Post on 07-Mar-2016
description
transcript
!"#$" %&'(&" !!!"#$%&'()*'+',,'-"&'.)% *+,"$)(-" ./ 01.2 3445670 8966 :;<==;><?;=@AB
!"##$%&'#( )"* +'&, )"*- %"..*#'&)
/011
$23'-.%+%&4 +566,'*'&.
70891:;<=> :?0;(1=@; 70?710;<1@#$-A =&& B CDDEFDCG
!"#$ !%&'%
!"#"$%&'()*$%"+F H'2-))*
I)&2) !%.J $,,$66,%$&I'+K6-%3$.' 2'IL$&2 4$-$4'K6'.+ $,,)!'2"MNNOKCPP
,-."/*$ !")+'0Q)&.'*6)-$-A
%&.'-%)-" @5H R'-)S-%24'K 6$&.-AK2)5H,' )3'&K
-$&4' !%.J 4-%,,"O /7T+ +I-''&
6)-IJK &'! 2'ILU &'! H)%,'-VMFWPKPPP
= I)*6,'.' 45%2' .) J)*'+K -'&.$,+ $&2 -'$, '+.$.' %& Q'&.-$, #$%&' $&2 .J' +5--)5&2%&4 $-'$
/'H-5$-A FPNO
()#$* )+$)
X1>>10 Y<>><=#@ 01=>;Z[$& [$I\5'+ U Q)*6$&A B OGGEOFCP
70891:;<=> :?0;(1=@; 70?710;<1@
2 Real Estate Review February 2013
!"#$%&&$%!'"
()' *+,-+. /-.++-0121.,3 45 "&!("
67-+.8.9,- :%')3))) 41;- /++ :(""3"""
<+=1>+= :(?)3))) *1@$=+$;7> :%%"3"""
41;- /++ :!""3"""
A1;- BC;-+= :(%&3)"" *9.,+. B9- :&&3)"" 499;+ D9,= :(!'3"""
!"#$%&$'() #*)(+,*-./,' 0 1&%2**3 !*#*-,(# *44&2' '5(),*"'
2**3'6 4(23&27' 5*2)/6 8-,'/&% 1('&3&-+65(+,* 9 *"+ 1",#%,-: ;</*+ +"1 9 5,==( *>&-?
!"'+*3 1",#+ /*3&@5&- )*-)&5+ ;<1,2)/ 9 3($5#& A,+)/&-6 '&&$+/2*":/ BC ,-%,-,-: 9 #,>,-:? D'+ E 3('+&2'",+& 9 &F+2( :(2(:& ;<#,4+G
H5 9 !*3,-: I"1%,>,',*-J&("+,4"# )*"-+2K '&+ )*2-&2 #*+;< '3(## 5*-% #*)(+&% )#*'& +*())&'' *4 LF,+ MN OP&;,'+*-Q
*4 +/& R(,-& ."2-5,A&G
!*->&-,&-+ S-$+*;- P*)(+,*-GI5(),*"' '"--K 2**3' 5#"'
&-)#*'&% (-% *5&- 5*2)/&' (2&4&(+"2&' *4 +/,' T 9 U 1&%2**33"#+,4(3,#K? V&; J*,#&2 +**G
W*-7+ 3,'' *"+???X&)&-+#K 2&3*%&#&% (-+,Y"&!(5& )*35#&+& ;,+/ T BC7'6 U1&%2**3'6 T 1(+/'6 ,-$:2*"-%5**#6 T )(2 :(2(:& 9 T?Z ()2&'?
[2&(+ '5*+ +* 1",#%G\#3*'+ T ()2& 5#*+ ,' -&'+#&% ,-+/& +(## 5,-&'? J",#% +* K*"2 %&$
',2& *2 5"2)/('& +/& 84+/$;/&&#&2;/,)/ ,' '&+$"5 *- +/& #*+?
I/(2&% ;(+&242*-+GI,35#K %(2#,-: ,-+&2,*2G I+&5
,-',%& 9 '&& 4*2 K*"2'? [2&(+K&(2$2*"-% '5*+ 4*2 '"33&2 9;,-+&2 2&)2&(+,*- &-]*K3&-+G
J&("+,4"##K A&5+ /*3& ,- +/& J(+&' )*##&:& (2&(G./,' :2(),*"' /*3& /(' '* 3")/ +* *44&2G W*"1#& ;(## *>&-'6 0$1"2-&2 2(-:& ;<:2,## 9 '+(,-$
#&'' /**%? D'+ E 4"## 1(+/ 9 #("-%2K 2**3'? R"#+,5#& 82&5#()&' 9 1",#+$,-' +/2*":/$*"+? 0 J&%';</(2%;**%6 ( 4"## +,#&% 1(+/ ;<-&; +"1 9 '/*;&26 D<T 1(+/ ,- 3('+&2 1&%? ^(#A$"5 (++,)
;<(%%,+,*-(# 2**3' 9 ( 4"##6 "-8-,'/&% ;(#A$*"+ 1('&3&-+? I)2&&-&% 5*2)/ 9 -&; %&)A (1*>&T$)(2 :(2(:&? \#'* ( :&-&2(+*2 /**A"56 -&;&2 2**46 -&; 1*,#&2 9 ,+ ,' J&("+,4"##K #(-%')(5&%G
:!)"3"""
!"'+*3,=& +* K*"2 %&#,:/+G./,' (%*2(1#& 2(-)/ )(- 1& (%2&(3 )*3& +2"&? !*3& >,&;+/& #*+ 9 )/**'& +/& 5#(-' +*3&&+ K*"2 -&&%' 9 %&',2&'?
\3(=,-: 52*5&2+KGR(/*:(-K E**2'6 )(+/? )&,#,-:65*-% >,&;'G I"5&21 A,+)/&-6
:(' BC6 '"- 2**36 #*>&#K 3('+&2'",+&6 ,-%**2 5**# (-% %*)AG
X(-:&#&K P(A&_&(2$2*"-% !/(#&+ ;<DNN7 *4
#(A&42*-+? @5&-$)*-)&5+6 )(+/?)&,#,-:'6 D'+ E**2 3('+&26%&)A6 %*)A 9 T )(2 :(2(:&?
J&("+,4"##K 3(,-+(,-&%U B#**2' *4 #,>,-:G ^**%3*%&A,+)/&-6 U 1&%6 T 1(+/6 4"##K8-,'/&%6 ;(#A$*"+ 1('&3&-+*5&-' +* 5(+,* 9 :(2%&-'G
67-+.8.9,- :!""3""" E9 F+ F1C@- :('"3"""
67-+.8.9,- :&G"3"""
D.CH7>I J7@9.+ :%%'3"""
D'+ +,3& *- 3(2A&+V&; 2**46 ',%,-:6 ;,-%*;'6 %**2'
(-% J"%&2"' 1*,#&2G R('+&21&%2**3 '",+& *- +/& D'+ E**2?
^,2&% 4*2 :&-&2(+*2G
<+,9H7-+= :(#"3"""
\3(=,-: /*3& *44&2' 52,>()K 9 Y"(#,+KGI5(),*"' A,+)/&- ;<)(+/? )&,#,-:6 #,>,-: 2**3;<45 9 )(+/? )&,#,-:6 4(3 23 ;<;**% 456 #(2:&%&)A6 (1*>& :2*"-% 5**# 9 8-,'/&% 1('&3&-+G
*7@@ -9 HC+K -LC;MMM J.++N <+HCH7@
<+=1>+= :!?)3"""
!*->&-,&-+ +* L>&2K+/,-:0 J&%' 9 U E**2' *4 #,>,-: '5()&G
B,-,'/&% ;(#A$*"+ 1('&3&-+?W&)A 9 "#+,3(+& ,-$:2*"-% 5**#?
!*2,(-6 +,#& (-% /(2%;**%
I/(2&% ^(+&242*-+L-]*K 1&()/ 9 %*)A',%& *-
\--(1&''()**A P(A&G H5%(+&%0 JX ;,+/ `^ E**2'6 4(1"#*"'A,+)/&-6 T BC'6 5**# 9 %&)AG
<+=1>+= :(?#3'""
D.CH7>I :(#)3"""
<+=1>+= :!))3"""
0; ;++, 9, 8.9,- >9H+.
KKKMO7,O7>P1+;M>9Q
L-]*K _&(2$2*"-%I"--K 52,>(+& Ua ()2& #*+ ,'
#*)(+&% *- +/& ;(+&27' &%:& ;<>,&;' 42*3 &>&2K 2**3? I)2&&-5*2)/6 %*)A 9 #*: )(1,- +**G
[*2:&*"' -&; A,+)/&-G@;-&2 '(K' '&## ,+ +*%(K? !"+&)(5& ',+"(+&% *- ( '5(),*"' #*+?.,#& (-% /(2%;**% E**2' 5#"'
)*2-&2 45 ,- #,>,-: 2**3?
