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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
The Economy Rains on Washington's Real Estate Markets: Washington's economy, and that of Seattle in particular, has suffered some major blows in the past few years, including Boeing's decision to relocate its corporate headquarters to Chicago and the high technology sector's softening. Although the company still maintains manufacturing
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
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
Land of Lincoln Is Looking Good: Due to its “robust economic development activity from Chicagoland to the juncture of the Ohio and Mississippi Rivers,” Illinois was named the top state for business development in 2001 by Site Selection magazine. The state ranked first in three criteria
Brokers Predict Continued Multifamily and Industrial Investment: An experienced investment broker's perspective may be the most accurate and reliable measure of market trends that is available today. Of all the parties involved in investment transactions, only brokers have the broad perspective derived from multiple direct experiences and
Active Real Estate Market Warms Up Minnesota: Minnesota’s economic growth recently has faced a labor shortage and high property taxes. “We will continue to be among the strongest performing states in the Midwest,” says Keith Collins, CCIM, of CB Richard Ellis in Minneapolis. “However, because of the
Companies Focus on Real Estate Strategies for the New Economy: As new e businesses emerge and existing companies reinvent themselves by converting current operations to adapt to the new economy, their real estate strategies increasingly focus on off balance sheet alternatives. Many companies seek to alleviate earnings pressures, improve net
Cajun Country Puts Spice in Markets: Down south in Louisiana, "Our economy is basically tied to the oil industry," explains Gary P. Tilley, CCIM, of Stirling Properties, Inc., in Covington, Louisiana. While others contend that the economy has become more diversified and note the impact of
Consider Market Cycles When Reassessing Portfolio Strategies: The recent economic slowdown, while unevenly affecting various U.S. regions, has led to a diminished gross domestic product, corporate restructuring, and a loss in wealth due to the stock market's decline. These changes have pushed the commercial real estate market
Chicago a Sweet Home to Many Real Estate Markets: Chicago is a commercial real estate kind of town. Home to just under eight million people, the Windy City’s metropolitan area has seen myriad activity lately in all of its major property types. "The Chicago area economy is strong due
CMBS Market Turmoil Opens Door for Commercial Banks: Tumultuous world financial markets sent the commercial mortgage backed securities market into a tailspin in September and October 1998. Spreads for AAA rated CMBS to 10 year Treasuries spiked to 200 basis points in October from less than 100 basis
Calculating the Overbuilding Equation: During the dismal first half of the 1990s, new commercial real estate development ground to a halt. Construction was absent from the industry for so many years that developers began to think of themselves as property managers. But mid decade,
Commercial Property Demand Grows in the Garden State: More commonly known for industry rather than agriculture, New Jersey possesses an enigmatic nickname the Garden State. In fact, when the state's General Assembly introduced legislation to imprint the nickname on automobile license plates in 1954, Gov. Robert B. Meyner
Congress Revisits the Issue of Banks Selling and Managing Real Estate: In December 2001, the U.S. Congress introduced the Community Choice in Real Estate Act, which would prohibit banks and financial companies from engaging in real estate brokerage and property management. A coalition of real estate organizations, including the National Association
Commercial Real Estate Markets Tackle Unique Challenges: The United States is facing many challenges as we enter 2002. The Federal Reserve Board cut interest rates dramatically throughout 2001, and a previously wobbly economy has plunged into a recession. On the political front, fear and uncertainty present unique
China Offers Opportunities Despite International Incidents: Behind the Great Wall of China, growing opportunity exists for commercial real estate investors and developers willing to take a risk on untapped markets. U.S. Sino relations have been strained this year, due to disputes over the crippled U.S. Navy
Cities Provide Incentives to Increase Urban Multifamily Development: Nationwide, multifamily real estate is mired in a cyclical downturn, as many markets struggle with rising vacancies and declining rents. Most developers have scaled back building plans, and development activity in early 2003 increased in only a handful of metropolitan
Colorado Real Estate Rocks: Just east of the rugged Rocky Mountains lies the capital of Colorado, Denver, and the state's other major cities — Colorado Springs, Boulder, and Fort Collins — which were born during the gold rush of the mid 1800s. Although the
Central Florida Real Estate Is a Magic Kingdom: Welcoming about 35,000 new residents a year, central Florida is booming with activity. “Central Florida's economy is thriving,” says Thomas R. Jones, CCIM, of Edward T. Byrd & Co. Commercial Mortgage Bankers in Orlando. “Companies are hiring, and finding good
The Empire State Builds on Strong Tourism Foundation: Rocked by the terrorist attacks on its namesake city last September, New York state since has struggled economically. Commercial real estate markets, especially the office sector, have experienced soaring vacancies and plunging lease rates. Yet, as most markets already have
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
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
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(12): Markets to Watch London &mdash &ldquo London repriced very sharply,&rdquo says Tony McGough, global head of forecasting at DTZ in London. &ldquo So much of the bad news is out of the way and rents dropped so much that even