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Unemployment and Deflation

October 2, 2009

Tweet A flurry of economic data was released this week. Contrary to the recovery that many are talking about, the data is heading in the opposite direction for the most part. We’re seeing some signs of stabilization in some numbers, and actual rebounds in others. Long story short though, no rebound is yet consistent enough […]

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Commercial Maturities Update from First American CoreLogic

October 1, 2009

Tweet First American CoreLogic is out with its monthly report on commercial mortgage maturities, and the numbers speak directly to the shortfall between maturities and availability of debt. According to the report: More than 77% of August maturities are located in the South and West Regions Over the course of this year, more than $164 […]

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Goldman Revises CRE Loss Estimates

September 30, 2009

Tweet Goldman Sachs has revised its expectations for CRE losses, and is concerned about exposure of banks and insurers with lots of CRE assets on their books. The Bank of Americas, Wells Fargos, and JP Morgans of the world are generally considered to be “too big to fail”, but community and regional banks holding a […]

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Q3 Manhattan Rents Drop 5%

September 30, 2009

Tweet A 5.2% drop this last quarter (to an avg of $51), combined with the previous three puts the year-over-year drop in Manhattan rents at some 27%, according to Studley. The amount of available sublease space is over 17 million square feet, with overall vacancy at 13.2%. The total office market in Manhattan is roughly […]

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Deflation Fears Emerge

September 29, 2009

Tweet One of our recent posts discussed housing tax credits and the potential for them to cause deflation. Bill Gross of PIMCO, one of the most well known bond investors is now increasing his position in longer-term government debt, namely 5 and 10 year treasuries, as a hedge against deflation. The loser in his fund […]

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Tax Credits and The Law of Unintended Consequences

September 29, 2009

Tweet Calculated Risk has a great post on how tax credits designed to move the housing market are leading to additional pressure on banks, holders of CMBS, owners, and ultimately taxpayers. The rental vacancy rate for housing in this country is already at some 10.6% as of the second quarter, 2009. The tax credits are […]

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Britannia R&D Park Picked Up for $38 PSF

September 29, 2009

Tweet Asilomar has picked up the 195,000 square feet R&D park in Fremont (49000-49090 Milmont Drive) formerly known as Britannia R&D Center. UBS sold the property to Asilomar for roughly $7.5M. The park is now known as Dixon Landing Research Park. UBS had been marketing the asset for quite some time. They had been seeking […]

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YoY Local Transaction Volumes

September 28, 2009

Tweet The Business Journal handed out awards for local brokerages for the year ending July 2009. Colliers’ three local offices was the runner-up in the the Silicon Valley Business Journal’s award for Commercial Brokerage of the Year. This year’s deal volume came in at 925 transactions at a value of $711 million. The previous year, […]

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Downturn Hits GE’s CRE Unit

September 26, 2009

Tweet Newsweek has a quick article on GE’s commercial real estate unit. GE has historically been one of the most conservative players in commercial real estate. In fact, the article hits on this when it points out that 95% of GE’s mortgages are in the first position. Still, the massive fall in prices and deal […]

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Prudential on Life After Debt and The Funding Gap

September 25, 2009

Tweet At the NAIOP Capital Markets event last week, one of theĀ overridingĀ themes was the shortfall in debt markets that would occur in the absence of a meaningful recovery of the CMBS market. The CMBS markets will eventually return, but it will be a much-tamed reincarnation of itself – and even then there will be a […]

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