_&(2$2*"-% X&+2&(+G[2&(+ '5*+ +* &F5(-% ;,+/ 3(,-/*"'&6 '"33&2 )*++(:&6 1",#%,-:#*+ 9 T Xb /**A$"5' (## #*)(+&%*- ;(+&242*-+ (;(,+,-: K*"G
67-+.8.9,- :##)3"""
3Real Estate ReviewFebruary 2013
!"# $%&%''() $'*++', -+./)'01
!"#$%&'()*' +#",'-#!"#$% &$'()*&#+,-./,0123/, 4/56789/6:;8<4/5678(9/6:;8=7->
!"# $%&'%!() * +,&' &"" -.+")
!"# $%&'%!()
!"#$%& '"($ )* + ,-. /01 ,20. %30 %4#453 6""("7$5 8" $98:45 ;48<'$50 =$)$6 )45>")?. 6""@.95> A7>98$> $%$<864<9%B C9693$0 !"<98$> "59 >$9>:$5> ?86$$80 D!E F/GHIJKI=LMD H1N:KGKG 2#34,555
* /"$%(-'0,$ 0%!/)
$.1"$2 3*!4-#5 6..$)
L5$ "@ 9 ;45>B O4?8"64<9%%& M$34?8$6$>P4<8"6495. )"5>$6@A% 6""(? 8" $58$6 8945Q $5R"&0 D95& A7>98$? >"5$B /J 6""(?8"89%B + S46$7%9<$?B D!E F/GNJ1TK=LMD H1N:KGKG 2#67,755
UVEW DLPX Y=:'"($ "@@$6? + ,-0 /01 ,20 %30%4#453 6(0 S"6(9% >45453 6(0 S454?'$> @9(0 M(045 >9&%43'8 Z9?$($58 )* )9%;:"A8 8" 45: 360 7""%B2880 J <96 3960 PXM[ =X2WB D!E F/GH1T+N=LMD H1N:KGKG 2#!4,555
,$9A84@A% C9664?"5 )* \ : JTTG ES Z"9?8? '"A?$ )4>$@"6(9% !M. S9(0 M(0 )* 39? S]0 S"6(9% -M. ;48<'$5)* 4?%95>0 N ,-. J ,2. $5<0 + : ?$9?"5 6""(. J <963960 \ :0H/ 2^ %"80 2 DVEW EXXB D!E F/GHH1N+=LMD H1N:KGKG 2865,555
\ : +1GG ES )* N ,-. J01 ,20. /?8 @%0 D9?8$60 S"6(9%-M. %963$ SM. !M )* ?8"5$ @46$7%9<$B ^"6495 45;48<'$5 \ O-_- @%6?0 K ^96 C960. 45: 360 ]""%. 9%% "5\ : /01K 2^0 !"8. <"5#$54$58 8" Y:T10 D!E F/GK111/=LMD H1N:KGKG 2886,555
!"#$%& 695<' )* + ,-0 !963$ %4#453*>45453 6""( )* C69548$ S]0 D97%$O-_- @%6?0 8'6"A3'"A8B 2889<'$> J<96 39693$0 D!E F/GKT+N/=LMD H1N:KGKG 2#97,755
OLMEX S2MDB Y5>""6 64>453 96$59)* /+ 45>""6 ?89%%? 9%% 6AZZ$6 (988$>B]!VE JGGT <97$:?8&%$ '"($0 D850 #4$)?: 5$96 %9;$? \ ?;4453B D!E F/GHIN+H=LMD H1N:KGKG 2965,555
,$9A84@A% %963$ 695<' 36$98 @"6 $58$6 8945453B ^'$66& <9Z45$8?45 ;48<'$5. C69548$ <"A58$6?B !M0 )* #9A%8$> <$4%453? \ 7$%%$8?8"#$0 + ,-. J01 ,2. D9?8$6 EA48$0 SM0 45 Z9?$($58 )* )$8Z96B + <96 39693$ "5 9 <A%:>$:?9<0 D!E F/GH+H1N=LMD H1N:KGKG 28"#,455
/"&%3*7$" $.4*'%.!)
$.4*'%.!) $.4*'%.!) $.4*'%.!)
89:5; *43" $.')
!"#$%&'" ($)* +,-." /$#01--0 2)--#3!"# $%#&'()* +)&,-.., /*0.&%)1'.* 2#*1#& )34#, 0.5& 1.6 ,#3'7* 6&.0#33'.*)83 9 )4'1("#* ,#3'7*#&: )* '*1#&'.& ,#3'7*#& )*, 1-. )&("'1#(13 );.51 1"#'& (".'(#3 0.& ")&,-..,<..&'*7= $*, 0&.% 1"# 1-#*1> .& 3. %.31 &#(.7*'?#, ")&,-.., 36#('#3: "#&# )&# 3.%#0)@.&'1#3: 6853 '*3'7"13 .* ".- #)(" ")&,-.., '3 53#,=
$A+9 / 8'4# '13 *)15&)8 1.*#: ;51 / 3.%#1'%#3 ;8#)(" '1 1. %)4# '1 8..4 @#&> (&#)%>= B@#*'0 )3" '3 3)*,#, 3%..1": '13 35&0)(# )66#)&3 1. ")@# 1#C15&#= / 8'4# 6511'*7 )3" .* <..&3= /1)((#613 D*'3"#3 -#88 )*,: -'1" '13 (.*3'31#*1 7&)'*: '3 '*(&#,';8> ")*,3.%# '* '13 *)15&)831)1#=
2+BEEF 9 G# ("..3# ("#&&> 0.& <..&'*7 ;#()53# .0 1"# (.8.& 9 ) ,)&4 1.*# -'1" )&#,,'3" 1'*1= H.& ();'*#1&>: -#I@# 53#, '1 -'1" '*3#13 9 ) %'C .0 ("#&&> )*, %)68#= / 53# '1%.&# '* ();'*#1&>: 1".57" '1 ()* )83. ;# 53#, 0.& <..&3=F.5 ,.*I1 31)'* '1J '1 ")3 ) ;#)51'058*)15&)8 "5#= 2"#&&> 7#13 8'7"1#& -'1" )7#: )*, ()* ;# ,)%)7#, ;> 35*8'7"1= /I% (): *.11. 651 '1 ,'&#(18> '* 0&.*1 .0 8)&7# 35*8'1 -'*,.-3=
+/2KLEF9 A.%#1'%#3 / 53# "'(4.&> .* <..&3: '*31#), .0 %)68# .& .)4= /13 7&)'*'*7 '3 36#(')8: 7'@'*7 ) (.%68#1#8> ,'0M0#&#*1 8..4=
N$OPB 9 /1 (&#)1#3 ) ")&,> 35&0)(# )3 <..&'*7 )*, '3 )83. @#&> 7.., 0.& ();'*#1&>= /1 ()* ;# 53#, '* '13 *)15&)8 31)1# )*,:;#()53# .0 '13 3%..1"*#33 )*, 1'7"1 7&)'*: ()* ;# 6)'*1#,= G#I@# %),# 7&#)1M8..4'*7 ();'*#13 .51 .0 ;'&,3M#># %)68# '*) *)15&)8 D*'3"= /1I3 &#)88> ,5&);8#: )*, '13 35&0)(# '3 3. ")&, '1 -.*I1 );3.&; ,)%6*#33= /I@# .01#* 36#('D#, %)68# 0.& 1"#'*1#&'.& .0 4'1("#* ();'*#13=
L$K9 L)4 '3 1"# 7&#)1#31= /1 ")3 ) 6&.*.5*(#, 7&)'* )*, ()* ;# 31)'*#, )*> (.8.& >.5 -)*1= $*, 53'*7 .)4 '3 1&),'1'.*)8:*.1 1&#*,> 9 8'4# .-*'*7 ) 6)'& .0 7&)> <)**#83=
G$PQR! 9 G"#* -# ")@# (8'#*13 -". -)*1 &#)88> ,)&4 <..&3: -# )8-)>3 ("..3# ;8)(4 -)8*51 0.& '13 35;18# 7&)'* )*,&'(" 1.*#= G)8*51 -.&43 #S5)88> -#88 0.& ();'*#13= TG# .01#* )668> )* .6)S5# #;.*'?#, D*'3" 1. (.@#& 1"# -.., >#1 %)'*M1)'* 1"# 7&)'*=
2.*(#&*'*7 ;)%;.. )3 ) ,#3'7* .61'.*: O)@)&'*' 3)>3 1")1 T'1 7&.-3 0)31 ;51 '3 *.1 )3 @#&3)1'8# )3 ")&,-..,=
4 Real Estate Review February 2013
!"#$%&' ())"*+,-%.%/0 1&+23 /" 42/(&&#,. 526"*+ )"* 7897
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̀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̀9EA ?=/ IA,D ^>:,:A2[ 9> "<A/9E,L>D,/FA>: :/,@A ,>>=E9,:9=-2 /AB/A>A-:9-F 5 <9DD9=- <A<HA/> 9-G=DGA@ 9- ,DD ,>BAE:> =?:;A /A>9@A-:9,D ,-@ E=<<A/E9,D /A,D A>:,:A 9-@.>:/9A>K
!"#$%&'( )*+$"',"--.* /011&( 2"0$+ "3 4&01%"$'5
5Real Estate ReviewFebruary 2013
!"# $%&'%%""! "#$ % "& '()*+(,-./(*0( )12() /(*0( 3..45.).6 7((68*9$ :68;<'.:<'8( )1-'(6<9. -+.04%-' 76 2<,*06= > 2()+.<' /(-'-4 !? @8*,'.- '(A.)8-'(*1&,B,6* <6.<-4
!"#$%###
&'()*+ ,-.&-
%4C -'(6= B,8208*9(6898*<22= < -/+((2+(,-.> '+. D6<*E28* F6<*9.G<224 H(6*.6 2(' (*#' %CI4 !!J! -K,<6.3..' (3 -:</. 2.*0- 8'-.23'( @<*= :(--8B828'8.-4
!/0%1##
2345-.
