Institutional Real Estate Americas

February 1, 2014: Vol. 26, Number 2

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From the Current Issue


CMBS market well positioned for 2014

A little over five years have passed since the market collapse in September 2008. Commercial mortgage–backed securities were one of the casualties of the global financial crisis and credit crunch. New issuances dried up, and investors were uncertain about what problems may have lurked in their CMBS portfolios.


A greener shade of investment dollar

It is often said in the world of pension fund investors that the small follow the large. In other words, smaller and mid-sized pensions are often risk-averse and will not venture into new markets until the larger pensions do so.


Creative office: The evolution of open-plan work spaces demonstrates significant changes have come to market

The office market is transforming more today than at any time during the past 50 years. While location, cost and image remain high on the list for prospective tenants, new to the list and moving up quickly in priority are a new set of criteria focused around making office space a powerful tool for building company culture in a rapidly evolving creative economy. No longer just walls, doors and windows, office space is now viewed as a place that should inspire new ideas and creativity. With labor being employers’ largest expense item, the focus is on attracting, retaining and inspiring people to do their best work.


What if interest rates go orbital? The story behind REITs and the rising cost of money

Were you puzzled by how stock market investors, and particularly REIT investors, responded last year to news about economic growth and interest rates? So was I. The year started off very strongly for equities, including REITs, with total returns up 18.0 percent for stocks (as represented by the S&P 500 Index) and 19.3 percent for listed U.S. equity REITs through May 21, 2013. Then the market began to act strangely on what turned out to be the third-worst day of the year for listed U.S. equity REITs.


QE unchained: Will rising interest rates pummel your portfolio?

In the wake of the financial crisis, in order to stimulate consumption and investment and to facilitate deleveraging, the world’s key central banks have undertaken aggressive quantitative easing programs. Since 2008, global monetary stimulus has produced interest rates that are close to zero. Positive inflation since mid-2009 has meant real interest rates have been negative for the first time since the 1970s.


BlackRock and the asset management talent war

It has become axiomatic that leaders have no more important duty than hiring outstanding people, and that continually hiring great people is the only sustainable competitive advantage. In the final analysis, though, how many companies actually have systemic procedures in place that help ensure the best outcomes? How many leaders truly spend the time required to recruit, develop and retain the superstars of their industry?

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