GLOBAL

INVESTOR
INTENTIONS
SURVEY 2018
EUROPE

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CENTRAL
MIDDLE EAST ASIA

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SOUTHEAST ASIA

AFRICA

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➜

PACIFIC
➜

CBRE Research

Executive Summary
• On balance, more investors plan
more purchases in 2018 than
in 2017, reversing a three-year
trend in the other direction.
• Investors also plan to sell more
real estate in 2018 than 2017,
signaling a potential increase in
market liquidity.
• Globally, investors’ main
motivations for investing in real
estate in 2018 are income and
diversification.
© 2018 CBRE, Inc.
• A potential “global economic
shock” is investors’ greatest
concern, followed by faster-than-
expected interest rate increases.
• Industrial & logistics is the most
popular real estate sector for
investors in 2018.
• North America remains the
most preferred destination of
investors, but less so than in
2017.
GLOBAL Investor Intentions Survey 2018
• There has been a significant
increase in global interest in real
estate “alternatives,” with real
estate debt being most popular,
particularly in the Americas.
• Most investors generally see
a positive impact on property
value when coworking operators
as tenants occupy up to 40% of
a building.
CBRE Research | 3
 GLOBAL Investor Intentions Survey 2018
Capital Flows in 2017
Global levels of real estate investment
activity rose slightly in 2017 to US$953
billion from US$941 billion in 2016.
There was a strong regional shift in activity.
APAC investment volume was 20% above
2016’s level and EMEA volume was up
by 9%, whereas Americas volume was
down by 6%. Cap rates (yields) continued
to edge down in all regions, reflecting a
moderate excess of buyers over sellers.
We expect the economic conditions that
supported real estate investment in 2017—
growth accompanied by low interest
Figure 1: Real Estate Investment Volume
200
150
Billions USD
100
50
0 2008 2009
Source: Real Capital Analytics, CBRE Research, 2018.
4 | CBRE Research
rates—will continue in 2018. Interest
rates will continue to trend up in the U.S.
at a modest pace and on the back of a
resurgent economy. As a result, the recent
stretch of strong cap rate compression is
unlikely to continue.
Our survey nevertheless suggests that real
estate remains a highly desirable asset
class. The tables and charts below explain
what the world’s leading investors are
thinking as they look at markets that are
healthy but more expensive than last year.
2010 2011 2012 2013 2014
Q4
Americas (L) EMEA (L) APAC (L) Global Rolling 12-month Total (R)
“Interest rates will
continue to trend up
in the U.S. at a modest
pace and on the back of
a resurgent economy.
As a result, the recent
stretch of strong cap rate
compression is unlikely
to continue.”
2015 2016 2017
© 2018 CBRE, Inc.
GLOBAL Investor Intentions Survey 2018
What’s motivating investors in 2018, how will they spend, and what’s their risk appetite?
CBRE’s survey results show that income is A declining number of investors, compared Investors do not place significant relative
the single most important factor motivating to past years, see capital gains relative emphasis on real estate’s ability to hedge
investors to place capital in real estate to other asset classes as their primary inflation, partly because they are not
this year. This is consistent across regions motivation to invest. In 2016, 37% saw currently that worried about inflation but
and has been trending up over time. Real capital value appreciation as their main also, in APAC, because of the prevalence
estate’s ability to offer diversification, motivation, compared with just 12% today of shorter leases.
both by asset class and geographically, as real estate yields reach record lows.
is also important. When taken together, There are regional differences, with 17% of
asset class and geographic diversification APAC investors seeing capital gains from
almost match income as investors’ main real estate as their primary motivation for
motivation in choosing investing, compared to 13% in EMEA and
real estate. 11% in the Americas.
1000 Figure 2: What is your organization’s main motivation for investing in real estate in 2018?
Income
38%
800 Asset class diversification
25%
Expectation of better capital value growth
than other asset classes 12%
12%
Billions USD Occupation
600
Geographic diversification
4%
Hedge against inflation
2%
400
Source: CBRE Research, Global Investor Intentions Survey, 2018.
200
© 2018 CBRE, Inc. CBRE Research | 5
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