!"# $%&'%%""
(6898*<22= < -/+((2+(,-.> '+. D6<*E28* F6<*9.G<224 H(6*.6 2(' (*#' %CI4 !!J! -K,<6.3..' (3 -:</. 2.*0- 8'-.23'( @<*= :(--8B828'8.-4
! "#$ %&'(&) *()&&( ! +,-,)'. /01'& 2"34256)7&' 8991:&!"# $#%&'&#%&#()* +,#&% -#% +'&.-(&% /&/0&. +1 2343 "11$)$-(&5 6#78
/;* 42<="42 >&:&'(?@ A01'(&73 -&7)66B :6'76 C1(D 0??
0AA?10':&E. A)1F0(& 7&:G 0'7H0)0H&. A&(E 0??6C&7I J44$.K22
%0?? /0)@ +'' K##L3#K"
/;* 42<2"<# 8MM NO>PQRSTU50ED1'H(6' *()&&( H0)0H&
D0E KLV 6F&)D&07 766)E. ?0)H&A0F&7 ?6(. $ 9,)'0:&E. $ 69W:&EI
J34=.222%0?? /0)@ +'' K##L3#K"
/;* 42K$232 X6(D 0 '&CG1(:D&'. 0 '&C )669 0'7 C1'76CE
1' $ -&7)66B )0':D '&0) *(I/0)@YE Z6EA1(0?I J42K.222%0?? /0)@ +'' K##L3#K"
/;* 42<"3=3 Z6B& 6' N6H,EQ6'7 :6BA?&(&?@ )&-,1?(.
D0E $ -&7)66BE. 3 -0(DE. 0??0AA?10':&E. H&'&)0(6). H0E E(6F&
0'7 B6)&I J4=$.K22%0?? /0)@ +'' K##L3#K"
/;* 42<K324 X0'G 6C'&7.X+PS 5R;; MRP+P%T 422[.
M8> XO\T>. $L" -&7)66B D6B&D0E 3IK -0(DE 0'7 M01)F1&C 0)&0.
D,H& @0)7I J==.=22%0?? /0)@ +'' K##L3#K"
/;* 42K=K<V + " -&7)66B.3IK -0(D ()1L?&F&? D0E 90B1?@ )66B.W)&A?0:&. H0)0H& C1(D E(6)0H&
0'7 -1H @0)7 C1(D A0(16I J4"K.V22%0?? /0)@ +'' K##L3#K"!"#$ %&& '(#)#(** + ,--./-,0
%8P*R]T>XO\RP^\8O>
_+;TPNRPT+ PT5Z8/T
!"#$%" &'"'$%"$()"* +$,-.(-+/ 0*"-%"0
$1 2"3)45
6 Real Estate Review February 2013
!"# !$%&'( !" )&"**$+&,-.%&'/ $"0+
12 34567 89: ;< :49 =>567 ?7>: @972!" #$% &'()* &$++,* *$ -.+',(,(/ ,( $(. 01'&. "$- '* 1.'2* ' ".3 #.'-24 *5.( $3(,(/ ,2 0-$6'61#($* "$- #$%4 '* 1.'2* ($* #.*7 8,*5 *5. *-'(2'&*,$( $" 6%#,(/ '(9 2.11,(/ ' 5$+.4 #$% +'# .(9%0 1$2,(/ +$(.# ," #$% 2.11 '(# 2$$(.- : .;.( ,( ' -,2,(/ +'-<.*7 85.( 0-,&.2 '-. "'11,(/4 ,*)2'( .;.( 3$-2. 0-$0$2,*,$(7
A2 (7>B7 8: @4C;?D;5E 9@ :49B =BFG;72=,(&. #$% +$2* 1,<.1# 3,11 (..9 *$ /.* ' +$-*/'/. *$ 6%# ' 5$%2.4 #$% +%2* +'<. 2%-. #$%-&-.9,* 5,2*$-# ,2 '2 &1.'( '2 0$22,61.7 > ".3 +$(*52 6."$-. #$% 2*'-* 5$%2. 5%(*,(/4 /.* &$0,.2$" #$%- &-.9,* -.0$-*7 ?'<. 2%-. *5. "'&*2 '-. &$--.&*4 '(9 @A '(# 0-$61.+2 #$% 9,2&$;.-7
H2 /;I <4B > D4IF :49 =>5 BF>CC: ><<4BG2B5. -%1. $" *5%+6 ,2 *5'* #$% &'( 6%# 5$%2,(/ *5'* -%(2 '6$%* *3$:'(9:$(.:5'1" *,+.2 #$%-'((%'1 2'1'-#7 C%* #$%)11 9$ 6.**.- *$ %2. $(. $" *5. +'(# &'1&%1'*$-2 ';',1'61. $(1,(. *$ /.* '6.**.- 5'(91. $( 5$3 #$%- ,(&$+.4 9.6*24 '(9 .A0.(2.2 '"".&* 35'* #$% &'( '""$-97
J2 %< :49 G4567 D>KF > G4L5@>:IF57M :49 I>: ?7;CC N9>C;<: <4B > C4>52B5.-. '-. ' ;'-,.*# $" 0%61,& '(9 0-,;'*. 1.(9.-2 35$4 ," #$% D%'1,"#4 $"".- 1$3:,(*.-.2* +$-*:/'/.2 *5'* -.D%,-. ' 9$3( 0'#+.(* '2 2+'11 '2 E 0.-&.(* $" *5. 0%-&5'2. 0-,&.7
O2 ,9: ;5 > G;?7B;=7 L;7D E44G ?=D44C?2!( +$2* '-.'24 *5,2 '9;,&. '001,.2 .;.( ," #$% 9$()* 5';. 2&5$$1:'/. &5,19-.(7 F.'2$(G 35.(,* &$+.2 *,+. *$ 2.114 #$%)11 1.'-( *5'* 2*-$(/ 2&5$$1 9,2*-,&*2 '-. ' *$0 0-,$-,*# "$- +'(# 5$+.6%#.-24 *5%2 5.10,(/ *$ 6$$2* 0-$0.-*# ;'1%.27
P2 'F7 @B4<F??;45>C DFC@2H;.( *5$%/5 *5. ,(*.-(.* /,;.2 6%#.-2 %(0-.&.9.(*.9 '&&.22 *$ 5$+. 1,2*,(/24 +$2* (.3 6%#:.-2 I'(9 +'(# +$-. .A0.-,.(&.9 $(.2J '-. 6.**.- $"" %2,(/ ' 0-$".22,$('1 '/.(*7 K$$< "$- '(.A&1%2,;. 6%#.- '/.(*4 ," 0$22,61.4 35$ 3,11 5';. #$%- ,(*.-.2*2 '* 5.'-* '(9 &'( 5.10 #$% 3,*52*-'*./,.2 9%-,(/ *5. 6,99,(/ 0-$&.227
Q2 RD44?F =>BF<9CC: 8F7LFF5 @4;57? >5G B>7F285.( 0,&<,(/ ' +$-*/'/.4 #$% %2%'11# 5';. *5. $0*,$( $" 0'#,(/ '99,*,$('1 0$,(*2 : ' 0$-*,$($" *5. ,(*.-.2* *5'* #$% 0'# '* &1$2,(/ : ,( .A&5'(/. "$- ' 1$3.- ,(*.-.2* -'*.7 !" #$% 2*'# ,( *5.5$%2. "$- ' 1$(/ *,+. : 2'# *5-.. *$ @;. #.'-2 $- +$-. : ,*)2 %2%'11# ' 6.**.- 9.'1 *$ *'<. *5.0$,(*27 B5. 1$3.- ,(*.-.2* -'*. 3,11 2';. #$% +$-. ,( *5. 1$(/ -%(7
S2 ,F<4BF D49?F D957;5EM EF7 @BFT>@@B4KFG2L.**,(/ 0-.:'00$;.9 3,11 2';. #$%-2.1" *5. /-,." $" 1$$<,(/ '* 5$%2.2 #$% &'()* '""$-9 '(9 0%*#$% ,( ' 6.**.- 0$2,*,$( *$ +'<. ' 2.-,$%2 $"".- 35.( #$% 9$ @(9 *5. -,/5* 5$%2.7 M$* *$ 6. &$(:"%2.9 3,*5 0-.:D%'1,@&'*,$(4 35,&5 ,2 6'2.9 $( ' &%-2$-# -.;,.3 $" #$%- @('(&.24 0-.:'00-$;'1"-$+ ' 1.(9.- ,2 6'2.9 $( #$%- '&*%'1 ,(&$+.4 9.6* '(9 &-.9,* 5,2*$-#7
