Institutional Real Estate Americas

May 1, 2013: Vol. 25, Number 5

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From the Current Issue


Debt side story: Real estate debt funds have swelled with capital and opportunity

Back in the years 2008 and 2009 — ancient history now — a significant amount of capital was raised to invest in distressed debt. It was the pessimist’s play. Real estate values were sinking fast during the Great Recession, and many shrewd investors figured banks would have to unload some of these problematic properties by paring off distressed loans at huge discounts.


Stronger than a BRIC: As an investment destination, Turkey has become a better proposition than the much-vaunted BRIC markets

Today, the phrase “emerging market” is almost synonymous with the acronym BRIC. Conceived by Goldman Sachs’s Jim O’Neill in his 2001 paper, titled Building Better Global Economic BRICs, the economies of Brazil, Russia, India and China have grown substantially during the past decade from the standpoints of GDP and investment. While their performance has validated O’Neill’s thesis, it is not necessarily given that these four countries offer the best emerging market risk-adjusted returns in today’s environment.


A risk worth taking: Adoption of a stronger approach to risk management will improve the performance of real estate

The global financial crisis had profound implications for real estate, with trillions of dollars being wiped off the asset class and serious questions being raised as to the credibility of real estate as a significant element of institutional portfolios. Since that time, most real estate markets have experienced a recovery and, unlike other crises such as the early 1990s or the 1970s, investors have continued to demand exposure to the asset class.


Yen again, yet again: Japan

At the end of 1989, Japan’s bubble economy burst and its economic miracle came to an abrupt end. The Nikkei exchange fell from nearly 40,000 to around 12,000 today. Over the course of 20 years, what appeared to be unstoppable economic growth proved to be anything but.


Signs of life in the commercial construction industry

When it comes to U.S. commercial real estate construction, it has been Stagnation Nation for years. Finally, we are seeing construction cranes springing back to life in North American gateway cities, and organizations that follow the industry are forecasting more to come.


Investors banking on growth for U.S. industrial properties

All signs point to a solid performance by the U.S. industrial property sector in 2013 and beyond as it continues to bounce back from the recession. The manufacturing sector has shown steady gains, and tenant demand for warehouse and distribution space is strengthening. CBRE reports that the year-end 2012 national industrial availability rate fell to 12.8 percent, reflecting a year-over-year improvement of 70 basis points.

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