When asked whether they planned to Figure 3: Compared to 2017, do you expect your purchasing activity in 2018 to be
spend more, or less, on real estate in

45
2018 than they did in 2017, 43% of
surveyed investors said that they would
spend about the same, 45% said they
% 40%
would spend more and 12% said they
would spend less. The balance between IN 2017
HIGHER
those planning to spend more over those
planning to spend less is 33%, which is up

33 %
strongly from 24% last year. The increase
in the net balance score represents a
turnaround of a three-year trend in the
opposite direction and is quite positive for
24%
IN 2017
real estate. BALANCE
We also asked investors if they planned to

12%
sell more in 2018 than they did in 2017.
While 48% indicate that their level of
sales will be about the same, the balance
of investors planning to sell more over
16%
IN 2017
those planning to sell less rose to 27%, up LOWER
from 15% in 2017. Investors are taking
advantage of the current strength of the
Source: CBRE Research, Global Investor Intentions Survey, 2018.
market to make necessary changes to
their portfolios. The finding that planned
spending is somewhat balanced by
disposals is healthy for the marketplace
and is likely to reduce downward pressure Figure 4: Compared to 2017, do you expect your selling activity in 2018 to be
on cap rates.

Planned selling is up in all regions, most

strongly in APAC.
40
HIGHER
% 32%
IN 2017

27
BALANCE
%
15 %
IN 2017

12LOWER
%
17 %
IN 2017

Source: CBRE Research, Global Investor Intentions Survey, 2018.

6 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 7
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

Risk Appetite Investment Style

In terms of overall risk appetite, there are
slightly more respondents with less risk
appetite at a global level than there were
last year. However, there are notable
regional differences: In EMEA and APAC,
there is a shift toward greater risk appetite,
whereas in the Americas there is less
appetite for risk. These responses are in
line with regional differences in levels of
capital markets activity mentioned above.
Prime assets continue to attract investors “Change of use, enhanced property management and
in EMEA, despite a strong recovery
in economic growth in the region. redevelopment are the preferred strategies for value
Americas and APAC investors seem to enhancement.”
prefer a value-added strategy, perhaps
due to limited room for further cap rate
compression. Change of use, enhanced
property management and redevelopment
are the preferred strategies for value
enhancement.

Figure 5: What is your risk appetite compared to last year? Figure 6: What type of property assets are most attractive for you to purchase?

45%
36%
37
7% 34%
33%
30 %
29%
28%
22%
19 % 25%
18 %
21% 23%
14
1 %
14
4%
9% 10
10 %
20 %

16%

2014 2015 2016 2017 2018 12%

HIGHER LOWER

Source: CBRE Research, Global Investor Intentions Survey, 2018.

7%

3%
2% 2%

Prime or core assets Core plus / Good Value-add Opportunistic Distressed assets
secondary

EMEA AMERICAS APAC

Source: CBRE Research, Global Investor Intentions Survey, 2018.

8 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 9
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

Preferred Sectors

Figure 8: Which property sector do you believe is the most attractive for investment purchases?
Industrial & logistics (I&L) is the most Figure 7: Which property sector do you believe is the most attractive for investment purchases?
popular real estate sector for global
investors this year, followed by office and
then multifamily/private rented sector
(PRS), which was the top sector in the U.S.
in terms of investment volume in 2017. 50 %

On a regional basis, I&L is the most

popular sector among investors in the
Americas, with office falling behind
multifamily. In APAC, by contrast, office is 21% | 26% 41% | 32% 10% | 12% 33% 33%
still the preferred sector for investors due OFFICE INDUSTRIAL AND RETAIL
LOGISTICS
to the size of that region and its relative 26% 26%
liquidity. However, the I&L sector in APAC
is also benefitting from increased investor 21% 20 %
preference thanks to structural changes in
the region. In EMEA, offices and I&L are 14% 15%
approximately even in terms of investor 12 %
10 % 10 % 10 %
preference, although logistics has seen a 8 %