U2 34 :49B D4IFL4BV 8F<4BF 8;GG;5E2N$%- $0.(,(/ 6,9 25$%19 6. 6'2.9 $( *5. 2'1.2 *-.(9 $" 2,+,1'- 5$+.2 ,( *5. (.,/56$-5$$97 =$6."$-. +'<,(/ ,*4 &$(2,9.- 2'1.2 $" 2,+,1'- 5$+.2 ,( *5. 1'2* *5-.. +$(*527 !" 5$+.2 5';. -.:&.(*1# 2$19 '* OP 1.22 *5'( *5. '2<,(/ 0-,&.4 #$% 25$%19 +'<. ' 6,9 *5'*)2 '6$%* Q *$ RSP 1$3.-*5'( 35'* *5. 2.11.- ,2 '2<,(/7
1W2 $;BF > D4IF ;5?@F=74B2=%-.4 #$%- 1.(9.- 3,11 -.D%,-. ' 5$+. '00-',2'1 '(#3'#7 C%* *5'*)2 T%2* *5. 6'(<)2 3'# $" 9.*.-:+,(,(/ 35.*5.- *5. 5$%2. ,2 3$-*5 *5. 0-,&. #$%);. '/-..9 *$ 0'#7 =.0'-'*.1#4 #$% 25$%19 5,-.#$%- $3( 5$+. ,(20.&*$-4 0-.".-'61# '( .(/,(..- 3,*5 .A0.-,.(&. ,( 9$,(/ 5$+. 2%-;.#2 ,(*5. '-.' 35.-. #$% '-. 6%#,(/7 U,2 $- 5.- T$6 3,11 6. *$ 0$,(* $%* 0$*.(*,'1 0-$61.+2 *5'* &$%19-.D%,-. &$2*1# -.0',-2 9$3( *5. -$'97
7Real Estate ReviewFebruary 2013
!"#$%&&$%!'"
()' *+,-+. /-.++-0121.,3 45 "&!("
!"#$% &'(() &'*+,%-$./01*(,+2 3 4$. 5"+." ,% ("516$. 16 7,8$*4$+. ,+9$6-$(: ;1,+$ 1("+2 6-$ 155$%% *"1. 6" <'+.1)7,8$*= >6 ,% "+ "& 6-$ %6"?% "+ 6-$ #"'+61,+%-'66($= @$*) %?15,"'%: +$A() *$+"816$. B ,%
1+ $+. '+,6/ C-$ *'%6,5 $+6*) A1) 1(%" ,+5('.$%1..,6,"+1( %6"*12$ %?15$= C-$*$ ,% 1 5"##"+1*$1 A,6- 2*,(( 1+. ,% 1 2*$16 *$+61( ?*"?$*6)/
7$1.) 6" "55'?) 6".1)/D$(( #1,+61,+$. 1+. +$A() *#".$($. %?(,6&")$* -"#$ "&&$*,+2 EFG 4$.*""#%: E 416-F
*""#%: $16F,+FH,65-$+ A,6- .,+,+2 *""# "?$+6" (,8,+2 *""#= 3%6 I""* #1%6$* AJE 5("%$6%
1+. 3%6 I""* (1'+.*)= C-$*$ ,% 1(%" 1 A"+.$*&'(&1#,() *""# 1..,6,"+ "&& 6-$ .,+,+2 *""# A,6-
%(,.$*% 6" ?*,816$ .$5H 1+. 415H)1*.=
6+718+7 9('"3"""
>+F6"A+ ?*,815) ?('%/K$16'*,+2 G 4$.%: E &'(( 416-%: -1*.A"".
I""*%: *$5$%%$. (,2-6,+2 6-*"'2-"'6: 1#1L,+24',(6F,+% B A"+.$*&'( 5-1*156$*= M"' A,(( N+.5*"A+ #"(.,+2 B 1 A"+.$*&'( 6,($. KO ,+ 6-$(,8,+2 *""#= C-$ .,+,+2 *""# 1(%" "&&$*% 1 KOAJ4*,5H -$1*6-= C-$ H,65-$+ ,% &'(( "& 8,+612$5-1*#= <$6 "+ 1 ."'4($ ?*,816$ ("6 +$1* 916$%=
:+;<= >?@-+7 9('#3"""P"8$() Q$A R'4'*+ !1?$
7$1.) &"* )"' 6" #"8$ ,+/ S&&$*,+2 1 3%6I""* 4$.*""#: (1'+.*) B &'(( 416-= C-$*$
1*$ E '+4$(,$814() %?15,"'% 4$.*""#% "+ 6-$E+. I""* AJ516-$.*1( 5$,(,+2% B %H)(,2-6%1("+2 AJ1+"6-$* 416-*""#= C-$ (1*2$ (,8,+2*""# I"A% ,+ 6" 6-$ .,+,+2*""# AJ1 2(1%%
.""* 6" 6-$ 415H .$5H B (1*2$ )1*.=
;"*$ KTRCU7T0 O7SOT7C>T< &*"#VRQ VR!WUT< B !S;ORQM
/1,7A= 6?B+. 9("'3"""0CAD?,E FGC+ 9!%)3)""
H?@?-;;;IJA,JA8K1+@I8GC
-G B?+; B?@1A< -G1.@3 ?,-+.?G. LMG-G@
A,7 0>>4A?,+ <?@-?,E@I
8 Real Estate Review February 2013!"#$%&' () *+,-#$-./' 012340567" 8 194 :-;# <$&""$= >"?;@$/#
AB>*CD
!"#$%"&' $()*#%+ ,- ."+(-/01%(2&#%' 304 (5#%'6 ,-7$#"&-/8""+6 !"#$%& ' (") "##"(*+,-")"-+& ."/,0("!$/-& 1 2+,)%%30&' 2"#*0& 4%)3". ,$/$/-& !+..+# 0#%5+&60# 7%%) ."8/,)9 : 38,)%%3;9-+: ;<3=6>>>? @": A=40BACD
EF%'")% <>>D 5&'2") *&,+2 <%.%/$". $/=828)/ /+") (%8/#)9 (.82 : #8)/!$>+; ?44+)0"!!)%@$3"#+.9 1&AAA 0B; 4#;& C 2+,)%%30& 1 2"#*0&%!+/ (%/(+!#& 3"0#+) 08$#+& -%)-+%80 -)"/$#+(%8/#+)0 : *"),D%%, 7%%)0& 60# 7%%) ."8/,)9& !%)(*: ' (") -")"-+;G3>=<>AH0 .#,5% #%/&5%/ 2" ;<3D6D>>?I(++ J(&#( (2 <3<0CBHH
CEF >G<HGCI
3DD4 #(-5K ,- L,-"2 F,2K $"#$%"&'<>>= ,-7+(F (8(#2)%-2? E+"#8)+0' "()+0& ,+(>& ' (") "##"(*+, -")"-+D$#* 2)++F+D"9& ' (") -")"-+ 8/,+)&D%%,0#%5+& !$/+ 7%%)0& *%# #82 "/,3%)+G H%#0 %4 )%%3 *+)+ 4%) 9%8) #%90GG3>BC4CC 9-+: ;<3=6>>>? @": A=40BACD
9F- :"&# "F- *&',-%''? I8$.,$/- DJ "!!)%@KAAA 0B; 4#; $/ L"2"##80; E+"#8)+0 "!!)%@ M !)$5"#+D%%,+,"()+0& ' >$#(*+/0& 'D+# 2")0& ' ,"/(+*"..0&1 2"#*)%%30& -%)-+%80 )%(> N)+!."(+ : -%)-+%805$+D0 %4 L"2"##80 H">+; O,+". 4%) *".. )+/#".0&)+(+!#$%/0& )+8/$%/0& ("#+)$/-& 7+"3")>+#0 :3%)+GG3>B3D3< ;3<=6>>>0 I(++ @": A=40BACD
5J *!.E<
*FE<B:E (996 !B>BCG*>K
!"##$ %"&'()*('+, -"$.!!!"#$%&'(#%'($)"*+&
,!!!"#$%&'(#%'($)"*+&
!!!"#$%&'(#%'($)"*+&
,!!!"#$%&'(#%'($)"*+&
!"#$%&' () *+,-#$-7" 8 194 :-;# <$&""$= >"?;@$/#
9Real Estate ReviewFebruary 2013!"#$%&' () *+,-#$-./' 012340567" 8 194 :-;# <$&""$= >"?;@$/#
!!!"#$%&'(#%'($)"*+&
,!!!"#$%&'(#%'($)"*+&
<*A*BBC<
!""# $%&'() *+$)!" #$%$&&'() *+$&',+($--,./) 0 $1,+2 3 1$,4$,$4+2 5+"1+6 !"
