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By contrast the UK economy continues to perform relatively well, although 2005 marked a slight downturn in output growth with GDP totaling 1.8%. The UK economy has continued to outperform the Eurozone as a whole, and in particular the other large and established European nations.Growth in Asia’s emerging economies remains strong, although in 2005 output growth fell to 7.3% and is expected to fall back further in 2006 to 6.9%. The downturn in the rate of growth is primarily due to the planned tightening of fiscal policy in China and a potential slowdown in global demand. Regional disparities have continued to widen, as growth in China and India continues to forge ahead, while expansion in other parts of the region remains relatively muted.

Growth in India has remained robust, partly due to the continued expansion of the service sector bolstered by outsourcing from Europe and North America. Economic activity in India is expected to moderate from the strong pace experienced over the previous two years to growth of 6.3% in 2006.The expansion of China has continued to exceed expectations and boost output for the region, with GDP growth expected to reach 9.0% in 2005, and forecast to ease moderately to 8.2% in 2006.

The continuing recovery of the Japanese economy also provides encouraging news for the region, driven by an upturn in domestic demand. Recent surveys suggest that this will continue with signals of growing business confidence and investment. The latest forecasts for the region as a whole project solid growth, aided by strong exports and domestic demand.GDP growth in sub-Saharan Africa is expected to have totalled 4.8% in 2005, marginally below previous IMF forecasts. Rising oil prices have impacted upon the oil importing countries, although overall the effect on output has not been considerable.

More positively, there appear to have been improvements in the region’s macroeconomic stability, aided by ongoing structural reforms. Growth is forecast to accelerate to 5.9% in 2006 which, if achieved, would be the strongest expansion since the early 1970s.The office property sector enjoyed solid performance in 2005 in most of the North American regional markets. Vacancy rates declined and rental rates began to move higher. Of course, the pace of improvement was not uniform across all of the regional markets.

This technique for business valuation amount of improvement mirrored, to a substantial degree, the basic economic conditions in the respective markets. The markets situated along the Atlantic and Pacific coasts of the US continued to experience robust absorption of office space, which in some cases exceeded expectations. In the interior of the continent, regional markets that had languished since 2001 finally began to show improvement.

The overall US national office vacancy rate ended 2005 at an estimated 12.1%, down from 13.5% at the end of 2004. Again, for the nation as a whole, average quoted rents were up about 2%. These averages mask a wide divergence of performance at the regional level. In New York City, for example, the vacancy rate declined by three percentage points in 2005, ending the year with a vacancy rate that is well below 10%. In contrast, the vacancy rate in Detroit remained nearly four percentage points above the national average, with few signs of improvement on the horizon. At the national level, approximately 125 million sq ft of office space was absorbed.

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Prospects for the industrial sector within the EU appear healthy as confidence improves and growth accelerates in the continent’s major economies. During December 2005, manufacturing growth grew at the fastest rate in 16 months – largely due to greater export volumes fuelled by a weakening of the euro against the dollar in 2005.

Despite high oil prices, there is a growing belief among manufacturers and economists that the economic outlook for both EU and non-EU countries is positive after a sustained period of stagnation. The outsourcing of logistics functions to accession and pre-accession countries continues to fuel demand for third party logistics service providers across Europe. This factor has been driven by increasing cost pressure upon manufacturers and retailers and is a key driver of demand for large units.

The UK warehouse investment market remains the most active in Europe. Total returns over the 12 months to January were at their highest in over five years at 18.4%. The market outlook also remains positive, as occupier demand strengthens and rents are anticipated to pick up in 2006.

The key Benelux markets, the major gateway to the Western European economies from the UK and beyond, are strengthening. In Belgium, Brussels and Antwerp are enjoying an improvement in occupier demand, although the impact of any recovery is yet to reach many secondary markets.

Prime distribution rents now stand at circa € 592 per sq m per annum with prime yields currently in the region of 7.5%. Occupational markets in the Netherlands are also picking up. Demand has emanated out from the traditional core markets, primarily the Amsterdam Airport Area and Rotterdam, with occupiers who were once focused on these areas willing to take premises elsewhere in the Netherlands or over the Belgium and German borders. Prime distribution yields in the Amsterdam area currently stand at 7.5%.

The weight of domestic and foreign capital chasing limited stock continues across Europe, placing downward pressure on yields. The low cost of borrowing within the Eurozone is helping to maintain strong investor demand, with the regional French and Spanish markets two of the principal targets.