steep year-over-year increase in relative

preference. 2018 | 2017 2%
Office Industrial & logistics Retail Hotel/Resorts Multifamily /
In 2016, 21% of investors said that
high-street retail was the most attractive
5% | 5% 20% | 21% Leased residential
HOTELS/RESORTS MULTIFAMILY / EMEA AMERICAS APAC
sector. By 2017 that dropped to 4%.
LEASED RESIDENTIAL
Although investor preference for high-
Source: CBRE Research, Global Investor Intentions Survey, 2018.
street retail between 2017 and 2018 has
only declined by a further 1%, it is at a Source: CBRE Research, Global Investor Intentions Survey, 2018.
historically low level. While many retailers
still believe that there is a strong future for
investing in brick-and-mortar retailing, it
is also clear that the challenges posed by
e-commerce make it hard to pick winners
and losers within the sector. As a result,
it is not surprising that fewer investors
feel confident in choosing retail as the
best sector in which to invest. However,
sentiment varies from market to market.
For example, in an upcoming CBRE survey
of Italian investors, retail was identified as
the preferred sector for investment.

10 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 11
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

Preferred Region Preferred Cities

Once again, North America is the In APAC, relative preference for “Once again, North Top Cities by Region Figure 10: Most preferred cities for investment
most preferred region for cross-border “Developed Asia” has grown. Much of this
investment, but that preference has increase is attributable to Asian investors
America is the most In the Americas, there was little movement
EMEA AMERICAS APAC
declined relative to 2017. shifting from North America as their preferred region for in the top-three cities for investment.
preferred location, as in 2017, toward However, Seattle has moved up several
Western Europe has seen a corresponding Developed Asia.
cross-border investment, places thanks to its tech dynamism and Paris
Los Angeles/
Tokyo
Southern California
rise in popularity, thanks to improving but that preference emerging “gateway” profile. In EMEA,
economic fundamentals. Investors in EMEA Paris replaced London at the top of the Dallas/
showed a strong preference for Western
has declined relative to list, perhaps reflecting some uncertainty
Madrid
Ft. Worth
Melbourne
Europe in the 2018 survey. 2017.” around the future of the U.K.’s Brexit
negotiations. German cities, including Amsterdam New York Sydney
Frankfurt, have grown in popularity,
propelled by strong economic growth and
constrained supply. In APAC, Singapore Frankfurt Seattle Shanghai
returned to the top-five group thanks to
improving economic growth, particularly San Francisco/
Figure 9 : Which global region do you believe is the most attractive for making property investment purchases? (Only investors intending to invest outside their region.) London Singapore
in the manufacturing sector, in the second Northern California
half of 2017.
Houston

Note: For EMEA and APAC, figures are regional responses weighted by both the AUM of the responding company
and the AUM domiciled in the reporting country.  The U.S. rankings are based on unweighted results. 

Source: CBRE Research, Global Investor Intentions Survey, 2018.

6 %

39%
NORTH 32 % CENTRAL &
EASTERN
EUROPE
12%
DEVELOPED
ASIA
WESTERN
AMERICA EUROPE
0%
MIDDLE
7%
EMERGING
EAST
ASIA

1%
AFRICA

1 %
SOUTH &
CENTRAL
AMERICA
1%
PACIFIC

Source: CBRE Research, Global Investor Intentions Survey, 2018.

12 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 13
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

Alternatives Figure 12: Are you actively pursuing investment in any of the following “alternative” sectors?

