This is a crude way of animating the progression of the U.S. commercial real estate cycle. Data source: Glenn R. Mueller, Ph.D. of Dividend Capital Research. Put into flipbook format by www.GetREFM.com

1. The Real Estate Cycle In “Flipbook” Format

2. The Real Estate Cycle – U.S. Commercial, 1Q2009

3. The Real Estate Cycle – U.S. Commercial, 2Q2009

4. The Real Estate Cycle – U.S. Commercial, 3Q2009

5. The Real Estate Cycle – U.S. Commercial, 4Q2009

6. The Real Estate Cycle – U.S. Commercial, 1Q2010

7. The Real Estate Cycle – U.S. Commercial, 2Q2010

8. The Real Estate Cycle – U.S. Commercial, 3Q2010

9. The Real Estate Cycle – U.S. Commercial, 4Q2010

10. The Real Estate Cycle – U.S. Commercial, 1Q2011

11. The Real Estate Cycle – U.S. Commercial, Summary