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Eastern European yields have continued to converge with those in the more established markets. Prime yields in Prague now stand at 8.25%, having fallen 100 basis points over the last year, while logistics yields in Warsaw have tightened by the same margin.Bolder investors are investigating opportunities amongst the next round of accession countries such as Bulgaria, Romania and beyond to Russia, albeit with caution, as a fundamental lack of local market knowledge as well as political and economic uncertainty remain as barriers.

2005 saw sustained industrial growth across Asia Pacific, driven by solid performance from key economic centres. The island state of Singapore continues to benefit from its advantageous geographical position. Industrial rents in the market remained stable in 2005 as a surplus of supply kept rental values in check. However, the market is forecast to witness a return to growth, as global demand for high-tech and electrical goods are anticipated to increase.

The Sydney industrial market looks set to continue to strengthen. Incentives are reducing and strong tenant demand led to the overall vacancy rate falling sharply over the last year. The opening of the M7 corridor in particular helped to fuel tenant demand.Strong tenant demand in the Melbourne market has already led to an escalation in rental values on larger units, while smaller occupiers have demonstrated a preference for owner-occupation. The limited availability of high grade investment opportunities and strong demand has continued to produce downward pressure on yields across both the Sydney and Melbourne markets.

Business sentiment among Japan’s manufacturers has improved and third party logistics operators are likely to become active in the Tokyo industrial market again, buoying demand after a long period of stagnation.

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The majority of Africa’s industrial markets suffer from a lack of high grade infrastructure and the instability of many of the continent’s economies. Many commercial centres lack the sufficient industrial/logistics stock to attract tenants and a high level of caution is exercised by international investors.

Botswana’s economy has stalled after several decades of growth fuelled by the mining industry. Occupier demand for industrial property has suffered as a result, leading to downward pressure on rents in Gaborone which has been exacerbated by an oversupply of space in the market. Botswana’s second city, Francistown, has a limited availability of industrial stock. Alternatives exist well outside the city centre, but tenants are wary of locating too far out due to security and labour transportation concerns.

Demand for industrial space in Zimbabwe has been tempered by small enterprises, largely family run, established in response to economic hardships and the withdrawal of many major occupiers. Interest from large scale operators in Malawi is also limited as a number of important manufacturers have ceased operations over the last decade.

In East Africa strong localised demand exists, notably in Kampala and Dar es Salaam, with the creation of the East African Community Trade Area encompassing Kenya, Tanzania and Uganda aiding growth in the region.

The second general election in June 1999 marked a smooth political transition and was the tonic needed to consolidate the democratic drive and boost international investor confidence in the country. With the continuing trend of decentralisation taking place since the 1980s, the traditional downtown CBDs in the main cities have experienced a severe downturn, with Johannesburg hit the hardest. A number of major corporates are backing up organisations such as Business Against Crime and the Johannesburg Inner City Development Forum. find here properties price.

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Of the major commercial property types, retail has turned in the strongest performance over the past three years. In the US, this is evident from a glance at the NCREIF Property Index, where retail has gone from worst to first. Part of the reason for this is that consumer spending, which generates take-up of retail space, has held up remarkably well in developed countries. By comparison, business capital spending, which is closely linked to demand for office and industrial space, has fallen sharply.

Low interest rates across the world have encouraged consumers to spend. Nowhere is this more evident than in the housing markets, where sales and prices have surged in most corners of the globe. Home sales generate consumer spending as new homeowners visit furniture and home improvement stores to fix up their new abodes.

Competition among retailers has been intense in the US since the mid-1980s when big-box retailers began spreading across the landscape, siphoning sales from independents, small chains and traditional department stores and valuation services Now this competition is being repeated around the world. Discounters are flourishing, forcing other retailers to find their market niche or face oblivion. Department stores catering to the middle class are losing customers at both ends

It seems as if the world’s middle class no longer wants to be thought of as ‘middle.’ They splurge in expensive boutiques at the same time that they scrimp at the discounters or buy in bulk from the warehouse clubs. In the US, Wal-Mart, Target and a handful of other retailers have cornered the low-price market, while high-end retailers have siphoned wealthy shoppers and those who want to appear wealthy. Squeezed in the middle are department stores such as Sears and JC Penney along with struggling discounters such as Kmart, which are scrambling to defend their shrinking niches.