26% 32% 22%

Real estate debt
26% 20% 24%
Retirement living
Real estate “alternatives” are sub-sectors population structure, as well as more is relatively more popular in EMEA, and 37% 17% 17%
of the market that are relatively new and standardized retirement living solutions. surpasses real estate debt by a substantial Student living
often require a deeper understanding Student housing has also increased in margin as the most sought-after alternative 12% 15% 4%
of the underlying operating businesses. popularity, especially in EMEA. Due to investment sector. Investors in APAC have Self-storage
Alternatives have attracted increasing the counter-cyclical nature of demand for a moderate relative preference for data
16% 15% 21%
investor interest for several years and, since student housing and its strong growth in centers and health care. Health care
2016, almost every sector has seen growth recent years, investors see potential in this
in the percentage of investors looking to sector at the current late-cycle stage in the Investors’ main interest in alternatives is 11% 13% 20%
Data center
invest. Sixty-seven percent of investors in market. to benefit from structural shifts in demand
2018 indicated they are actively pursuing taking place in the economy. Higher yields 13% 11% 12%
investment in alternatives. There are some interesting regional and protection from a real estate downturn Infrastructure
differences in investor preferences for are also important drivers of demand. 18% 10% 8%
Overall, retirement living has seen alternatives. In the Americas, there is a For investors pursuing health care and Single-family residential
the greatest growth in investor interest much higher interest in debt than in EMEA retirement living, the aging population is a 7% 9% 8%
since 2016. This is likely driven by the and APAC due to the market being more strong motivation. Cold storage
recognition of demographic change in mature, offering a greater number of
10% 7% 12%
advanced economies toward an older opportunities to invest. Student housing
Leisure/Entertainment
4% 1% 6%
Figure 11: Are you actively pursuing investment in any of the following “alternative” sectors? Automotive/Car parks

EMEA AMERICAS APAC

Source: CBRE Research, Global Investor Intentions Survey, 2018.

29 %

27%
26 %
Figure 13: Why do you consider investing in “alternative” sectors?
24 %

23
3%

Benefit from structural changes in demand

30 %
18
8%
19%
18 %
Higher initial yields
25%
16 % Protection against real estate downturns 17%
14 % 14
14%
13 %
1 13 % 13 %
Aging population 9%
12
2% 1
12% 12%

10 %
11%
10
1 %
Urbanization (re-urbanization in
EMEA and the U.S.) 7%
6%
9% 9% 9% 9% 9%
8% Millennial trends
7%
6% Technological advancement
5%
4 %

3% Diversification
1%
Other
12%
Real estate Student Retirement Health care Data center Self-storage Single-family Infrastructure Leisure/ Automotive/
debt housing living residential Entertainment Car parks
Source: CBRE Research, Global Investor Intentions Survey, 2018.
2018 2017 2016
Source: CBRE Research, Global Investor Intentions Survey, 2018.

14 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 15
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

Occupier Trends and Coworking

Coworking

More than any other time in the past 30
years, occupiers are changing the way that
they think about and utilize real estate.
In some cases, this is about finding new
efficiency gains; in others, it is about
wholly new ways of working and retaining
talent. Office occupiers increasingly expect
a menu of choices about length of stay,
range of amenities, level of management
service and cost.
A new class of occupier, acting as an
intermediary landlord, has entered the
market to satisfy this demand by taking
long leases from building owners and then
subleasing the space on a much more
flexible basis with a much higher level of
service provision and amenities. This trend
is known as “coworking.” In our survey,
45% of respondents said that flexibility of
use was the most important occupier trend
for real estate in 2018.
We asked investors whether they agreed
with a set of statements on coworking and
found that most investors, particularly in
the Americas, have yet to form an opinion.
This is understandable, given how recently
this mode of occupation began and the
fact that it has not yet been fully “cycle
tested.” A minority of investors, especially
in the Americas, see coworking operators
as a credit risk, possibly because their
business models imply a relatively higher
cost per seat than in a traditional lease
and less security of rental income.
A larger group of investors see coworking
as an amenity for traditional tenants.
In other words, within the context of a
single building, occupiers could take a
proportion of the space that they require
on a traditional lease and some on a
coworking basis.
The most positive statements about
coworking come from investors in APAC,
which has the highest proportion of
respondents replying that “it’s the future
of the office and should be embraced”
and “we are seeking to develop our own
coworking brand.”
Broadly speaking, our survey suggests that
from an investor perspective, the jury is still
out on coworking.

Figure 14: Which of the following statements do you agree with regarding coworking?

