0 2.3 4.4
-14 80 30 50 20 0 0 3.5 6.1
13 69 31 38 31 0 0 3.2 7.7
19 52 16 45 29 6 3 3.7 6.8
8 69 12 65 15 8 0 3.3 8.6
10 65 20 50 25 5 0 2.5559211 6.375
lue expectations - respondents' 12m average % forecast Capital value expectations -longer term expectations n
-3.2
-1.1
-0.4
0.5
0.4
2.0
2.4
0.1
0.6
1.3
0.8
0.7
3.3
0.8
0.2
3.3
1.5
1.5 16.7 51.6 38.7 38.7 9.7 -16.1 -22.6
1.1 8.5 52.0 20.0 23.1 16.0 -20.0 -40.0
1.3157895 15 50 10 45 5 -10 -10
View on current market valuation levels Perceptions on current phase o
17 -33 25
4 -29 13
-14 -44 -37
-78 -54 -117
-65 -42 -96
-42 -18 -33
-44 -19 -78
-22 -13 -53
-23 -19 -44
-37 -50 -28
-31 -24 -90
-36 -51 -100
-25 -41 -74
-59 -64 -87
-52 -53 -50
-43 -52 -43
-30 -30 -28
-41 -15 -78
-53 -62 -80
-39 -72 -67
0 0 0
0 0 0
0 0 0
-17 8 8
3 23 13
19 35 44
19 31 64
19 30 39
33 40 65
53.3 40.0 0.0 4.3 39 50 90
38 46 8 5 42 48 79
27 40 0 4 34 27 55
30 48 13 5 37 42 61
33 50 11 5 36 33 54
27 36 23 4 33 22 56
20 47 7 4 34 33 69
25 50 19 5 33 29 67
13 50 25 5 30 30 54
19 65 13 5 43 32 67
6 50 38 5 36 35 61
0 52 33 5 42 39 97
0 43 48 5 38 45 59
12.5 37.5 50 5.375 47 40 78
0 32.258065 45.16129 4.6774194 40 29 51
7.6923077 38.461538 26.923077 4.3076923 41 25 82
0 50 30 5 34 28 52
Investmen
t Demand
minus
Supply
45
44
70
98
79
44
89
70
39
58
50
45
50
62
64
79
63
44
36
42
Occupier demand - NB % Availablility - NB %
0 0 17 22 25 8
40 10 50 60 60 50
55 25 55 22 30 10
44 34 52 9 10 0
41 39 57 10 16 5
42 31 38 3 6 -4
Development starts - NB % 3m Rent Expectations - NB %
-27 -2 -14 3 -2 8
-30 -11 -15 -30 -39 -13
-7 0 -11 -20 -29 -7
12m Capital value expectations - NB % Foreign enquiries, NB %
2 10 2 19 10 -11
-38 -12 -22 -1 -13 -19
-23 6 0 18 2 -2
eign enquiries, NB % Supply availaibility - for sale, NB %
-22 8 -18 19 18 20
-15 -11 -32 8 4 6
-11 6 0 30 29 27
Credit conditions
27 -9 9 36 0 45 9
33 -11 0 33 22 44 0
35 -38 0 19 25 56 0
18 16 4 36 36 16 8
13 -13 4 17 43 30 4
34 -11 2 24 38 33 4
Capital value expectations - respondents' 12m average % forecast
-2 -2 -2 -2 -3 -2 -3
-5.1 -5.3 -3.9 -5.3 -5.8 -4.4 -5.8
-2.8 -2.9 -1.8 -2.8 -3.5 -2.1 -3.8
-4 -3 -1 -4 -8 -5 -6
-4.3 -5.3 -2 -4.5 -6 -2.5 -5.3
-3.7 -3.3 -1.6 -4.8 -4.8 -2.5 -5.3
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
0 0 10 30 60 40
0 9 27 55 9 27
0 13 38 50 0 25
0 0 53.846154 46.153846 0 15
0 0 9 91 0 9
0 0 22 78 0 33
0 0 35 59 6 24
0 12 34 50 4 12
0 4 38 53 4 8.5106383
0 11 39 46 4 9.0909091
Perceptions on current phase of property cycle
31 8 38 8 0 3 -32
36 18 36 0 0 3 -39
33 11 22 0 0 2 -61
29 35 12 0 0 2 -44
44 20 16 4 4 2.68 -23
38.297872 21.276596 23.404255 4.2553191 4.2553191 2.893617 -33
36.363636 25.454545 16.363636 9.0909091 3.6363636 2.9090909 -23
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-37 -61 -93
-36 -50 -85
-32 -92 -58
-3 -51 0
25 29 57 63 53 53
54 67 76 78 69 81
38 56 63 65 47 77
45 54 66 75 59 64 37 52
58 68 74 80 64 77 44 49
57 70 74 80 62 79 25 26
67 65 85 86 83 85 37 38
69 68 80 87 77 78 34 38
60 67 78 82 74 79 26 26
75 79 84 84 84 84 19 20
64 64 65 69 64 62 9 9
64 62 73 74 71 73 7 9
51 56 63 62 63 65 1 7
60 59 66 70 64 64 11 15
51 47 56 62 54 53 13 16
69 48 66 69 72 58 17 25
64 45 66 73 71 54 13 23
65 38 63 71 72 47 13 16
62 31 58 66 68 42 21 32
59 16 46 61 58 20 13 32
47 4 34 47 45 10 9 23
53 14 38 50 51 12 14 25
50 -7 27 41 48 -9 9 26
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
19 39 23 35 6 29 69 5
28 55 19 -14 35 36 61 5
12 36 -4 -24 7 6 69 6
32 42 -4 -10 -2 0 72 6
19 44 -6 -18 -7 7 64 10
22 31 -14 -22 -9 -12 49 3
14 23 -22 -27 -22 -19 53 0
4 14 -14 -26 -11 -4 44 6
0 12 -7 -10 -11 -1 35 1
-5 1 -17 -14 -19 -17 43 3
5 14 -13 -12 -16 -12 58 4
16 7 -9 -9 -9 -11 60 7
16 9 -10 -6 -13 -11 60 4
14 2 -25 -21 -25 -30 60 7
16 6 -16 -17 -19 -14 56 4
25 7 -4 1 -7 -4 53 2
21 -14 -6 -3 -16 2 48 4
14 -10 3 3 -3 8 38 3
22 -7 6 7 0 11 44 4
17 -14 6 10 -9 17 20 3
Capital value expectations - respondents' 12m average % forec
1.0
3.4
3
4.0
3.8
3.8
4.7
2.9
3.3
2.0
2.3
1.2
1.9
1.5
0.8
0.2
0.0
-0.8 16.5 38.2 49.6 10.4 14.4 14.8 -28.6
-0.6 20.3 43.6 53.7 9.9 14.2 20.7 -20.3
-2.2 6.1 23.8 47.3 -11.9 8.4 14.0 -45.2
View on current market valuation levels Perceptions on
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
2 16 67 14 1
4 19 53 24 0 0
0 20 61 17 3 1
1 17 66 16 0 0
3 18 58 21 0 1
1 15 63 20 2 3
4 21 60 15 1 4
3 17 59 21 1 3
2 13 63 22 1 3
1 22 61 16 0 2
1 13 60 25 1 3
2.73 13.64 54.55 27.27 1.82 1
2 9 55 31 1 4
0 10 47 38 5 5
2 7 43 41 5 9.7560976
1 11 50 35 3 11.038961
2 11 48 37 3 13.389121
2 9 50 37 2 14.883721
Perceptions on current phase of property cycle
-24
-70
-77
-92
-95
-70
-66
-44
-46
-27
-21
-14
-33
-40
-30
-26
-20
-26
-17
-13
10
0
28
25
42
26
36
41
50
0 18 39 43 0 4 46
1 18 42 32 4 4 56
1 22 29 48 0 4 46
3 13 33 42 8 4 54
1 25 33 30 8 4 39
1 5 40 37 12 4 35
1 18 33 45 1 4 34
0 2 33 53 10 5 38
1 5 38 48 6 4 25
0 2 25 54 16 5 35
1 3 20 63 13 5 32
1 4 20 54 17 5 26
2 2 17 51 22 5 20
1.2195122 3.6585366 14.634146 47.560976 23.170732 4.5853659 20
1.2987013 1.9480519 14.935065 44.155844 26.623377 4.5974026 17
4.1841004 1.6736402 20.920502 31.799163 28.033473 4.376569 16
3.255814 2.3255814 13.488372 26.511628 39.534884 4.5209302 8
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-43 -52
-59 -133
-56 -126
-56 -194
-31 -170
-19 -106
-36 -91
-27 -77
-50 -76
-31 -50
-39 -25
-44 -17
-82 -4
-61 -36
-54 -27
-42 -13
-35 -24
-34 -38
-22 -11
-10 -5
-7 26
-6 9
10 47
6 52
22 64
14 44
27 59 30
31 75 40
39 88 50
40 84 58
41 95 57
36 75 48
43 91 64
29 71 43
