The life sciences industry faces hurdles to growth familiar to most other sectors of the economy. As a new Jones Lang LaSalle Inc. study points out, two important sources of capital shrank dramatically last year. Initial public offerings for biotechnology firms declined 96 percent compared with 2007, and venture capital funding slipped 14.9 percent. Ten times as many publicly held biotech companies are valued at less than their cash on hand as only two years ago. And the Biotechnology Industry Organization has concluded that one-quarter of all public biotech companies have only enough cash on hand to last for six…

Since the start of the recession, the U.S. has lost more than 3.6 million jobs. Real estate investment volume and values have fallen dramatically, a reflection of the liquidity crisis and the uncertainty that are plaguing the financial system. Throughout the down cycle, however, some markets have proven more resilient. Houston’s economy finished 2008 with positive job growth of 54,000 and gross domestic product growth of 1.2 percent. To be sure, recent compression of oil prices is starting to take a toll; tightening expenditures in the energy sector will lead to a slowdown in capital expenditures from large oil companies…

Tenant-friendly changes to New York state rent regulations will adversely affect several large New York City-based multi-family loans that back U.S. CMBS, according to a recent Fitch Ratings report that contends that resultant increased cash-flow stress as a result could lead to decreases in investment grades for these transactions.The new legislation would slow the pace of deregulation of New York City apartments by raising the minimum rent and tenant-income thresholds. According to Fitch managing director Eric Rothfeld, the increased threshold could delay conversion of stabilized units to market rents for eight years, hindering the ability of borrowers to remain current…

With the economy in the tank and the credit market still frozen, it’s more likely than not that the hotel market–like most real estate sectors–will not recover this year. Growth is not on the current list of hotel industry trends, according to Ernst & Young L.L.P.’s U.S. 2009 Lodging Report, but setting the stage for long-term success is. Profits are destined to elude the hotel industry this year. Having to contend with a dearth of financing and the impending maturing of $19 billion in commercial mortgage-backed loans, hotel owners will be forced to focus on restructuring existing loans, and they’ll…

According to a new study, goals for efficient energy use in office buildings may be unrealistic in many cases, and government standards must account for economic realities and varying climates. NAIOP, the Commercial Real Estate Development Association, which commissioned the research, argues that the findings have broad implications for development and for public policy. “With the results of achieving higher efficiency targets differing so greatly across the climate zones, the study reveals that a ‘one-size-fits-all’ approach to mandatory energy reductions does not work in legislation or other mandates,” said NAIOP president Thomas Bisacquino in a statement released last week in…

There’s no doubt that times are tough. The Dow is down more often than up, major companies are begging for more and more bailout money, smaller retailers are going out of business and homeowners are increasingly losing their jobs and defaulting on their mortgages.But many commercial real estate players’ businesses are rooted in taking risks and identifying opportunities before they become obvious, all with the intent of netting greater returns. Indeed, the current situation has been termed unprecedented and compared most closely to the Great Depression, with no bottom yet in sight and the Federal Reserve Board repeatedly postponing its…