NAI Global Chief Economist Evaluates Global Economy in Latest White Paper

In his latest white paper, “Global Economic Round-Up”, NAI Global Chief Economist, Dr. Peter Linneman, evaluates the state of the global economy in Europe, Asia and the United States including the impact of the continuing European debt crisis, the rise of China and India and the current state of the U.S. economic recovery.

“The global economic recovery has been hindered by a massive game of Old Maid.  Who will be forced to bear the losses generated during the downturn? Only when the losses are put behind us will the world be able to focus on creating new wealth,” said Dr. Linneman. “There is simply not enough European bank capital to cover the losses associated with Greece and any defaults by Spain, Portugal or Italy.”

On the U.S. economy, Dr. Linneman notes that “everyone, including bearish forecasters, has been shocked by the weakness of the recovery to date. Absent a predictable government, the U.S. has slipped into the abyss which has long punished countries such as Japan and Italy.”

The white paper addresses the future of the Euro, the rapid growth and rising vulnerabilities of the Chinese and Indian economies, and the potential for long-term economic malaise in the United States absent leadership from any branch of the U.S. government.

Global Economic Round-Up follows European Debt Crisis where Dr. Linneman analyses the European sovereign debt crises and the impact of a default on the Euro Zone countries and banks. NAI Global’s white papers and research resources are available for free download by clicking here.

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C-III Capital Partners Completes Acquisition of NAI Global

C-III Capital Partners LLC (C-III) announced today that it has completed its previously announced acquisition of NAI Global, the largest and premier network of independent commercial real estate firms worldwide.

C-III is led by CEO Andrew L. Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS).

“The completion of this transaction represents a significant step forward in our strategy to build a fully diversified commercial real estate services company,” said Mr. Farkas. “With the NAI Global acquisition, we are gaining the world’s leading commercial real estate network and a tremendous foundation for future growth.  As we begin a new year, we look forward to partnering with the NAI team to provide enhanced services to the commercial and institutional real estate markets they serve as well as continuing to take advantage of other opportunities to grow and expand our platform.”

“We are thrilled to be joining forces with C-III and excited about the opportunity to deliver an even broader range of services to our members and add greater value to our collective corporate and investment clients. We look forward to tapping into their great resources and expertise to help C-III clients strategically optimize their commercial real estate assets,” said Jeffrey M. Finn, President and CEO of NAI Global.

NAI Global will continue to operate as a separate company under its current management. NAI manages a network of commercial real estate firms comprising 5,000 professionals and 350 offices in the US and 55 countries throughout the world.  NAI’s network members provide a full spectrum of corporate, financial, technology and project management services.

C-III commenced operations with the purchase of Centerline Capital Group’s institutional real estate debt fund management and commercial mortgage loan servicing businesses in March 2010.  Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses, and expanded its principal investment, loan origination, fund management and primary and special loan servicing businesses, including acquiring the special servicing and CDO management businesses of JER Partners in August 2011.  In November 2011, C-III acquired two affiliated multifamily property management businesses – U.S. Residential Group and Pacific West Management – which now operate on a combined basis under the U.S. Residential Group name.

Financial terms of the NAI Global acquisition were not disclosed.

About C-III Capital Partners

C-III Capital Partners LLC is a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management.  Our principal place of business is located in Irving, TX, and we have additional offices in New York, NY, Greenville, SC, McLean, VA, Chicago, IL, Dallas, TX and Nashville, TN.

About NAI Global

NAI Global (www.naiglobal.com) is the largest network of independent commercial real estate firms worldwide, comprised of over 5,000 professionals in 55 countries in more than 350 offices. NAI advisors work in tandem with our global management team to ensure our clients strategically optimize their real estate assets. NAI offices complete over $45 billion in combined transactions annually and manage 300+ million square feet of commercial space.

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Indian Commercial Real Estate Market Year in Review

The global economic turmoil has had a ripple effect on the Indian commercial property market in the past year. The commercial office markets in India have shown mixed trends. Overall, rental and capital values have been stagnant with a downward bias. Chennai remains an exception, where office rents for Class A buildings have shown an upward trend.