27 57 39
29 51 40
32 62 46
27 38 43
29 48 39
34 47 50
28 36 40
20 31 26
21 25 29
12 16 9
13 18 11
6 5 0
Occupier demand - NB % Availablility - NB %
2004 H2
2005 H1
2005 H2
2006 H1
2006 H2
2007 H1
2007 H2
2008 Q1
2008 Q2
2008 Q3
2008 Q4
2009 Q1
2009 Q2
2009 Q3
2009 Q4
2010 Q1
2010 Q2
2010 Q3 Romania 19 27 45 -20 3 9
2010 Q4 Romania -14 -29 0 -14 -10 0
2011 Q1 Romania 17 20 30 0 -3 -10
2011 Q2 Romania 20 0 60 0 0 0
2011 Q3 Romania -7 0 -20 0 27 40
2011 Q4 Romania -13 -6 -16 -17 10 20
2012 Q1 Romania -19 -11 -11 -33 -7 0
2012 Q2 Romania 4 0 25 -13 4 0
2012 Q3 Romania 9 27 -8 9 0 10
2012 Q4 Romania 13 40 20 -20 33 40
2013 Q2 Romania 17 50 0 0 17 30
2013 Q3 Romania 67 86 57 57 24 43
2013 Q4 Romania 33 43 29 29 24 14
2014 Q1 Romania 31 53 18 24 10 18
2014 Q2 Romania 37 50 36 27 33 50
2014 Q3 Romania 11 42 9 -18 37 67
2014 Q4 Romania 47 59 38 44 29 50
2015 Q1 Romania 38 35 29 50 46 71
2015 Q2 Romania 27 48 33 0 31 48
2015 Q3 Romania 47 53 53 37 42 74
2015 Q4 Romania 50 54 62 33 43 54
2016 Q1 Romania 39 47 41 29 49 71
2016 Q2 Romania 35 48 38 19 21 38
2016 Q3 Romania 42 56 29 41 54 72
2016 Q4 Romania 40 62 42 18 48 69
2017 Q1 Romania 31 47 22 22 48 50
2017 Q2 Romania 51 71 65 19 24 29
2017 Q3 Romania 77 95 76 61 32 53
2017 Q4 Romania 44 50 58 25 26 39
2018 Q1 Romania 36 53 18 38 33 41
2018 Q2 Romania 42 53 33 40 11 20
2018 Q3 Romania 33 50 40 10 17 30
2018 Q4 Romania 49 37 58 53 33 42
2019 Q1 Romania 46 53 68 16 42 58
2019 Q2 Romania 62 67 67 53 44 47
Inducements - NB % Development starts - NB %
9 -9 21 9 18 36 0 -9
-29 0 -10 -14 -14 0 -14 -14
0 0 -30 -40 -30 -20 10 0
0 0 27 20 40 20 33 40
20 20 60 60 60 60 -33 -20
4 4 49 52 41 52 -20 -16
-11 -11 37 44 22 44 -7 -11
-13 25 8 13 13 0 21 25
9 -20 13 -10 27 18 -3 0
0 60 0 20 -20 0 13 20
10 10 20 20 30 10 28 40
0 29 38 38 38 38 33 50
29 29 5 14 0 0 0 29
6 6 17 25 19 6 38 59
21 29 7 7 7 7 35 50
9 36 17 33 0 18 31 58
6 31 8 25 0 0 44 69
18 50 0 -6 6 0 54 71
10 37 17 20 15 15 51 74
-11 63 4 21 -5 -5 56 83
15 58 13 23 -8 25 50 77
29 47 18 12 18 24 66 75
5 19 2 15 -10 0 57 81
38 52 8 16 0 9 46 54
25 50 16 38 0 9 60 85
53 41 14 32 6 6 59 71
18 25 14 18 12 13 40 47
39 5 9 11 6 11 29 28
30 9 6 9 0 9 42 65
29 29 8 18 0 6 41 65
20 -7 -7 -7 -21 7 13 15
20 0 13 20 10 10 47 70
42 16 0 11 0 -11 23 42
53 16 11 17 0 17 54 63
47 40 18 20 7 27 47 60
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
-9 0 7 0 30 -10
-29 -14 0 14 0 -14
20 -10 30 22 56 11
20 0 -7 -20 0 0
-40 -40 -13 0 -20 -20
-20 -26 -12 -11 -10 -16
0 -11 -11 -22 0 -11
25 -13 -17 -25 0 -29
8 0 -3 -9 0 0
20 20 -27 -20 -20 -40
18 36 3 18 -9 0
25 63 -8 0 -13 -13 -4 0
14 57 -5 -14 14 -14 19 14
29 29 2 6 -6 6 20 18
21 60 0 0 0 0 -7 -14
25 8 11 33 9 -8 21 46
31 38 13 19 13 6 12 16
21 54 25 21 29 25 39 36
37 28 19 37 16 5 17 37
71 50 33 39 33 28 28 39
69 58 21 23 15 25 14 27
53 47 10 13 6 13 11 -3
45 40 8 19 0 5 17 19
42 64 31 40 24 29 18 21
33 18 13 23 0 17 14 15
59 29 33 35 41 24 26 21
71 63 34 44 44 13 29 38
71 39 48 44 53 47 44 53
48 27 43 57 39 35 29 29
29 12 49 59 47 41 41 47
38 46 46 46 62 31 48 50
50 40 13 20 20 0 30 20
37 16 26 33 33 11 25 32
53 32 28 26 37 21 26 37
80 40 56 60 67 40 37 40
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
25 -38 -4 13 0 -25
14 29 24 14 29 29
18 24 39 41 35 41
-7 0 16 29 7 13
17 0 46 63 53 22 33 42
13 9 18 22 9 22 35 38
43 38 55 57 54 54 44 43
18 -5 37 50 47 14 32 47
22 22 36 47 41 21 46 67
7 7 46 50 39 47 68 77
26 9 29 28 28 31 55 65
21 12 32 40 24 31 28 50
21 12 50 58 44 48 48 38
4 23 31 38 21 33 44 38
31 28 45 42 47 47 37 41
26 22 50 53 53 43 50 59
47 32 52 53 52 50 52 67
29 27 49 59 46 41 43 54
26 50 52 59 45 53 33 41
50 43 53 58 58 42 34 38
45 25 53 55 60 45 20 20
29 16 25 30 25 21 16 37
26 16 25 34 26 13 43 58
50 20 36 33 47 27 47 60
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
25 33 36 33 33 42 25 8
38 31 29 44 19 25 0 0
43 46 37 43 29 38 36 0
32 18 21 37 26 0 30 0
50 22 28 56 6 22 44 6
62 67 34 38 23 42 46 0
47 53 31 47 24 24 6 0
20 15 18 25 5 25 -5 0
50 56 13 19 12 8 20 8
67 27 16 46 -8 9 46 0
35 35 45 47 47 41 35 0
53 38 46 56 44 38 19 13
56 33 30 44 24 22 -6 12
43 32 31 46 21 26 9 0
35 24 27 35 24 24 -18 0
42 23 10 15 8 8 -54 0
10 30 13 20 10 10 -60 0
16 -5 25 47 5 21 -32 5
50 21 49 74 37 37 -21 5
60 20 42 60 40 27 -7 13
Capital value expectations - respondents' 12m average % forec
-2.1
-0.8
2.1
-2.1
-0.1
-3.1
-0.6
-0.5
-0.4
0.2
1.0
0.6
3.0
1.1
3.2
3.2
-0.3
0.3 -2.6 21.1 21.1 5.3 -5.3 -21.1 -36.8
0.0 0.0 15.8 36.8 5.3 -26.3 0.0 -31.6
0.8 -1.1 20.0 33.3 -6.7 -13.3 -13.3 -26.7
View on current market valuation levels Perceptions on
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
0
0
0
0
0
0
0
0
0
0
-5
-11
14
-7
-38
-33
-28
-3
-10
-2
0
8
5
9
5
-3
14
19
10.0 45.0 35.0 5.0 0.0 3.3 4
6 28 67 0 0 4 18
0 23 46 15 0 3 11
13 6 44 31 0 4 7
25 0 45 30 0 4 9
16 8 36 40 0 4 17
15 0 31 54 0 4 12
0 22 44 28 6 4 9
6 13 19 50 6 4 15
6 0 17 56 17 5 32
4 13 8 71 4 5 18
6 6 29 47 12 5 18
23 0 8 54 15 4 28
40 0 0 50 10 3.9 9
21.052632 0 0 31.578947 26.315789 3.7894737 23
21.052632 0 15.789474 15.789474 21.052632 3.3684211 19
6.6666667 0 6.6666667 20 53.333333 4.7333333 21
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
-12 16
-21 -5
1 20
-13 20
-24 -33
0 -22
-16 -11
-10 0
-12 9
-11 -20
-3 0
-6 43
-3 10
-1 22
0 4
2 -27 -6
9 18 15
9 -8 3
14 -4 22
22 5 34
17 7 29
11 -10 24
14 14 33
24 -12 40
11 -8 19
12 -17 4
17 27 16
26 45 29
20 18 18
18 3 4
28 31 38
17 17 37
12 16 11
8 4 -4
24 18 18
Occupier demand - NB % Availablility - NB %
60
50
-50
