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Far From Being Out of The Woods

September 13, 2009

Tweet There are many conflicted views on the state of the economic recovery and the health of the banking system. Joseph Stiglitz, the former chief economist of the World Bank, has come out with some comments that indicate that the banking system is now in bigger trouble than it was the pre-Lehman Brothers collapse. On […]

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Roubini’s RGE Monitor on Real Estate

May 27, 2009

Tweet RGE Monitor has an article out on the State of Real Estate Around the World. It’s a bit of a long read, but highlights are below on the commercial side of things in the USA: Commercial vacancy rates are on the rise in almost all major centers in Europe and North America and net […]

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London Update: Rents to 1991 Levels; Vacancy Expected to 19%

May 14, 2009

Tweet Bloomberg has an article out discussing expectations that rents shortly will be on par with 1991 levels, while vacancy numbers approach 20%. The city of London seems to differ somewhat from our local market in that they seem to be dealing with a fairly severe supply problem, whereas San Francisco and Silicon Valley have […]

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$2B London Loan On Deck; Default Likely

April 6, 2009

Tweet A $2B loan against nine London properties comes due in October, and it is likely that the borrower as the deal is competing with $70B of competing loans which need to be refinanced through 2010 in the UK.  An amazing note on this deal is that, Only 12 banks are prepared to lend more […]

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United States vs. The World In Charts

April 3, 2009

Tweet The Bureau of Labor Statistics has released its “Chartbook of International Labor Comparisons” with updated data to March 2009. The PDF file contains helpful data on how the United States stacks up with other countries with respect to its labor force. The release is full of interesting data, charts (hence, chartbook), and comparisons. Check […]

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Canary Wharf Owner’s Teetering on Default

March 26, 2009

Tweet Bloomberg is reporting that Songbird, the company created in 2004 to acquire London’s Canary Wharf, is getting close to violating its debt covenants. Songbird owns about half of Canary Wharf, the 97 acre area along the Thames River that is home to many financial institutions in London. According to the article, Songbird is currently […]

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China Calling For New Reserve Currency

March 23, 2009

Tweet China today called for the replacement of the US Dollar as a reserve currency. The response is natural as the largest holder of US debt is facing the prospect of the United States spending its way out of recession, and using printing presses to do it. This proposal comes on the heels of another […]

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London Comp Shows 46% 2-Year Decline; Santa Clara Parallel

March 20, 2009

Tweet A WSJ article from a few days ago discussed briefly the resale of an office building in London. New Star UK Property Unit Trust sold its Governors House office building for £70 million to GLL, an asset it acquired two-years ago (July 2007) for £124 million, representing a roughly 46% drop in the asset’s […]

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Nailed: Italian Developer About To Lose Its Shirt

March 18, 2009

Tweet Bloomberg has a great article bringing together everything that has happened to Risanamento SpA. Back in 2000, the developer sought to create a huge expanse of offices, hotels, flats, and shops just outside the city of Milan. The company acquired a 300-acre piece of land, and began construction several years ago on the Santo […]

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Japan’s Economy Shrinks by Annualized Rate of 12.7%

February 16, 2009

Tweet In what is the steepest drop in 1974 for Japan, the economy their retreated by an annualized rate of 12.7%. This is the third straight quarter that GDP fell in the country as exports continued to plunge. In addition consumer confidence is at the lowest level in 26 years, and unemployment jumped by the […]

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