Chair:

Neil Lawson-May
Joint Chief Executive
Eurohypo Investment Banking

Speakers

Mike Ayton
Head of Business Parks
CB Richard Ellis

Ian Cullen
Co-founder
IPD

Mark Girling
Partner, Investment
Montagu Evans

Robin Goodchild
Head of European Strategy
LaSalle Investment Management

Richard Holberton
Head of Central London Research
CB Richard Ellis

Tony Key
Professor of Real Estate Economics
Cass Business School

Stuart Morley
Head of Research
GVA Grimley

Bob Thompson
Managing Director
RETRI Group

Hamish Whiteman
Director of Capital Markets, OTR Investment
CB Richard Ellis

Ian Whittock
Director of Research & Forecasting
ING Real Estate Investment Management

Paul Wilson
Head of Retail Investment
Invesco Real Estate

Economic Determinants Affecting Property Investment: Where are we Now? Where are we Going?
• Economic outlook and influences
- overall output and employment
- key sectors
- inflation and interest rates
- strength of sterling
• Reading the property market’s pulse
- rental growth
- investment performance
• Development activity and the supply pipeline
• Government policy and legislation
- location of development
- lease terms and lease lengths
- taxation
- REITs

Where are the Opportunities Now? Offices
• Office market demand drivers
• Take up, availability, new development and the prospects for rental growth in the central London market
• Thames Valley – when will the outlook improve?
• London (and SE) versus the regions – recent office market trends and prospects
• Regional centres – prospects, similarities and differences

Where are the Opportunities Now? Town Centre Retail
• Demand drivers
- occupiers and consumers
• Retailers’ profits
- deflation and e-tailing
• Market outlook for different market sectors
• What occupiers want
• Retail formats

Where are the Opportunities Now? Out/Edge of Centre Retail
• Demand drivers
- occupiers and consumers
• Planning policy
- does PPS6 mean a tightening or slight loosening of policy?
• How much higher can rental levels go before advantages over town centre locations disappear?
• Supermarket consolidation and future areas of growth
• The future for retail parks
- shopping parks and bulky goods parks
- stand alone units
- mixed use development to provide a new breed of retail warehousing
- car park charging

Where are the Opportunities Now? Leisure
• Prospects for leisure expenditure and the different leisure sectors
• Town centre v edge/out of centre location
• Occupier trends – the growth of the multiple
• Development activity and the supply pipeline
• New formats/leisure experiences

Where are the Opportunities Now? Business Parks
• Current state of the market and outlook
• Changing composition of market demand
• Planning policy, car parking, accessibility and onsite facilities – a new breed of business parks?
• Call centres and offshoring
• Government relocation – Lyons & Gershon reviews
• Out of centre or edge of centre?

Where are the Opportunities Now? Industrial Property
• Market trends – occupational and investment
• Investment products – distribution warehouses, multi-let industrial estates
• Demand drivers – domestic consumption and export markets
• Manufacturing – the China syndrome
• Moving the distribution goalposts – legislation and infrastructure change
• Future investment opportunities – home or away?

UK Investment Now and in the Future: Where is the Money Going and Why
• Recent property performance
• Property rents, yields and returns
• Other asset classes? The outlook for equities and gilts
• Weight of money - large and small investors, vehicles and REITs
• The long view - cycles and waves in property

Overseas Investment: Where and Why
• Why funds are looking to invest overseas
• What is the best way to approach international investing?
• Suitable vehicles for overseas investment
• Economic and property market outlook overseas – which countries to go for
• Performance measurement and quality of databases

What Capital and Revenue Returns to Shoot for
• Sector and regional/locational returns
• Prime v secondary investments – the pros and cons and likely returns
• Gearing – what level of gearing to go for – what are the risks and rewards and how does it affect returns?
• Finance – sources, availability and costs

How Well are we Doing? How to Measure Performance, What to Measure Performance Against
• Benchmarking – how useful is it really in practice and what benchmarks to use?
• Performance measurement – how to do it and what the different approaches tell you
• The pros and cons of active management – what extra returns does it give you after the costs have been allowed for?
• Risk v returns – what is the trade off?