Distressed Debt and Asset Update: Who Will Fill The Equity Hole?
Both debt and equity will be required to refinance distressed debt and assets in this chaotic environment. New debt has become available from life companies, CMBS lenders and money-center banks, and significant equity is sitting on the sidelines waiting for the ?right? opportunity. By Steven Bandolik and Michael Isroff.
Economist?s View: Free Markets Know Best (Or At Least Better)
The Fed and the Obama Administration (like the Bush Administration before it) are making the fatal mistake of believing that they know better than the millions of disparate decision-makers that comprise markets. This is a common conceit among government officials and academics. By Dr. Peter Linneman.
Feature: Family-Run CBL Thrives Under Stephen Lebovitz
As a real estate expert and Harvard Business School management professor, Arthur Segel is in demand around the world as a guest lecturer. But since he took over the reins of CBL & Associates three years ago, he?s also shepherded the company through the aftermath of a difficult recession. By Paul Rosta.
Finance & Investment: Building Up the B Piece
If the industry is hoping for a return to CMBS strength, it will have to wait. The CMBS market?s recovery is dependent on a small, sophisticated and well-capitalized group of highly specialized risk takers: the buyers of the most subordinated, first-loss classes of CMBS securities. But deterrents remain to both new investment in these classes of CMBS and increased participation from existing players. By Keat Foong.
Law & Policy: Should Insolvency Be Cause for Recourse?
Historically, courts have strictly enforced nonrecourse carveout guaranties. If the guaranty states that the guarantor shall be liable for a certain event, then the courts have not looked beyond the contract or analyzed the intent of the parties; the four corners of the contract have prevailed. Two recent decisions in Michigan take this approach to a new level. By Michael Hamilton.
Leadership & Learning: Learning Curve:? New Tools & Techniques Emerge in Graduate Programs
Like other aspects of the real estate industry, graduate studies are coming out of the economic doldrums with a new look. Program officials report expanding enrollment, innovative technology and an uptick in international students. By Paul Rosta.
Market View: Retail Competition Heats Up
The demographics and consumer psyches of America continue to evolve, which will have a significant impact on the single-tenant retail real estate sector. Retail?s traditional dynamics are fluctuating, and the lines that separate extreme-value stores, drugstores and big-box stores are becoming less evident. By Bill Rose.
News Trend: M&A Activity Spurred by Economic Climate
The recent economic upswing, muted as it may be, is still spurring growth around the industry. And the growth is not limited to property buys and portfolio additions; large companies are taking a more significant step by actively acquiring their smaller brethren. By Nicholas Ziegler.
Property Management: Mission Critical: High-Tech Spaces Present Special Management Challenges
If day-to-day property management in an office, retail or multi-family setting feels like you are leading the troops in battle, then managing a high-tech property is more like commanding a NASA mission. The combination of stringent client expectations, critical business processes, high-energy demands and ongoing technological change creates exacting?almost unforgiving? environments. By Scott Baltic.
Special Report: Golden Opportunities: Are Older Shoppers Getting Enough Respect?
Marketers often focus on younger adult consumers due to sheer strength in number of consumers, but pound for pound, older consumer segments still hold the most spending power. Real estate, the retail sector in particular, would be well served by understanding the senior demographic. By Paul Rosta.
Sustainability: Fixing Faults: Detection and Diagnostic Systems Take Building Automation to the Next Level
The 21st century?s increasingly sophisticated building-automation and energy-management technologies have helped commercial property executives parlay better data into more efficient heating and cooling mechanisms. And new analytical tools are crunching that data to flush out HVAC equipment and control anomalies that waste energy?and in turn, of course, bottom-line dollars. By Brad Berton.
Technology: Connecting to the Cloud: Today?s Technology is Forcing Broadband Access to Make a Change
Change is the only constant in telecommunications, however, and it looks like the cloud is not only poised to change the way office space is used but also the paradigm of broadband access by commercial real estate. According to a recent study by technology research specialist IDC, nearly half of new IT spending will be for public cloud services by 2015. By Dees Stribling.
Visionary: Narrowing the Gap: David Smith Proposes New Affordable Housing Solutions
Affordable housing finance leader David Smith, chairman & founder of Recap Real Estate Advisors and founder of the global non-profit Affordable Housing Institute, spoke with CPE editorial director Suzann D. Silverman about current and potential initiatives to improve the nation?s affordable housing health.
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