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Tishman Speyer Office Fund Values Off 33.5% YoY; Renegotiates Debt

August 25, 2009

Tweet Tishman Speyer has reached an agreement with at least 51% of the debt backing an 18-office building portfolio to revise the loan terms to keep it from breaching covenants contained within the loans. Still, the revised terms leave little breathing room in a market where values are falling on a monthly basis. Layer on […]

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NAR August 2009 Commercial Real Estate Outlook

August 24, 2009

Tweet NAR has put out its August outlook for commercial real estate. Again, not much new here, but I post these because investment in real estate follows a bit of a herd mentality; so as long as the news is bad across the board, you can generally expect people to sit on the sidelines and […]

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August 2009 RREEF Property Cycle Monitor

August 24, 2009

Tweet RREEF has put out its August update of its Property Cycle Monitor. Full file embedded below, but key takeaways: Slower production and spending in the greater economy is negatively affecting the commercial real estate market. The institutional property market continues to correct and values are falling as fundamentals continue to deteriorate. Fundamentals are projected to worsen […]

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Manhattan Deal Volume Scarce; Cap Rates In The 7′s

August 18, 2009

Tweet In the first half of the year, there were three sales greater than $30M in Manhattan, representing 10% of what is normally transacted. The so-called capitalization rate, or a property’s net operating income divided by purchase price, may have risen to about 7 percent for stable, prime Manhattan office buildings, CB Richard Ellis said. […]

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Realpoint CMBS June Update – 2.275% Delinquency In May

June 24, 2009

Tweet The total balance of loans in Foreclosure and REO increased for the 19th straight month to $3.91 billion in May 2009 from $3.49 billion in April, despite ongoing liquidation activity. … In May 2009, retail loans became the greatest contributor to overall CMBS delinquency, at 0.73% of the CMBS universe and near 32% of […]

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Decline Continues in Moody’s/REAL Commercial Real Estate Index: April Down 8.6%

June 23, 2009

Tweet Moody’s/REAL CPPI measured a value decline of 8.6% in April as compared to March. This represents the single largest one-month decline in the history of the index. The index now stands 29.5% below the peak measured in October 2007. Moody’s/REAL is out with its April commercial real estate index numbers, and the decline continues. […]

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The Decline Continues: Q1 2009 NCREIF NPI Numbers Released

April 28, 2009

Tweet The first quarter numbers have been released by NCREIF (National Council of Real Estate Fiduciaries), and the first quarter saw a national decline of 7.33% in the NPI across all asset classes. The NPI Index is an index put out by NCREIF which covers over 6,000 properties. In their own words:   The NCREIF Property […]

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Operation Print Money Kicks Off Today

March 25, 2009

Tweet The Federal Reserve announced that it will be taking extraordinary measures to keep the system flush with capital, and today it will begin the first operation of a $300B campaign to buy Long Term treasuries. These efforts should drive yields down and loosen credit in the short term. A report in Bloomberg though indicates […]

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Capital Gains Tax Hikes Loom; Proposition 13 Tax At Risk

February 26, 2009

Tweet Obama’s budget, slated to take effect in fiscal year 2011, is expected to repeal old tax cuts and institute new ones in an effort to close the massive deficit. Part of his plans include taking the top tax bracket to 39.6% (from 35%), and also to raise taxes on capital gains and dividends to […]

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RREEF Marks Up 2008 Commercial Real Estate Outlook

January 27, 2009

Tweet RREEF has produced an interesting document by taking its 2008 Real Estate Investment Outlook and marking it up to reflect how the predictions fared. Not surprisingly, their 2008 predictions were too tame for the most part. We often see reports, read them, and then forget about them. It’s nice to see a research team […]

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