%$178$,62 9 %+6,..:(2 3%$&;( < :.,+= ,!-.-/"0
1234 5/"6"--78%9: .;<="<">
?*)@%A) BC:D9 !"#$%$&&'() *+$&',+( 9
%+6,..:(2 "+> ,..52 >!"6.>(26..,(2 -$!"& ?..,!"4 $"6 :.,+=@$,&!$AA8 B"!(;+6 %$(+:+"&$"6 $&&$1;+6 ;+$&+6 4$,$4+=!"#$%&'# 1234 5!<"6"--7
EC(( 3C&FC >!>=/0##
DEF >G<BGDHI
BJ AE ACG>B!JDKJ
GD *CAC.DIG)CH&F)@ I&+)H+:H%*: (%DCH+%:63C 1.::." $1,+(2
3 1$, 4$,$4+23 %+6,..:(2
;$,6>..6 < :.,+)DA.(+ &. (;.--!"4=
5!""6---=EC(( J+K) CH>!>=#0/<
G%F A%F) $)HC+(@=
>EFG<BJD
J&(H+ +: 3)*+@H%:=!"#$%&"' ()&*+"', -./012./3)2', %(3 "1"*$&.*#14 (1%56./7, +2, 1#%/3&0+))89%(', : 6"3&))5'
"#*+ %/.$ 4 5)&";,"0"<<0
1234 5."6"--77EC(( 8%9: CH .;<="<">
>EFG<BJD
L%FM)%&@ N&((O F):H)$> &:+H !" E+>!(&.")
*+$&',+( 4$,$4+2 5+"1+6!" 8$,62 9 (+$(." -.,1;2F!"8A >!"6.>( $"6 (!6!"4$"6 :.,+= G>+(.:+
.>"+, .11'-8== ,!-.-#;01234 5/"6"--7B%O .;<=0./"
:GDJB
L%FM)%&@ A%'+() +: J+P:%H= *+$&',+( H $1,+(2 $&FI(".>:.%!A+ &,$!A(2 3 (;+6(2-.,&$%A+ 1$, -.,& < 6+17)J.%!A+ ;$( %++" &$(&+5'AA8,+:.6+A+6 < !( %+!"4 (.A6
5',"!(;+6) ,!-.<"<01234 5/;6---7
EC(( B%O CH .;<=0./"
E&H) F+Q)F NF%:H-,.-+,&8 !" G'%',")
*+$&',+( ;$,6>..6 ?..,(2'-6 7!&1;+"2 5.,:$A 6!"!"42%'!A&K!"(2 6+172 5+"1+6
!" %$17 8$,6 < $>+(.:+>$&+, F!+>(== ,!-<"#->
1234 50;6---73C&FC >!>=/0##
>EFG<BJD
L%FM)%&@ R STCD+%&@ECT) !" E+>!(&.")*+$&',+(
C %+6,..:(2 3 %$&;(2;$,6>..62 %'!A&K!"(2 5.,:$A
6!"!"42 3 1$, $&&$1;+64$,$4+2 9 (+$(." -.,1; <"+>+, (;!"4A+() ,!-0;;;<
1234 5!<"6"--7EC(( B%O CH .;<=0./"
*CAC.D
E&H) ECT) +: 3)*+@H%:=!"#$%&"' '+"3<2)&8'+)(,%(3 "1"*$&.*#1 4 (1%56./7,/"2 (#./$, /"2 *#&("$',-./01 2./3)2' 4 5)&";;;
,!-./<-; 1234 5<;6---7773%H F):H +@ 5!;; U AH9=EC(( 8%9: CH .;<="<">
DEF >G<BGDHI
L%FM)%&@ >--. 9%A)!" G'%',"= *+$&',+( 0I3$1,+2 0 1$, 4$,$4+2 -$&!.29 %+6,..:(2 3 %$&;(< :.,+) L+(&A+6 !" $('%6!F!(!." >I 1'AK6+K($1) ,!-0>-#! 1234
5!#.6;--73C&FC >!>=/0##
?HHFCDH+Q) C:$ &T$CH)$DCT)= ="/$n 1)*#$"3 /"#&6%' $"&5./#1 #/3 #11 ./ $)2/#5"/.$."'> ?"2"& 2./3)2','.3./7, &))@, @1))&./7>A+0
&"/$ 2+"/ 0)% *#/ )2/ $+.'1)-"10 +)5";; ,!-00-">
1234 5;;6---78%9: .;<="<">
FLM .EDBN DEF >G<BGDHI O AJFKJGD
0HHH D'(&.: %'!A& 1."&+:K-.,$,8 ." "() *+,-./0 .1+023
.55+,( "+>+, $--A!$"1+(2;$,6>..6 ?..,(2 ('",..:26+17(2 1'(&.: %$&;,..: >I(-$ &'%) M$( 3"6 6,!F+>$8
< A.&( $A,+$68 1A+$,+6)!"#%$4%4
5678 9"4:;&##<=.>> ?@AB ./ %$:3&:&C
DEF >G<BGDHI
B)A%$)()$ BC:D9 +:3)*+@H%:= !"#$%&"' ./97&)%/3 ())1, ())1 +)%'",
'%/ 3"*8 @)& "/$"&$#././7 #'2"11 #' /"2 &))@, #((1.#/*"',@1))&./7 #/3 @%&/#*" #/3BCDE; ="/$n 1)*#$"3/"#& #5"/.$."'> ,!-./#>-
1234 5!#"6"--7EC(( 8%9: CH .;<="<">
PJ>*DK
L%FM)%&@ MCA'F)( +:V%(C:$= G)CH&F)@ !=<CDF)@6 +:PMF%&:$ T%%(,(#$.), : *#& #$$#*+"3
7#", 1#/3'*#(./7, F6"3&))5', : 6#$+', @)&5#13././7, ("11"$ '$)-", G'$
@1))& 1#%/3&0 4 5%3&))5>1:(O 5>!;6---7B%O .;<=0./"
?*)@%A) >--" D&@H%A'&+(H D.A."!$A !" G'%'," "+$,1.'"&,8 1A'% < &',"-!7+) N55+,($--,./!:$&+A8 92OOO (P) 5&)2 C
%+6,..:(2 9 %$&;(2 .-+" 1."1+-&2:$(&+, ('!&+2 4.,4+.'( 4,$"!&+1.'"&+,( < ;$,6>..6 ?..,(2 0(&
?.., A$'"6,82 -.,1; < 3 1$, 4$,$4+),!-;>-.#= VF+D) F)$&D)$ H%
5>!"6"--7 EC(( 3C&FC CH >!>=/0##
*FE<J:E (996 !J>JDG*>I *CAC.D
3%Q)(O ECT) +: ?&'&F:=*+$&',+( QR $1,+(2
$>+(.:+ 1.'"&,8 (+&&!"42S"KA$> $-&2 3 1$, 6+&$1;+64$,$4+2 9 1$, 6+&$1;+64$,$4+2 &."( .5 (&.,$4+2-+AA+& (&.F+2 -.,1;2 6+17$"6 :.,+= ,!-0"<#>1234 5!.;6---7B%O .;<=0./"
!"##$%"&'()*('+
,"$-
!!!"#$%&'(#%'($)"*+&
,!!!"#$%&'(#%'($)"*+&
.GQE. R.JDBI
!"#$%&' () *+,-#$-7" 8 194 :-;# <$&""$= >"?;@$/#
10 Real Estate Review February 2013
!"#$%&' ()* +"#$ ,--#./0123042 +"#$ 567 8/'#96&$
:1;3<;<0
+/.="$#. (">>9 ?@"$.=2 8/'#96&$ 56@//6A +.(">>9
0;B30CC2
5&D6= E"@#9 ?@"$.=2:F E#$/ 56@//6A 5&7 E"@#9
:;03<;2C
GD%D@$ ,--#./FC H"9=#$I6&$ 567A GD%D@$
FC:31103C0<2
!"#"$%&&' ()*+$"# ,' -./0
; .&$J/$#/$6>K >&."6/L %@"$.=/9 6& %/66/@ 9/@J/ M,*N
!"# $%& '%%()*+ ,%---./0 1*23
45627
"289:1:;21:
2<9=>9:?45627
G- *"; 8 A(, /, ,/, !/ I<EL),- <1 1,, ;- ;, " + !/ I<.?HH !/M /-55, %%*"-M,"-
/ %%HI "H*",E
!"#$%#&% '(!$!"&$(&%)
!"#$%"&'( )*+",*-# .*" )*+" /*0#
!" !"#$ %&$ '$($))"*+ )%$,) %- %*"').$*/$/0$*)&1,) 1' (230) "'4 -*5"'16"%1-')7
#" 8'.-*/ (*$41%-*) "'4 (*$41% (-/,"'1$) -.+-3* (&"'5$ -. *$)14$'($7
$" 9&"'5$ +-3* "44*$)) "% %&$:-)% ;..1($
%" <-%1.+ 1')3*"'($ (-/,"'1$)7=$ )3*$ %- &">$ ,*-,$*(->$*"5$ 1. +-3 "*$/->1'5 %- " '$? )%"%$7
&" <-%1.+ %&$ 3%121%+(-/,"'1$) -. +-3* '$?"44*$)) .-* .1'"2 01221'5"'4 "4>1)$ %&$/ -. ?&1(&4"%$ %- 41)(-'%1'3$)$*>1($@ 5")A $2$(%*1(A%$2$,&-'$ "'4 ?"%$*7
11Real Estate ReviewFebruary 2013
!!!"#$%%&'()*+,--.$,+/&"0(1 2!!!"#$%%&'()*+,--.$,+/&"0(1 2!!!"#$%%&'()*+,--.$,+/&"0(1
!!!"#$%%&'()*+,--.$,+/&"0(1 2!!!"#$%%&'()*+,--.$,+/&"0(1 2!!!"#$%%&'()*+,--.$,+/&"0(1
!!
