Real Estate News by GLG Council Members

U.S. Helps Commercial Real Real Estate Lenders Pretend and Extend

October 15, 2009

Analysis by: GLG Expert Contributor

Analysis of:U.S. Will Set Guidelines to Modify Commercial Real-Estate Loans | www.bloomberg.com

FDIC published guidelines to help banks modify commercial real estate loans: help save us from this "help".

CRE Loan Losses Mount

October 15, 2009

Analysis by: GLG Expert Contributor

Analysis of:U.S. Will Set Guidelines to Modify Commercial Real-Estate Loans | www.bloomberg.com

Commercial Real Estate loan losses pose a significant risk at FDIC insured institutions, according to Sheila Bair, Chair of the FDIC.Commercial property loans are behind many of the 123 bank failures of the past two years.

Kenneth LeonardPrincipalLeonard Associates

If Borders Can't Make It Here, They Can't Make It Anywhere

October 14, 2009

Analysis of:Borders Renews Lease At 830 North Michigan Ave. | www.chicagorealestatedaily.com

Borders flagship Chicago store has long been rumored to be in trouble and not likely to exercise its' renewal option. It now has renewed but only for one year.

David LereahPresidentReecon Advisors

Some Mortgage Companies Could be in Trouble Next Year

October 14, 2009

Analysis of:Mortgage Lending Business Expected to Sink Next Year | www.realestateeconomywatch.com

According to the Mortgage Bankers Association's new forecast, mortgage origination volumes could plummet next year. That could be bad news for lenders that rely heavily on the refinancing side of the business.

Kenneth EganBroker and RealtorRe/Max All Cities Realty

Market Inertia caused by Capital Unavailability

October 13, 2009

Analysis of:Experts Probe Capital, Distressed Assets Outlook | www.globest.com

Banks are still not performing.Capital needs to flow more freelyMarkets will continue to depress

US Warehouse Market - More Downside Yet In Store

October 9, 2009

Analysis by: GLG Expert Contributor

Analysis of:Worst May be Over for Warehouse Market | nreionline.com

The major warehouse space demand drivers are in decline. Unemployment is up, the dollar is down, credit is tight, container trade is shrinking and consumers are starting to save.Construction of new speculative distribution facilities has come to a virtual halt, but the large supply of new space added to inventories during the easy money binge of the last several years will take several years to fill. Older buildings will compete with new space putting significant downside pressure on rents.

Kenneth LeonardPrincipalLeonard Associates

The Jury Is Still Out On General Growth

October 8, 2009

Analysis of:General Growth's Cap RatesEstimates Are Getting Interesting | seekingalpha.com

As a result of a Goldman Sachs presentation in late September which featured a close comparison to Simon Properties implies cap rate of 7%, the author is stronglyugly suggesting that GGP is starting to look like a bargain.

The Demise of the Construction Industry

October 7, 2009

Analysis by: GLG Expert Contributor

Analysis of:South Florida construction jobs continue to disappear | www.miamiherald.com

While the Top 20 construction markets of last year have taken a dive, fifteen of them survive to grace the list again. Florida, however, has been hit particularly hard.

There is a bull in the Boston office market--in fact there are many

October 7, 2009

Analysis by: GLG Expert Contributor

Analysis of:Boston Properties Sells $700M In Notes | www.bankerandtradesman.com

The announcement by Boston Properties of its sale of $700 million in notes, and the specific announcement by Doug Linde that the company expects "opportunities" is evidence not only of the recovery in the Boston office market but is the clearest statement yet that there is ample money awaiting so-called distressed owners. It throws cold water over the concept of property ownership as stewardship of an industry. Real estate is an asset, nothing more.

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

Another Dose of Reality about commercial real estate

October 7, 2009

Analysis of:Office Rents Dive as Vacancies Rise | online.wsj.com

This article should be of no surprise other than to those eternal optimists or those that have a vested interest in purporting the opposite view.

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