0
67
80
13 0 0 0 0 17 13 25
0 11 0 0 33 -33 -14 -29
-43 18 17 0 33 -75 -71 -83
78 59 78 44 56 -87 -90 -80
83 75 83 67 75 -100 -100 -100
50 75 75 75 75 -96 -100 -100
50 81 78 75 90 -89 -89 -88
29 55 57 67 43 -79 -86 -80
17 16 43 0 0 -37 -29 -50
0 27 25 29 29 1 -13 -14
0 -32 -50 -27 -18 -19 -23 -17
27 -3 0 0 -9 6 0 -9
11 -21 -20 -22 -22 11 0 11
-38 -9 -9 -9 -9 44 46 31
-33 -24 -30 -10 -33 17 20 30
-38 -17 -8 -17 -25 -15 -23 -15
-44 -19 -11 -33 -11 11 0 22
17 0 14 0 -17 5 -14 17
-25 -8 0 -38 13 8 -11 38
-57 -26 -14 -33 -33 26 -14 50
29 -14 -14 -14 -14 19 29 14
20 -7 3 -13 -13 20 20 20
11 0 20 -11 -11 20 11 25
8 11 8 25 0 16 8 25
18 28 40 11 30 -19 -27 -10
50 36 64 18 27 -13 -23 0
40 17 19 19 13 -18 -27 -14
92 64 77 54 62 -21 -23 -31
71 31 26 27 39 -52 -55 -45
84 44 42 32 58 -53 -63 -53
69 58 62 50 62 -68 -69 -64
67 11 17 6 12 -59 -60 -63
60 20 28 12 20 -58 -71 -50
0 18 21 10 22 -57 -63 -50
20 20 22 25 13 -25 -28 -24
15 0 -8 8 0 -12 -18 -9
31 12 7 7 23 -13 -14 -8
14 0 -5 5 0 -9 -5 -16
7 6 6 6 6 -12 0 -14
14 7 7 7 7 -20 -27 -7
29 9 14 13 0 -9 0 -13
33 17 10 20 20 -4 0 0
0 -4 0 0 -13 -38 -38 -38
0 14 17 8 17 -8 -8 0
0 7 10 -10 20 3 20 0
44 3 10 11 -11 0 -10 10
3m Rent Expectations - NB % Investment Enquiries - NB%
40
50
75
75
83
80
-71
-14 52 57 43 57
-83 -78 -83 -67 -83
-89 -78 -78 -78 -78
-64 -94 -100 -83 -100
-13 -61 -63 -57 -63
-20 -22 -22 -25 -20
14 -35 -43 -50 -14
17 26 29 33 17
43 25 33 20 20
25 41 54 25 42
36 73 91 45 82
22 50 40 44 67
58 54 69 31 62
44 45 50 30 56
25 23 8 31 31
44 15 11 22 11
-33 -5 -14 0 0
50 60 56 63 63
50 56 50 50 67
50 33 17 33 50
56 27 13 28 42
63 21 10 22 33 32 20 22
33 32 8 33 58 35 0 45
-30 -39 -36 -30 -50 -34 -45 -20
-36 -24 -38 0 -31 -48 -71 -29
-31 -29 -31 -25 -31 -52 -68 -33
-77 -79 -85 -77 -77 -91 -96 -81
-85 -67 -74 -58 -68 -58 -62 -50
-22 -34 -37 -21 -44 -38 -41 -29
-50 -60 -77 -50 -54 -39 -46 -29
-43 -35 -36 -33 -36 -52 -44 -44
-25 -22 -25 -21 -21 -26 -37 -17
-26 -4 -5 0 -5 -17 -13 -4
-16 -15 -12 -20 -12 0 2 -2
18 -3 0 -9 0 18 27 5
8 3 0 0 8 25 26 25
6 2 0 0 6 43 53 30
7 14 21 14 7 42 48 31
-14 4 7 13 -7 10 7 11
-14 0 0 0 0 4 21 -2
10 7 0 10 10 54 56 44
-13 -13 -13 -25 0 19 50 0
-33 9 18 8 0 53 55 45
0 13 20 20 0 57 75 50
-10 10 20 10 0 52 65 65
12m Capital value expectations - NB % Foreign enquiries, NB %
56 46 40 44 56
64 19 -15 25 55
-36 -32 -45 -20 -30
-43 -33 -54 -31 -15
-55 -14 -25 -6 -10 -80 -87 -80
-96 -100 -100 -100 -100 -90 -92 -85
-61 -51 -61 -47 -44 -83 -85 -80
-43 -19 -18 -24 -15 -63 -63 -68
-42 -53 -58 -46 -54 -57 -64 -57
-68 -37 -41 -20 -50 -44 -43 -40
-23 -19 -28 -9 -20 -65 -63 -63
-33 7 6 16 0 -43 -42 -40
0 4 7 4 2 -40 -38 -42
23 -7 0 -20 0 -21 -27 -18
23 12 25 7 4 8 0 8
48 45 50 31 56 -5 0 -11
47 5 11 -5 11 -31 -29 -29
11 3 -4 7 6 -17 -21 -7
-8 -20 -18 -29 -15 -27 -33 -14
61 54 50 50 63 -11 -11 -11
7 57 50 57 64 -33 -38 -38
59 39 55 23 41 -47 -42 -42
45 37 33 50 28 -13 0 -10
25 28 35 35 15 -27 -30 -10
Supply availaibility - for sale, NB % Credit conditions
-73 52 63 44 50 -100 0 0
-92 81 92 58 92 -92 0 0
-85 38 40 35 40 -86 5 0
-58 30 26 26 37 16 0 42
-50 40 38 36 46 -50 0 7
-50 47 50 47 43 -53 0 0
-71 56 62 42 62 -21 0 4
-47 59 68 50 58 0 0 20
-42 36 40 28 40 36 4 36
-18 15 0 27 18 36 0 36
17 15 21 0 25 50 0 50
-5 6 6 12 0 47 11 37
-36 10 7 14 7 50 7 43
-21 7 7 14 0 47 0 53
-33 23 29 25 14 38 0 50
-11 44 44 44 44 56 0 56
-25 -13 -13 -13 -13 0 0 25
-58 8 -17 17 25 -8 0 25
-30 30 50 10 30 0 0 10
-40 23 10 30 30 10 0 20
Capital value expectations - respondents' 12m average % forecast
-2.2 -5.0
-14 -13.8
-6.2 -7.6
-2.6 -2.5
-4.3 -5.4
-1.5 -4.2
-2.5 -2.4
-1.5 -1.5
-1.1 -1.7
-1.8 -0.8
-0.4 -0.2
0.4 0.7
-1.0 0.0
-0.4 -0.6
-1.1 -1.3
1.9 2.2
1.4 1.1
-0.5 0.5 25.0 58.3 50.0 41.7 8.3 8.3
2.5 0.8 30.0 50.0 60.0 30.0 20.0 20.0
-1.3 -1.8 20.4 50.0 40.0 20.0 0.0 22.2
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
47 -36
17 23
-30 -52
-81 -56
-78 -51
-64 -23
-42 -34
-28 -26
9 22
9 21
47 35
46 47
55 45
47 45
35 37
24 27
46 28
19 -7
28 45
37 43
33 27
23
12 30
11 14
-24 -36
-35 -20
-48 -44
-78 -78
-55 -62
21.1 5.3 5.3 0.0 2.3 -44 -30
14.3 7.1 0.0 0.0 2.1 -42 -45
20.0 0.0 0.0 0.0 2.1 -37 -39
41.666667 0 0 0 2.375 -34 -34
70 15 0 0 3 -12 -24
64 8 0 0 2.8 -13 -22
45.454545 27.272727 0 0 2.8181818 0 0
62.5 37.5 0 0 3.375 5 -5
57.894737 36.842105 0 0 3.3157895 4 -1
57.142857 35.714286 0 0 3.2857143 8 0
40 46.666667 0 0 3.3333333 5 0
37.5 37.5 12.5 0 3.375 -2 -8
60 30 0 0 3.2 4 -6
37.5 37.5 0 0 3 0 -6
33.333333 41.666667 0 0 3.1666667 9 -4
10 40 0 0 2.9 22 -4
30 60 0 0 3.5 10 -2
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
54
-14
-62
-172
-147
-96
-58
-20
23
27
78
64
64
90
70
59
115
16
68
90
24
15
7
7
-53
-97
-123 -102
-161 -155
-136 -120
-117 -55
-94 -76
-113 -83
-93 -79
-16 -69
-39 -51
8 3
3 -18
16 -4
23 -14
9 -3
-5 -24
-18 -24
4 -4
33 -22
53 -27
16 -17
Occupier demand - NB % Availablility - NB %
17 -33
-40 20
0 -50
-25 -25
-50 -25
-60 -80
-50 -50 -11 -33 0 0 100 100
25 33 7 20 0 0 13 0
60 0 7 17 0 0 19 25
17 40 60 71 57 50 -60 -57
33 33 100 100 100 100 -39 -50
75 100 83 100 67 75 -64 -60
67 80 67 80 60 60 -36 -33
38 63 54 63 50 50 -50 -50
56 50 19 22 11 25 -19 -22
13 38 -33 -56 -33 -11 -33 -25
11 -22 -7 -22 0 0 11 11
0 17 -29 -38 -29 -17 5 0
14 -14 0 0 0 0 5 13
-17 17 0 -14 17 0 21 29
38 38 9 25 0 0 21 38
18 18 45 55 40 40 6 0
50 27 40 64 25 27 7 0
33 22 37 67 22 22 7 0
20 30 29 80 0 0 24 11
43 25 32 71 20 0 44 43
25 20 15 22 13 11 0 0
20 29 12 17 0 17 6 0
27 18 16 27 20 0 29 8
27 0 6 8 0 8 24 18
30 27 9 18 0 9 9 9
