US  Capital Trends – THE BIG PICTURE –overview across all property types – 2015 MIDYEAR REPORT




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__MAIN 7A people that values its privileges above its principles soon loses both.

Dwight D. Eisenhower










US Capital Trends – THE BIG PICTURE –overview across all property types – 2015 MIDYEAR REPORT


US Capital Trends – THE BIG PICTURE –overview across all property types – 2015 MIDYEAR REPORT

Mid-Year Review . . . 1

  • Market Update . . . . . 2
  • Finding Relative Value 3-4
  • Top Deals . . . . . . . . 5
  • Top Buyers & Sellers . . 6
  • Market Table . . . . . . 7
  • Top Brokers . . . . . . . 8
  • Notes & Methodology . . 9


US commercial real estate investment volume grew 23%

yoy in Q2 on volume of $118b . Volume came in at $255.1b

in H1’15, a fi gure up 36% yoy relative to H1’14. Th ese levels

of volume put activity just ahead of the pace seen in 2006.

Despite this sign of strength, the volume for the year to

date was front loaded with yoy growth at 49% in Q1. Deal

volume for both the sale of individual assets as well as that

for portfolio and entity level deals was front loaded with a

faster pace of growth in Q1 than in Q2. Th ere are two ways

to look at these shift s in the year.

A cautionary perspective would view this slowdown in

growth with concern that investors are becoming hesitant

about future trends in interest rates, what the Federal Reserve

Bank will do in the fall, and how it will impact the

property markets. A more optimistic view is that the 49%

yoy growth in volume seen in Q1, had it continued, would

have likely been the start of frenzied market with the potential

for a bubble.

As it stands, the lower growth in volume has not been

matched with increases in cap rates so it is not as if investors

are pulling away from commercial real estate. Th is trend

in volume warrants further attention, but should not make

anyone lose sleep.

Th e industrial market was among the strongest sectors,

posting 40% yoy growth in volume in Q2 on volume of

$16.7b. Th e suburban offi ce sector is right behind at 37%

yoy growth. Th ese sectors off er up attractive yield opportunities

with cap rates in Q2 at 6.9% and 7.0% respectively.

Th e apartment sector posted the weakest gains in Q2 with


13% yoy gains in volume on sales of $29.7b. Cap rates on

average are at a 6.0% level nationally and price resistance by

some buyers may be slowing volume growth, but again, the

current level of activity




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Timeline of Phoenix, Arizona history,_Arizona_history


Phoenix, Arizona,_Arizona



Facts of Arizona – year 1848 to 2013

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