Institutional Real Estate Americas

May 2010: Vol. 22 No. 5

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From the Current Issue


Shop Talk: A Conversation with Michael Lewis

The Institutional Real Estate Letter – North America sat down with one-time bond trader, now full-time author Michael Lewis to talk about the collapse of the financial market, Wall Street’s day of reckoning and Lewis’ new book, The Big Short: Inside the Doomsday Machine, which takes a look at the few investors who bet against subprime loans in 2005, predicted the financial meltdown and made money in the process.


Failure to Launch: Why the U.S. Commercial Property Derivative Market Has Stalled

There is a running joke within the derivatives community that at every conference, every talk begins: “U.S. commercial property is the last major asset class without a developed derivatives market.” As long as that premise remains a given, it is instructive to look at why that is the case. Why is it that in the three or so years since the U.S. property derivatives market got going, total volumes have scarcely exceeded $3 billion, a derisory amount for a potential major market? I offer six major reasons.


Don't Believe the Golux: Real Estate Will Rebound, But It Hasn't

There are a lot of folks out there banking on the premise that the markets have bottomed and commercial real estate pricing is on the rebound. In some ways, it certainly looks that way. Several recent transactions have rocked what was, up until recently, a very stagnant market. In each case, a well-located, well-leased class A property drew multiple bids totaling 25 or more, driving pricing up and cap rates down to less than 7 percent, 6 percent and even less than 5 percent.

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