RICS Survey Finds Investor Concerns About Property Are Easing

Investors Ready to Purchase, Just Waiting For 'Right' Deals

NEW YORK, Nov. 9 /PRNewswire/ -- The RICS Global Commercial Property Survey
for the third quarter of 2009 shows an overall decrease in the negative
sentiment felt by North and South American commercial property professionals
in the economy generally and in the region's office, retail and industrial
real estate markets, in particular.

The survey is conducted by the Royal Institution of Chartered Surveyors on a
quarterly basis and asks commercial property professionals about their
sentiment on a range of economic and real estate issues covering the previous
and coming three months.

In the United States in particular, the survey revealed that commercial
property professionals feel investor concerns over the outlook for real estate
may be easing. Only a net 24 percent of respondents now expect investors to
hold off putting their money into commercial property, compared to the second
quarter's net 43 percent. Compared to the fourth quarter of 2008, this is a
significant decline from the net 92 percent of respondents who said then that
they expected investors to be reluctant to put their money into property.

But is less of a bad thing a sign of good things to come?

"Brokers report little or no improvement in commercial real estate in
general," said Stephen Crosson, MRICS, Senior Partner of the Dallas advisory
firm, Crosson Dannis Inc. "There are many investors ready to purchase, albeit
at significantly lower values than sellers are willing to accept."

Real estate activity in the United States appears to be aligned with most
other countries in the Americas, although a few South American countries
appear to be heading for more rapidly improving property markets. In Brazil,
Chile, Columbia and Peru respondents indicated a gradual strengthening of
occupier demand for most types of space. In fact, among Peruvian commercial
property professionals, nearly 60 percent net respondents confirmed improving
tenant demand. In the United States and Canada, though, respondents were less
bullish in expecting tenant demand to remain weak during the fourth quarter.

"General economic indices look slightly more positive and confidence is
guardedly returning, but tempered by concerns of rising short-term
unemployment and long-term inflationary fears," said Steve Williams, FRICS,
Global Advisor to Real Capital Analytics and founding partner of NY
consultants, Williams-Murdoch. "While recovery theorists abound, the market
has yet to confirm the veracity or resilience of the market's green-shoots."

Worldwide, the survey revealed that compared to North America, sentiment is
generally improving, especially in Asia. South Korea, China and India all
reported an improved sentiment. Hong Kong in particular saw a significant
upward swing. Back in the second quarter of the year a net balance of 67
percent of respondents from Hong Kong expected rents to fall further. By
contrast, in the latest survey a net balance of 16 percent of respondents
suggests rents are likely to rise during the next three months.

"The rebound in Asian economies is clearly being reflected in the more
positive responses to both rental and capital value expectations throughout
the region. By way of contrast, the relatively sluggish economic revival
through much of the U.S. is consistent with the more downbeat results for this
region," said RICS Chief Economist, Simon Rubinsohn. "This contrast could
become even more pronounced through 2010 as any unwinding of the monetary and
fiscal stimulus presents a further challenge to the tentative recoveries being
experienced in most western economies."

About the Global Commercial Property Survey:
RICS' Global Commercial Property Survey is a quarterly guide to the developing
trends in the commercial property investment and occupier market. This edition
details market conditions for the third quarter of 2009 based on information
collected from leading international real estate organizations and local
firms. 430 property professional offices responded to the questionnaire
conducted between September 1, 2009, and September 10, 2009. The full report
is available on the RICS Americas Web site at:
http://www.ricsamericas.org/news/rics-global-commercial-property-survey-q3-2009/

About RICS & RICS Americas
RICS (Royal Institution of Chartered Surveyors), with headquarters in London,
is the leading organization of its kind in the world for more than 100,000
professionals in property, land, construction and related environmental
issues.

RICS Americas, based in New York and covering North, Central and South America
and the Caribbean, has more than 3,000 members in commercial and residential
development, construction and project management, brokerage, planning and
finance, valuation and fine arts appraisal. For further information visit
www.ricsamericas.org or e-mail ricsamericas@rics.org.

SOURCE RICS Americas

Gretchen Steinmiller, Senior Account Executive, +1-212-840-1661,
gretchen@blisspr.com, for RICS Americas