Urban Land - January/February 2010
Office Outook
Compared to prior recessions, today’s global office market downturn is changing the way tenants lease properties and the strategies required for recovery. In the United States, distressed assets are not only attracting foreign investors, but local lenders intent on capturing higher sales prices—even if it means completing construction themselves.
Feature:
Office Futures
By Ron Nyren
The current downturn in the office market— and what’s next.
Repositioning Office Markets
Jim Miara
The current downturn in America’s commercial office markets is different from those of the past and requires new strategies for recovery.
- Foreign Investment in U.S. Real Estate
- March toward Global Standardization of Valuation
- Lender Strategies for Distressed Assets
Europe’s Office Forecast
Lauren Parr
Yields are stabilizing in certain European office markets, but investor caution continues, particularly in eastern Europe.
Benefiting from Special Districts in Cities
Andrew Neilly
With U.S. cities increasingly strapped for cash, it comes as no surprise that community benefit districts (CBDs) are gaining in popularity. But will CBDs redefine America’s cities of the future? A growing number of property owners think so.
From Vacant Properties to Green Space
Kevin C. Caravati and Joseph Goodman
A land-based approach to solving America’s economic crisis would enable municipalities to acquire vacant properties to develop into parks and green space that could provide a use for excess commercial space and empty housing units.
Renewable Neighborhoods
Johanna Brickman
As the concept of sustainable design spreads, and tools like the U.S. Green Building Council’s Leadership in Energy and Environmental Design rating system expand in acceptance and application, a movement is taking shape that is driving sustainable design toward a more holistic and systemic approach: ecodistricts— neighborhoods that generate all their energy from on-site renewables.
Energy Upgrade Incentives in Cities
Warren Diven
Sustainable energy financing districts offer commercial building owners and homeowners low-interest loans for energy-efficiency projects—a creative way for property owners to finance solar, wind, or geothermal energy upgrades to their properties and for cities or counties to meet their mandated need to reduce greenhouse gases and be energy independent.
Developments
Adapting to a Drier West: Symposium Looks at Links between Land Use and Water in the West
Coalition Pushes for New Ways to Fund U.S. Infrastructure
Federal Infrastructure Update: Transportation Authorization Delayed, but Initiatives Continue
New York City, Washington, D.C., Approve Landmark Building Efficiency Legislation
Current Economic Climate Causing New Office Space Cycle in Europe
Green Building Retrofit and Renovation: Do Green Buildings Make Dollars and Sense?
European Real Estate Firms Realign in Response to New Market Conditions, Annual Report Says
New Investment Tools for European Cities Proposed at UIN Summit
Asian REITs Provide Pathway through Capital Crises, Suggests Emerging Trends in Real Estate: Asia Pacific 2010
Opinions
Finance
The End of the Beginning
Bowen H. “ Buzz” McCoy
Despite some beginnings of a return to stability, conditions in the U.S. commercial real estate capital markets are as severe as ever, and they are likely to remain that way.
Economic Reset
Adapting to the New Normal
Anthony J. Trella
Success in adapting to today’s economic climate will require a commitment to embracing changes in consumer perceptions, capital structures, and real estate product solutions.
Money
After the Thaw
Joshua Stein
Eventually, commercial real estate lenders will start lending again. When they do, how will it look? Will the commercial real estate financing boom that starts in 2012—or whenever—differ from the boom that ended in 2007?
Investing
A Flight to High-Quality Real Estate
Matthew L. Cypher and Darin D. Turner
Last year was momentous for the real estate debt and equity markets as both exhibited signs that investors are slowly beginning to return. This year should be no less interesting.
ULX
Sustainable Makeovers for Existing Buildings
Ron Nyren
Ten renovation and retrofit projects transform existing buildings into showcases for sustainable strategies.
Proactive
Capital Markets
Where’s the Equity?
Philip F. Lisciandra and Adam L. Steinberg
With the current undersupply of available joint venture equity capital, operators need to speak with the full array of potential equity investors, as well as with their existing joint venture equity partners.
At Issue
As Developers Default, Receiverships Multiply
James Whooley
Along with the increased volume of distressed properties going into receivership come changes in the scope of work receivers perform.
In Practice
What to Do Before Defaulting
Richard A . Rogan, Raymond I. Friedman, and Christopher Whitt
Owners facing the numerous problems in the commercial real estate market have several exit strategies for cash-flow problems before foreclosure or bankruptcy.
Tool Box
Real Estate Education: Still on Course in a Crisis?
Douglas R. Porter
Prospects for maintaining U.S. real estate education programs appear to be weathering the crisis in real estate finance.
Solution File
Cargo Containers as Commercial Space
William P. Macht
Reuse of cargo containers as building blocks in a small Seattle hybrid commercial building helps contain costs and speed construction.
In Print, Etc.
Green Metropolis: Why Living Smaller, Living Closer, and Driving Less Are the Keys to Sustainability
NIMBY Wars: The Politics of Land Use
Back Page
It May Be Time to Relocate the Company
D. Jeffrey Waters
Companies that take advantage of U.S. labor cost differentials, soft real estate markets, alternative workplace solutions, and economic incentives will emerge from the recession stronger than their peers. As part of this, a relocation—whether across the street or across the country—can present the opportunity to create innovative offerings and a new culture in which to grow and thrive.
Departments
UL MailBox
CEO Perspective
This Issue
Regional Spotlight:
Midwest