INDICE: Foreword xiPreface xiiiAcknowledgements xv1. Introduction 1A remarkable decade for real estate 1Based on a flawed global economic model 12The real estate research agenda 17Background to this book 182. Macro-economics and real estate 21Impact of the recession on US property markets -evidence so far (November 2001) 24State of global property going into 2004 (January 2004) 26Is the global recovery running out of steam?(November 2004) 28The outlook for private business investmentin 2010 (January 2010) 31Are we heading towards global deflation? (December 2001) 34Deflationary conditions may be already presentin parts of the West (October 2002) 35Are buoyant asset markets enough to stimulaterecovery? (March 2010) 37Has the global economy passed its worst? (July 2001) 40How will rising interest rates impact real estatemarkets? (January 2011) 43Is the USA really in recovery? (December 2002) 45Investment could lead the recovery -but not yet (July 2003) 48UK savings rates have recovered, but the USAstilllooks out of balance (September 2002) 49How to save the world: by not saving (December 2009) 51Events to watch - is OPEC about to setoff a second oil crisis? (October 2000) 54How is this oil shock differentfrom the 1970s? (October 2005) 56Global financial markets - remaining challengesto a sustained recovery (August 2010) 58The Euro finally arrives - but will that make muchof a difference? (January 2002) 61Germany (April 2002) 62Germany’s economic situation (April 2003) 643. Real estate and recessions 67An overheated housing market may cloud the Spanisheconomic landscape? (November 2006) 69When will the US housing market turn? (January 2009) 72The sub-prime storm - impact on Europe (October 2007) 75A year on: the sub-prime crisis from a Spanishperspective (August 2008) 78Global headwinds - US real estate debt (February 2010) 81How close are we to a new ‘Great Depression’?(October 2008) 83Printing money - will it work? (April 2009) 86Are recessions bad for real estate? (February 2008) 894. Inflation and real estate 93Does property provide a hedge againstinflation? (September 2009) 96Linking rents to construction cost inflation -the French case (March 2008) 98Oil prices, inflation and real estate (July 2008) 101Is inflation building up in the world economy? (June 2010) 104Can oil prices cause a global inflation problem? (June 2004) 107Are food prices driving inflation up?(December 2007) 108Real wages and real estate in the UK (February 2011) 1115.Retailing and retail property 115Splitting retail property into food and non-food canincrease portfolio performance (November 2003) 118A prosperous future for UK shopping places?(December 2006) 120Examining European retail rents (January 2006) 123Perspective on international retail (October 2001) 126Consumer confidence and consumer spending (June 2003) 129The outlook for UK retail (August 2009) 130USA retail outlook (August 2004) 133What will an end to the run-upin house prices meanfor consumer spending? (April 2005) 135Retail fundamentals (January 2003) 139US retailing in recession (May 2009) 141Luxury retailing in Europe (June 2007) 143State of health in the retail market in continentalEurope (October 2009) 1466. Property companies and REITs 149Small investors should wait for the REIT moment toinvest in property securities! (January 2007) 151Listed real estate in a ‘perfect storm’ -the case of Spain (November 2008)154Beta and the cost of capital to the UKproperty sector (May 2008) 1577. Real estate and construction 161What factors determine construction costs? (March2006) 163Is there a global construction boom? (April 2007) 165UK constructioncosts and the recession (March 2006) 1678. Asia 173China/WTO (January 2002) 176Chinese currency reform (December 2004) 178What’s the outlook for the Chinese economy? (June 2009) 179Will China’s problematic inflation subside? (June 2008) 182Is real estate in China heading for a hardlanding? (March 2011) 184What’s happening to Japan? (March 2004) 188Japan capital values (September 2004) 190Bank of Japan ends quantitative easing - the impacton property will beneutral (April 2006) 193The growing significance of Asia-Pacific realestate (November 2007) 1959. Real Estate Returns 199Do investors care about the standard deviation ofproperty investment returns? (July 2009) 201Returns and capitalisation rates in US real estate(August 2006) 203The economics of global property returns (May 2007) 207Does gearing work? (October 2010) 21010. Residential real estate 213The potential for investment in European residentialproperty property (September 2007) 216Investment opportunities in US housing (July 2010) 219Trends in owner-occupied residential prices andnot always a guide to value trends in theinvestment sector (August 2003) 221How important is confidence inthe Asian luxuryresidential market? (October 2002) 224Luxury residential - the tale of threecities (September 2005) 225What drives Prime Central London residentialprices? (September 2006) 227US home prices looking more exposed (August 2005) 230Why do commentators continue to talk of a UK housingcrash that never seems to come? (June 2002) 231Australian residential outlook - as safe as houses?(December 2010) 233Australian residential prices - city trends driveperformance (October 2006) 23611. Yields 241How far can yields move out? (January 2008) 244Bond yields, real estate markets andglobalisation (May 2010) 247Cross-country determinants of investmentyields (March 2005) 250How does the risk of rising interest rates affectproperty yields and expectations for propertyperformance? (February 2006) 252Can movements in corporate bond yields tell usanything about movements in propertyyields? (December 2005) 255Capital flows to emerging markets (May 2006) 257Real estate investment yields - bouncing upor down? (January 2005) 260Signs of change in the investment market? (January 2003) 262Lease flexibility and income security in internationalproperty markets (February 2004) 264Impact of tighter regulations on bank lending(November 2009) 266Appendix: Modelling Global Real EstateYields (November 2008) 27012. Global office markets 297Just how rewarding is office sector investment?(February 2003) 300Supply-constrained office markets do deliver strongerrental growth - but not always (January 2004) 302Europe’s largest office markets are set to lead therecovery (April 2004) 303Supply risk in international office markets (June 2005) 307Office markets and the global economy (April 2008) 307Can local officemarkets buck internationalmarket trends? (July 2003) 311Euro zone convergence- economic myth and propertyreality (June 2006) 312Convergence continued - the US case (July 2006) 314Does income inequality affect office rents? (November2005) 31813. Looking forward 321The case for increased pension fund allocationto real estate (September 2010) 331Index 335
- ISBN: 978-0-470-65597-9
- Editorial: John Wiley & Sons
- Encuadernacion: Rústica
- Páginas: 360
- Fecha Publicación: 16/03/2012
- Nº Volúmenes: 1
- Idioma: Inglés