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Debt Capital Remains Available Despite Market Changes: Despite rising interest rates and increasing spreads, debt capital remains available and in demand for commercial real estate. While institutional lending was up significantly as of second quarter 1999 and all institutional lenders have been active, some interesting changes in
Get Ready for the Euro: With the implementation of the Economic and Monetary Union (EMU) on January 1, 1999, Europe will enter a new monetary era, when the currencies of 11 European nations permanently will be pegged to the new euro. The charter nations are
Developers Add Condominiums to Hotels to Increase Profits: Stymied by the increasing costs of building stand alone luxury hotels, developers have turned to condominium hotels to allocate costs to a wider revenue base while creating another profit center. Hotel operators can charge premium prices for the condominium units
Georgia Real Estate on My Mind: For commercial real estate in Georgia the theme has been growth, though concerns about overbuilding remain for the state’s capital and largest city, Atlanta, an economic hub of the Southeast. Brokers are guardedly optimistic about the prospects of various property
International Beat(6): “By 2050, 19 of the 30 largest economies will be from the emerging world. … The rise in income per capita in the emerging world will dwarf that of the U.S.” The World in 2050, a report by HSBC Global
Foreign Investment Tide Shifts: As Asian investors continue to divest of U.S. real estate, Canadian and European interests quietly have increased their U.S. holdings, gradually offsetting the sharp decline in Asian investment. According to the Labor Department’s Bureau of Economic Analysis, direct foreign investment
The Internet Rewrites the Rules for Brokers: Clearly, the Internet has changed how commercial real estate is leased and sold. Web sites in use that are run by commercial real estate professionals range from those that provide simple information to sites that assist buyers and sellers or
International Beat(16): Markets to Watch Shanghai, China — Normally a thriving office market, Shanghai office demand slowed in 3Q08 due to the global economic slump. With vacancies reaching 9.8 percent, prime rental rates stayed flat at 9.9 renminbi ($1.44) per square meters
International Beat(1): Germany&rsquo s Big Deal The Sun Ship, a five story mixed use building in Freiburg, Germany, is the world&rsquo s first commercial structure that creates more energy than it uses. The building was designed and built by solar architect Rolf
International Beat(7): New York’s Big DealSpanish clothing retailer Zara paid $324 million for the former NBA stores at 666 Fifth Avenue in New York, which will become its North American flagship store. At $8,300 psf, a record even at New York prices,
International Beat(9): Mexico's Big DealHSBC sold 90 bank branches and regional offices in Mexico to eight local investors in a $90 million sale leaseback deal, according to Jones Lang LaSalle, which assisted with the transaction. More than 100 foreign and local investors
Hawaii's Real Estate Markets Thrive Despite Slow Tourism: Geographically and culturally situated between the United States and Asia, Hawaii offers residents and tourists diverse natural attractions, recreational activities, and an agreeable climate. However, “contrary to mainland impressions, tourism makes up less than 30 percent of the state gross
Institutional Investors Rethink Their Real Estate Holdings: Pension funds and life insurance companies traditionally have been long term real estate investors. However, recent market changes have made these institutional investors rethink how these assets fit into their portfolios. Real estate historically has appealed to these investors because
International Beat(14): Markets To WatchSydney, Australia — Industrial developers found 4Q08 difficult due to a lack of financing and a slowdown in tenant demand, according to Cushman & Wakefield. But despite very little rent growth, Sydney’s submarkets experienced several sales. A vacant
Investors Flock to Washington, D.C., Commercial Real Estate Markets: While the rest of the country copes with job losses, an uncertain economy, and diminished corporate spending, the Washington, D.C., metropolitan area remains strong because of increased government spending. In fact, the government added nearly 50,000 office jobs in the
International Beat(3): Poland’s Big Deal Horizon Plaza office complex in Warsaw sold for around $136 million, as Poland’s property market heats up. Total property investment volumes are up 50 percent, on track to reach €2 billion by year end. The office sector
International Beat(5): “ China and India are starting small and carefully, identifying partners they can trust. Long term relationships will flow from that process. We are already seeing this with the space needs of Chinese banks in Western financial centers.” — Colin
International Beat(2): Brazil's Big Deal U.S. developer Tishman Speyer already has leased half of the first phase office space in the Castelo Branco Office Park, a six tower, 27 acre development in suburban Sao Paulo. BRICs Lead the Way The BRICs &mdash
International Beat(11): MARKETS TO WATCH Warsaw &mdash As Poland&rsquo s most affluent city and largest retail market, Warsaw has some of the lowest retail vacancy rates in Europe. The city&rsquo s large shopping centers average between 0 percent and 3 percent vacancy.
International Beat(13): CANADA Toronto Office Nears Completion At far right, Bay Adelaide Centre West, a 1.2 million sf office tower in Toronto&rsquo s financial district, is the first major CBD development in 17 years. Designed by WZMH Partners, the 51 story Leadership
Job Growth Heats Up Arizona Outlook: Arizona has become a preferred destination for businesses as several recently have relocated to the state. “The Phoenix metro area — and the state in general — is attracting new significantly sized employers,” says Steven Nagy, CCIM, of Nagy Property
Life Insurance Companies Reposition to Increase Market Share: Over the past five years, life insurance companies have lost ground in both the equity and debt commercial real estate markets. Competition from commercial mortgage backed securities has slowed life companies' mortgage originations, and because real estate investment trusts dramatically
Lessons Learned: What has the commercial real estate market taught us in the past three years? Humility in many cases, and perhaps balance, as market participants measure the pain of a 40 percent loss in value against more intangible items, such as
International Beat(4): Australia’s Big Deal The Indigenous Land Corp. purchased the Ayers Rock Resort for US $300 million from GPT Group in one of Australia’s largest single asset transactions. The resort is the country’s biggest hospitality asset, comprising six hotels, a lodge,
Lifestyle Centers Capitalize on Shoppers' Need for Speed: Despite the economy negatively affecting retailers' sales, the retail real estate market's overall tone is positive. While activity varies by location, investors demonstrate continued interest in retail properties nationwide. As always, tenant mix is critically important Owners of centers with