18 9 -24 -36 -18 -18 -17 -20
33 30 13 0 38 0 13 13
36 27 -12 -36 0 0 6 18
45 36 6 0 9 9 39 55
22 22 28 11 22 50 48 43
42 50 42 58 33 33 6 25
27 36 47 58 45 36 10 20
56 19 48 53 38 53 7 20
25 25 51 67 38 50 33 63
58 69 34 46 33 23 10 14
58 50 28 33 33 17 0 17
42 8 33 29 31 38 -24 0
13 13 4 6 0 7 -3 14
33 38 25 0 30 44 -50 -33
25 38 14 -7 17 31 -34 -25
0 18 6 0 0 18 11 25
-6 17 4 -16 5 21 -7 14
6 7 28 14 38 31 2 21
13 13 15 17 10 17 2 27
13 28 8 0 10 14 18 23
13 12 11 3 8 22 -4 10
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
50 67
100 100
100 100
25 0
50 0
-40 -80
-100 -100
-40 -80 -7 -60 40 0
-75 -80 -38 -80 -25 0
-100 -100 -100 -100 -100 -100
-100 -100 -100 -100 -100 -100
0 33 -73 -80 -67 -67
0 0 -13 -20 0 -20
13 25 17 13 0 38
63 25 42 63 38 25
33 -11 44 78 22 33
89 78 78 89 78 67
83 67 79 100 67 67
57 43 60 75 67 33
67 50 50 50 50 50
0 0 -17 -25 -13 -13
-18 -9 -35 -50 -36 -18
-25 -20 -28 -64 -25 10
33 22 -48 -67 -56 -22
40 30 30 10 40 40
20 33 17 -14 20 50
-17 29 30 25 14 50
40 17 39 14 60 50
0 9 6 17 -9 9 33 67
-8 42 12 9 9 18 69 83
0 9 26 45 0 30 44 64
0 0 11 33 -8 9 15 55
-25 14 7 44 -22 0 23 78
-55 -36 -15 18 -27 -36 17 64
-27 -10 15 36 0 9 3 18
14 29 14 29 0 14 11 17
-55 -27 -33 -27 -55 -18 -69 -71
0 0 -10 -20 -20 10 -60 -59
-7 -27 -59 -60 -47 -71 -65 -66
-50 -25 -63 -50 -63 -75 -60 -60
-42 -38 -47 -38 -50 -54 -64 -74
-42 -42 -67 -67 -67 -67 -72 -67
-70 -80 -30 -9 -36 -45 -38 -25
-36 -54 -3 14 -7 -15 -16 -6
-20 -22 -35 -22 -33 -50 -7 17
-20 -36 2 33 -10 -18 -4 47
0 -18 25 75 -9 9 4 29
7 -7 11 47 7 -20 15 50
-13 -31 5 36 -6 -15 18 53
-13 -23 9 43 7 -23 12 51
10 7 15 45 -3 3 17 51
-9 -14 1 27 -10 -13 26 52
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
9 20 15 25 0 18
58 67 42 50 25 50
40 27 38 50 22 40
-9 0 6 42 -25 0
11 -20 23 56 0 13 25 38
-5 -9 -23 20 -55 -35 -50 -30
-14 5 -2 18 -18 -5 -16 9
6 11 24 29 21 21 -10 14
-71 -67 -53 -55 -64 -41 -39 -36
-57 -65 -22 -15 -20 -30 -37 -50
-63 -68 -53 -53 -53 -53 -20 -27
-60 -60 -74 -67 -78 -78 -4 38
-58 -59 -40 -36 -33 -52 -32 0
-75 -75 -50 -46 -50 -54 -31 0
-32 -57 -38 -20 -45 -50 -30 -9
-10 -30 -29 -14 -38 -35 -40 -23
-6 -31 -16 11 -22 -38 -11 20
-15 -43 15 58 -5 -9 -13 8
5 -23 48 59 40 45 23 33
19 -25 33 63 33 3 22 47
16 -14 23 43 23 4 -12 21
3 -18 23 62 8 -2 6 34
-2 2 23 51 7 11 16 45
16 9 22 46 10 10 4 28
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
13 25 26 11 33 33 11 11
-80 -40 -3 -9 9 -9 0 0
-36 -22 45 55 55 27 -9 0
-29 -14 5 -14 29 0 14 0
-45 -36 12 8 8 18 18 0
-30 -30 10 20 0 10 -20 10
-13 -20 30 47 13 29 -47 7
-25 -25 29 63 25 0 33 0
-50 -46 48 64 57 23 -43 0
-42 -50 36 25 33 50 -33 0
-45 -36 10 10 40 -20 -8 0
-42 -54 24 36 21 15 14 0
-20 -33 15 0 33 13 22 0
-30 -18 3 17 0 -9 8 0
9 27 35 33 27 45 18 0
20 0 31 43 14 36 33 0
-27 -31 -10 14 -13 -31 6 13
-7 -10 12 23 10 3 10 3
7 -3 32 37 31 30 19 6
-12 -5 8 22 8 -5 23 7
Capital value expectations - respondents' 12m average % forec
-3.5
-0.2
0.2
-0.3
-4.6
-5.3
-6.0
-3.3
-5.7
-7.7
-4.6
-3.7
-7.8
-4.8
-1.4
-2.5
-2.3
-0.8 9.6 40.0 24.1 -3.3 30.0 -10.0 -23.3
0.9 11.4 41.9 3.3 10.3 40.0 -16.7 -10.3
-0.2 -1 26 7 -11 13 -16 -21
View on current market valuation levels Perceptions on
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
15
2
-23
-85
-100
-61
-44
-13
8
42
48
48
25
42
-10
-42
-41
-44
-23
-38
-17
1
3
26
27
11
13
7
2
14.3 28.6 0.0 28.6 0.0 2.9 -16
0.0 25.0 0.0 0.0 16.7 2.3 -45
40 30 0 0 0 2 -45
40 33 0 7 0 2 -58
78 22 0 0 0 2 -68
57 21 14 0 0 2 -53
33 25 17 0 0 2 -52
33 50 0 8 0 3 -43
36 14 29 0 7 3 -16
40 20 30 10 0 3 -27
25 8 42 8 17 4 -8
8 17 58 17 0 4 -7
20 13 47 20 0 4 4
12.5 6.25 25 12.5 37.5 4.375 -12
31.034483 13.793103 20.689655 17.241379 6.8965517 3.2413793 -6
15.625 15.625 25 18.75 3.125 3.125 1
34 12 14 10 10 3 -4
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
-39 6
-27 -56
-42 -59
-67 -124
-67 -140
-14 -85
-2 -71
25 -8
44 -9
37 23
67 67
68 48
53 5
41 47
-7 -51
-14 -71
-21 -83
-7 -81
23 -40
11 -74
23 -26
14 -6
11 -6
11 18
18 13
4 -9
-2 -5 -13
-15 -18 -30
-9 -27 -43
14 -27 29
-26 -100 -45
-9 -90 -17
-36 -104 -50
-35 -112 -42
-42 -139 -77
-42 -131 -58
-32 -77 -67
-21 -49 -59
-19 -53 -23
-2 -32 -7
-2 -22 -30
-1 -11 -13
5 -19 10
0 -12 -10
0 -11 -14
-2 -17 -7
Occupier demand - NB % Availablility - NB %
-88 0
-67 0
-67 -17
0 0
-38 -25
0 11
67 33 0 0 0 0 -8 0
13 13 38 43 14 57 -75 -75
0 25 27 35 19 27 -26 -29
8 31 43 46 31 55 -64 -69
50 58 32 46 17 33 -65 -63
54 62 42 43 38 45 -90 -86
62 77 81 92 67 83 -87 -85
30 70 47 73 40 22 -37 -27
56 50 42 44 33 50 -45 -56
44 38 15 22 11 13 -27 -22
25 13 46 50 50 38 -25 -38
-14 67 58 86 14 80 -15 0
25 57 83 88 63 100 -57 -63
8 25 13 23 8 8 -27 -36
17 40 19 18 0 40 9 -8
28 39 31 53 6 35 -6 0
50 50 58 75 38 63 0 -25
12 13 36 47 27 36 16 35
15 42 45 69 38 25 5 31
27 43 18 27 7 21 32 40
11 -19 25 33 17 27 12 11
16 37 50 67 47 35 22 25
9 26 27 47 15 19 21 25
33 47 23 33 13 21 33 40
5 5 21 30 23 9 22 30
31 55 32 42 25 30 22 23
12 31 22 41 12 13 18 29
36 50 26 40 9 30 7 0
24 30 39 43 33 40 32 35
14 43 37 57 20 33 -4 -13
21 18 41 53 28 41 0 11
14 15 25 46 7 23 -12 -9
10 21 35 32 34 37 -17 -14
11 37 28 26 26 32 -30 -22
29 31 25 38 13 25 14 18
16 26 27 42 11 28 2 19
10 45 37 57 19 35 14 15
19 40 32 31 25 40 -21 -19
-8 8 23 23 15 31 -36 -33
8 36 46 64 15 57 -36 -43
-6 27 30 44 17 29 -2 0
20 33 29 40 20 27 -29 -21
25 33 61 75 50 58 -52 -75
23 37 41 52 31 41 -16 -20
36 59 35 40 27 36 -24 -36
14 47 44 50 31 50 -15 -14
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
76 71
33 33
44 50
42 25
33 25
8 0
