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Building Bridges Investors and Property Managers Pull Together in the Crisis CONTENTS COMMENTARY

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Building Bridges Investors and Property Managers Pull Together in the Crisis CONTENTS COMMENTARY No. 1 | 2010 places spaces The Real Estate Magazine of Union Investment Confidence US market at a turning point Ray of hope Sustainable energy concepts Building bridges Investors and property managers pull together in the crisis CONTENTS COMMENTARY COVER STORY Keep your property The case for a global eco-social market economy portfolio in good 4 A lot of hard work The industry is turning back to the by Franz Josef Radermacher shape to enjoy established tools of the property business success even in difficult times. 7 Interview Hanspeter Gondring, Director of Studies at the Page 4 Baden-Württemberg Cooperative State University, Stuttgart 9 Survey Union Investment property investment climate index on the rise again he world is in an extremely difficult situation. As a result of Yet technical progress is not enough in itself. Social innovations economic globalisation the global economic system finds itself have to be advanced simultaneously so that consumption of resources MARKETS Tin a process of increasing unmanageability and blurring of is restricted in a reasonable way. This is now an issue of global 10 US market Investors continue to assess the markets of boundaries. In particular, rapid growth in the world’s population governance. This means that two forms of innovations have to be New York, Chicago, Seattle and Washington differently towards the ten billion mark and the catching-up economically of pursued at the same time: those in the field of technology, design 14 Budget hotels Low-cost accommodation benefiting from such major emerging nations as China, India and Brazil represent and new materials and those in the field of governance; in other the credit crunch an enormous challenge from an environmental and resource words, the shaping of political and social structures. If the two can perspective. Given high CO emissions our planet faces the threat be successfully interlinked in an intelligent future strategy there is PORTFOLIO 2 of climatic catastrophe, possibly in the near future. One of the visible a realistic prospect of sustainability on the basis of a worldwide 18 Institutional investors Insurance companies and pension funds seek to increase the share of property in their portfolios consequences of global mismanagement is the worldwide financial eco-social market economy. If this is not successful, environmental and economic crisis, an end to which is not yet in sight. Will this meltdown threatens, or even a resources dictatorship in a two-tier CONCEPTS result in a war over resources, over the issue of who can and who global society of a neo-feudal type. may access these resources and to what extent? Or, on the contrary, What does this mean, to sum up? The global situation is critical. 22 Renewable energy Buildings of the future will produce Changes on the horizon more energy than they consume are we in danger of global collapse as we plunder our finite sources Humankind has the chance of a peaceful future in prosperity only in New York’s office of energy and raw materials? if further technological progress, especially in the real estate sector, market. Page 10 26 Location initiatives Owners of office properties join forces to boost their districts Technical advances are of crucial importance in this regard, making can be successfully combined with innovations in the field of global 28 Movie industry Buildings play more than just a minor role it possible to produce more output from fewer input materials. governance. The approach should therefore be “eco-social rather The G.Park Blue in films. Sometimes they emerge as the secret stars Planet logistics There are great opportunities here for innovative companies. This than radically free market”. park is powered is especially true of the property and construction sector which like by the sun. MISCELLANEOUS few other industries accounts for a considerable share of resource Page 22 3 Commentary Franz Josef Radermacher makes the case for a global eco-social market economy and energy consumption and of greenhouse gas emissions while offering especially great potential for improvement. This is about green 32 News Capitals of culture as sources of inspiration for urban regeneration; European market for real estate investment; buildings, improving the energy efficiency of existing buildings and a Hamburg crowned “2011 European Green Capital”; vision for a future aimed at low energy consumption, small volumes New energy directives for buildings in the EU of waste materials and low greenhouse gas emissions. Society and 33 News Annual financial statement of Union Investment the market will demand this and push it through. Companies have Real Estate GmbH; ULI launches online platform; European market for retail properties; BVI study on to act. Those who initiate the right processes