The employment market in India has picked up for the IT/ITeS sector, pharmaceuticals, retail and hospitality sectors, whereas sectors such as real estate, infrastructure, manufacturing, engineering etc. remain subdued for 2011–2012. With inflation currently hovering above 12%, ever growing fuel prices and high lending rates, the general sentiment for both real estate investors and corporations is negative. Bank deposit rates were at an all time high of 10%+, discouraging real estate investors.

Office

The office market in Mumbai has witnessed oversupply. This, coupled with lower demand from corporations across all sectors, has negatively impacted rental values. Rental values have dipped in Andheri SBD by about 15-20% as compared to 2009-2010, while capital values are stable. This has resulted in lower yields. In certain pockets, such as Goregaon SBD and Thane SBD, both rental values and capital values have risen by about 10-15%.

The Pune office market remains active due to expansions by IT companies. Rental values have remained stable, as have capital values, effectively offering stable yields for investors. Pune remains one of the preferred options for IT companies due to the availability of a good talent pool and improving infrastructure. In spite of fresh supply hitting the market, there has been a drop in vacancy rates compared to year-end 2010.

Chennai has emerged as a preferred location for IT and manufacturing companies due to its political stability, attractive rental values and availability of good infrastructure. Chennai Class A rental values are the cheapest of all the major cities.

The Hyderabad market continues to see weak demand due to the ongoing political turmoil, coupled with oversupply and the global economic uncertainty. Rental and capital values have remained stagnant except for retail (both High Street and malls), where the rental values have increased by about 10-15% year-over-year.

Kolkata has experienced weaker demand as its suburban office market inventory has increased substantially, driving up vacancy levels and holding rental and capital values in check. However, there has been significant speculative office space investment transactions concluded in the past year. These investments have been done in the hope that demand will surge with the passage of time and improved political stability. The state policy initiatives promoting industry and investments are expected to be rolled out soon.

Chandigarh (Punjab) is witnessing strong demand from IT/BPO companies due to the robust telecom infrastructure and availability of skilled labor. Supply remains low in the medium term due to the levies introduced by the state government on new developments. This has led to an increase in rental rates, and has increased the capital values by about 12-15%. Industrial rental rates in Chandigarh are increasing due to strong demand from manufacturing and logistics companies.

The 2012 expectation across the aforementioned cities is that Class A rental rates will remain muted, especially in Mumbai and Hyderabad, due to large inventory and relatively weak demand. Class A rents in Pune and Chennai will rise marginally. Kolkata has no real demand growth and only speculative buying. Kolkata office market rent values will either remain stable or may drop slightly in the near to medium term.

Retail and Industrial

Since the beginning of 2011, the retail sector displayed stable to upward movement of rents across the aforementioned cities, largely due to the limited supply of quality retail spaces. The industrial sector exhibited an upward rental and capital value trend in Chandigarh, Pune and Kolkata on the back of robust demand. In other cities, there is a downward trend for 2012. The retail and industrial sectors are expected to have similar trends in 2012 as they had in 2011. The exception will be for Chennai, where plant announcements give a fillip to the sluggish demand pushing up the industrial land and warehouse rents and capital values.

The 2012 Global Market Report is a unique tool that reviews and summarizes the real estate activities of the past year on more than 200 property markets worldwide. As a reference tool, it reviews values, economies, social factors and other conditions that impact a market.

Each analysis was completed by the NAI Global Member representing the given market. These local professionals are expert at reviewing their markets, identifying trends and reporting market activity. The NAI Global Member making the analysis for each market is identified and may be contacted for additional information. Most of the data in the Global Market Report was collected during the fourth quarter of 2011.

Rental rates for Class A and Class B office space, retail and new construction are expressed in gross costs per unit area, indicating the landlord pays all expenses, except for Europe, where rental rates are reported as net. Industrial space rents are quoted in terms of net rental rates, meaning the tenant pays for most of the operating costs, such as utilities, maintenance, repairs and cleaning. On all charts, N/A means the information was not applicable or not available at press time.