0 -25 25 25 0 50 25 50
-75 -75 19 29 43 -14 -71 -75
-29 -21 6 21 11 -14 -53 -60
-62 -62 -28 -31 -8 -46 -53 -67
-69 -64 -8 -8 7 -33 -47 -36
-92 -92 -38 -14 -31 -69 -18 -17
-77 -100 -79 -62 -77 -100 -28 -23
-40 -44 -23 -18 -20 -30 0 9
-56 -25 -19 -22 -22 -13 0 0
-33 -25 -4 0 -11 0 0 -11
-50 13 -29 -38 -38 -13 13 13
-29 -17 0 14 0 -17 25 43
-38 -71 -30 -25 -25 -43 -17 -13
-36 -8 -39 -43 -29 -46 -10 -23
8 27 -43 -50 -25 -55 6 -9
-12 -6 -8 -6 -12 -6 0 0
13 13 -8 -13 -13 0 21 13
6 7 2 6 11 -12 19 18
-8 -8 -5 -15 8 -8 6 8
27 29 12 0 29 8 45 43
17 6 2 6 6 -7 35 29
5 35 11 5 10 19 27 24
6 32 13 16 9 16 20 23
14 43 39 44 47 27 52 56
23 14 30 43 23 23 13 22
31 9 8 -8 31 0 27 27
18 6 2 0 6 0 31 35
10 11 -11 -22 0 -11 18 11
30 32 -2 -5 -5 5 29 35
13 -13 -13 -20 0 -19 13 7
-5 -6 -17 -21 -11 -18 5 5
0 -27 -24 -18 -25 -30 -1 -9
-10 -25 -24 -14 -27 -31 -29 -38
-44 -22 -20 -17 -28 -17 -28 -33
6 18 -6 -11 0 -6 17 6
-6 -7 23 25 31 13 22 27
15 11 3 -5 5 10 0 -10
-25 -20 4 6 0 6 -17 -31
-42 -33 -8 0 0 -23 -31 -50
-31 -36 -2 0 0 -7 -14 -29
-6 0 9 11 33 -18 15 24
-43 -21 -16 -33 13 -27 -21 -21
-25 -55 -42 -42 -33 -50 -54 -67
7 -33 5 -3 21 -3 -13 -18
-18 -20 -13 -20 2 -20 -26 -38
-11 -22 -10 -14 5 -22 -21 -35
Enquiries - NB% 3m Capital value expectations - NB % 12m Rent Expectations - NB %
86 71
33 33
33 50
50 50
50 25
13 13
50 -25
-63 -75 -60 -60 -40 -80
-52 -46 -10 -8 0 -23
-42 -50 -21 -23 -15 -25
-50 -60 -21 -11 -25 -29
-9 -30 -59 -57 -50 -69
-23 -38 -44 -31 -38 -62
-10 0 25 18 27 30
0 0 -8 -11 -11 0
11 0 19 11 11 38
0 25 4 0 13 0
29 0 5 29 -14 0
-13 -29 4 0 25 -14
0 -8 -10 -14 -7 -8
9 18 -44 -55 -36 -40
0 0 -11 -13 -13 -7
13 38 25 25 25 25
19 20 -6 0 -6 -12
0 8 8 -8 23 8
50 43 30 20 40 29
41 33 13 11 22 6
24 35 28 15 30 40
13 26 29 31 18 38 30 34
44 56 51 50 53 50 56 69
9 9 34 36 33 33 41 61
45 9 11 -15 31 18 38 23
24 33 36 29 47 31 43 39
20 22 7 0 10 11 30 22
30 21 17 10 25 16 53 43
33 0 13 7 25 6 19 3
11 0 20 11 28 22 -6 -8
25 -18 3 -18 9 18 14 -5
-13 -34 -14 -7 -17 -17 9 16
-22 -28 -9 -11 -6 -11 2 0
25 19 8 6 11 6 42 29
20 20 21 19 25 19 38 38
10 0 2 -5 10 0 35 30
-13 -7 2 0 0 7 40 38
-17 -25 0 0 0 0 22 23
0 -14 -10 -21 0 -7 38 32
35 -13 8 11 6 6 32 36
-29 -14 14 0 21 21 3 10
-42 -55 -17 -17 -8 -25 -17 -14
4 -25 8 -7 20 10 39 29
-18 -22 -13 -20 -2 -16 31 34
-3 -24 -4 -11 11 -11 19 10
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
21 34 45 47 38 50
47 50 67 80 56 67
33 27 55 61 55 48
54 36 22 8 38 18
65 25 56 54 59 56 4 6
40 28 53 50 60 50 10 29
61 54 47 45 50 45 -16 -5
41 13 30 20 46 25 -48 -50
8 -17 31 29 32 31 -28 -35
42 5 25 18 29 27 -27 -27
7 3 18 22 18 12 -49 -56
3 3 25 31 20 25 -50 -63
50 47 46 44 44 50 -40 -38
41 35 46 47 50 41 -5 0
40 34 37 30 46 37 -54 -63
41 43 49 47 50 50 -43 -44
19 23 26 29 21 29 -53 -58
50 32 0 4 -8 4 -51 -57
44 15 58 59 68 46 -28 -29
10 -10 31 32 25 36 -67 -62
-18 -18 14 18 18 5 -66 -67
47 41 51 48 67 38 -21 -26
38 22 22 22 26 18 -48 -52
42 7 25 20 38 18 -35 -31
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
0 7 20 41 12 6 -22 6
-13 14 40 67 10 44 -40 0
-21 -22 -7 20 -20 -21 10 0
-53 -40 21 36 20 7 -25 6
-24 -25 22 39 11 17 -53 0
-25 -30 24 45 17 9 -75 0
-43 -48 17 28 13 10 -57 0
-44 -44 17 22 17 11 -72 0
-50 -31 25 39 11 24 -53 0
-7 -7 19 25 13 19 -7 0
-47 -50 27 45 10 26 -25 0
-44 -40 34 44 38 20 -56 0
-50 -50 22 33 8 25 -25 0
-38 -57 36 57 23 29 -50 0
-18 -38 13 22 17 0 56 0
-69 -69 33 43 29 29 -14 0
-67 -64 54 58 50 55 -83 0
-7 -30 50 57 59 34 -3 0
-45 -45 39 48 32 37 -31 0
-32 -42 35 43 32 31 -31 0
Capital value expectations - respondents' 12m average % forec
-0.2
-0.3
0.4
-1.0
-3.5
-1.6
-2.0
0.0
2.2
2.0
0.7
1.7
-0.2
0.0
-0.7
-2.2
-2.7
0.4 32.2 55.2 82.8 34.5 -3.4 24.1 0.0
-0.1 25.1 40.9 43.2 31.8 9.1 18.6 6.8
0.4 17.9 34.3 37.1 33.3 -8.6 8.6 2.9
View on current market valuation levels Perceptions on
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
11
-23
-17
-43
-34
-50
-76
-30
-18
-4
-26
-14
-45
-28
-19
-14
-10
-3
-9
11
3
-9
1
17
9
-2
-6
-20
-12
31.3 18.8 25.0 0.0 0.0 2.4 -21
33.3 27.8 5.6 5.6 0.0 2.3 -29
58 33 8 0 0 3 -26
63 23 3 0 0 2 -27
44 22 22 0 0 3 -30
29 29 35 0 0 3 -12
13 38 31 13 0 3 -2
15 40 15 15 0 3 -12
25 25 6 13 0 2 -16
33 58 8 0 0 3 -20
36 50 14 0 0 3 -21
0 33 50 17 0 4 -8
43 36 21 0 0 3 -24
50 50 0 0 0 2.5 -55
13.333333 46.666667 13.333333 13.333333 3.3333333 3.1666667 -20
48.888889 26.666667 11.111111 6.6666667 0 2.6222222 -28
44.444444 25 16.666667 2.7777778 0 2.5555556 -27
Occupier
Demand Investmen
minus t Demand
Availabilit minus
ISI y Supply
13 -47
-44 -67
-21 -43
-25 -87
-23 -119
-26 -129
-44 -136
5 -71
-3 -46
8 -42
18 -25
15 1
5 -70
-20 -47
-26 -27
-3 -33
8 -17
2 10
1 -18
20 0
13 22
15 -22
8 -5
27 -5
13 14
6 -35
16 -40 11
-5 -71 -23
18 -29 36
2 -60 -7
1 -54 -17
-7 -56 -24
-20 -50 -46
-18 -67 -44
0 -46 -8
8 -37 3
-8 -42 -27
-16 -54 -51
-18 -41 -53
-20 -45 -51
3 -21 2
-13 -63 -55
-42 -89 -109
-18 -59 -63
-26 -86 -65
-20 -62 -56
Occupier demand - NB % Availablility - NB %
38 50 57 29 63
20 43 56 22 50
58 53 58 45 54
67 66 62 54 80
47 63 75 43 72 57 60 33
44 68 67 66 72 66 63 57
61 65 77 58 60 83 88 76
68 61 70 48 67 57 70 42
55 52 59 42 54 53 62 46
73 65 71 55 69 60 61 52
53 57 68 48 56 32 34 28
62 62 67 56 63 26 26 23
54 59 65 55 55 30 35 24
64 44 49 35 49 45 43 43
78 74 81 62 79 48 43 50
61 54 62 47 53 48 50 47
65 59 67 49 60 49 50 41
57 52 58 46 53 24 23 18
39 52 59 47 50 36 46 26
52 59 65 58 55 48 54 49
40 48 57 51 35 35 40 47
42 49 57 58 32 41 52 50
16 34 42 39 22 37 55 50
21 37 50 50 10 30 49 47
