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Real Estate Issues® 38627_cre.qxp 4/8/2009 3:14 PM Page 66 38627_cre.qxp 4/8/2009 3:13 PM Page A ® REAL ESTATE ISSUES REAL ESTATE ISSUES Published by THE COUNSELORS OF REAL ESTATE Volume 34, Number 1, 2009 Published by THE COUNSELORS OF REAL ESTATE LEADERSHIP ROUNDTABLE Corporate Real Estate: An Interview With Experts The Income Tax Effects of the www.cre.org Panelists: Michele Flynn, CRE; Barbara Hampton; Von W. Moody, III, Housing and Economic Recovery Act of 2008 CRE; and Martha A. O'Mara, CRE. Moderator: Peter L. Holland, CRE on Real Estate Transactions J. Russell Hardin, Ph.D. Enterprise Component Allocation: Methodology Discussion COMMENTARY Roland D. Nelson, CRE When Will the Miami Mixed-Use Development and Financial Feasibility: Condominium Market Recover? Part I – Economic and Financial Factors Follow the Land, Man Joseph S. Rabianski, Ph.D., CRE; Karen M. Gibler, Ph.D.; Richard Langhorne, CRE, FRICS; J. Sherwood Clements, III; and O. Alan Tidwell and John Blazejack, CRE, MAI, FRICS Credit Crisis has Weakened Global Property Fundamentals RESOURCE REVIEWS Simon Rubinsohn Navigating the Redevelopment Maze Managing Risk in Income Property Loan Portfolios Redevelopment—Planning, Law and Project Marc Thompson, CRE, CCIM, FRICS Implementation: A Guide for Practitioners Reviewed by Mary C. Bujold, CRE Islamic Financing and Foreclosure Keith S. Varian, Esq.; and Jennifer M. Rockwell, Esq. A Practical Guide to Commercial Real Estate Transactions From Contract to Closing, Volume 34, Number 1, 2009 Counseling the Banks: Reviewed by Daniel L. Swango, Ph.D., CRE, FRICS, MAI What is the Market for Branches? 430 N. Michigan Ave. Bradley R. Carter, CRE, MAI, CCIM; J. Tyler Leard; Enough. True Measures of Money, Business and Life and Matthew H. Jackson Chicago, IL 60611-4089 Reviewed by Bowen H. “Buzz” McCoy, CRE Telephone: 312.329.8427 E-mail: [email protected] Web site: www.cre.org www.cre.org 38627_cre.qxp 4/8/2009 3:14 PM Page 65 THE CRE MISSION To be the forum for leaders in real estate. CRE CORE VALUES integrity competence community trust selflessness ORGANIZATIONAL OBJECTIVES CREATE: To provide a platform for professional relationships, insight and access to diverse experience. PARTICIPATE: Through active participation, contribution, and camaraderie, members enhance the benefits of a diverse professional community. COMMUNICATE: To communicate within the membership and marketplace that our members are the preeminent source of real estate knowledge and advice. 38627_cre.qxpi:i 4/8/2009 4/8/2009 4:27 PM Page3:13 iPM Page i REAL ESTATE ISSUES Published by THE COUNSELORS OF REAL ESTATE EDITORIAL BOARD EDITOR IN CHIEF Mark Lee Levine, CRE Peter C. Burley, CRE University of Denver, Denver, CO Simpson Housing LLP, Denver, CO Gerald M. Levy, CRE Gerald M. Levy & Co., LLC, New York, NY ASSOCIATE EDITOR Timothy R. Lowe, CRE Marc Louargand, Ph.D., CRE Waronzof Associates, Inc., El Segundo, CA Saltash Partners LLC, West Hartford, CT David J. Lynn, Ph.D., CRE 2009 EDITORIAL BOARD INGING Clarion, Clarion, New York, NY Owen M. Beitsch, Ph.D., CRE Richard Marchitelli, CRE Real Estate Research Consultants, Orlando, FL CushmanCushman & Wakefield of Washington, D.C., Inc., Charlotte, NC Mary C. Bujold, CRE Michael S. MaRous, CRE Maxfield Research, Inc., Minneapolis, MN MaRous & Co., Park