For more information about this report, or to order your own copy for $695, please call 609 945 4000. Additional research reports and whitepapers are available at http://naiglobal.com. You can also download NAI Global’s 2012 Global Market Report Overview for free by clicking the link.

Visit the NAI Global blog for real time commentary on industry news and trends athttp://blogs.naiglobal.com

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US Commercial Real Estate Outlook for 2012

As jobs are created over the next three years, pent-up households will form, with almost 55% (1.1 million) owning and 45% (865,000) renting. The rental proportion for the pent-up households is relatively high, due to the relatively young age of pent-up households. This is on top of the 3.95 million households that will form as the result of population growth of 9 million over the next three years (based upon the historical marginal household size of 2.28 people per household). Of these households, about two thirds (2.6 million households) will be single-family buyers and one third (1.3 million) will rent. Hence, over the next three years, we anticipate 3.8 million new single family households and 2.3 million renter households.

Based upon our statistical forecasts, we anticipate that about 1.8 million (~600,000 per year) single-family and about 800,000 (~270,000 per year) multifamily home starts will occur over the next three years. The net result will be that we burn through the excess inventory, even if household formation rates remain muted. Low single-family inventory levels will create strong upward pressure on home values, restoring some lost confidence in homes as an investment. In fact, a crazy but true research result is that many people use the past year’s home price increase to estimate future annual appreciation. This means that as home prices stabilize, so too will the belief in long-term appreciation.

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Latin America and the Caribbean Commercial Real Estate Market Year in Review

The region continued to grow and expand throughout 2011, despite the sluggish US recovery and turmoil in the eurozone. The initial Latin American growth estimate for 2011 was about 5%. However, due to the US and the European economic problems, it was adjusted down to 4.3% by mid-year. Even so, the region’s leaders all reported healthy growth figures and real estate markets grew unabated.

At the outset of 2011, there was fear that strong growth in the region would lead to economic overheating, increased inflation and subsequently higher real estate values. Most likely due to the slow recovery in the US and economic “congestion” in Europe, these fears did not materialize. In fact, even the precipitous climb in Brazilian real estate values over the last three years slowed considerably. The region benefitted from a significant increase in property investment by domestic funds, which had previously been deploying capital overseas.

Although the Latin American countries grew in 2011, growth in the Caribbean region was mixed. Cuba, Anguila, Curaçao and the Cayman Islands experienced a strong tourism recovery with close to double digit growth rates, while many other island countries experienced zero or negative growth. The region failed to exceed an overall growth rate of 2% due to declines in remittances and tourism.

In South America and Mexico, real estate development saw a strong resurgence in all sectors, while Central America witnessed moderate development. Panama, in particular, has continued to experience strong construction activity even during the height of the financial crisis. New construction in the Caribbean region was minimal in 2011, with the exception of the Dominican Republic. During the 2009 financial crisis, the Dominican Republic registered a growth rate of 3.5% and experienced significant development activity in 2010, primarily in the residential sector.

Projections for the region in 2012 are optimistic, but tempered with latent concern for the USA’s and Europe’s potential negative influence. Latin America is expected to continue its healthy growth, while the Caribbean is expected to see a slow recovery. Both demand and supply will increase further in 2012, with a landlord’s market in most of the region’s cities. Nevertheless, lease and sale rates for office and industrial product are not expected to increase drastically. In Brazil, the growth trend has slowed significantly compared to when office rates were climbing by 15-25% per annum in major cities. The retail sector may see lease rates increase markedly for shopping malls and High Street locations in major markets (Brazil, Mexico, Colombia and Peru), due to continued strong consumer demand.

