September 2010 report published by NAIOP on the forecast of manufacturing and the movement of goods around the world. The report details the projected impact the trend to outsource manufacturing will have on the United States and warehousing.
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Companies and funds reported raising $8.34 billion in October for real estate-related investments and financing. The amount raised brings the total inflow for the first nine months of the year to $79.28 billion from approximately 1,461 funds and firms.
CoStar Group tracks the fundraising activity of almost 2,000 entities on an ongoing basis and adds about 125 new entities per month.
For October 16 different funds and firms reported raising $3.88 billion earmarked for debt repayment; another 20 entities raised $1.45 billion for non-property-related investments, including debt, mortgage or securities purchases.
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For the past 12 months, activity in the commercial mortgage-backed securities (CMBS) market has been ever so slowly building momentum. U.S. CMBS loan delinquencies declined last month for the first time in 33 months. The market is also finally seeing demand for new CMBS transactions as three CMBS deals went to market in the past couple of weeks, marking the most active period since the downturn.
It’s not all good news in the CMBS world, but the recent trends are being viewed as a positive indicator for 2011, when the volume of new deals is projected to more than double from this year.
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Wall Street has learned a lesson from the battles that have erupted for control of the bankruptcies of hotel owners Extended Stay Inc. and Innkeepers USA Trust: There has got to be a better way to build a commercial mortgage-backed security.
The strategies used by some investors to gain control of these failed companies has exposed flaws in the structures of CMBS, the commercial real-estate industry’s favorite boom-time financing tool. But now, as investment banks revive the market for the securities, they are making structural changes designed to close these loopholes and curb these tactics.
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REITs have been some of the most active players in the CRE investment market in 2010. What’s more, REITs also make up a substantial portion of the widely discussed “capital on the sideline” ready to pounce on commercial real estate investment opportunities as they arise — seemingly enjoying the best of both worlds.
In their third quarter earnings conference calls, REIT executives spent a lot of time discussing the investment climate and answering analysts’ questions on their strategies. Several common themes were evident in those calls:
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