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Commercial Real Estate Investing

Cornish & Carey Predicting a Flat 2008

February 22, 2008

Tweet Cornish and Carey held its annual forecast in Santa Clara this week. Along the lines of what I’ve been writing about, they are predicting rental rates to be static for 2008 for office and R&D, and vacancy rates to remain in a similar state. The fact is that there is a large amount of […]

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NVIDIA Buying in Santa Clara?

February 15, 2008

Tweet NVIDIA is rumored to be buying San Tomas Business Park from Harvest Properties. The 10-Building project on San Tomas Expressway right across from NVIDIA’s campus was picked up by Harvest and BlackRock Realty in late 2005 for roughly $205 per square foot. The project encompasses 10 buildings of roughly 47K SF each spread across […]

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Not Even One Securitization Issuance Priced In January

February 12, 2008

Tweet NREI is reporting that in January, not a single CMBS was priced in a one-month period. This is the first time in the 20-years since CMBS product was introduced that this has happened. Also telling is that despite this lack of activity, some $37B in securitizations remain in the pipeline. In the face of this prices […]

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SEC Publishes Proposal to Allow Commercial Real Estate Brokers to Sell TIC Interests

January 18, 2008

Tweet In the past few years there has been a surge of TIC investments, particularly in the NNN leased investment market. There has been a lot of uncertainty in the area of TIC investments with regard to what commercial real estate brokers can and cannot broker. On November 13, the SEC published a proposed rule governing […]

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S&P’s First Week Performance Worrisome

January 4, 2008

Tweet If the performance of the S&P Index during the first week of January is right again this year, the markets and the economy may be facing a bumpy ride ahead. Below is the performance of the S&P 500 index over the last ten years; and 2008 has had the worst showing in a decade. […]

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MIT’s Transaction Based Index Marks First Drop Since Q3 ’03

November 18, 2007

Tweet MIT’s Center for Commercial Real Estate publishes a quarterly report tracking the performance of commercial property investments. The data is derived from sales information provided by the National Council of Real Estate Investment Fiduciaries (NCREIF). The third quarter of 2007 saw a 2.5% negative capital return for the properties sold in the NCREIF database. […]

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Lower Interest Rates Should Provide a Short-Term Boost to US REITs

September 21, 2007

Tweet The 50-basis point decrease in interest rates by the Federal Reserve should provide a short-term catalyst for REIT shares to move higher and commercial real estate activity to resume. The rate decrease makes the dividend paying shares of REITs more attractive for the time being. The risk is that it will take some time for […]

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European Commercial Market Down But Opportunity Remains

September 21, 2007

Tweet The US subprime mortgage crisis, softening demand for housing, and more attractive prices for US REITs didn’t take long to affect REITs in Europe. The Wall Street Journal reports that European commercial real estate share prices dropped by 11% in the second quarter. During this time the cost of credit swaps increased 63 basis points […]

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Kentucky “Turf State” Law Ruling A Win For Property Owners

September 16, 2007

Tweet In a market where the internet has increased the ease with which investor’s can locate, educate themselves, and invest in commercial real estate far outside their immediate area, it seems only appropriate that a U.S. district court judge has ruled in favor of the plaintiffs to declare Turf State laws invalid. Turf State laws […]

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Bloomberg Article Points to 15% Drop in Commercial Prices

September 5, 2007

Tweet A Bloomberg article today predicted a 15% drop in commercial real estate prices as a result of the increased costs of debt. The article cites the delayed Archstone-Smith transaction and the failed Mission West transaction as evidence that deals are beginning to fall apart. Of course this is true and a lot of money […]

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