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1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION September-October

2

3 3 ARES September-October 2007 ARES REPORT ARES REPORT

4 4 ARES September-October 2007 ARES REPORT

5 ARES REPORT ARES September-October

6 6 ARES September-October 2007 ARES REPORT

7 ARES REPORT ARES REPORT ARES September-October

8 ARES REPORT 8 ARES September-October 2007

9 9 ARES September-October 2007 ARES REPORT

10 ARES REPORT 10 ARES September-October 2007

11 ARES REPORT ARES September-October

12 ARES REPORT 12 ARES September-October 2007

13 ARES REPORT ARES September-October

14 ARES REPORT 14 ARES September-October 2007

15 ARES REPORT ARES September-October

16 ARES REPORT ARES REPORT 16 ARES September-October 2007

17 17 ARES September-October 2007 ARES REPORT

18 ARES REPORT 18 ARES September-October 2007

19 ARES REPORT ARES September-October

20 ARES REPORT 20 ARES September-October 2007

21 ARES REPORT ARES REPORT ARES September-October

22 22 ARES September-October 2007 ARES REPORT

23 ARES REPORT ARES September-October

24 ARES REPORT 24 ARES September-October 2007

25 ARES REPORT ARES September-October

26 ARES REPORT 26 ARES September-October 2007

27 ARES REPORT ARES September-October

28 28 ARES September-October 2007 ARES REPORT

29 ARES REPORT ARES REPORT ARES September-October

30 ARES REPORT 30 ARES September-October 2007

31 31 ARES September-October 2007 ARES REPORT

32 32 ARES September-October 2007

33 33 ARES September-October 2007

34 34 ARES September-October 2007

35 ARES September-October

36 36 ARES September-October 2007

37 ARES September-October

38 38 ARES September-October 2007

39 Vol September-October

40 40 September-October 2007

41 41 September-October 2007

42 42 September-October 2007

43 43 September-October 2007

44 44 September-October 2007

45 45 September-October 2007

46 46 September-October 2007

47 47 September-October 2007

48 48 September-October 2007

49 49 September-October 2007

50 50 September-October 2007

51 September-October

52 52 September-October 2007

53 53 September-October 2007

54 54 September-October 2007

55 55 September-October 2007

56 56 September-October 2007

57 57 September-October 2007

58 58 September-October 2007

59 59 September-October 2007

60 60 September-October 2007

61 61 September-October 2007

62 62 September-October 2007

63 63 September-October 2007

64 64 September-October 2007

65 65 September-October 2007

66 66 September-October 2007

67 67 September-October 2007

68 68 September-October 2007

69 69 September-October 2007

70 70 September-October 2007

71 September-October

72 72 September-October 2007

73 73 September-October 2007

74 74 September-October 2007

75 September-October

76 76 September-October 2007

77 September-October

78 78 September-October 2007

79 September-October

80 80 September-October 2007

81 81 September-October 2007

82 82 September-October 2007

83 83 September-October 2007

84 84 September-October 2007 London West End London City Madrid Paris Barcelona Munich, Hamburg Brussels Frankfurt, Dusseldorf Milan Amsterdam Rental Growth Slowing Rents Falling Rental Growth Accelerating Rents Bottoming Out Berlin

85 85 September-October 2007

86 86 September-October 2007

87 87 September-October 2007

88 88 September-October 2007

89 September-October

90 90 September-October 2007

91 91 September-October 2007

92 92 September-October 2007

93 93 September-October 2007

94 94 September-October 2007

95 95 September-October 2007

96 96 September-October 2007

97 September-October

98 98 September-October 2007

99 99 September-October 2007

100 100 September-October 2007

101 September-October

102 102 September-October 2007

103 September-October

104 104 September-October 2007

105 September-October

106 106 September-October 2007

107 September-October

108 108 September-October 2007

109 September-October

110 110 September-October 2007

111 September-October

112 112 September-October 2007

113 September-October

114 114 September-October 2007

115 September-October

116 116 September-October 2007

117 September-October

118 118 September-October 2007

119 September-October

120

35...\1-4

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39...\1-4

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