Supply availaibility - for sale, NB % Credit conditions
76 38 33 27 53 71 12 71
79 6 -4 0 21 88 24 64
84 13 4 22 12 96 35 62
59 13 19 29 -9 96 35 61
51 0 0 3 -3 82 28 56
68 -25 -30 -13 -32 79 21 58
35 -13 -28 -2 -8 70 18 58
29 -24 -24 -21 -28 70 9 60
30 -26 -41 -19 -19 68 10 57
49 -25 -26 -21 -26 73 13 65
50 -27 -31 -25 -25 68 13 55
47 -15 -25 -3 -16 86 17 69
57 -1 -15 11 0 58 17 44
32 -5 -13 -5 3 66 10 59
38 4 5 8 0 58 10 53
40 -5 -6 3 -12 76 11 66
20 13 11 9 20 57 6 57
21 3 3 5 0 41 9 44
7 24 17 33 22 30 4 43
-7 13 9 11 19 37 4 44
Capital value expectations - respondents' 12m average % forecast
0.9 2.2
2.9 3.8
4.0 3.5
0.4 2.1
0.8 1.3
3.1 3.3
2.1 2.4
1.9 2.6
2.4 2.5
1.7 1.9
2.8 3.7
1.1 1.1
1.1 1.5
0.3 0.6
0.8 1.1
2.1 1.3
1.2 0.1
1.2 -1.2 21.2 50.8 56.7 26.7 8.3 11.7
1.5 -2.0 8.6 44.4 37.2 18.2 -4.8 -9.3
1.1 -2.5 9.5 53.7 48.1 12.5 -3.7 0.0
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
0 35 62 4 0
4 39 52 4 0 0 4
3 28 51 15 3 0 3
4 25 54 17 0 4 0
6 20 62 12 0 0 6
2 30 53 12 2 0 0
0 10 69 18 3 3 3
0 20 68 13 0 0 0
6 9 66 19 0 3 6
0 6 60 29 6 0 0
0 8 57 32 3 0 3
2 12 64 21 0 0 3
0 8 54 36 3 0 0
1 10 61 27 0 3 1
0 9 51 34 6 2.173913 10.869565
3 8 56 29 3 6.3492063 6.3492063
0 7 50 35 9 6.25 8.3333333
0 9 46 41 4 15.789474 5.2631579
Perceptions on current phase of property cycle
-8 -33
-44 -46
-59 -26
-74 -60
-70 -39
-75 -35
-61 -62
-53 -39
-45 -16
-37 -33
-27 -26
-35 -39
-32 -35
-24 -23
-45 -47
-33 -47
-39 -40
-33 -48
-56 -39
-26 -33
-38 -10
-23 -21
5 5
-2 7
6 32
25 28
19 17
31 37
35 40
17 30 48 0 4 48 30
8 62 23 5 4 31 31
8 63 25 0 4 44 50
10 58 24 2 4 34 28
9 51 37 2 4 35 34
5 33 55 3 4 37 33
8 30 63 0 5 38 39
3 29 58 0 4 53 49
0 42 53 6 5 42 39
8 32 46 11 5 39 33
5 38 43 13 5 37 27
0 28 55 18 5 39 24
11 17 55 13 5 39 32
8.6956522 21.73913 41.304348 15.217391 4.3478261 27 19
9.5238095 19.047619 42.857143 15.873016 4.3333333 33 27
16.666667 10.416667 33.333333 25 4.3125 26 15
7.0175439 14.035088 29.824561 28.070175 4.2105263 22 17
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-64
-100
-123
-145
-146
-147
-88
-62
-48
-59
-63
-81
-48
-20
-76
-47
-71
-44
-97
-72
-50
-15
41
21
20
63
60 14
52 62
81 65
93 38
71 61
82 87
80 48
66 61
65 54
87 71
107 86
80 70
77 49
63 40
84 35
59 53
60 21
67 43
25 18
46 23
Occupier demand - NB % Availablility - NB %
43 21 14 7 43 -17 7 -7 -50
44 17 13 0 38 -7 29 25 -75
3m Rent Expectations - NB % Investment Enquiries - NB% 3m Capital value expectatio
10 57 29 -57 10 43 43 -57 17
0 11 33 -44 19 67 67 -78 15
3m Capital value expectations - NB % 12m Rent Expectations - NB % 12m Capital value expectations - NB %
57 43 -50 24 68 57 -54 27 71
33 44 -33 22 67 72 -72 35 72
al value expectations - NB % Foreign enquiries, NB % Supply availaibility - for sale, NB %
61 -50 17 29 50 -29 7 0 7
89 -56 41 67 56 0 7 -11 0
for sale, NB % Credit conditions Capital value expectations - responde
7 7 14 57 14 14.28571 0 0
11 11 44 22 11 11.11111 0 0
tions on current phase of property cycle
Occupier
Demand
minus
Availabilit
Early Uptu Mid-UpturnPeak Average OSI ISI y
0 12.5 37.5 3.375 10 3 8
0 8.333333 58.33333 4.25 -3 3 -5
11 11 56 5 -9 -10 -4
2
11
Occupier demand - NB % Availablility - NB %
10 41 40 67 28 26 -15 -3
12 24 22 41 0 25 -10 0
7 13 44 70 19 43 -16 -14
0 0 33 67 0 31 -25 -35
17 38 49 73 27 46 3 22
18 44 44 66 23 44 -5 3
28 57 37 52 17 43 -16 -7
16 42 33 45 11 42 -8 0
18 23 44 63 21 50 -2 19
25 26 43 68 16 44 2 -8
22 18 26 42 4 32 -10 -15
5 30 20 29 5 25 -22 0
3 44 25 29 13 33 -6 -4
12 51 43 54 19 55 12 35
13 53 29 28 0 59 37 67
14 52 35 38 13 54 -10 13
6 59 33 47 6 47 -8 31
24 50 29 37 10 40 3 28
starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
-6 10 25 -3 8 11 11 31 28
-21 29 43 21 21 -47 0 7 40
3 19 34 10 12 -23 3 13 48
-6 23 38 0 31 -53 0 0 47
-31 15 43 -3 5 0 3 22 51
8 22 20 18 26 3 0 23 56
-4 14 21 14 7 -25 0 11 54
-19 17 22 6 24 -11 6 6 67
-23 16 35 -4 17 -13 0 9 70
0 12 22 0 13 -4 0 17 63
-26 17 20 11 21 -10 0 0 90
-6 -9 -5 -11 -11 -16 0 5 74
-17 27 28 17 35 -19 0 11 59
-11 25 30 20 24 -19 0 5 71
-14 16 33 0 14 -7 0 14 64
-35 1 8 4 -8 -8 0 8 75
-19 2 13 -13 6 18 6 18 71
7 17 25 7 18 21 3 28 59
Capital value expectations - respondents' 12m average % forecast
-4.0 -2.7
-3.6 -2.7
-2.8 -1.9
-2.7 -0.9
-4.4 -2.9
-3.3 -1.1
-3.5 -1.3
-3.5 -1.6
-3.1 -1.8
-3.3 -2
-2.6 -1.6
-2.5 0.5
-2.5 0.2
-2.9 -0.9
-2.6 0.3
-23.0 9.1 0.0 -18.2 -40.9 -33.3 -54.5 -3.2 0.5
-20.1 6.3 18.8 -33.3 -31.3 -18.8 -62.5 -1.5 2.8
-20.2 13.8 10.7 -31.0 -34.5 -17.9 -62.1 -2.2 1.9
ctations - respondents' 12m average % forecast Rent expectations - longer term expectations net balan
40 20 13 0 0 27 3
28 13 23 5 8 25 3
12 24 18 0 12 35 4
32 19 8 0 11 30 3
30 23 8 8 0 33 3
32 14 11 0 18 25 3
33 22 6 0 6 33 3
52 13 13 4 4 13 2
46 17 13 4 4 17 3
5 25 15 15 10 30 4
5 0 16 11 11 58 5
30 19 7 15 0 30 3
20 18 7 16 0 39 4
37.5 12.5 0 25 0 25 3.125
29.166667 4.1666667 12.5 0 12.5 41.666667 3.875
35.294118 0 0 17.647059 5.8823529 41.176471 3.8235294
27 7 10 3 10 43 4
Occupier
Demand Investment
minus Demand
Availabilit minus
OSI ISI y Supply
12 2 50
8 -14 0
-13 -1 -25
-30 -32 -81
-29 -26 -83
-43 -20 -100
-38 -17 -76
-31 -2 -83
-30 0 -56
-17 -6 -33
-13 2 -19
8 -8 31
0 0 1
-9 15 -30
-16 25 -43
-19 10 -38
-16 3 -32
-18 -6 -47
-29 -18 -49
-46 -6 -103
-43 -13 -90
-47 -1 -63
-26 -19 -56
-29 -20 -76
0 0 0
0 0 0
0 0 0 0
0 0 0 0
-36 -12 -79 -8
-22 -15 -66 -29
-37 -3 -64 -2
-32 -12 -55 -17
-41 -16 -82 -25
-36 -13 -69 -22
-33 -10 -72 -15
-34 -24 -64 -46
-39 -15 -68 -14
-36 -8 -66 -6
-24 -14 -45 -33
