Economic Trends
Raymond Torto, PhD, CRE
Global Chief Economist
Exhibit 99.2

CB Richard Ellis  |  Page 2
Summary
While the global economy has slowed dramatically from 2006/07
rates, this is not and will not be a deep contraction in 2008. 
Hence, the impact on leasing fundamentals will be mild.
However, those property markets that reside in an economy
driven greatly by the housing boom, including Spain and Ireland,
will be more adversely affected.
Capital market froth in the commercial real estate market was
driven by cheap and plentiful debt.  Neither will be as cheap nor
as plentiful in the near future; thus capital market transactions
and pricing could reflect 2005 levels. 
The wide bid/ask spread will narrow quickly once we have price
discovery.

CB Richard Ellis  |  Page 3
The Whole World is Slowing
Source: Economist Intelligence Unit as of Q1 2008
Q1 2008 Real GDP Growth, Bubbles Sized by Population
Italy
U.S.
Mexico
Turkey
Philippines
Poland
Ukraine
India
JapanDenmark
Canada
France
UK
Spain
Germany
Netherlands
Norway
Hong Kong
Czech Republic
Russia
Vietnam
China
0
2
4
6
8
10
12
14
0
2
4
6
8
10
12
14
2008 (in %)
Italy
Japan
Denmark
U.S.
Canada
France
UK
Spain
Germany
Netherlands
Mexico
Norway
Turkey
Hong Kong
Czech Republic
Philippines
Poland
Ukraine
Russia
India
Vietnam
China
Weaker in 2008
Stronger in 2008

CB Richard Ellis  |  Page 4
Deleveraging is Global, Albeit Less so in Asia
Source:
Real
Capital
Analytics
Global
Capital
Trends
March/April
2008
($ in billions)
148
144
129
125
29
99
79
39
71
92
47
34
32
54
53
0
20
40
60
80
100
120
140
160
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
North America
Europe
Asia
Total Investment Sales

CB Richard Ellis  |  Page 5
Where is Pricing?
Pulling Back to 2005 Means 10%-14% Reduction
Moody’s/Real CPPI

CB Richard Ellis  |  Page 6
What drives value?
% Change in NOI
-
% Change in Cap Rate
= Appreciation
Rule of Thumb

The U.S. Economic Outlook

CB Richard Ellis  |  Page 8
The Business-Driven Economy Can Not Offset Housing Drag
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
2005
2006
2007
Q1 2008
Consumer Driven GDP
Business Driven GDP
Government Driven GDP
Source: BEA and CBRE Torto
Wheaton Research

CB Richard Ellis  |  Page 9
Corporate Profits at Record Share of GDP
Source: BEA, 2008
5
6
7
8
9
10
11
12
13
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
Earlier Recessions

CB Richard Ellis  |  Page 10
The Contribution from Exports is Significant
-20
-15
-10
-5
0
5
10
15
20
25
1995
1998
2001
2004
2007
U.S. exports
Source: BEA, as of April 2008

The U.S. Jobs Outlook

CB Richard Ellis  |  Page 12
This Downturn Could be Shorter than 1990s
-600
-400
-200
0
200
400
600
800
1,000
1,200
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
8
10
12
14
16
1990s
Today
(in thousands)
Q3 1990
Source: CBRE Torto
Wheaton Research
Q1 2008
Effects of
Stimulus
Net New Jobs Created Quarterly

CB Richard Ellis  |  Page 13
This is What “Short and Shallow”
Implies for CRE
0.4
-0.6
-1.5
-2.9
GDP %
Change
-0.3
0.2
18
2008/09F*
-2.6
-1.7
49
2001
-0.5
-1.4
33
1990                                                 
n/a
-3.1
22
1982
Economic
Rent for
Office %
Jobs %
Change
Peak to Peak in
Months: Jobs
Source: CBRE Torto Wheaton Research
*Note:
the 2008/09 forecast is the average change over the
period of 6 quarters for GDP, jobs and economic rent.

Current U.S. Fundamentals

CB Richard Ellis  |  Page 15
Increase in Vacancy Rates
9.0
9.2
9.5
Retail
9.4
9.4
9.8
Industrial
14.0
14.2
14.7
Suburban
10.3
9.6
9.6
Downtown                                                     
12.7%
12.6%
12.9%
Office
1Q 07
4Q 07
1Q 08
Source: CBRE Torto Wheaton Research

CB Richard Ellis  |  Page 16
Net Absorption is Slowing
Source: CBRE Torto
Wheaton Research
-11.1
3.6
Q1 2008
160.7
56.1
2007
200.9
79.8
2006
293.4
89.3
2005
Industrial 
Office
Millions of SF

U.S. Property Markets:
Most Likely Outlook

CB Richard Ellis  |  Page 18
Commercial is Not Residential Real Estate
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
Recession
Single Family
Office
Industrial
Retail
Multi-Family
Rising vacancy without a
recession is a sign of
overbuilding
Source: CBRE Torto Wheaton Research
Vacancy Rates Indexed to Their Long-Term Averages

CB Richard Ellis  |  Page 19
Many Markets are Below the Long Term Average Vacancy
Source: CBRE Torto
Wheaton Research
Q4 2007 Office Vacancy as a % of Long Term Average
0%
20%
40%
60%
80%
100%
120%
Midtown Manhattan
Houston
Los Angeles
San Francisco
All Markets
Boston
Phoenix
Dallas
Chicago
Detroit

CB Richard Ellis  |  Page 20
Summary
While the global economy has slowed dramatically from 2006/07
rates, this is not and will not be a deep contraction in 2008. 
Hence, the impact on leasing fundamentals will be mild.
However, those property markets that reside in an economy
driven greatly by the housing boom, including Spain and Ireland,
will be more adversely affected.
Capital market froth in the commercial real estate market was
driven by cheap and plentiful debt.  Neither will be as cheap nor
as plentiful in the near future; thus capital market transactions
and pricing could reflect 2005 levels. 
The wide bid/ask spread will narrow quickly once we have price
discovery.