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Capital Growth Index!<br />

Indexed<br />

110!<br />

100!<br />

Dec 89 to Dec 93 ! Aug 07 to Mar 10 !<br />

90!<br />

80!<br />

70!<br />

60!<br />

50!<br />

40!<br />

1! 3! 5! 7! 9! 11! 13! 15! 17! 19! 21! 23! 25! 27! 29! 31! 33! 35! 37! 39! 41! 43! 45! 47! 49!<br />

Quarters!<br />

Source: PMA, IPD Monthly Digest!<br />

18!<br />

Yields and why theyʼve fallen!<br />

Central London Prime Yields (%)<br />

Investment Demand and Supply (£bn)<br />

7.0<br />

Demand!<br />

Equity!<br />

6.0<br />

Private! 5.0!<br />

UK REITs! 3.0!<br />

Sovereign! 2.0!<br />

5.0<br />

UK Funds! 2.0!<br />

US Opp Funds! 2.0!<br />

German! 1.5!<br />

4.0<br />

15.5! at least!<br />

West End<br />

City<br />

Supply! Now! Jan 2010!<br />

3.0<br />

City! 4.0! 0.7!<br />

1987<br />

1989<br />

1991<br />

1993<br />

1995<br />

1997<br />

1999<br />

2001<br />

2003<br />

2005<br />

2007<br />

2009<br />

West End! 3.0! 0.7!<br />

7.0! 1.4!<br />

Source: GPE, CB Richard Ellis!<br />

19!

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