Strong growth in real estate supply will continue to occur in the larger economies such as Brazil, Chile, Peru, Panama, Mexico and Colombia. The smaller economies of Central America, such as Costa Rica and Guatemala, will experience lower growth recoveries. Growth in resort and hotel development will lag the other sectors. Greenfield development in the industrial and office sectors will continue, due to the lack of Class A product throughout the region (with the exception of Mexico). Class A office vacancy rates are expected to remain below 5% in Buenos Aires, Bogota, Rio de Janeiro and Sao Paulo. The notable exception to the regional vigor is Venezuela, which will continue to suffer inflation above 25% with stifled economic growth. The challenge remains for governments to provide adequate infrastructure to meet the ever-growing needs of industries and a prospering population that has a growing appetite for cars.

An interesting trend to note is the source of investment capital, since debt financing for development has been largely unavailable. For the first time in the last 40 years (and perhaps ever), a great deal of local capital was invested domestically instead of being expatriated. In addition, a significant amount of capital that had been previously invested in foreign markets was repatriated and directed to local development opportunities. This tendency is expected to continue through the coming year.

Argentina

In 2011, the economy showed healthy growth, which is expected to continue in 2012. The Argentine peso weakened from 3 ARS to the dollar to about 4.9, helping the country to maintain a strong export base. Global exports are expected to continue to increase in 2012, primarily in the agricultural, textile and service sectors, while inflation is expected to stay high, possibly hitting 20%.

There is a shortage of available Class A product in the office, industrial and retail sectors. Office, industrial and downtown vacancy rates all stand at 3-4%, with demand outpacing supply. Most industrial projects in the pipeline are build-to-suit, with lease rates expected to increase to keep pace with inflation. The market will see an increase in speculative construction over the next several years.

The Bahamas

Both the tourism and banking industries, the two key economic drivers, should see a stronger recovery in 2012, as US and European tourist travel to the islands increases. Construction of new hotel, resort and residential projects remain slow, except for the 1,000 acre, US $2 billion Baha Mar resort on New Providence Island. The projected slow and steady 2012 recovery in the US will help the country’s tourism growth.

Downtown retail and office market absorption is slow, but improving. Due to abundant parking and better access, suburban markets continue to be the most desirable for new construction and expansion. In 2011, robust demand kept vacancy rates low, stabilized suburban retail rents and spurred rare build-to-suit opportunities. Demand for industrial space and Class A office product in the suburban submarket is especially strong. Interest in residential development and hotels is expected to rebound slightly, with several new projects in the pipeline.

Brazil

Brazil has proven to be one of the world’s most active economies, experiencing a growth rate of about 5% in 2011. The expectations of a continued economic boom can be attributed to the country’s large offshore oil deposits, strong and growing domestic consumption, Brazil’s hosting of the World Cup in 2014 and of the Olympics in 2016 (causing public investment in infrastructure projects), alternative energy sources (e.g., ethanol) and continued policy and bureaucratic reforms. In the short term, high business loan rates and bureaucracy will limit the country’s growth, but risk perception among international investors is declining. The Brazilian real continues to strengthen against the US dollar, from its low of 2.16 in late 2008 to 1.75 in late 2011.

During 2011, the Brazilian real estate market grew at a faster pace than 2010. The country remains an attractive target for Greenfield Class A office, retail and particularly industrial development and speculative real estate acquisition. Lease rates for all product types increased while cap rates hover between 9-11%.

Colombia

Colombia was finally granted free trade status with the US, which will further benefit the economy. Several sectors including agriculture, retail, services and BPO will gain the most. Over the last 15 years, the country has steadily grown and improved its democratic credentials, and the peso has been relatively stable, with a government target of about 1,800 COP to the dollar.

Both real estate development and pricing were relatively strong in 2011, with demand exceeding supply. International investment funds have yet to venture strongly into Colombia, but the domestic capital sources are investing actively in Greenfield projects and are fueling development growth. Given the lack of a transparent investment market for existing product and a shortage of investment sales, cap rates are difficult to identify, but are estimated to be 12% or greater.

