The two-tier real estate market will persist in 2011 and movements in asset prices will be strongly differentiated according to product type, quality and location. Robust competition for trophy assets in the world’s high order business hubs will continue to push up capital values, with London, Paris and Moscow offices expected to achieve double-digit prime capital appreciation in 2011. In major Asia Pacific cities, prices may be forced up beyond usual risk return capitalisation rates, particularly when compared to levels that can be achieved in more mature markets such as London. The top-end of the Tokyo, Hong Kong, Singapore and Shanghai office markets is forecast to record 10-20% capital appreciation during 2011. Virtually all Tier I Americas office markets have seen positive movement in capital values during 2010, a trend that will continue into 2011, but at a decelerating pace. Substantially less scope for prime-end yield compression in 2011 than in 2010 will be behind this dynamic.
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