Ridge, IL Michael Y. Cannon, CRE William P.J. McCarthy, CRE IntegraIntegra Realty Realty Resources-Miami, Resources-Miami, Miami, FL W.P.J. McCarthy and Co., Ltd., Burnaby, BC, Canada Susanne Ethridge Cannon, Ph.D., CRE JulieJulie M. M. McIntosh, McIntosh, CRE CRE DePaul University, University, Chicago, IL The Integral Group, LLC, Atlanta, GA Guniz Celen, CRE JohnJohn A. A. Meltzer, Meltzer, CRE CRE Celen Corporate Valuation & Counseling Inc., 34337 Istanbul Turkey Meltzer Properties, Ouray, CO Maura M. Cochran Brent A. Palmer, CRE Bartram & Cochran, Inc., Hartford, CT NewTower Trust Co., Seattle, WA JohnJohn A. A. Dalkowski, Dalkowski, III, III, CRE CRE JoeJoe W. W. Parker, Parker, CRE CRE Marcus & Millichap REIBC, Coral Gables, FL Appraisal Research Co., Inc., Jackson,Jackson, MS Karen G. Davidson, CRE Stephen F. Peacock, CRE Davidson & Associates, Anaheim, CA The Staubach Co., Houston, TX Manuel Joaquim Monteiro De Barros, CRE Martha S. Peyton, Peyton, CRE 2790-110 Carnaxide Portugal TIAA-CREF, New York, NY P. Barton DeLacy, CRE JoeJoe Douglas Douglas Prickett, Prickett, CRE CRE Cushman & Wakefield, Inc., Chicago, IL Archon Group, LP, Irving,Irving, TX TX J.J. Terrence Terrence Farris Farris Ph.D., Ph.D., CRE CRE JeanetteJeanette I. I. Rice, Rice, CRE CRE Clemson University, Clemson, SC Verde Realty, Fort Worth, TX JackJack P. P. Friedman, Friedman, Ph.D., Ph.D., CRE CRE Roy J. Schneiderman, CRE JackJack P. P. Friedman Friedman & & Associates, Associates, Dallas, TX Bard Consulting, San Francisco, CA JohnJohn L. L. Gadd, Gadd, CRE CRE Karl-Werner Schulte, CRE Gadd Tibble & Associates, Inc., Arlington Heights, IL IREBSIREBS International International Real Real Estate Estate Business Business School, School, D-65185 Wiesbaden Germany Howard Gelbtuch, CRE D-65185 Wiesbaden Germany Greenwich Realty Advisors, Inc., New York, NY Lawrence A. Souza, CRE Johnson/Souza Group, Inc., San Francisco, CA Tom Hamilton Ph.D., CRE Johnson/Souza Group, Inc., San Francisco, CA University of St.Thomas, Saint Paul, MN Lewis W. Stirling, III, CRE Stirling Properties, New Orleans, LA Peter L. Holland, CRE Stirling Properties, New Orleans, LA Bartram & Cochran, Hartford, CT Daniel L. Swango, CRE Swango International, Tucson, AZ Thomas O. Jackson, Ph.D., CRE Swango International, Tucson, AZ Real Property Analytics, Inc., College Station, TX Marc R. Thompson, CRE Bank of the West, Walnut Creek, CA Paul G. Johnson, CRE Bank of the West, Walnut Creek, CA The Paul G. Johnson Companies, Phoenix, AZ David R. Walden, CRE National Property Valuation Advisors, Inc., Chicago, IL JamesJames C. Kafes, CRE National Property Valuation Advisors, Inc., Chicago, IL AEGON USA Realty Advisors, Inc., New York, NY Robert M. White Jr., CRE Real Capital Analytics, Inc., New York, NY Steven Kaye, CRE Real Capital Analytics, Inc., New York, NY CB Richard Ellis, Boston, MA PRESIDENT AND CHIEF EXECUTIVE OFFICER Hugh F. Kelly, CRE Mary Walker Fleischmann Real Estate Economics, Brooklyn, NY Peter F. Korpacz, CRE MANAGING EDITOR Korpacz Realty Advisors, Mount Airy, MD Carol Scherf The articles/submissions printed herein represent the opinions of the authors/contributors and not necessarily those of The Counselors of Real Estate or its members. The Counselors assumes no responsibility for the opinions expressed/citations and facts used by the contributors to this publication regardless of whether the articles/submissions are signed. Published by The Counselors of Real Estate, a not-for-profit organization of the National Association of REALTORS ®,, 430 430 N. N. Michigan Michigan Ave., Ave., Chicago, Chicago, IL IL 60611. 