!"#$%%&'
()*+,--.
$,+/&"0(1
2!!
!"#$%%&'
()*+,--.
$,+/&"0(1
2!!
!"#$%%&'
()*+,--.
$,+/&"0(1
!!
!"#$%
%&'()*+,-
-.$,
+/&"0(
12!
!!"#$%
%&'()*+,-
-.$,
+/&"0(
12!
!!"#$%
%&'()*+,-
-.$,
+/&"0(
1
!"#$%&' ()" *"&(#+, -+%&" +#"+ ./# /$"# 012"+#3
!"#$ %&' ()*++% !,$-./ 0)++ /( 12%
3,44 56789 8:6;667<
!!!"#$%%&'()*+,--.$,+/&"0(1 2!!!"#$%%&'()*+,--.$,+/&"0(1 2!!!"#$%%&'()*+,--.$,+/&"0(1
!"#$"%&'()*+,(,%-!'.*/!""#$% &%' ())$ *#+$)),- . %#/%)0
%10 $)),2%3$##0#+4)$35674+/'#+ */'5$)),68/9: )1'!"#*/%#,#0'6 ;''$/3'<=# 9)'- 9/%' 5),#
)0 %'$##'6$%&'((( )*++ ,-./*01
0,--1 234("-5'-67'5/' 5/% *##0 "$#%59> 4/<0'#+ <0%<+#6!""#$% /*234553 65527 /0+ 14+/'#+*$##?#@/>6 A199 */%#,#0' @<'5 @)$:
%4/3#68..*9/-3 .45 9*2 :*2*:-;B<3#"#03#+ <0 */3: >/$+6
$<=&'((( )*++ >-221
89-3& (,3):3-;@<'5 0<3#,<C )" &-D /0+ E *#+$)),
/4/$',#0'%6?553 2-0.*+ /@7.521@<'59)@ =/3/03> $/'#6 !"" %'$##' 4/$:<0F6$<(('((( )*++ >-221
<=9-3& 3->*4&#*-& .%".*%&1/AB++1 C99BD@-3@<'5 G))+ H#0'/9I<%')$>J K039)%#+ 4)$35#%L%')$/F#%5#+% ")$ '#0/0'%6 !"" %'$##' 4/$:<0F6
$<&('((( )*++ >-221
?,))1 "66,.3*:M 10<',19'<N"/,<9>@<'5 "#03#+ <0
*/3:>/$+6 O/$F# 4)$35 /0+ )"" %'$##'4/$:<0F6 O<%'#+ /0+ $#/+> ') %#996
$&('((( )*++ >-221
=@9-3& A'6B';*
O)@ P/3/03> H/'#
G))+ H#0'/9 I<%')$>J
Q<C'1$# )"&- D /0+ E *#+$)),%6
$=E('((( )*++ >-221
CD&4 0.%3-; 3-E,%E$F6*
G"HIJ3#* &"
234& 34 G"H$"% '
0.%3-;0')*I
!"#$ %&' (#&$#) *+&,-&./$ 012-&.
!"#$ #% &'()*+ , !"#-."/(!" #$% &'()*+*% ,-)%(%.) /+0&%-). +-1 /('/%()0 )+2%.+(% 1%134),56%"
7" 8$%- 0'3( /('/%()0 ,-4(%+.%. ,- 9+63% 0'3:,66 &+;%+ /('<) '- +- +..%) )$+) 0'3 4'361-=) +>>'(1 )' >3660/+0 >'( ,- )$% <(.) /6+4%"
0#*$ #% &'()*+ , !"#-."/(!"?'3 $+9% )$% (%./'-.,5,6,)0 '> &+,-)+,-,-* )$%/('/%()0" #$,. 4'361 1(+,- 0'3( (%.'3(4%.@ %-%(*0+-1 ),&%"
7" A- +9%(+*% 0'3 $+9% $,*$%( &'-)$60 4'.). :$%-0'3 )+;% ,-)' 4'-.,1%(+),'- )$% /('/%()0 )+2%. +-1,-.3(+-4%"
B"?'3 4+-=) &'9% +. >(%%60 +. 0'3 4+- :$%- 0'3 (%-)"
!"#$ #% 1.*/)*+ , !"#-."/(!" C'( )$% .+&% 4'.) %9%(0 &'-)$ 0'3 4+- *%-%(+660+>>'(1 + 6+(*%( ./+4% :$%- 0'3 (%-) )$+- :$%- 0'3530"
7"?'3 $+9% )$% D%2,5,6,)0 )' 3/*(+1% '( 1':-*(+1% )$%E3+6,)0 '> 0'3( (%-)+6 /('/%()0 +. 0'3( ':- <-+-4,+6$%+6)$ ,&/('9%. '( 1%46,-%."
B"?'3 $+9% &'(% 1,.4(%),'-+(0 &'-%0 )' ./%-1 .,-4%0'3( &'-%0 ,.-=) ),%1 3/ ,- )$% (%-)+6 /('/%()0"
0#*$ #% 1.*/)*+ , !"#-."/(!" #$%(% ,. + (,.; )$+) 0'3 :,66 $+9% )' &'9% :$%- )$%6+-16'(1 .%66. )$% /('/%()0"
7"?'3 :'-=) $+9% +. &34$ >(%%1'& )' 1%4'(+)% '((%-'9+)% )$% (%-)+6 /('/%()0"
B" F%-)+6 /+0&%-). +(% -') )+2G1%134),56% +-1 0'34+--') <-+-4,+660 )+/ ,-)' )$% 9+63% '> )$% (%-)+6/('/%()0"
12 Real Estate Review February 2013
!"#$ %$&'()'*( +,- . /(0$ 12"' 3$&4
+$5(0$ *2$ 2(0$(6)$4-(,7#$ &86&-' 94$&0$9 (: ;$5(0")<=
!""#$%&'()(*+ $,*-$./ *# 0#-/(.12 &.% '-+,$/0&3, )#&%/ #" .,1#*(&*(.1 4#5,$
!" #$$%&'()*+*,- *. )/,,/&,0(1 /2/&
3"4%5 0(2/ ( +(&6/ *12/1,%&-,% 70%%./ $&%8
9" :5*+'/&. (&/ %$$/&*16 )*6'*.7%51,.
;" <%&,6(6/ &(,/. (&/0*.,%&*7(++- +%=
>"4%5 7(1 6/, ( $/'/&(+ ,(?7&/'*,
!")9 3(,4/(0$ >6$$* /(0$?
13Real Estate ReviewFebruary 2013
$250,000.00Business Owners
Contact Stephanie Lewis to learn more.slewis@economicgrowth.org
207-784-0161 • www.economicgrowth.org
Business loans available up to
Are you expanding, purchasing state-of-the-artequipment, upgrading your machinery, thinking of
starting a new company or even looking for anew business home?
