Winter 2010 Regional Survey:

Please take a few moments to complete this survey by January 15, 2009.

*UNLEVERAGED FREE AND CLEAR RETURNS

Name:
Institution/Company:
Title/Position:
Firm Type:
Phone Number:
Email:

Market:

If you are not completing the regional survey for one of the specific metros listed above, please identify the region that the information you are submitting pertains, and type in your market.
Region:
Unlisted Market:
West = Washington, Oregon, California, Idaho, Montana, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico, Hawaii, Alaska
Midwest = N. Dakota, S. Dakota, Nebraska, Kansas, Missouri, Iowa, Minnesota, Wisconsin, Illinois, Michigan, Ohio
South = Texas, Oklahoma, Louisiana, Arkansas, Mississippi, Alabama, Georgia, Florida, Tennessee
East = S. Carolina, N. Carolina, Virginia, W. Virginia, Pennsylvania, Maryland, Delaware, New Jersey, New York, Connecticut, Massachusetts, Vermont, New Hampshire, Rhode Island, Maine Kentucky

Is there anyone else in your firm or in another organization you can also recommend to fill out this survey? If so, please provide a name and contact information:

Thank You.

1. Local Strategies: In a mixed-asset context, will the next quarter be a good time to buy, sell, and/or hold real estate in your market?

	(1 = worst time; 10 = best time)
	BUY	SELL	HOLD

2. Please rate the following categories: (see methodologies below for specific definitions)

	Growth Rates
	Value	Effective Rent
	Change	Change
Property Types	%	%
	(one year expectation)	(one year expectation)
CBD Office
Suburban Office
Industrial - Warehouse
Industrial - R&D
Industrial - Flex
Retail - Regional Mall
Retail - Power Center
Retail - Neigh/Comm.
Apartments
Hotels

3. Please rate the outlook for the following investment alternatives (1 = poor to 10 = excellent)

Stocks
Bonds
Cash
Commercial Real Estate

4. Return vs. Risk: Please rate the relationship between return and risk (1 to 10 based on the graph below)

Overall
Office
Industrial
Retail
Apartment
Hotel

5. Value vs. Price: Please rate the relationship between price and value(1 to 10 based on the graph below)

Overall
Office
Industrial
Retail
Apartment
Hotel

6. IRR and Cap Rates

First-Tier Properties

(New or newer quality construction in prime or good locations)


	IRR	Going-in	Terminal
CBD Office
Suburban Office
Industrial - Warehouse
Industrial - R&D
Industrial - Flex
Retail - Regional Mall
Retail - Power Center
Retail - Neigh/Comm.
Apartments
Hotels

Second-Tier Properties

(Aging, formerly first tier properties, in good to average locations)


	IRR	Going-in	Terminal
CBD Office
Suburban Office
Industrial - Warehouse
Industrial - R&D
Industrial - Flex
Retail - Regional Mall
Retail - Power Center
Retail - Neigh/Comm.
Apartments
Hotels

Third-Tier Properties

(Older properties with functional inadequacies and/or in marginal locations)


	IRR	Going-in	Terminal
CBD Office
Suburban Office
Industrial - Warehouse
Industrial - R&D
Industrial - Flex
Retail - Regional Mall
Retail - Power Center
Retail - Neigh/Comm.
Apartments
Hotels

Methodology:

Going-in cap rate is the first year NOI (before capital items of tenant improvements and leasing commissions and debt service but after real estate taxes) divided by present value (or purchase price).

IRR is the rate of interest that discounts the pre-income tax cash flows received by the equity investor(s) back to a present value that is exactly equal to the amount of the original equity investment. IRR Responses are assumed as unleveraged, all-equity transactions.

Terminal cap rate is the rate used to estimate resale or reversion value at the end of the holding period. Typically, it is the NOI in the year following the last year of the holding period that is capped.

Rent is gross rent less free rent, tenant improvements, commissions, etc.

Risk of New Construction is a rating, on a scale of 1 to 10, of new construction in pipeline vs. absorption prospects

Risk of Oversupply is a rating, on a scale of 1 to 10, of Relative Supply (including new construction) vs. Relative Demand

7. Investment: What will be the best commercial investment opportunity in the next four quarters? Why? (please be specific)

8. Investment: Which property type should be avoided in the coming four quarters? Why? (please be specific)

9. Economy: On a scale of 1 to 10 (1 = very weak, 10 = very strong), how do you expect the economy to perform in the coming four quarters?