60611. Copyright 2009 by The Counselors of Real Estate of the National Association of REALTORS ®.. All All rights rights reserved. reserved. (Printed (Printed in in USA.) USA.) Third class postage paid in Chicago. Real E Estatestate I Issuesssues publishes three times annually. Subscription rates are: $48 for one year (3 (3 issues); issues); $80 $80 for for two two years; years; $96 $96 for for three three years; years; $42 per year to students and faculty; $54 foreign rate, submit in U.S. currency; single single copy copy $15. $15. Remittances Remittances may may be be made made by by credit credit card or personal check, payable to The Counselors of Real Estate. Remittances, change of address notices, notices, undeliverable undeliverable copies, copies, orders orders for for subscriptions subscriptions and and editorial editorial material should be sent to Real E Estatestate I Issuesssues,, The Counselors of Real Estate, 430 N. Michigan Michigan Ave., Ave., Chicago, Chicago, IL IL 60611. 60611. Phone: Phone: 312.329.8427; 312.329.8427; Fax: Fax: 312.329.8881; 312.329.8881; E-mail: E-mail: [email protected]; [email protected]; Web site: www.cre.org. Library of Congress card number LC 76-55075 Real E Estatestate I Issuesssues isis a a registered registered trademark trademark of of The The Counselors Counselors of of Real Real Estate, Estate, a a not-for-profit not-for-profit organization. organization. REAL ESTATE ISSUES i Volume 34, Number 1, 2009 38627_cre.qxp 4/10/2009 1:16 PM Page ii REAL ESTATE ISSUES Published by THE COUNSELORS OF REAL ESTATE Volume 34, Number 1, 2009 CONTENTS vii 19 Editor’s Note Credit Crisis has Weakened Global Property Fundamentals Peter C. Burley, CRE Simon Rubinsohn The worsening global economic environment is exerting a x heavy toll on commercial real estate around the world. Even those emerging markets which previously had seemed largely Contributors immune to the claws of the credit crunch have now succumbed. However, the scale of the decline in capital values and the associated rise in cap rates will gradually create new LEADERSHIP ROUNDTABLE opportunities for investors. The major issue is likely to be the ongoing lack of debt finance to help support acquisitions. 1 Corporate Real Estate: An Interview With Experts 21 Panelists: Michele Flynn, CRE; Barbara Hampton; Von W. Moody, III, CRE; Managing Risk in Income Property Loan Portfolios and Martha A. O'Mara, CRE. Moderator: Peter L. Holland, CRE Relative Index Methodology: A Proposal to Enhance Before real estate can be discussed as an asset class or as Basel II Regulations on Income Property Lending and something to be valued, leveraged, traded or securitized, it Assess Risk Positions in Income Property Loan Portfolios must first be seen as a place for the conduct of work. Put Marc Thompson, CRE, CCIM, FRICS simply, the commercial real estate industry begins with a The U.S. economy experienced a unique period of real estate tenant’s demand for space to house its products, production mortgage debt growth from 2000 through 2007. Income or employees.
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