now are set to benefit fund investor preference substantially in the medium term. Jackie Chan flying 34 News 2010 Prime Property Award; RICS study on Shaping the future and developing prosperity on a workable basis sustainability; Book review: “Futurecast” through Berlin in his for a future population of ten billion is inconceivable in any event latest film. Page 28 34 Imprint/Contact without fundamentally improved technical solutions. The aim here is a double “factor 10”: a tenfold increase in global economic output in the coming 70 years coupled with a tenfold increase in eco-efficiency COVER PICTURE Construction Igelmund; J. blickwinkel/H. Marcel Malherbe/laif (cover); Photos: Eberhardt University of Ulm/Elvira PPW/Max Kohr; Gazeley; Photography; and a global social balance to be created by then. View of “The Loop”, Chicago’s financial district. One of the city’s landmarks University professor Franz Josef Radermacher is also is the Sears Tower with its striking twin antennas. The 442-metre-high office President of the Global Economic Network, Vice- building with 110 storeys is the highest skyscraper in the “Windy City” on president of the Eco-social Forum Europe and a Club Lake Michigan. of Rome Member. [email protected] 2 places & spaces 1/2010 places & spaces 1/2010 3 COVER STORY Real estate has to be managed care- A lot of hard work fully and in a cost- conscious manner. This virtue pays The industry is turning back to the tried-and-tested tools of the property business. Success is being off here in Beijing just as well as achieved by those with a lot of experience and staying power. By Miriam Beul and Anne Wiktorin anywhere else. he global crisis has brought about an odd reversal, a kind of back- project in early 2009. The revitalised twin towers together comprise wards somersault: real estate which was (mis)understood during some 15,000 square metres of rental space. In spite of the decline in Tthe boom years as a mere financial product is re-emerging, freeing demand Glatzel and his team managed to rent out 70 per cent of this itself from its virtual prison of numbers and becoming real and concrete. space within nine months. This represents a success in the current cli- After all, investors, developers, service providers and even banks have mate. The refurbishment of the “Zeilgalerie”, also in Frankfurt am Main, had to recognise what the old hands knew all along: property creates is currently in full swing. IFM acquired the retail property, first opened work and quick deals in this product of bricks and mortar promise high in 1992, in 2008. This well-known shopping address is set to reopen at profits in the short term at best. In the long run, however, only staying the end of 2010 with renewed splendour. power and the required experience result in success. This is especially “We continue to invest in very well located properties which are no true in the current climate, with markets in downturn, demand among longer marketable, selling them on again once they have been refur- tenants falling, prices and rents under pressure, financing shaky and bished. Our business model has not therefore changed. The new aspect many an ambitious business plan failing. Against this background, the is that there are many more such properties on offer now than before virtues of the conscientious real estate business are in demand again, the onset of the crisis,” the IFM CEO notes. IFM was therefore adopting and they are: sound financing, active portfolio management, close con- an even more conservative approach to its acquisitions. Unlike before, tact with tenants, and careful and cost-conscious management. purchases in 1b locations were now no longer considered. “We pre- Those who boast these virtues can look to the future with compara- fer to invest in 1a locations and to work more intensively with the tive calm, whilst those with weaknesses must work on their performance. property in question”, he continues. A further adjustment is now bear- As Georg Glatzel, CEO of IFM Immobilien, says, putting into words what ing initial fruit: Glatzel’s people are providing property management most are thinking: “The crisis is not over yet. We assume that 2010 will themselves again. For a time IFM was assisted by external partners still have some unfortunate surprises in store for us.” He is not plan- but, as Glatzel comments, “The quality was lacking.” He concludes by ning a fundamental change of strategy at his company. But he will be reminding that happy tenants are the “nuts and bolts” especially in the realigning certain areas, noting, “There has never been a situation such current climate. as this.” The listed investment company, engaged in asset management and project development with a special focus on refurbishment, is one Tenants are the focus of the major players still active in the national property development “Losing tenants is the biggest risk at the current time”, confirms Klaus business. In Frankfurt’s Westend, IFM completed the “Romeo & Julia” Franken, CEO of Catella Property.
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