James Real Estate RE Inv Criteria Dnvr 2000 3rd Qtr Page 2
JAMES REAL ESTATE SERVICES, INC.
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Overall Capitalization Rates
Overall capitalization rates appear to be reasonably stable historically, with variation attributable to
class of property; the higher capitalization rates are associated with lower-tier properties and the lower
rates associated with the newer investment-grade properties.
Overall Capitalization Rates Industrial (%)
1997
1998
1999
2000
1Q 2Q 3Q 4Q
Nat Den Nat Den Nat Den Nat Den Nat Den Nat Den Nat Den
Warehouse
RERC
National
9.0
8.6
9.0
9.0
9.0
West - 1
st
Tier
8.5
8.8
8.9
8.9
West - 2
nd
9.3
9.7
9.7
9.2
West - 3
rd
10.1
10.5
10.3
10.0
NREI
9.0
9.8
8.6
9.0
8.4
C&W
9.4
9.0
KORP
Institut'l
9.0
9.1
9.1
9.1
9.1
- Non-Inst
10.3
10.4
10.4
IJF
10.5
10.3
R&D/Other
RERC
National
9.0
9.3
9.3
9.3
West - 1
st
Tier
9.1
9.2
8.8
9.0
West - 2
nd
10.1
10.0
9.6
9.5
West - 3
rd
11.2
10.7
10.6
10.1
C&W
9.9
8.6
Data Sources:
RERC
Real Estate Research Corp
KORP
Korpacz R E Investor Survey C&W
Cushman
&Wakefield
NREI
National Real Estate Index
NREIM
Nat'l R E Investor Magazine
IJF
Integra/Joseph Farber
