11. Answer your friend who claims that (a) Commercial real estate effects (CRE) across major cities of the pandemie were identical financially (also in segments) since the virus has been spread globally ((Table 1, Table 2 and Table 3): Table 1: 2020:22 Table 2: 2020:02 Table 3: Commercial (Quarter Commercial (Quarter Global Net Operating Income Real Estate Change) Real Estate Change) Growth Rate Price Growth Retail Price (%. Six-Month Growth Rate) Growth Cities Segments Dec June 2008 2020 London -123 London -3.7 Hotel -18 -38 Rome 1.48 Milan 0.1 Retail -17 -20 Cape Town -2.09 Cape Town Office -11 Paris 1.59 Paris 02 Industrial -10 1 Winnipeg -5.49 Winnipeg All -14 0 - -3 New York Tokyo Victoria -1.00 0.63 4.38 Manchester Osaka Minneapolis -7.5 -0.1 -9.8 b) containment measures (1) and city-specific factors (2) prove to have minor effects on commercial real estate prices globally: c) the pandemic effects on cross-border investments in emerging market economies are the same for all countries (Table 4). d) pre-covid foreign financing has not been a factor in commercial real estate developments after the pandemic globally. (Table 5). Table 4: Annual Cumulative Office Retail Industrial Cross-Border Growth Volume Investments in Rate in Cross- Emerging 2020 Border (%) Investments Economies: in 2018-2020 of Market (Billions S) China Poland India -10 -20 -55 China Poland India 15 7 4 7 2 0.1 4 3 2 Growth in CRE Investments 2020 (Annual Change) Table 5: Cross Border Share of Investments in 2018-19 Argentina Hungary China India Ukraine Russia Chile 100 50 40 77 0 37 64 Argentina Hungary China India Ukraine Russia Chile -100 -50 -20 48 60 0 -100 11. Answer your friend who claims that (a) Commercial real estate effects (CRE) across major cities of the pandemie were identical financially (also in segments) since the virus has been spread globally ((Table 1, Table 2 and Table 3): Table 1: 2020:22 Table 2: 2020:02 Table 3: Commercial (Quarter Commercial (Quarter Global Net Operating Income Real Estate Change) Real Estate Change) Growth Rate Price Growth Retail Price (%. Six-Month Growth Rate) Growth Cities Segments Dec June 2008 2020 London -123 London -3.7 Hotel -18 -38 Rome 1.48 Milan 0.1 Retail -17 -20 Cape Town -2.09 Cape Town Office -11 Paris 1.59 Paris 02 Industrial -10 1 Winnipeg -5.49 Winnipeg All -14 0 - -3 New York Tokyo Victoria -1.00 0.63 4.38 Manchester Osaka Minneapolis -7.5 -0.1 -9.8 b) containment measures (1) and city-specific factors (2) prove to have minor effects on commercial real estate prices globally: c) the pandemic effects on cross-border investments in emerging market economies are the same for all countries (Table 4). d) pre-covid foreign financing has not been a factor in commercial real estate developments after the pandemic globally. (Table 5). Table 4: Annual Cumulative Office Retail Industrial Cross-Border Growth Volume Investments in Rate in Cross- Emerging 2020 Border (%) Investments Economies: in 2018-2020 of Market (Billions S) China Poland India -10 -20 -55 China Poland India 15 7 4 7 2 0.1 4 3 2 Growth in CRE Investments 2020 (Annual Change) Table 5: Cross Border Share of Investments in 2018-19 Argentina Hungary China India Ukraine Russia Chile 100 50 40 77 0 37 64 Argentina Hungary China India Ukraine Russia Chile -100 -50 -20 48 60 0 -100