May 29, 2009 - Metro Denver CRE Dip for Q1
Another LoopNet report shows that commercial real estate sales in Denver have dropped again for the first quarter in 2009, analyzing data gathered on deals over $2.5 million. The data included information on retail, industry, office and apartment properties, and reflected zero office sales of more than $2.5 million, compared to the $380 million reported [...]
May 28, 2009 - Delinquencies and Foreclosures Continue to Climb
According the MBA’s National Delinquency Survey, the delinquency rate for mortgage loans was 8.22% on a non-seasonally adjusted basis, down 41 basis points from 8.63% in the fourth quarter of 2008. Delinquency rates always decline in the first quarter of the year due to a variety of seasonal factors; after accounting for these factors, [...]
May 27, 2009 - Commercial Real Estate Market Participants See Recovery Beginning In 2010
LoopNet, the largest commercial real estate listing service online, conducted a survey of more than 1,500 members asking when they expected commercial real estate sale market to bounce back. The respondents, including commercial real estate investors, brokers, and owners, logged their thoughts from May 7 to May 21 and only 33% expect Commercial Real Estate [...]
May 26, 2009 - Sublets on the Rise in Midtown Manhattan
Three out of every four office towers in New York’s Midtown Manhattan now have sublet space available, according to a New York Times article. Colliers ABR, a CRE services company, reports that sublets now account for roughly 40% of the space available in Midtown, a measured increase from the 30% available in a smaller market [...]
May 25, 2009 - Hampshire Companies Nabs Siemens Office
The Hampshire Companies has purchased a 98,459-square-foot four-story office building located at 186 Wood Avenue in Iselin, New Jersey from Siemens Corporation, according to a crefeed.com article. The Hampshire Companies plan to redevelop the site, taking the existing building down to the steel and completely renovating it, while also adding a new second building. [...]
May 21, 2009 - CBRE Duke Joint Venture Buys $41M Portfolio
A joint venture between CB Richard Ellis Realty Trust and Duke Realty Corp. acquired three fully-leased office buildings in Orlando and Houston for $41 million. Prior to the transaction, Duke owned the newly constructed portfolio, totaling nearly 327,000 square feet. In Texas, the venture acquired the 89,750-square-foot office building at 22535 Colonial Parkway [...]
May 20, 2009 - Banks Worry About Next Wave of Loan Defaults
Blumberg estimates that $236 billion in commercial real estate loans that were turned into securities will need to be refinanced in [the 2010-2013] period and that $67 billion of that amount will be lost. “We are on the brink of one of the worst commercial real estate financing markets ever,” he said.
May 19, 2009 - Blumberg and Maguire See Nothing but Gloom Ahead for Commercial Real Estate Markets
Despite some recent highly publicized signs of economic improvement, two of the savviest commercial real estate strategists in the U.S. today see nothing but gloom ahead for the commercial real estate markets.
May 18, 2009 - Small Banks Face CRE Losses
The Wall Street Journal conducted a survey of 940 lenders finding that CRE loans could create losses in excess of $100 billion for the industry by the end of the year. The Journal collected data from each of the banks’ Federal Reserve findings to assess their health, applying the loan-loss criteria used in the federal [...]
May 15, 2009 - Hawaii Asks for Office Rent Reduction
The State of Hawaii is asking its landlords to consider lowering their rents after the Department of Accounting and General Services, responsible for negotiating leases, cut their budget for leases by $1.36 million in the upcoming fiscal year. “We’re sending letters to landlords explaining the situation that we’re in, asking them if they’re willing to [...]