Chile

Chile continues to serve as a benchmark for most emerging economies in the region as the Chilean economy recorded another respectable year of growth. Inflation was stable, while the 7% unemployment rate is among the lowest in Latin America. The recovering prices for copper and other commodities, paired with an increase in global demand, helped the Chilean economy prosper in 2011. Continued attempts to decrease dependence on imports of natural gas, by developing hydroelectric projects in the Andes, has been hindered by ecological challenges. Therefore, Chile is currently building its first LNG terminal to secure a supply for existing and upcoming gas-fired thermal plants, and has engaged in the construction of several new hydropower and coal-fired thermal plants. Chilean companies, profiting from their strong domestic economy, have moved from the cautious international expansion mode to an aggressive one. Their targets are primarily Peru, Colombia, Argentina, and Brazil, with Costa Rica, Panama and the US also recently added to the list. Demand for quality commercial real estate continued to be strong, with vacancies remaining below 3%. Rental rates remained stable, with cap rates at about 8-10%.

Costa Rica

The market is now stable and almost fully recovered from the global financial crisis. Demand is increasing and existing supply is being absorbed. Developments that were on hold are now proceeding to construction. Real estate activity was strong during 2011 with resort, hotel, and second home sectors on the Pacific Coast still awaiting a rebound. In the municipal area of San José, leasing and sale activity increased in the office and industrial sectors, and rental rates were stable. The retail sector showed a stronger recovery in demand, with upward pressure on shopping malls and High Street rents.

For 2012, absorption in the commercial sectors is expected to increase, with a stronger uptake in retail. Rental rates are expected to be stable for the office and industrial sectors, but should experience a slight increase in the retail sector as absorption increases. Along the Pacific Coast, recovery and renewed investor interest should increase by mid-year 2012. Land prices are expected to remain weak as development activity remains very low and some owners try to cash out. Cap rates are above 9% and project IRRs are above 18%.

Dominican Republic

The Dominican Republic is the bright star among the sea of struggling economies in the Caribbean. It achieved a growth rate of 3.7% in 2010, 4.7% in 2011, and is expected to follow the trend in 2012. Real estate development in Santo Domingo, the country’s capital, has been strong, particularly in the residential sector, with numerous condominium towers now decorating the skyline. The retail and office sectors have also witnessed strong activity. Two office towers will be completed in 2012, as well as the Sambil Santo Domingo Shopping Center with 195,000 square meters of total retail area. Tourism development, although largely with smaller projects, is continuing primarily in Puerto Plata and other outlying cities. A major thoroughfare is currently under construction to connect the Samana area with Santo Domingo by year-end 2012.

Mexico

Mexico continued to recover during 2011, achieving growth rates above 3.5%. The Mexican peso to US dollar exchange rate increased throughout 2011 to about 13.5 pesos to the dollar at year-end 2011. The demand for maquiladora product continued to increase in response to rising labor and transport costs from Asian operations. Asian companies from Korea, Japan and China showed increased interest for installing manufacturing operations in northern Mexico.

As noted above, real estate activity was healthy across Mexico, with Mexico City faring the best. The office and industrial sectors experienced strengthening positive absorption, despite the negative news about the drug trafficking violence along the border. Leasing and sales demand increased in almost all asset classes, especially retail. Lease rates in Mexico City for all product types have been stable, in spite of some inflationary pressure, and should be stable in 2012 as concern for a prolonged US recovery shapes landlord sentiment. Sale prices across the country should also remain relatively stable, and cap rates will likely remain at about 9% for quality product, with IRRs in the 15-20% range.

Panama

The strong growth cycle in Panama continued unabated in 2011, with a GDP growth rate above 10%. Strong real estate development continued, primarily in the residential, office and business hotel sectors. Absorption for all product types remained very active with lease and sale prices for commercial properties relatively stable. For 2012, the country’s growth rate is expected to achieve 8%.

In the commercial real estate sector, both supply for the office and industrial markets will expand, but the office sector inventory is expected to increase by 35% (about 300,000 square meters of Class A product). However, given the stability of the office rates during 2011 and landlords’ increasing confidence in the economy, we do not expect office lease rates to decline during 2012.

