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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7

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  • Drawing attention: The strong performance of the U.S. market has attracted investors' notice, but risks remain

    It’s not even close: Today, the world’s most powerful economy belongs to the United States. While the nation’s recovery from the 2008 financial crisis isn’t complete, much of the lost ground has been recovered.

  • Retail turnover: The uneven economic recovery has altered the landscape for retail

    We all need to eat, and we all need to stay clothed. To the uninitiated, retail real estate seems like an easy defensive play, relatively resistant in any downturn. It is anything but, however, and the Great Recession has laid bare the shortcomings of any managers who thought they could simply buy and hold.

  • History lesson: Past real estate cycles have important takeaways for today's investors

    No different from other economic sectors, commercial real estate markets are cyclical — tracking the broader economy, albeit on a lag basis. Economic cycles affect the supply and demand for both the use of commercial real estate (the space market) and for investment in real estate (the asset or capital market).

  • PACE financing: A primer for real estate investment management professionals

    Property assessed clean energy, or PACE, is a new financing mechanism that works like a special assessment district bond, but one that benefits only a specific property. Using PACE, cities and counties promote on-site renewable-energy projects, energy-efficiency upgrades and, in some places, water-efficiency upgrades.

  • Pulling levers: In competitive real estate capital markets, investors face a challenge

    Quantitative easing by the European Central Bank is likely to have global capital market implications, including real estate. We now are contemplating a period in which real estate yields/cap rates may well trend even lower in many markets in the short term. Important changes to the macroeconomic and financial outlooks have emerged over the past six months.

  • Time-weights for no one: Investors' focus should be on current income, not unrealized gains

    I once heard someone say, “You can’t pay pension benefits with unrealized gains.” But the current market’s focus on benchmarking and, by extension, time-weighted returns may be driving attention to unrealized gains when it would be better to focus on cash to pay benefits.

  • A call to action: One person's endeavor to help in Nepal

    For the past 14 years, Barbara Cambon and her daughter, Megan, have been spending a good deal of their time in the tiny Himalayan country of Nepal. Barbara and Megan were visiting Nepal when the earthquakes struck at the end of April, and experienced firsthand the devastation, death and destruction these events have wrought on the Nepalese. And, of course, despite the fact you aren’t seeing much anymore on the front page of your newspaper, it’s not yet over for the people of Nepal.

  • U.S. hotel market sparks big deals

    U.S. hotels are hot properties this year, with another luxury hotel changing hands recently. Host Hotels & Resorts has acquired the 643-room Phoenician resort in Scottsdale, Ariz., for $400 million.

  • Pension funds issue RFPs, hire consultants

    A number of U.S. public pension funds have made decisions regarding their real estate and investment consultants.

  • CalPERS to decrease number of external managers

    The California Public Employees’ Retirement System will be reducing the number of its outside money managers by about 50 percent over the next five years, from 212 to 100.

  • Property prices go peak to trough to peak again

    Commercial real estate prices have bounced back following the global financial crisis. According to the Moody’s/RCA Commercial Property Price Indices National All-Property Composite Index, real estate prices are now 10 percent higher than the pre-crisis peak in November 2007.

  • West Coast properties attract Asian investors

    Hong Kong–based Gaw Capital Partners is one of a number of investment managers helping Asian investors satisfy their growing appetite for U.S. property. A group led by Gaw Capital has agreed to purchase the 1.52 million-square-foot Columbia Center in Seattle from Beacon Capital Partners.

  • First quarter sees highest fundraising volume since Q3 2008

    A total of 24 private equity real estate funds recorded final closings during first quarter 2015, according to Institutional Real Estate FundTracker.

  • Improving economy boosts U.S. industrial sector

    As the U.S. economy has improved during the past few years, so has the industrial sector — the warehouses where so much economic activity is housed.

  • Data Bank: $46b projected to flow to real estate

    U.S. investors are projected to commit $46 billion in new capital this year, slightly below the previous year’s projection, according to the 2015 Institutional Real Estate Trends report, an annual investor survey conducted by Kingsley Associates and Institutional Real Estate, Inc.

  • PACE models in practice

    Across the United States, PACE program design and administration vary widely. All programs involve a public-private partnership.