Commercial Real Estate Markets Begin Long, Slow Recovery – NAI Global Issues 2011 Global Market Report
Vacancy, Rental Rates Show Signs of Stabilizing in 2010 as Demand Returns
NAI Global Issues 2011 Global Market Report; 25th Annual Volume Provides Review/Forecast for 217 Commercial Property Markets Worldwide
The commercial real estate industry struggled through the start of 2010, but by year’s end there were signs that conditions worldwide had stabilized and were beginning to improve, according to the 25th annual Global Market Report released today by NAI Global.
After a prolonged, challenging period marked by frozen credit, sidelined investors, stalled development, rising vacancy rates and declining rental rates and property values almost anywhere you turned, improvement, albeit modest, is expected in just about every market sector and geography in 2011. More >
According to the Moody’s REAL Commercial Property Price Indices (CPPI), US commercial real estate prices have declined 42.7% since the market peaked in October 2007. However, in September the index posted the largest one month price increase in the index’s nine-year history, a 4.3% increase. Since bottoming out in the third quarter 2009, the index has generally flattened out with monthly volatility partly based on economic uncertainties and a lack of sales volume. The lack of sales volume is partly due to the lack of available mortgage funds. More >
NAI Global and Deloitte recently partnered on a web conference exploring the impact of the FASB 13 rule changes on the commercial real estate industry. How will corporations adapt and move forward as they are compelled to report all lease transactions on their financial statements? How will that change a broker’s approach to a lease agreement, renewal or extension? All these questions and more were discussed in an hour-long web conference exclusive to NAI Global, presented by Deloitte Financial Advisory Services.
You can tap into the web conference by clicking here.
Henry Goodfriend and Philip Silverstein of NAI Global New York City Arrange 15,219 SF 10-Year Lease on Behalf of GROHE America, Inc.
NAI Global New York City represented GROHE America Inc. in their leasing a full floor of 15,219 square feet at 160 Fifth Avenue. NAI’s Executive Vice President Henry Goodfriend and Managing Director Philip Silverstein represented GROHE America, Inc. in the 10-year lease. More >
The First Round of Quantitative Easing, or QE1, instituted by the Federal Reserve, covered a period from January 2009 to March 2010, and involved the purchase of approximately $1.4trillion of mortgage-backed securities (MBS) and Treasuries. This did not include the TARP stimulus package which amounted to another $2 trillion. Theoretically, these stimulus efforts staved off a collapse of the US economy, but this $3.7 trillion rescue package did little to repair the economy. It did have the visible impact of inflating stock prices, and reducing borrowing rates for homeowners and commercial property owners. More >
With a change in Congress taking place in the next few weeks, the “Bush” tax cuts expected to be reconfirmed and the President starting to move to the middle as he plans for re-election, business decision makers will be more optimistic. This is an ideal opportunity for brokers to motivate tenants to make long range commitments before rents start to escalate. More >
First Decade of the 21st Century had a Roaring Start and a Punishing Conclusion, Says NAI Global Chief Economist Dr. Peter Linneman
Despite a roaring start to the new millennium, the U.S. economy has little to show for the past 10 years. NAI Global Chief Economist Dr. Peter Linneman examines the key factors and trends that led the U.S. and global economy on a volatile roller coaster over the past decade, from a promising start to a punishing conclusion in a new white paper. More >
Firm Doubles Space at 415 Madison Avenue to House Growing NYC Brokerage, Global Services
NAI Global today announced it has doubled the size of its New York City operations and is expanding its lease at 415 Madison Avenue to accommodate its growing Manhattan base. Upon completion of the buildout, NAI Global New York City will occupy 14,000 square feet, taking over the entire 7th floor.
NAI Global announced today that Arthur Zuckerman has joined its New York City office as Senior Managing Director.
Zuckerman joins NAI Global New York City after nearly 30 years of brokerage with Helmsley-Spear. At NAI, Zuckerman will focus on office, multifamily and hotel brokerage.
Zuckerman managed 1,700 residential apartments and commercial properties for the late Harry Helmsley and Irving Schneider prior to launching his sales career. His first sale of five properties in Lower Manhattan was to the late William Gottlieb. Some of his subsequent sales include the Scott Hotel, Roger Williams Hotel (Leasehold), Blackstone Hotel, Ruxton Hotel, Parc Lincoln Hotel, La Rochelle apartment building, and Commander Hotel, all in New York City.
Zuckerman is a graduate of Upsala College. He is a licensed real estate broker and a member of the Real Estate Board of New York.
NAI Global’s New York City office is located at 415 Madison Avenue.
Two of Germany’s open end funds platforms, Aberdeen’s DEGI Europe and Morgan Stanley’s P2-Value, have decided after a two year closing period that they will close the funds and sell all of their buildings.
Most of the investors that have put money into those funds are institutional investors, large funds of funds, and are now under pressure from their investors to pay the money back. Because most of the money is in real estate assets and there is not that much liquidity left in the funds to repay the investors, management has decided to close the funds, collecting fresh money from new investors or selling some buildings to meet the request from investors who want to get out. More >