33 %
We don’t yet have a strong
45 %
conclusion about coworking
35 %

30 %
It's the future of office work and
18 %
should be embraced 33 %

27%
Coworking space is an amenity for
22%
other tenants 29%

15 %
Coworking space enhances the 9%
income from a building in the long term 20 %

11%
We are seeking operating partners to
4%
increase our coworking offer 12%

Coworking operators are a credit risk 9%

14 %
and should be avoided
4%

Coworking space is fundamentally 7%

unprofitable in the long term 7%
for any operator 7%

4%
We are seeking to develop our own
4%
coworking brand
12%

Coworking is a threat to landlords 8%

6%
looking to optimize rental value
7%

EMEA AMERICAS APAC

Source: CBRE Research, Global Investor Intentions Survey, 2018.

16 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 17
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

One of the main reasons investors deploy amount may be small or large—but the
capital in real estate is security of income. direction of investor thinking is clear. At
“On balance, investors Figure 15: What impact do the following proportions of coworking space in a building have on long-term capital value?

It is possible that moving from long-term low levels of occupation, coworking is think that coworking % of building occupied
leases to short-term occupation adds seen as enhancing the value of a building,
risk to the net operating income from the presumably by improving its attractiveness
tenants will reduce the by coworking operators

building. It is much easier, for instance,
for short-term occupiers to downsize
during an economic downturn, with the
coworking operator left with a high level of
unoccupied space to fit-out and amenities
and a long-term lease to service.
On balance, investors think that coworking
tenants will reduce the value of a building
when they occupy more than 40% of its
space. We did not ask investors about
the magnitude of value impact—the
to traditional tenants and improving value of a building when 80%+
average income per sq. ft.
they occupy more than
Investors are clearly of the opinion that 40% of its space.”
coworking operators will likely be most 60%-80%
successful in core locations in gateway
cities. This is understandable, since the
core areas of gateway cities tend to be 40%-60%
occupied by the highest value-adding
service sector firms, often the type of
occupier that is drawn to coworking.
20%-40%

0%-20%

% of investors think that coworking space will reduce property value % of investors think that coworking space will increase property value

Source: CBRE Research, Global Investor Intentions Survey, 2018.

Figure 16: How successful are coworking operators likely to be in the following locations? 4=very likely to be successful, 1=unlikely to be successful

3.17 1.73 1.55 1.04

GATEWAY CITY GATEWAY CITY MEDIUM CITY MEDIUM CITY
PRIME LOCATIONS FRINGE LOCATIONS PRIME LOCATIONS FRINGE LOCATIONS

Average Rating

Source: CBRE Research, Global Investor Intentions Survey, 2018.

18 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 19
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

Investors’ Main Concerns

Investor concerns for 2018 are very similar
to those of 2017: a “global economic
shock,” faster-than-expected interest rate
increases and the possibility that property
values have peaked.
The fact that investors are now less
concerned with a local economic
downturn than in previous years reflects
the fact that we are through a period of
highly uncertain elections and political
transition in Europe, the U.S. and China.
Concern about rising interest rates is not
overwhelming.
There are some regional variations in
investor concern. In the Americas, 15%
of surveyed investors are relatively more
concerned with overbuilding, compared
with 4% in EMEA and 9% in APAC. In
APAC, perhaps reflecting the importance
of China, investors are relatively more
concerned with a change in government
policy impacting the property market.

Figure 17: Which of the following do you believe poses the greatest threat to property markets?

30 %

22%
21%
20 %
20 % 20 %
19%

15%
12%
10 % 10 % 10 % 10 %
9%
8 %

6%
4%

A global economic Faster-than- Property is Overbuilding A local economic A change in

shock undermining expected rises in overpriced, a leading to shock undermining government policy
occupier demand interest rates bubble waiting excess supply occupier demand that makes property
to burst less attractive

2018 2017 2016

Source: CBRE Research, Global Investor Intentions Survey, 2018.

