World Services Group, Inc. May, 2004

1
World Services Group, Inc.May, 2004
U.S. Economy Commercial Real Estate Investment
Market
2
Economic Overview
3
Annual U.S. Inflation Rate19802005
Forecast
Source Economy.com, Cushman Wakefield Analytics
4
U.S. Growth in Gross Domestic Product
(GDP)19802005
Forecast
Source Economy.com, Cushman Wakefield Analytics
5
U.S. Productivity Growth19802004 Q1
Source Economy.com, Cushman Wakefield Analytics
6
U.S. Unemployment Rate19802005
Forecast
Source Economy.com, Cushman Wakefield Analytics
7
U.S. Growth in Total Employmentvs. U.S.
Unemployment Rate 19802005
Forecast
Source Economy.com, Cushman Wakefield Analytics
8
Economic Cycle by StateFebruary 2004
Recession
Flat
Expanding
9
U.S. Investment Market Overview
10
Percent of Investment in Core Propertiesby
Capital Sector2003
Source Real Capital Analytics, Cushman
Wakefield Analytics
11
U.S. Sales Volumes by Core Property Type2002 vs.
2003
Source Real Capital Analytics, Cushman
Wakefield Analytics
12
Cap Rate Spreads to 10-year Treasuries
1983Q12003Q4
Source NCREIF, Economy.com, Cushman Wakefield
Analytics
13
Average Capitalization Rate by Core Property
Type2003
Source Real Capital Analytics, Cushman
Wakefield Analytics
14
Private Equity Annual Returns by Property
Type1978-2003
Source NCREIF, Cushman Wakefield Analytics
15
U.S. Office Markets
16
U.S. Growth in Office-using Employment19802005
Forecast
Source Economy.com, Cushman Wakefield Analytics
17
Top U.S. Office Markets by Sales Volume Office
Leasing Market InventoryYear-end 2003
Source Cushman Wakefield Research, Cushman
Wakefield Analytics
18
Vacancy Rates
Top Tier CBD Office Markets, 19972003
Source Cushman Wakefield Research, Cushman
Wakefield Analytics
19
Overall Average Asking Rents
Top Tier CBD Office Markets, 19972003
Source Cushman Wakefield Research, Cushman
Wakefield Analytics
20
Top U.S. Office Markets by Sales Volume
Construction Completions vs. Net Absorption2003
Source Cushman Wakefield Research, Cushman
Wakefield Analytics
21
Top U.S. Office Markets by Sales Volume
Occupancy Rate vs. Average Asking RentYear-end
2003
Source Cushman Wakefield Research, Cushman
Wakefield Analytics
22
Top U.S. CBD Office Markets by Sales Volume2003
Source Real Capital Analytics, Cushman
Wakefield Analytics
23
Top U.S. Office Markets by Sales VolumeAverage
Price per Square Foot2003
U.S. Average 197
Source Real Capital Analytics, Cushman
Wakefield Analytics
24
Top U.S. Office Markets by Sales VolumeAverage
Capitalization Rate2003
U.S. Average 8.5
Source Real Capital Analytics, Cushman
Wakefield Analytics