-12 -5 -26 7
-23 -23 -46 -39
-32 -12 -64 -22
-16 -3 -48 -2
-27 -7 -53 5
-22 -5 -49 -2
-14 -5 -45 -11
Occupier demand - NB % Availablility - NB %
-50
-20
-20
50
33
38
0 -8 -7 0 -15 81 87 69
14 -2 -6 0 0 61 75 43
24 6 9 0 9 47 59 33
29 26 54 11 8 -90 -93 -91
38 79 82 70 83 -92 -92 -92
47 64 73 57 60 -80 -82 -75
74 47 58 32 53 -46 -42 -47
64 45 57 36 43 -83 -86 -86
67 67 64 64 73 -75 -67 -75
69 33 50 17 33 -62 -62 -62
67 67 81 45 75 -55 -59 -52
58 47 58 33 50 -8 -17 0
58 57 69 33 67 -43 -46 -42
47 48 61 41 41 -18 -24 -12
100 52 56 50 50 8 22 -13
45 42 65 22 37 3 10 11
50 34 53 21 28 4 0 6
30 21 53 -6 16 2 -5 0
40 30 36 22 30 10 9 0
55 13 27 10 0 28 9 30
70 31 60 11 20 41 10 44
36 7 21 8 -7 33 0 46
50 17 31 7 13 28 19 27
23 -6 0 -17 0 44 33 25
42 -19 -17 -24 -16 54 50 39
36 -5 0 0 -15 48 36 43
28 8 4 16 4 54 56 38
41 4 12 9 -9 51 58 35
29 19 23 14 19 40 59 27
52 0 9 -6 -3 42 48 24
69 28 47 24 13 47 50 31
13 14 12 18 13 7 13 -6
23 21 33 11 17 26 38 13
45 31 37 20 37 30 43 21
52 26 39 13 26 34 32 23
13 53 67 43 50 22 31 8
50 32 33 17 47 19 31 13
59 33 38 13 50 12 21 7
35 40 50 29 41 29 30 16
40 35 50 15 40 12 18 -6
73 41 58 20 45 25 36 10
38 26 33 10 35 8 5 0
52 39 48 17 52 -6 -20 -15
38 31 35 20 38 -2 0 -11
55 31 40 18 36 -14 -13 -17
52 22 26 13 28 -3 2 -13
3m Rent Expectations - NB % Investment Enquiries - NB%
65 67 60
8 20 0
80 80 80
55 50 67
58 58 55
92 95 90
86 86 93 69 93 73 71 69
64 81 94 69 79 44 53 38
48 62 71 55 62 8 13 3
-86 -64 -57 -73 -64 -78 -71 -80
-92 -83 -80 -78 -90 -92 -92 -92
-82 -84 -88 -75 -88 -54 -53 -63
-47 -39 -47 -26 -42 -37 -39 -33
-79 -62 -64 -57 -64 -43 -50 -36
-83 -83 -92 -75 -83 -64 -64 -64
-62 -79 -100 -62 -77 -35 -50 -23
-55 -64 -91 -41 -59 -27 -35 -20
-8 -47 -83 -33 -25 -11 -17 -8
-42 -54 -69 -38 -54 -14 -15 -8
-19 -52 -72 -41 -41 7 0 20
13 -40 -56 -13 -50 0 0 -13
-11 -42 -67 -21 -35 -8 -17 6
6 -25 -42 -16 -18 28 17 39
11 -10 -35 5 0 17 17 18
20 -3 -27 0 20 43 40 33
45 13 -18 20 36 44 44 33
70 14 -10 22 30 37 22 33
54 44 29 46 57 54 36 69
38 68 80 50 73 33 36 14
75 64 62 69 62 50 58 33
72 44 44 33 56 63 61 61
64 57 50 64 57 59 62 54
68 20 22 23 15 47 48 33
59 32 38 16 42 29 30 11
33 19 14 14 29 3 -5 0
53 -2 -6 0 0 -3 0 -3
60 -15 -25 -6 -13 15 19 13
13 -18 -25 -6 -21 -21 -31 -6
29 -35 -38 -39 -29 -21 -28 -26
26 -24 -26 -20 -27 -15 -20 -11
48 -22 -29 -18 -18 -15 -9 -18
27 -49 -38 -50 -58 -39 -27 -45
13 -40 -33 -28 -58 -31 -38 -19
7 -31 -31 -31 -31 -15 -7 -31
40 -64 -65 -58 -70 -36 -25 -32
24 -50 -45 -35 -70 -33 -31 -44
27 -60 -58 -50 -73 -15 -18 0
19 -51 -54 -32 -67 -29 -24 -19
16 -52 -57 -33 -65 -18 -20 -5
5 -64 -73 -55 -66 -42 -43 -35
-14 -73 -76 -63 -79 -41 -38 -35
2 -71 -75 -62 -75 -31 -34 -21
3m Capital value expectations - NB % 12m Rent Expectations - NB %
67
0
80
50
62
90
77
38 88 100 82 82
6 42 46 35 44
-83 -85 -71 -91 -93
-92 -77 -78 -75 -78
-47 -52 -40 -57 -60
-39 -36 -42 -22 -44
-43 -56 -67 -42 -58
-64 -61 -67 -50 -67
-33 -67 -92 -50 -58
-25 -49 -76 -29 -43
-8 -33 -67 -17 -17
-17 -45 -62 -33 -38
0 -22 -29 -18 -19
13 -44 -56 -25 -50
-12 -31 -47 -22 -22
29 -14 -32 -11 0
17 7 -5 5 21
56 23 8 36 25
56 0 -11 -11 22
56 19 -11 22 44
57 51 31 62 62
50 71 80 67 67 81 94 73
58 67 58 67 75 79 85 69
67 57 50 50 72 71 74 68
62 56 54 62 54 69 57 79
58 42 38 38 52 48 46 45
44 22 21 17 28 39 46 36
14 25 18 18 38 34 34 32
-7 4 0 3 7 16 13 24
13 -11 -19 0 -13 -14 -13 -19
-27 -23 -31 -19 -20 -18 -9 -9
-10 -14 -17 -21 -3 -18 -30 -20
-16 -9 -8 -8 -11 -14 -16 -11
-18 -14 -19 -19 -5 -36 -41 -25
-45 -38 -36 -27 -50 -52 -50 -50
-38 -33 -38 -25 -38 -22 -17 -3
-7 -14 -14 -14 -14 -35 -31 -29
-53 -36 -35 -32 -40 -73 -76 -73
-25 -48 -50 -38 -56 -49 -40 -45
-27 -59 -64 -40 -73 -65 -63 -45
-43 -31 -27 -24 -41 -52 -52 -43
-30 -41 -40 -25 -58 -51 -53 -41
-47 -33 -37 -25 -37 -39 -40 -35
-51 -44 -45 -36 -50 -52 -51 -48
-38 -35 -35 -30 -40 -50 -48 -47
12m Capital value expectations - NB % Foreign enquiries, NB %
75 82 87 73 87
85 78 75 67 92
72 63 67 67 56
71 77 77 69 85
53 74 75 73 73 26 29 17
36 44 49 37 45 0 0 -11
36 49 46 50 50 3 5 0
12 11 9 15 10 -17 -16 -21
-10 11 9 13 10 -19 -19 -13
-37 -33 -34 -34 -30 -38 -38 -31
-5 -21 -17 -24 -21 -9 -7 -13
-16 -1 1 -3 1 -16 -18 -11
-41 -9 -5 -10 -12 -24 -19 -33
-55 -20 -20 -20 -20 -27 -18 -27
-46 -20 -16 -16 -29 -29 -25 -31
-44 -23 -19 -23 -27 -18 0 -31
-71 -33 -33 -34 -33 -46 -44 -44
-63 -43 -41 -32 -56 -29 -20 -40
-86 -59 -64 -40 -73 -28 -27 -20
-61 -38 -36 -33 -46 -26 -30 -19
-59 -52 -48 -47 -61 -27 -32 -21
-41 -19 -21 -12 -24 -32 -35 -29
-57 -38 -37 -34 -44 -35 -34 -26
-56 -32 -29 -31 -35 -18 -21 -11
Supply availaibility - for sale, NB % Credit conditions
30 17 38 4 8 67 4 63
12 21 25 17 22 74 16 58
5 29 38 33 15 32 0 50
-14 23 38 13 17 35 3 42
-27 49 69 25 53 25 0 50
-47 34 56 13 33 -75 0 0
-7 24 41 6 26 -43 0 20
-17 28 38 19 27 -10 3 18
-19 32 48 19 29 -5 5 14
-36 39 50 25 42 -33 0 8
-31 40 56 19 44 -13 0 25
-23 12 14 0 21 -21 0 14
-50 12 10 16 11 -10 0 20
-27 31 35 18 41 -6 0 18
-36 59 64 40 73 -18 0 18
-31 26 30 24 24 -11 0 27
-28 36 40 35 32 -14 0 19
-31 21 27 8 28 -19 2 18
-46 27 28 20 32 -19 3 21
-20 32 39 20 38 -9 5 21
Capital value expectations - respondents' 12m average % forecast
3.6 4.1
2.1 2.6
1.8 1.7
-0.6 -0.7
0 -2
-3.0 -3.0
-1.5 -1.7
-1.3 -0.7
-1.0 -0.8
-1.8 -2.3
-1.9 -2.0
-2.7 -3.3
-2.9 -3.0
-2.2 -3.5
-4.8 -6.4
-2.7 -4.2
-5.0 -6.6
-1.8 -2.7 -0.3 13.6 12.6 1.0 -5.8 -7.7
-3.0 -4.5 -8.4 2.9 5.8 -6.9 -14.9 -14.7
-2.9 -3.6 -5.2 6.3 2.1 -1.0 -8.6 -10.9
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
56 36