20 | CBRE Research © 2018 CBRE, Inc. © 2018 CBRE, Inc. CBRE Research | 21
GLOBAL Investor Intentions Survey 2018 GLOBAL Investor Intentions Survey 2018

Obstacles to Strategy Implementation Conclusion

There has been little change to the “Pricing is the biggest obstacle in all regions,
obstacles facing investors in deploying
capital, though there are small regional
especially in the Americas.”
differences. Pricing is the biggest
obstacle in all regions, especially in
the Americas. In EMEA, the sheer lack
of availability of assets is keenly felt by
investors. In APAC, there is some concern
about the availability of debt, which
possibly reflects measures taken in 2017
by the Royal Bank of Australia to tighten
real estate lending standards.

Figure 18: What is the biggest obstacle in acquiring assets in your region?

44%
Asset pricing 58 %
43%

1%
Availability and/or cost of debt 2%
7%
34 %
Availability of assets 20 %
18 %

17%
Competition from other investors 16 %
13%

1%
Currency risk 1% Our 2018 Global Investor Intentions Survey shows that investors remain positive
2%
about real estate as an asset class for its ability to provide income return and
0% diversification benefits. Current pricing and the potential for rising interest rates are
Lack of investment partners 1%
1% concerns, but our survey does not suggest any marked changes in the level of investor
1% activity in 2018. Some investors will take advantage of the strength of the market to
Low market transparency 0%
9% conduct sales. This will be good for liquidity and may have a small impact on pricing,
1% particularly in the U.S.
Tax 1%
3%
North America is the top regional destination for global real estate capital, despite
1%
Transaction costs 0% rising interest rates reflecting a potent mix of economic growth and currency
2%
weakness. Within regions, investors remain interested in core and gateway markets,
0%
Other 1% but are willing to go well beyond these in search of income. Investors are very
1% interested in alternative/emerging real estate sub-sectors, such as retirement and
EMEA AMERICAS APAC student housing. This is very positive for portfolio returns, but also for ensuring that
capital meets the needs of a changing society.
Source: CBRE Research, Global Investor Intentions Survey, 2018.

22 | CBRE Research © 2018 CBRE, Inc. © CBRE Limited 2018 CBRE Research | 23
GLOBAL Investor Intentions Survey 2018

Key Contacts
For more information about this regional report, please contact:

Global Research Leadership

NICK AXFORD, PH.D. NEIL BLAKE, PH.D. SPENCER G. LEVY
Head of Research, Global Head of Forecasting and Head of Research and Senior
t: +44 20 7182 2876 Analytics, Global Economic Advisor, Americas
e: nick.axford@cbre.com t: +44 20 7182 2133 t: +1 617 912 5236
e: neil.blake@cbre.com e: spencer.levy@cbre.com
RICHARD BARKHAM, PH.D. @neilblake123 @SpencerGLevy
Chief Economist, Global
t: +1 617 912 5215 HENRY CHIN, PH.D. JOS TROMP
e: richard.barkham@cbre.com Head of Research, Asia Pacific Head of Research, EMEA
@RichardJBarkham t: +852 2820 8160 t: +31 20 626 26 91
e: henry.chin@cbre.com.hk e: jos.tromp@cbre.com
@HenryChinPhD

Global Capital Markets Research

RAPHAEL RIETEMA LEO CHUNG SIENA CARVER
Capital Markets, EMEA Capital Markets, Asia Pacific Senior Analyst, Global
t: +31 202044325 t: +852 2820 1527 t: +44 20 7182 2608
e: raphael.rietema@cbre.com e: leo.chung@cbre.com.hk e: siena.carver@cbre.com

CBRE Capital Markets

CHRIS LUDEMAN BRIAN STOFFERS ADOLPHO ROB BLAIN
Global President Global President, RAMIREZ-ESCUDERO Executive Chairman,
Capital Markets Debt & Structured Finance Chairman, Capital Asia Pacific
t: +1 212 984 8330 Capital Markets Markets, EMEA t: +852 2820 2888
e: chris.ludeman@cbre.com t: +1 713 787 1999 t: +34 91 514 3920 e: rob.blain@cbre.com.hk
@chrisludeman e: brian.stoffers@cbre.com e: adolfo.ramirez@cbre.com
@bfstof

To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at www.cbre.com/research.

Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its
accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its
accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved
and cannot be reproduced without prior written permission of CBRE.

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