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| Cross-correlations of Annual Rental Growth (1993–2003) |
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| Chicago | Los Angeles |
New York |
Washington | Toronto | Amsterdam | Frankfurt | London | Madrid | Paris | Hong Kong | Shanghai | Sydney | Tokyo | |
| Chicago | 1.00 | |||||||||||||
| Los Angeles | 0.59 | 1.00 | ||||||||||||
| New York | 0.68 | 0.52 | 1.00 | |||||||||||
| Washington | 0.31 | 0.45 | 0.77 | 1.00 | ||||||||||
| Toronto | -0.40 | -0.17 | -0.48 | -0.21 | 1.00 | |||||||||
| Amsterdam | 0.47 | 0.60 | 0.70 | 0.47 | -0.49 | 1.00 | ||||||||
| Frankfurt | 0.07 | 0.57 | 0.42 | 0.44 | 0.04 | 0.69 | 1.00 | |||||||
| London | 0.62 | 0.33 | 0.76 | 0.62 | -0.38 | 0.53 | 0.50 | 1.00 | ||||||
| Madrid | 0.48 | 0.69 | 0.66 | 0.40 | -0.34 | 0.65 | 0.74 | 0.61 | 1.00 | |||||
| Paris | 0.28 | 0.52 | 0.61 | 0.44 | -0.16 | 0.41 | 0.67 | 0.53 | 0.93 | 1.00 | ||||
| Hong Kong | 0.15 | -0.34 | -0.02 | 0.04 | 0.48 | -0.25 | 0.11 | 0.35 | -0.27 | 0.18 | 1.00 | |||
| Shanghai | -0.33 | -0.40 | -0.26 | 0.05 | 0.67 | -0.52 | 0.05 | 0.09 | -0.13 | 0.13 | 0.63 | 1.00 | ||
| Sydney | 0.84 | 0.33 | 0.70 | 0.32 | -0.66 | 0.55 | 0.09 | 0.71 | 0.54 | 0.35 | 0.06 | -0.29 | 1.00 | |
| Tokyo | -0.03 | 0.48 | 0.23 | 0.07 | 0.21 | 0.43 | 0.65 | 0.14 | 0.63 | 0.59 | -0.48 | -0.36 | -0.07 | 1.00 |
| Sources: Property & Portfolio Reseach and Property Market Analysis LLP | ||||||||||||||
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