Peru

Peru enjoyed another strong year with a growth rate of 6.7%, after achieving 8.7% in 2010. This occurred even with the election of a potentially worrisome left-wing presidential candidate, who caused investors and companies to largely halt projects for several months until they could determine the new president’s pragmatism (or lack thereof). Slowed real estate activity during Q2 2011 was quite strong overall, with rent and sale prices increasing by about 8%. For 2012, rental and sale activity should remain strong in all sectors, especially retail. Numerous retail projects are under construction and will be available in 2012, with many already significantly pre-leased. In the Lima office market, demand should remain active and vacancy rates are not expected to drop as new office product is delivered. Due to the expansion of the city’s core, industrial development is being pushed further out beyond the residential and commercial areas, primarily to Huachipa in the East zone, Lurin and Chilca in South Lima; and Ventanilla in West Lima.

Venezuela

2011 proved to be a difficult year again for Venezuela as the Chavez administration’s macro and microeconomic policies continued to chastise the domestic companies and markets. Additionally, lower oil prices and falling production reduced the government’s revenues, as the petroleum industry remains the most important and profitable economic engine. 2012 will continue to be difficult with shortages expected in many sectors, due to the administration’s nationalization of numerous companies and its continued threats to strategic industries, such as food processing and agriculture. Except for activity from political bedfellows such as Iran, China, Libya and Russia, there is virtually no new foreign investment in Venezuela outside of the petroleum industry, as the country’s administration and policy environment hamper recovery.

Vacancy rates are still near zero in the office, industrial and retail sectors, and rental rates are rising sharply due to high inflation rates and artificially low dollar-to-bolivar currency exchange rates. Landlords determine sale and rental rates based on the US dollar. Although investors and developers remain extremely cautious due to the lack of transparency and political risks, there is some new development and investment in real estate, particularly in retail. Firms operating in Venezuela cannot expatriate their earnings at a realistic dollar value, and are therefore looking for an alternative way to protect the value of their capital, which could bode well for commercial property markets.

The 2012 Global Market Report is a unique tool that reviews and summarizes the real estate activities of the past year on more than 200 property markets worldwide. As a reference tool, it reviews values, economies, social factors and other conditions that impact a market.

Each analysis was completed by the NAI Global Member representing the given market. These local professionals are expert at reviewing their markets, identifying trends and reporting market activity. The NAI Global Member making the analysis for each market is identified and may be contacted for additional information. Most of the data in the Global Market Report was collected during the fourth quarter of 2011.

Rental rates for Class A and Class B office space, retail and new construction are expressed in gross costs per unit area, indicating the landlord pays all expenses, except for Europe, where rental rates are reported as net. Industrial space rents are quoted in terms of net rental rates, meaning the tenant pays for most of the operating costs, such as utilities, maintenance, repairs and cleaning. On all charts, N/A means the information was not applicable or not available at press time.

For more information about this report, or to order your own copy for $695, please call 609 945 4000. Additional research reports and whitepapers are available at http://naiglobal.com. You can also download NAI Global’s 2012 Global Market Report Overview for free by clicking the link.

Visit the NAI Global blog for real time commentary on industry news and trends at http://blogs.naiglobal.com

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Exelon picks Harbor Point for new Constellation HQ

Harbor Point is slated to be Constellation Energy Group Inc.’s new home.

Constellation and its pending new owner, Chicago-based Exelon Corp., have tapped Harbor East Development Group LLC to develop a new headquarters building on the long-stalled former chemical plant site between Harbor East and Fells Point. The companies have said they plan to start construction on the project within a year of closing their proposed $7.9 billion merger, expected in March.

