Institutional Real Estate Americas

September 1, 2015: Vol. 27, Number 8

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From the Current Issue


A capital time to invest in the nation's capital

Job growth in Washington, D.C., has been weaker than in other major metropolitan regions. But the pace of hiring has picked up significantly in 2015. It appears that the D.C. metro region’s office market hit bottom in 2014.


Midwest secondary markets experience upswing

Midwest secondary markets are experiencing a swell of mixed-use urban development projects. The development growth correlates to population growth as residents move out of the suburbs and into downtown areas.


CMBS delinquency inches down in July

The CMBS delinquency rate dropped 3 basis points to 5.42 percent in July, after a brief rise in June. It is now 62 basis points lower than a year ago and 33 basis point lower year-to-date.


Global hotel transactions reach $42b

Global hotel transaction volume reached $42 billion during the first half of the year, driven by cross-border investment. U.S.-based private equity funds remain the largest source of capital flowing into hotels, but the first half of 2015 saw a significant rise in transactions involving investors from China and the Middle East.


Investment volume increases on prior year

Some $101.2 billion was invested in U.S. commercial real estate in deals of $10 million or greater in the second quarter, according to Real Capital Analytics, a 28 percent increase from the same period in 2014 but a drop of 14 percent from the $118.2 billion invested in first quarter 2015.


Number of funds in the market grows

At the midpoint of the year, at least 939 actively marketed funds were seeking more than $372.1 billion. In January, the FundTracker database was tracking 914 funds with a total target of $353.5 billion. Although some of this jump in numbers is undoubtedly the result of capturing data on funds that were already in the market, the trend is obvious — the market is continuing to grow and expand.


A new name, a new cover and the same high-quality coverage

With this month’s edition, we’re completing the cycle by retitling the publications — Institutional Real Estate Americas, Institutional Real Estate Europe andInstitutional Real Estate Asia Pacific — and reformatting the covers, so they have the same kind of high-quality, highly strategic, more academic look and feel that characterized the original format of the old editions of The Institutional Real Estate Letter.


Bubble? Perhaps not. Maybe it really is different this time

We hear much today about commercial real estate values being at bubble levels, with many investors and commentators sounding alarm bells. I find it instructive when approaching an analysis, and particularly one with a fairly strong consensus, to ask myself: What could everyone be missing? Or, put another way, what could happen to cause a different outcome than the typical, cyclical bursting of a bubble?

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