Lewiston Development Corporation
• Prime 5.33 acre lot in Lewiston Industrial Park, a mile from Exit #80.• Site is graded and pad ready for building construction.• Fully permitted & approved for 150’ x 300’ or 48,000 sq. !. building.• Public water & sewer, 3-phase power, natural gas already installed.
Attention
equal opportunity lender
14 Real Estate Review February 2013
!"#$" %&' #( )#*"+ ,%) -./012#&'"%1'('33')4&'+
15Real Estate ReviewFebruary 2013
!"# $%&'(% )*+, -./ &+0 +11.2(" 3%0%2+44-5 -./ &+0 +11.2( +*.6% %7/+4 '0 8+4/% ,. 9%,)%%0 ,). +0( ,*2%% ,'6%: -./2;2.:: '0&.6%"
<"# $%8%4.= -./2 *.6% )':* 4':," >*%05 =2'.2','?% ,*% 1%+,/2%:.0 -./2 4':,"
@"# A%4%&, )*%2% -./ )+0, ,. 4'8%" B.6='4% + 4':, .1 ,*2%%.2 1./2 0%';*9.2*..(: -./C( 4'D% ,. 4'8% '05 ,+D'0; '0,.+&&./0, ',%6: :/&* +: :&*..4:5 2%&2%+,'.0+4 1+&'4','%:5 +2%+%E=+0:'.0 =4+0:5+0( :+1%,-"
F"# A,+2, :+8'0;" $. -./ *+8% %0./;* 6.0%- :+8%( ,. 7/+4'1-1.2 + 6.2,;+;% +0( &.8%2 -./2 (.)0 =+-6%0,G H(%+44-5-./ :*./4( *+8% <I =%2&%0, .1 ,*% =/2&*+:% =2'&% :+8%(+: + (.)0 =+-6%0," J4:.5 (.0C, 1.2;%, ,. 1+&,.2 '0 &4.:'0;&.:,:" B4.:'0; &.:,: K '0&4/('0; ,+E%:5 +,,.20%-C: 1%%5 +0(,2+0:1%2 1%%: K +8%2+;% 9%,)%%0 < +0( L =%2&%0, .1 ,*%*.6% =2'&%"
M"# 3%, -./2 &2%(', '0 .2(%2" N9,+'0 + &.=- .1 -./2 &2%(',2%=.2, ,. 6+D% :/2% ', ': +&&/2+,% +0( ,. &.22%&, +0- %22.2:'66%('+,%4-" J &2%(', 2%=.2, =2.8'(%: + *':,.2- .1 -./2&2%(',5 9+( (%9,:5 +0( +0- 4+,% =+-6%0,:"
O"# $%,%26'0% -./2 6.2,;+;% 7/+4'P&+,'.0:" Q.) 4+2;% .16.2,;+;% (. -./ 7/+4'1- 1.2G J4:.5 %E=4.2% ('11%2%0, 4.+0.=,'.0: K :/&* +: @IK-%+2 .2 !MK-%+2 PE%( 6.2,;+;%: .2JRS: K +0( (%&'(% )*+,C: 9%:, 1.2 -./"
L"# 3%, =2%+==2.8%(" N2;+0'?% +44 ,*% (.&/6%0,+,'.0 +4%0(%2 )'44 0%%( ,. =2%+==2.8% -./ 1.2 + 4.+0" T./ 6';*,0%%( UK< 1.26:5 &.='%: .1 +, 4%+:, .0% =+- :,/95 +&&./0,0/69%2:5 +0( &.='%: .1 ,). ,. 1./2 6.0,*: .1 9+0D .2&2%(', /0'.0 :,+,%6%0,:"
V"# U%';* .,*%2 :./2&%: .1 *%4= )',* + (.)0 =+-6%0," $.-./ 7/+4'1- 1.2 +0- :=%&'+4 6.2,;+;% .2 (.)0 =+-6%0,+::':,+0&% =2.;2+6:G B*%&D )',* -./2 :,+,% +0( 4.&+4;.8%206%0, .0 (.)0 =+-6%0, +::':,+0&% =2.;2+6: 1.2P2:,K,'6% 9/-%2:" N25 '1 -./ *+8% +0 HRJ +&&./0,5 -./ &+0/:% ,*% 6.0%- -./C8% :+8%( ,. 9/- -./2 P:, *.6% )',*./,=+-'0; + =%0+4,- 1.2%+24- )',*(2+)+4"
W"# B+4&/4+,% ,*% &.:,: .1 *.6%.)0%2:*'=" >*': :*./4( '0&4/(%=2.=%2,- ,+E%:5 '0:/2+0&%5 6+'0,%0+0&% +0( /,'4','%:5 +0(+::.&'+,'.0 1%%:5 '1 +==4'&+94%"
!I"# B.0,+&, + RXJY>NRZ" ['0( +0 %E=%2'%0&%( RXJY>NRZ )*.&+0 *%4= ;/'(% -./ ,*2./;* ,*% =2.&%::"
!"#$%&' '# (#$ )#$"'*+( #, -&* ./0"#+)#%%1/ 2344*( !#3"0 #, 56.7-859:
;"#< 5*34'#"=#"% >?@?A>? 1++$*
!"# $%&'(% )*+, -./ &+0 +11.2(" 3%0%2+44-5 -./ &+0 +11.2( +*.6% %7/+4 '0 8+4/% ,. 9%,)%%0 ,). +0( ,*2%% ,'6%: -./2;2.:: '0&.6%"
<"# $%8%4.= -./2 *.6% )':* 4':," >*%05 =2'.2','?% ,*% 1%+,/2%:.0 -./2 4':,"
@"# A%4%&, )*%2% -./ )+0, ,. 4'8%" B.6='4% + 4':, .1 ,*2%%.2 1./2 0%';*9.2*..(: -./C( 4'D% ,. 4'8% '05 ,+D'0; '0,.+&&./0, ',%6: :/&* +: :&*..4:5 2%&2%+,'.0+4 1+&'4','%:5 +2%+%E=+0:'.0 =4+0:5+0( :+1%,-"
F"# A,+2, :+8'0;" $. -./ *+8% %0./;* 6.0%- :+8%( ,. 7/+4'1-1.2 + 6.2,;+;% +0( &.8%2 -./2 (.)0 =+-6%0,G H(%+44-5-./ :*./4( *+8% <I =%2&%0, .1 ,*% =/2&*+:% =2'&% :+8%(+: + (.)0 =+-6%0," J4:.5 (.0C, 1.2;%, ,. 1+&,.2 '0 &4.:'0;&.:,:" B4.:'0; &.:,: K '0&4/('0; ,+E%:5 +,,.20%-C: 1%%5 +0(,2+0:1%2 1%%: K +8%2+;% 9%,)%%0 < +0( L =%2&%0, .1 ,*%*.6% =2'&%"
M"# 3%, -./2 &2%(', '0 .2(%2" N9,+'0 + &.=- .1 -./2 &2%(',2%=.2, ,. 6+D% :/2% ', ': +&&/2+,% +0( ,. &.22%&, +0- %22.2:'66%('+,%4-" J &2%(', 2%=.2, =2.8'(%: + *':,.2- .1 -./2&2%(',5 9+( (%9,:5 +0( +0- 4+,% =+-6%0,:"
O"# $%,%26'0% -./2 6.2,;+;% 7/+4'P&+,'.0:" Q.) 4+2;% .16.2,;+;% (. -./ 7/+4'1- 1.2G J4:.5 %E=4.2% ('11%2%0, 4.+0.=,'.0: K :/&* +: @IK-%+2 .2 !MK-%+2 PE%( 6.2,;+;%: .2JRS: K +0( (%&'(% )*+,C: 9%:, 1.2 -./"
L"# 3%, =2%+==2.8%(" N2;+0'?% +44 ,*% (.&/6%0,+,'.0 +4%0(%2 )'44 0%%( ,. =2%+==2.8% -./ 1.2 + 4.+0" T./ 6';*,0%%( UK< 1.26:5 &.='%: .1 +, 4%+:, .0% =+- :,/95 +&&./0,0/69%2:5 +0( &.='%: .1 ,). ,. 1./2 6.0,*: .1 9+0D .2&2%(', /0'.0 :,+,%6%0,:"
V"# U%';* .,*%2 :./2&%: .1 *%4= )',* + (.)0 =+-6%0," $.-./ 7/+4'1- 1.2 +0- :=%&'+4 6.2,;+;% .2 (.)0 =+-6%0,+::':,+0&% =2.;2+6:G B*%&D )',* -./2 :,+,% +0( 4.&+4;.8%206%0, .0 (.)0 =+-6%0, +::':,+0&% =2.;2+6: 1.2P2:,K,'6% 9/-%2:" N25 '1 -./ *+8% +0 HRJ +&&./0,5 -./ &+0/:% ,*% 6.0%- -./C8% :+8%( ,. 9/- -./2 P:, *.6% )',*./,=+-'0; + =%0+4,- 1.2%+24- )',*(2+)+4"
W"# B+4&/4+,% ,*% &.:,: .1 *.6%.)0%2:*'=" >*': :*./4( '0&4/(%=2.=%2,- ,+E%:5 '0:/2+0&%5 6+'0,%0+0&% +0( /,'4','%:5 +0(+::.&'+,'.0 1%%:5 '1 +==4'&+94%"
!I"# B.0,+&, + RXJY>NRZ" ['0( +0 %E=%2'%0&%( RXJY>NRZ )*.&+0 *%4= ;/'(% -./ ,*2./;* ,*% =2.&%::"
;"#< 5*34'#"=#"% >?@?A>? 1++$*
!"#$%&' '# (#$ )#$"'*+( #, -&* ./0"#+)#%%1/ 2344*( !#3"0 #, 56.7-859:
!"#$%& '( )*+,$*+!"# $"%&"'(&#)*+,
16 Real Estate Review February 2013
!!"#$%&' !"#$ %&' ()**+ ,-.#,$-#!&!'/0123+ 4)5*/6757)897:;)<<=>)?977@AB59*CDEB
!"#"$% ((($)*++,-*(.##$/0120+ 344 /5++*6# 7.8#.698 .6 :;.6*
!"##$ %"&'!!