The companies did not release any details of the proposed building but said it would include 300,000 to 370,000 rentable square feet, a commodities trading floor of at least 70,000 square feet and office space of about 30,000 square feet…

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JLL Posts Record Revenue Growth for 2011, Capital Markets Segment Outperforms

Jones Lang LaSalle reported record revenue for 2011.
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Borrower Trends 2012: Capital Markets Recovery Holds Steady

According to National Real Estate Investor’s annual Borrower Trends Survey, more than half of lenders (56 percent) and 44 percent of borrowers are predicting that credit will be more widely available in the coming year.
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Hackman Capital, Oaktree Capital Affiliate Form Industrial JV

Hackman Capital and Oaktree Capital have formed a joint venture on a 11 million-sq.-ft. industrial portfolio.
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Medical Properties Grabs 16 Hospitals in $400M Deal

Medical Properties Trust gains 16 hospitals in a series of transactions with Ernest Health.
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Square Feet: Life Sciences Development Rebounds in Central New Jersey

With its concentration of pharmaceutical giants and academic powerhouses, the region could be a major center for life sciences businesses, developers say.




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Square Feet: In Philadelphia’s Market East, Sign Law Spurs Investment

A new law that allows businesses in Philadelphia’s Market East district to draw revenue from large digital signs has drawn attention from developers.




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Home Shortage in London to Worsen

London looks likely to experience a drought of new housing over the next few years, as construction of homes amid fears of renewed recession and a dearth of mortgage finance, a report from property consultant suggests.
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Square Feet | The 30-Minute Interview: The 30-Minute Interview: Richard T. Anderson

The president of the New York Building Congress, which represents professionals in the construction industry, has been running the nonprofit association since 1994.




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In The Pipeline: CoStar Development & Construction News for Jan. 29 – Feb. 4

In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
Trammell Crow, Principal Launch $1B Development Program

Principal…
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Two Office REITs Post Higher Earnings

Boston Properties Inc. and SL Green Realty Corp. reported stronger-than-expected quarterly earnings, a sign that the nation’s largest office landlords have been able to boost revenue despite tepid job growth.
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Goldman to Fight Over Hancock

A Goldman Sachs Group Inc. real-estate fund that has walked away from a number of struggling investments is taking a different approach with a Chicago skyscraper, deciding to fight its creditors rather than surrender ownership of the building.
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Blackstone Spies Retail Recovery

Blackstone Group’s $11 billion bet on retail property is showing signs of paying off.
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Plots & Ploys: Touchdown Before Kickoff

Regardless of whether the New York Giants or the New England Patriots win Super Bowl XLVI on Sunday, a prohibitive favorite has emerged: Indianapolis-area hotels.
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Harlem’s Apex Condos 70% Sold

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REALTORS® & Economic Developers share commercial property data in the California Desert

A successful CIE allows local communities to share information about the commercial real estate in their market. A centralized database of commercial property is a great tool, whether you’re a REALTOR® helping a client find space, or an economic development group looking to showcase available sites and draw businesses to your community.

Over the past few months, Catylist has worked with the California Desert Association of REALTORS® (who operates the Desert Area Commercial Information Exchange, or DACIE) to identify and reach out to economic development groups in their area. Through close collaboration, we’ve helped to establish a network of economic development partners that now share information with the association, each displaying sale and lease availabilities on their website.

• Coachella Valley Economic Partnership
• Coachella Valley Enterprise Zone
• City of Coachella
• City of Rancho Mirage
• City of Indio
• City of Palm Springs
• Desert Hot Springs
• And talks are underway with several other groups!

These partnerships ensure that businesses doing site selection in the area have access to the most current and accurate information available. It also helps the association’s REALTOR® members to get their property listings in front of a broader audience.

Learn More about Catylist solutions for Economic Developers

Read on for a recent press release on the topic…

More California Economic Development Groups Feature Desert Area CIE Property Listings

 
The Desert Area Commercial Information Exchange (DACIE) recently added the City of Rancho Mirage and Coachella Valley Economic Partnership, to their list of cities and economic development groups using the DACIE listing data and search engine as their website site selection tool. DACIE, operated by the California Desert Association of REALTORS and powered by Catylist, is an online commercial real estate property listing service featuring over a thousand active commercial listings located throughout the Desert Cities. The technology interface, EDCLink, which updates data in real-time was also developed by Catylist.

