RREEF Global Real Estate Strategic Outlook

April 2012

Table of Contents
Executive Summary ............................................................................. 2
Global Portfolio Considerations and Risks ........................................... 3
Real Estate Performance ..................................................................... 8
Economic Outlook .............................................................................. 11
United States ......................................................................................................... 13
Europe .................................................................................................................... 14
Asia Pacific ............................................................................................................ 15
Capital Markets Outlook ..................................................................... 16
United States ......................................................................................................... 17
Europe .................................................................................................................... 19
Asia Pacific ............................................................................................................ 20
Real Estate Fundamentals ................................................................. 21
United States ......................................................................................................... 21
Europe .................................................................................................................... 25
Asia Pacific ............................................................................................................ 28
Conclusion ......................................................................................... 33
Appendix ............................................................................................ 34
Important Notes .................................................................................. 36
Global Research Team ...................................................................... 37