!"#$%&"' '"$#()
!"#$ %&'#'( )*'+ , -*./0/12 34*12 5 67/8999:;<0=>
20+ 344 /5++*6# 7.8#.698 .6 :;.6*
!"#$ %&'#'( )*'+ , -*./0/12 34*12 5 67/8999:;<0=>!"##$!"##$!"#$%%
!"#"$%((($)*++,-*(.##$/01 20+ 344 /5++*6# 7.8#.698 .6 :;.6*
!"#$%&' ()%*!"#$ %&&'()%*+, -+%$$#- .%#/, -'00%1, $#0$ (#1"0%0 2%0,($ ,)1, '& 3"#0/,4 5'/)6 ,78%/$#9,
2%0,( 9#,2$6 +%(1, $-(,,/,) 8'(-"6 : 5'/)$ #/'/,;;;*'%0 &('< 3"#0/,4 0' ='1%/ 5'/);
>,%( ('?/) %-,$$;!"#$%&&&
)+,)-*!"#$ +%(1, (%/-" '/ % *,%?0#&?++4 +%/)$-%8,)
+'0 '&&,($6 % ),-@6 A -%( 1%(%1,6 : '?0*?#+)#/1$6 $%?/%6 $?/ (''<6 "?1, @#0-",/6
'8,/ B''( 8+%/ %/) <?-" <'(,;C .DE! EFFG!""$%$&&
()./%* (/-0H<<%-?+%0, )'?*+,I2#),6 +%(1, $-(,,/,)I#/8'(-"6 : &?++ *%0"$6 8?*+#- (#1"0$ 0' !(#88 J%@,K?$0 %('?/) 0", -'(/,(6 %88+#%/-,$ #/-+?),)6
.%/4 /,2 ?8)%0,$G!'$%$&&
!"#$%&' ()%*!"#$ 3'/),(&?+ 4,%(I('?/) 5'$0 %/) L,%<
"'<, '/ 3"#0/,4 5'/) '&&,($ $-(,,/,) 8'(-"6),-@6M 2'') $0'9,$6 2'') N 0#+, B''($6
: *%0"$6 -%0",)(%+ -,#+#/1$6 ,78'$,) *,%<$6A$0 B''( <%$0,(6 0%( )(#9,6 "?1, 1%(%1,6
8+?$ <?-" <'(,G!()$%&&&
()./%*O?%+#04 "'<, '&&,($ 2(%8 %('?/) -'9,(,)8'(-"6 1(%/) P(,8+%-,6 2'') %/) 0#+,$B''($6 $?/ (''<6 ),-@$6 : *%0"$6 &'(<%+)#/#/1 (''<6 +%(1, *%(/ Q : -%( 1%(%1,65%$0'(%+ 9#,2$ '& !(#88 J@; R'(1,'?$
2'')2'(@6?8)%0,) $4$0,<$6 2%$ ?$,) %$ LNL%0 '/, 0#<,;
!"*$%&&&
$")1(2)% ./0&!"#$ S?%+#04 *?#+06 #<<%-?+%0,6 4,%(I('?/)
"'<, 2#0" ,78%/$#9, !"'<8$'/ J%@, N .0;9#,2$ &('< %+<'$0 ,9,(4 (''< '&&,($ T +%(1,*,)(''<$6 '8,/ B''(6 -%0",)(%+ -,#+#/1$6T:U &,,0 '& 2%0,(&('/06 : )'-@ $4$0,<$6
=DRF 1%(%1,;!##$%&&&
!)%*&-,3. .)4/$#)% )+,)-*V9,( W %-(,$ '& 8,%-, %/) $,(,/#04; 3%0-"
0", 2#+) +#&, &('< 4'?( &('/0 )''(; !"#$ /,2+4?8)%0,) (%/-" '&&,($6 '8,/ B''( 8+%/6 /,2
B''(#/16 /,2 (''&6 (,-,/0+4 8%#/0,)6M *,)(''<$ %/) A;W *%0"$; C&&'()%*+, +#9#/1
+'%),) 2#0" ,70(%$G!""$%&&&
$")1(2)% ./0&!"#$ !"'<8$'/ J%@, T $,%$'/ -'00%1, '&&,($
,78%/$#9, 2%0,( 9#,2$6 ,%$4 4,%( ('?/) %--,$$6+'0$ '& 2#/)'2$6 2'') B''($6 8('8%/, P(,8+%-,68#/, #/0,(#'(6 ),-@6 )'-@ %/) <%/4 ?8)%0,$;F/K'4 8(#$0#/, !"'<8$'/ J%@, %++ 4,%( +'/1G
!(#$%$&&
$")1(2)% ./0& -#5"$2!"#$ +%(1, 2,++ -%(,) &'( -%8, '&&,($ (#1"0$ 0'8(#$0#/, !"'<8$'/ J%@, K?$0 $0,8$ %2%46 "?1,
$%/)4 *,%-" %/) *'%0 +%?/-"6 2'') %/) 0#+, B''($6/,2 &%<#+4 (''<6 +%(1, @#0-",/6 : -%( 1%(%1,6 2,++
+%/)$-%8,) +'0 %/) <?-" <'(,G C .DE! EFFG!((+%&&&
1#--)- ()%* )+,)-*!"#$ 2'/),(&?+ 8'$0 %/) *,%< "'<, '&&,($ $%/)42%0,(&('/0 '/ .#(('( 5'/)6 +%(1, +'06 2%0,( 9#,2$6-%0",)(%+ -,#+#/1$6 -?$0'< @#0-",/6 $8%-#'?$ *%0"2#0" K,00,) 0?*6 '8,/ B''( 8+%/6 (%)#%/0 ",%06 %/)
<'(,G E2#< P$" %/) ,/K'4G!("$%$&&
!"#$%&' ()%*!"#$ -+%$$#- .%#/, X'00%1, '/ 3"#0/,4 5'/) '&&,($ T
*,)(''<$6 +%(1, ),-@6 2'/),(&?+ 2%0,( 9#,2$6 $%/)4 *'00'<&'( 1(,%0 $2#<<#/16 2'') $0'9,6 2'') B''($6 4,%( ('?/)
%--,$$6 +%(1, +'0 %/) <?-" <'(,G!")$%&&&
$")1(2)% ./0& 6&/3$'R'(1,'?$ 4,%(I('?/) "'<, '&&,($ 2'')
N 0#+, B''($6 $0'/, P(,8+%-,6 M '( T *,)(''<$6 =DRF -?$0'<@#0-",/ %/) )#/#/1 %(,%6 +%(1, <%$0,( $?#0,6 : &?++ *%0"$6
,78%/$#9, 2%0,( 9#,2$6 8%0#' %/) ),-@ %(,%6 0%( )(#9,6 $%/)42%0,(&('/0 '/ 8(#$0#/, !"'<8$'/ J%@,;
!'#$%$&&
$")1(2)% ./0&: -%( 1%(%1, 2#0" 1?,$0 S?%(0,($ '/ 5(#$0#/, !"'<8$'/J%@,; Y;M %-(,$ '& 8,%-, %/) $,(,/#04; :UU &,,0 '& ),,8
2%0,( &('/0%1,;: "?1, ),-@$6 P,+)$0'/, P(,8+%-,6 0%( )(#9,6 '?0*?#+)#/16 %/)
<?-" <'(,; C <?$0 $,,G!'$$%&&&