Searchable properties on the Coachella Valley site include all DACIE listings and properties while those listed on the City of Rancho Mirage site are specific to Rancho Mirage only. Additionally, website visitors on both sites can also search for local commercial real estate professionals to assist in their relocation efforts.
 
DACIE is the premier source for commercial real estate information in the Desert Cities including Palm Desert, Indio, Palm Springs, Cathedral City and La Quinta. All commercial real estate data in DACIE is entered and maintained by commercial real estate brokers who must regularly verify and update information.  This verification process ensures validity while the brokers maintain total control of their data.  
 
Other California groups that have integrated the DACIE database and search engine via EDCLink include the City of Coachella, and Coachella Valley Enterprise Zone.

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Catylist signs renewals with its first & biggest CIE clients

Nothing is more important to us than maintaining strong relationships with our clients, and we’re very happy to announce that we’ve recently signed two long-term renewals:

FGCAR – Florida Gulf Coast Association of REALTORS®

Launched in 2002 (almost 10 years ago), FGCAR was our first CIE client. Over the years we’ve worked with them to improve and customize the service (integration with membership and public records databases, etc.) and it’s grown into a successful information exchange serving professionals in the Tampa, Florida region. We’re very happy to continue our oldest partnership, and are looking forward to great things ahead. Visit FGCAR

LACDB – Louisiana Commercial Database

Launched in 2004, LACDB is our largest CIE client. It’s the most comprehensive repository of commercial real estate data in the state of Louisiana, trafficked by nearly 9,000 professionals each month. It’s been a pleasure working with LACDB over the years to build the value of the service. Most recently, we collaborated to add a number of custom map layers, including parcel boundaries, enterprise zones, and zoning information. Visit LACDB

These are just two of the 30 markets around the country that use our CIE software to share information, breaking their dependence on high-priced national services. For more information about how a Catylist CIE can benefit your market, get in touch!

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DealBook: Corzine Is Seeking $2.9 Million for Hoboken Penthouse

Jon S. Corzine, former leader of MF Global, has put his 2,400-square-foot apartment in Hoboken, N.J., up for sale, and he reportedly appears to be asking nearly a $1 million less than he paid.




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Cost of Trade Center Tower Rises

The price tag for One World Trade Center, the signature skyscraper under construction at Ground Zero in New York, has risen to more than $3.8 billion, making it by far the world’s most expensive new office tower.
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More on Talbots’ Potential Sale

Perhaps getting more realistic about its current market value, Talbots is reportedly reconsidering its rejection of Sycamore Partners as a potential buyer for the chain.

Last week, the company signed a confidentiality agreement with Sycamore that will allow the private equity firm access to Talbots’ financial information.

Initially, Sycamore offered $3 per share for the struggling chain. Many retail industry insiders say the price is more than fair, even though Talbots’ management expressed the view that it significantly undervalues the company.

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Plan for SoHo Business Improvement District Generates Debate

The plan for a business improvement district in SoHo would help with the trash problem, but some residents don’t want to cede more ground to tourists and real estate titans.




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Apollo Commercial Real Estate Finance, Inc. Announces 2011 Dividend Income Tax Treatment

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Square Feet: In New York, Anxiety Over Billions in Maturing Real Estate Loans

In New York City alone, nearly $70 billion worth of commercial mortgages that were issued as collateral for bonds in 2007 are maturing this year.




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Square Feet | The 30-Minute Interview: The 30-Minute Interview: Marisa Manley

The president and founder of Commercial Tenant Real Estate Representation and Healthcare Real Estate Advisors helps businesses find and set up commercial space.




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LyondellBasell Renews 358,138 SF in Houston

LyondellBasell renewed 358,138 square feet at 1 Houston Center in Houston. The plastics, chemical and refining company signed a long-term extension deal to maintain its global operations at the central business district office tower.

The 1.06 million-square-foot property at 1221 McKinney St. was built in 1996. The lease also included naming rights; the 46-story office building will now be known as LyondellBasell Tower.

Charles Gordon, Craig…
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