54 44
34 17
-49 -54
-83 -56
-67 -35
-39 -28
-43 -39
-61 -56
-51 -38
-52 -33
-24 -24
-31 -24
-33 -18
-35 -33
-29 -19
-10 -1
-5 4
5 21
26 16
10 17
37 42
39 45
46 53
44 58
42 45
20 24
24 10
7 0
41.9 16.1 6.5 3.2 2.9 4 -7
37.5 6.3 0.0 6.3 2.5 -11 -15
12.5 12.5 12.5 0.0 2.5 -17 -26
23 7 0 0 2 -20 -20
33 8 15 3 3 -26 -17
38 5 5 0 3 -23 -20
33 0 17 0 3 -46 -39
25 19 0 0 3 -39 -35
21 7 7 0 3 -32 -14
25 20 5 5 3 -49 -28
35 12 0 0 2 -36 -38
36 18 0 0 3 -47 -44
24 16 3 0 3 -37 -29
35 5 0 10 2.75 -41 -32
17.821782 11.881188 6.9306931 0 2.4356436 -46 -32
21.568627 7.8431373 1.9607843 0.9803922 2.3823529 -52 -37
26.041667 11.458333 2.0833333 1.0416667 2.4583333 -44 -33
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
76
59
27
-87
-137
-102
-98
-83
-100
-105
-90
-31
-38
-54
-101
-60
-30
-17
-8
27
-17
29
6
36
35
26
19 30
10 8
-12 -26
-31 -26
-49 -34
-40 -55
-29 -45
-59 -44
-61 -47
-45 -78
-90 -71
-78 -27
-75 -49
-53 -65
-102 -74
-69 -55
-79 -54
-77 -62
-102 -68
-83 -63
Occupier demand - NB % Availablility - NB %
32 59 61 71 45
44 67 69 73 59 33 25 46
43 56 59 58 49 17 22 11
58 72 75 69 71 34 32 38
65 76 80 78 69 36 39 31
53 68 69 74 62 25 26 23
60 70 68 81 61 10 13 6
40 57 54 68 50 5 10 -3
-17 -15 -16 -4 -24 -27 -27 -28
15 24 21 34 16 7 9 4
3 28 28 40 15 20 20 21
8 34 32 55 16 23 23 22
-4 16 12 38 -1 15 17 12
-4 24 17 52 2 14 18 9
-16 29 29 58 0 16 16 17
-39 20 31 55 -27 4 4 5
-55 5 21 44 -51 3 1 8
-44 0 6 40 -45 4 0 9
-52 -2 11 32 -49 -5 -6 -4
-52 -4 11 29 -51 -9 -11 -6
-49 2 18 38 -51 -15 -5 -6
Supply availaibility - for sale, NB % Credit conditions
4.2 2.2
4.2 3.7
3.9 3.0
4.6 3.3
4.3 3.5
4.3 2.5
3.2 2.2
-1.2 -2.6
1.1 -0.3
1.6 -0.4
2 -0.2
1.3 -1.1
1.9 -0.8
2.4 -1.4
2.5 -2.8
1.6 -4.8
1.1 -4.2
0.6 -5.8 0 28 41 -36 0 19
0.9 -6.0 -4 30 38 -39 -6 13
0.8 -6.4 1.5 32.7 46.7 -38.9 1.6 25.0
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
1 18 72 9 0
2 27 61 9 0 1 1
1 23 61 12 4 2 1
2 23 60 12 3 3 1
3 15 67 14 1 8 1
1 11 66 19 3 36 6
1 15 64 20 1 21 6
2 14 67 15 2 19 10
1 15 68 16 1 13 6
0 11 65 23 2 27 4
1 10 65 22 1 18 7
1 10 63 23 4 18 9
1 7 58 28 6 19 8
1 7 60 29 3 30 10
1 9 62 28 1 28 11
1 8 61 27 3 35 22
1 7 62 28 2 33 19
1 6 59 31 2 30.757801 22.43685
Perceptions on current phase of property cycle
-31 -28
-47 -48
-51 -47
-71 -53
-62 -43
-45 -18
-31 -10
-19 6
-11 -6
2 -18
-15 -22
-14 -25
-9 -18
-3 -14
-18 -21
-22 -34
-2 -15
-11 -20
-14 -24
-6 -13
-1 -7
5 3
20 16
29 19
36 31
33 32
37 37
30 34
39 45
18 52 24 4 4.1 40 46
16 45 29 8 4.2 36 36
17 37 35 7 4.2 33 33
16 27 31 16 4.2 23 27
8 20 16 13 3.1 0 -7
9 31 23 11 4 10 13
10 32 23 7 4 7 16
5 32 29 15 4 12 20
4 17 29 19 4 1 13
7 19 30 19 4 5 17
6 18 26 22 4 1 17
7 20 24 22 3.9 0 9
6 13 21 20 3 -9 3
8 13 20 21 3 -7 5
7 10 12 15 3 -14 -7
12 11 13 12 3 -15 -8
9.6582467 12.332838 13.07578 11.738484 2.897474 -14 -6
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-54
-81
-85
-128
-94
-57
-36
-19
-9
-26
-28
-10
-1
-2
-32
-28
8
-16
-23
-3
8
19
49
63
76
85
76 69
66 56
83 92
74 80
67 64
62 60
44 54
7 1
24 22
21 35
23.610826 37
3 29
15 34
5 34
-1.832431 18
-13.9861 8
-16.60912 14
-25 -10
-28.28304 -15.4688
-30
Occupier demand - NB % Availablility - NB %
44 43 42 46 42
58 58 65 49 60
39 37 30 43 39
57 58 48 61 64
43 52 52 54 49 42 44 46
66 58 55 64 55 43 53 37
53 48 44 48 51 51 56 47
58 65 65 68 63 36 39 38
46 61 62 72 50 38 48 35
25 51 56 58 40 21 37 14
25 41 42 44 38 26 33 24
6 31 28 49 16 25 33 28
6 16 16 29 3 37 51 30
5 33 41 47 11 22 32 17
-26 21 23 55 -14 18 21 22
-24 24 32 53 -14 0 10 10
-34 16 35 36 -22 -9 -6 0
-31 22 30 55 -20 7 9 16
-18 17 12 50 -10 7 3 23
-37 29 31 72 -16 -10 -7 15
-24 27 30 58 -6 -18 -21 0
-18 26 33 56 -11 4 8 14
-21 15 20 42 -17 -17 -11 -8
-24 31 53 63 -22 2 8 8
Supply availaibility - for sale, NB % Credit conditions
38 -1 0 -6 4 42 5 47
38 -12 -8 -11 -16 51 10 46
52 5 9 5 2 60 9 52
33 3 9 -7 7 50 11 46
31 8 18 -4 11 32 0 39
14 9 13 0 14 39 9 42
22 7 14 2 5 9 2 32
14 3 4 5 0 -2 0 30
29 -4 11 -16 -6 0 8 23
19 -6 -3 -14 0 -24 0 21
11 -3 -3 -18 13 0 5 22
-21 6 3 -3 19 15 0 31
-21 -4 -14 -19 22 3 0 24
-3 5 3 -3 15 35 6 38
-6 -1 0 -14 11 -29 8 5
-38 0 0 -22 22 11 11 19
-33 12 25 -5 16 5 15 20
-11 9 8 0 19 -3 8 18
-33 14 25 -12 30 46 11 43
-11 10 10 -5 26 10 2 24
Capital value expectations - respondents' 12m average % forecast
1.8 1.1
3.4 3.1
1.9 2.4
2.3 2.1
3.0 1.4
2.3 2.1
3.3 1.5
1.0 -1.0
0.1 -1.3
3.3 -0.1
1.6 -2.9
1.6 -2.5
0.8 -2.6
2.1 -3.3
1.6 -2.4
3.2 -2.9
1.9 -1.4
2.4 -1.6 -2.4 15.4 52.8 -25.0 -17.1 11.1
0.7 -4.4 8.3 39.3 44.0 -3.7 -11.1 16.0
2.2 -3.2 7.4 36.8 54.3 -24.2 -5.3 40.0
et balance % Rent expectations - respondents' 12m average % forecast
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
-25 -26
-34 -34
-56 -42
-84 -58
-74 -44
-70 -40
-56 -48
-56 -54
-41 -31
-14 -22
-15 -12
5 6
5 8
1 -3
0 -1
6 8
24 16
15 15
19 26
17 16
28 35
22 30
24 38
32 39
28 35
41 39
29 25
39 36
39 31
13.0 10.9 47.8 23.9 4.7 35 29
0.0 10.7 46.4 35.7 5.0 44 30
15 9 42 33 5 32 26
2 10 21 33 4 13 14
2 6 30 34 4 6 11
0 10 23 38 4 8 16
0 14 21 32 4 6 13
3 5 43 33 5 5 5
0 5 25 36 4 3 5
3 8 27 35 4 -1 11
3 9 26 35 4 4 6
0 8 18 33 4 12 9
0 7 19 44 4 -3 14
0 0 35 30 3.9 2 10
3 5 23 38 4 7 9
3 3 24 41 4 8 7
0 5 20 49 4 8 12
Occupier
Demand Investmen
minus t Demand
Availabilit minus
y Supply
-80
-85
-113
-153
-143
-111
-94
-98
-64
-8
-15
11
16
26
17
25
52
30
41
46
69
56
37
60
66
54
39 39
62 65
54 50
42 43
43 55
29 31
4 18
-8 15
10 33
1 27
7 8
-6 7
1 13
8 7
11 19
-8 24
-13 4
0 2
-3 10
-4 12
Occupier demand - NB % Availablility - NB %