As the global commercial property market evolves, it is marked by two kinds of growth. First, the sources of investment capital grow in number around the world. Then comes growth in the number of destinations for such capital. Buyers and investors in commercial real estate are increasingly international, so investments and returns have to make long trips to get where they?re going. When that?s true, the demand for clarity, predictability, reliable measurement and sustainability ? known collectively in commercial real estate as transparency ? becomes increasingly important.
The United States Provides Great Transparency In Commercial RE Deals
The 2012 Global Real Estate Transparency index released by real estate services firm Jones Lang LaSalle this week places the United States on the top of the list when it comes to transparency in real estate. The study looked at nearly 100 real estate markets worldwide and at nearly as many different factors:
Among key findings from the report:
- The United States ranks as the world?s most transparent real estate market in 2012, followed by the United Kingdom and Australia. Also ranking as ?Highly Transparent? : Canada, Netherlands, New Zealand, France, Finland, Switzerland and Sweden.
- The MIST growth markets (Mexico, Indonesia, South Korea and Turkey) are significantly improving in transparency, with Turkey leading the way.
- Looking at regions, Latin America shows the strongest progress in transparency.
- Environmental sustainability and energy efficiency ?has emerged as an important transparency factor with the United Kingdom, Australia and France the most transparent markets in terms of real estate sustainability. The UK has a long history of building energy efficiency system and introduced the world?s first Green Building rating system.? Australia has been the test bed for new environmental laws, regulations and incentives.
What Is Transparency?
Transparency in commercial real estate is a complex set of public and private factors that interrelate to produce a positive environment for investment and economic growth. ?One defining aspect of transparency is the publishing of data ? by government, by lenders, by practitioners, by owners ? so that key performance indicators are easily available in order to allow comparisons and benchmarking. ?Transparency is both a count of the number of these indicators as well as their reliability. ? Law and regulation in the US tends to produce more real estate market transparency in the net.
How Does Sustainability Relate To Transparency?
One example of a private indicator that adds to transparency is the set of various metrics illuminating the performance of a commercial property, right down to its energy efficiency. ?How much?energy?per square foot a property uses in a month can make or break a decision to invest in that property today; energy markets are volatile and capital is making a very long trip these days. ?Today, the energy profile of a property is no less important than its debt load, permitting/zoning, improvements history or other obviously critical indicators when evaluating potential investment.
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