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Quoted rents were up by almost 4%, reflecting the strong conditions in this market for the last several years. Employment growth has been particularly robust in this market since 2003. Office employment was increased by 3% in both 2004 and 2005 and by 4% in 2003. In fact, the level of office employment continued to grow right throughout the national recession of 2000/2001.

This sustained employment growth in D.C. over the past five years has encouraged developers to continue providing new space even as the national recession and the slow growth that followed discouraged commercial construction in other metro areas, including New York City.

As a result, the Washington, D.C. market has a bountiful flow of new construction. In 2005, about 7 million sq ft was supplied in the entire metro area. Consequently, even though nearly 12 million sq ft was absorbed, the overall vacancy rate declined by only a little over one percentage point.

Looking ahead, it is expected that around 11 million sq ft of new office space will be delivered to this market over the next two years. Employment growth is likely to remain strong in the D.C. metro area, but the current employment forecast for this market is for growth that can absorb 10 million sq ft to 12 million sq ft. Therefore, the supply/demand balance will not tip in either direction.

If the person who wants to sell any house or want to buy a house then at first he will think about the procedure that will be required for doing the property transaction. But before that if you will conduct the process of property valuation on your house then it will be a much easier task for you to decide in the benefit of your property. This will help you to increase the price of your property and also help to add some more usable features in your house which will automatically add the price of your property. In Adelaide conveyancers are able to generate a report in which the condition about the property is mentioned.

Boston, Philadelphia and the Northern New Jersey markets all improved in 2005. However, the vacancy rate in each of these three markets is at or above the national average. Even though Boston has an impressive array of high-tech companies, overall employment growth has been modest. Several major companies headquartered in this city have been acquired by firms located outside the region, putting a damper on employment growth.

Sections of the Philadelphia and Northern New Jersey markets enjoy strong employment growth and demand for office space. For example, the sub-markets along Philadelphia’s Main Line – west of Center City – have continued to perform well. In Northern New Jersey, the development along the Hudson River continues to attract the attention of major tenants.

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New home sales on the urban periphery create demand for shopping centers to serve the new households at the same time that urban centers appear to be getting stronger across the globe. In the past decade, housing growth in and around central business districts has generated demand for shop space of all types. Independents and small chain outlets are well suited to these markets, but traditional big-box retailers are modifying their standard store dimensions and features to establish beachheads. Their strategies include smaller footprints, multiple stories, structured parking, carefully targeted merchandise, designs that are sensitive to the existing streetscape, and participation in mixed-use projects, which can affect investor demand depending on how the projects are laid out.

Besides expanding across the globe and into densely developed neighborhoods, major retailers are courting ethnic households. Perth property valuation companies this growth strategy includes establishing outlets in trade areas with a high percentage of ethnic shoppers and tailoring merchandise selection and services to meet their tastes. In downtown Los Angeles, for example, Hispanic shoppers throng the sidewalks, allowing landlords to charge some of the highest front-foot rents in the world.

In the late 1990s, common wisdom suggested that online retail sales would rather quickly decimate store sales. Analysts made and lost reputations besting each other on how quickly merchandise showrooms and fulfilment centres would replace shopping centres. This, along with perpetual competition among retailers, drove shopping centres to the bottom of investors’ buy lists.

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The retail property market is at the top of its game in terms of both leasing and investment. Consumers have carried not only the retail market, but the entire economy through the recession of 2001 and the jobless recovery of 2002 and 2003.Atlanta tops the list of retail markets that are likely to generate the strongest investment returns over the next five years, thanks to a rapidly growing household base. With the exception of Washington, DC, eight of the remaining markets in the top 10 list are in the West or Southwest (including Texas), indicating the importance of dynamic population growth to retailers.

Retail sales in Canada grew modestly in 2003 providing support for the retail property sector. Enclosed malls continued their strong performance in major cities; in secondary provincial markets, they have to work harder to retain tenants, particularly in communities with new power center developments. Street- front retail is experiencing a resurgence in shopper popularity and tenant demand, pushing up rental rates on premier fashion streets, especially in Toronto and Vancouver. Demand for retail investment product remains strong among retail-focused institutional funds for the higher-valued property and among private investors for the moderate-valued assets. Capitalization rates range from 8.0 percent in primary markets to 11.5 percent in secondary ones, with yields lower on high-end fashion streets.

