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Industry News |
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National Commercial Real Estate News From CoStar Group
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CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of commercial real estate information and commercial property listings available in its markets.
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CoStar's People of Note (May 13-19)
This week's People of Note includes the following markets: Austin, Chicago, Houston, New York City, Philadelphia, Phoenix, San Antonio and Washington, DC.
AUSTIN
Transwestern Expands Investment Services Group
By Dennis Bozzell
Transwestern?s Central Texas region added Leah Gallagher as managing director for the firm's investment services group in Austin.
Gallagher?s duties will include representing major institutional, government and private...
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Financing Green Part I: Funding Energy Efficient Retrofits and Overcoming Uncertainty
It has become increasingly evident to those in the commercial real estate industry that improving building energy performance and making other sustainable and green improvements can impact property values and balance sheets. To some degree, building owners find themselves caught in a 'Catch 22' situation. On one hand, buildings that are slow to adopt these changes and implement green retrofits and more efficient operations are seen as being at a...
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Brookfield Asset Management to Spin Off $70B CRE Company
Brookfield Asset Management Inc., already one of the world's largest holders of commercial real estate assets under management, is making a major play to capitalize on recovering property markets and become an even bigger global player.
The Toronto-based firm, which already manages worldwide property, infrastructure and financial assets valued at more than $150 billion, said it will spin-off several of its CRE units into Brookfield Property Partners...
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Owners Report Scattered Office Leasing Success in Q1
Many of the nation's most prominent REITs and real estate companies reported continuing softness in the office leasing market during the first quarter. And while expectations for a continued slow recovery should result in expected hiring and improved leasing demand later this year, they acknowledge that economic uncertainties could drag down any success they might have been expecting.
CoStar Group culled through first quarter earnings press releases...
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Banks Finally Willing To Catch Up on CRE Borrowing Demand
Having experienced stronger demand over the past three months, banks have started easing their lending standards for commercial real estate.
The move is another signal that banks are more willing to start growing their CRE loan portfolios as they have in other lending areas.
The banking sector overall also has substantially improved its liquidity position over the past few years. Indeed, large banks in the aggregate have more than doubled their...
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U.S. CMBS REOs Top $11 Billion; One-Third of All Delinquencies
The volume of real estate-owned (REO) assets for lenders reached 11 billion for the first time and now represents one-third of all delinquencies outstanding, according to Fitch Ratings.
A closer look reveals stark differences in REO trends by state. For instance, in states where non-judicial (power-of-sale) foreclosure is allowed, the inventory of REO assets increased by 64% since the start of last year.
Conversely, the inventory in judicial...
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Architecture Billings Slip Back Into Negative Territory
Following five months of positive readings fueling analysts? hopes that the long construction drought is easing, the Architecture Billings Index (ABI) fell back into negative growth mode in April, although commercial and industrial development projects across the country continued to outperform the overall index.
The April ABI score was 48.4 following a reading of 50.4 in March, according to the American Institute of Architects (AIA). The index...
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Ivanhoé Cambridge, Hines to Build $300M Spec Tower In Chicago's West Loop
In the largest commercial project in Chicago since the height of the real estate boom, Montreal-based Ivanhoé Cambridge plans to invest $300 million to build a 45-story office tower in the West Loop in downtown Chicago being developed by Hines on land co-owned by local business leader Larry Levy.
Construction of the 900,000-square-foot River Point at 444 West Lake Street on the western bank of the Chicago River is expected to begin before the end...
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Mortgage Lender ResCap Files Ch.11; To Sell All Assets
Residential Capital LLC, known as ResCap, a subsidiary of Ally Financial Inc. and the fifth largest mortgage originator and servicer in the country, filed for Chapter 11 protection along with 50 of its subsidiaries listing assets of $15.7 billion
Only Bank of America, JPMorgan Chase, Wells Fargo Bank and CitiMortgage service more mortgage loans than ResCap, which services more than 2.4 million mortgage loans with an aggregate unpaid principal balance...
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A $1 Billion War Chest for Net Leased Properties
Fast-growing Realty Income Corp. likely will be growing even faster soon. The Escondido, CA-based buyer of net-leased commercial properties entered into a new $1 billion unsecured acquisition credit facility, more than doubling its existing $425 million credit facility.
Under terms of the new credit facility, total funds available will be $1 billion, plus an additional $500 million accordion-expansion feature. The initial term of the new facility...
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