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Institutional Real Estate Americas

May 2011: Vol. 23 No. 5

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  • Buy Low, Sell High: Property Owners Are Seeking to Cash in on Investors' Insatiable: Demand for Core Properties

    Today’s low interest-rate environment, improving real estate liquidity, concerns over secondary properties and markets, and fears about looming inflation are combining to sharply boost investor demand for core commercial properties in top-tier markets. Accordingly, values are rising and capitalization rates are falling. Property owners are seeking to position assets to take advantage of this huge buyer appetite.

  • Could You Repeat That? Analyzing Return Persistence in Opportunistic Private Equity Real Estate Funds

    Nearly every pitch book contains the same basic disclaimer: “Past performance is not necessarily indicative of future results.” Yet investors continue to analyze managers’ track records as one way to identify strong future performers. And managers continue to claim top-quartile performance as a way to attract capital.

  • Global Implications: Triple Disasters in Japan Will Have Far-Reaching Effects

    On March 11, 2011, skyscrapers in Tokyo did exactly what they were built to do — sway to reduce damage during major earthquakes and ensuing aftershocks, and to avoid tremendous loss of life in the densely populated city, which accounts for 40 percent of Japan’s GDP.


  • Shop Talk: A Conversation with Ted Eliopoulos

    CalPERS recently adopted a new five-year “back to basics” strategic plan. The plan redefines the role of real estate within the larger portfolio and will drastically reshape the pension plan’s real estate portfolio. Ted Eliopoulos,CalPERS’ senior investment officer, real estate, recently spoke with Institutional Real Estate, Inc.’s CEO and editor-in-chief Geoffrey Dohrmannregarding recent challenges at CalPERS and the strategic plan’s conception and implementation.

  • Get Ready, It's Coming: Stagflation Is on the Horizon

    The United States and the rest of the world economy appear to be slowly coming out of a prolonged recession. What is going to happen next is a topic of much discussion among economists and other pundits. We strongly believe the U.S. economy will experience a period of stagflation, and the impact on commercial real estate performance will vary by property type.

  • Time to Focus on "Next-Tier" U.S. Markets: Trophy Assets in Top-Tier Gateway Markets Are "Pricey"

    One of the most striking outcomes of the Great Recession in the United States is the contrasting experience of the “haves” and “have-nots.” This is true for individuals, corporations … and for commercial real estate markets. Transaction indices suggest, and anecdotal observations confirm, that U.S. commercial real estate (CRE) prices have risen substantially over the past year in a few high-profile markets, notably New York City and Washington, D.C. Yet values in most other U.S. cities have remained stagnant at best, and in some cases are still falling.


  • What's Your Intent? Thoughts on Joint Venture Letters of Intent

    When it comes to negotiating and documenting a real estate joint venture, it is common to employ a letter of intent (LOI) — also commonly referred to as a term sheet or memorandum of understanding (MOU) — in the early stages of the negotiations. Because letters of intent vary greatly in structure and content, it can be difficult to know exactly where to focus attention when it comes time to review and negotiate the letter of intent. This article is intended to highlight some threshold considerations.