Mexico’s retail construction volume remained strong in 2003, a pattern encouraged by relatively tight occupancy levels, which hovered around 5 percent or less during the last half of the year. Base rents remained steady. Trends include escalating land prices with a growing number of land leases and partnering arrangements. Large, older and often empty boxes have become attractive to call centers. In South America, a lackluster economy and high interest rates, particularly in Brazil, will subdue development in 2004. But large US retailers continue to target South America for expansion in the right locations. The influx of retail giants like Wal-Mart, JC Penney, Home Depot and Starbucks will persist. In addition, fast food chains, clothiers and convenience stores are maintaining a steady stream of activity in the region.

Low interest rates and sustained household consumption growth have maintained strong demand for retail space during 2003 and consequently rental levels have moderately increased in some European markets. Although consumer expenditure growth has slowed significantly, the retail sector has continued to out-perform both office and industrial sectors.

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Central and Eastern European markets remain very attractive. Similarly Spain and Portugal where rents are lower than other European countries, or Italy and Greece where retail warehouses are still limited and shopping centres are still relatively recent. The Czech Republic and Poland offer good opportunities in 2004 due to the benefits of entering the EU which include the elimination of some barriers to entry and currency risk. In addition, the Moscow market continues to develop and, with incomes constantly growing, opportunities to develop shopping centers are likely to increase.

Two projections have been made for 2004. Firstly, overall market strength as a retail center has been measured and secondly, retail rental projections have been evaluated.

The top fifteen centers in relation to overall retail strength in 2004 are: Dublin, London, Milan, Prague, Leeds, Amsterdam, Manchester, Birmingham, Sheffield, Cardiff, Paris, Madrid, Glasgow, Edinburgh and Newcastle. of property valuation services A number of smaller or non-traditional cities are included in this list due to their rental growth potential for next year and the health of their current market. These projections ignore the physical size of the retail economy but rather focus on the strength and potential of the retail economy for 2004. Many of Europe’s top retail cities are projected to show no rental growth in 2004.

Property valuers provide such crucial services top ten projected rental growth cities for 2004 are as follows: Dublin (10 percent), Milan, Paris, Lisbon, Manchester, Glasgow, Newcastle, Leeds, Madrid, Birmingham and Cardiff. Other centres that have flat or zero growth projections for 2004 include: London, Frankfurt, Munich, Brussels, Amsterdam, and Prague.

This period of low or flat rental growth for 2004 illustrates an industry-wide stabilization period in reaction to global and more local economic conditions and influences. However, the European retail market as a property asset continues to perform very well in the current uncertain times, both in terms of investment and future growth potential.

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The retail sector has proved the most resilient in terms of performance across Asia in 2003, and as a consequence no rental decline is forecast in any Asian cities.In Malaysia, Indonesia and Thailand, where more than 50 percent of the population lives outside urbanized areas, new retail formats such as discount retailing or hypermarkets have been increasingly developed and have attracted investment interest.Australia has recently passed the peak of a fairly strong growth cycle in retail spending driven by low interest rates, higher wealth (off the back of rapidly rising house prices), and low unemployment. While the outlook for the economy remains positive over the next three years, some moderation of retail spending is likely, particularly amongst the household goods and discretionary spending categories.

Australia has a fairly mature shopping center sector which has been steadily increasing over the past 20 years. Consequently, a wide variation in the performance of individual centers at a local level is evident.Rents remain high in Tokyo, Hong Kong and Singapore where there is a finite amount of retail space available. Mumbai and New Delhi offer value for money as rates are still comparatively low and there is a large, increasingly affluent resident consumer population.Knight Frank’s top ten strongest retail markets for 2004 in Asia Pacific include: Kuala Lumpur, Brisbane, Melbourne, Hong Kong, Mumbai, Singapore, Delhi, Bangkok, Shanghai and Sydney.


Kuala Lumpur and Brisbane offer excellent opportunities as retail locations in 2004 even though rental growth is projected to be lower than in other cities. The top performers with respect to rental growth in 2004 are Hong Kong (10 percent), Mumbai (10 percent), Kuala Lumpur (8 percent) and Delhi (7 percent). Brisbane, Perth, Tokyo and Singapore are expected to see growth of 5 percent.Rental growth of 4 percent is expected in some of Australia’s most established retail markets such as Melbourne, Adelaide and Sydney.No rental growth has been identified in Bangkok. Although the overall economy is improving (led by domestic demand), there will be a sizeable influx of new prime space into the market next year. This will dampen rental growth prospects.