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Cushman: Global Office Markets Mixed Heading into 2012, 2013
While some road bumps will continue through the foreseeable future, global real estate markets will undergo a slow recovery through next year and into 2013, according to a report by Cushman & Wakefield Inc.
Economy Watch: U.S. Consumer Mood Improves
U.S. consumers seem to be enjoying some holiday cheer, at least according to the latest sentiment index, but the share of all U.S. economic output that is being paid as wages dropped to 57.1 cents on the dollar during the third quarter of 2011. And most of the EU countries have agreed to tighter fiscal controls.
Mack-Cali, Ironstate to Develop Jersey City Multi-Family Towers
The multifamily market in Jersey City, N.J., is heating up and Mack-Cali has formed a joint venture with Ironstate Development Co. to capitalize on the growing demand and erect a two-tower luxury apartment property along the waterfront.
Avison Young Acquires L.A.-Based Ramsey-Shilling
Avison Young continues to increase its presence in the U.S. by opening new offices and snapping up firms, and now the Canadian firm has expanded its footprint with the acquisition of Ramsey-Shilling Commercial Real Estate Services Inc., a leading Los Angeles brokerage firm.
JLL: 2012's CRE Outlook Still in Flux; Bright Spots Exist
Jones Lang LaSalle’s outlook for 2012 shows that, while the economy remains in a state of flux, things are generally set to improve. But there are going to be some very bright spots — such as the multi-family sector, which is going to remain the darling investment class.
Economy Watch: EU Summit off to Rocky Start
With the world watching, members of the EU met in Brussels and immediately started quarreling. The Fed reported that U.S. household wealth dropped — again — during the third quarter of 2011. But new unemployment claims slowed from the previous week.
Macerich Nabs $230M Loan for Arrowhead Towne Center in Arizona
The Macerich has completed a substantial financing deal with Prudential Mortgage Capital, getting a $230 million loan secured by the 1.2 million-square-foot Arrowhead Towne Center in Glendale, Ariz.
GE Capital Launches $535M Investment in European Office Properties
Despite the European markets being as unsteady as — if not more unsteady than — domestic markets, GE Capital Real Estate is making a big bet on quality office assets in England, France and Germany with $535 million (400 million euro) secured from third-party sources.
Miami-Based Investment Firm Grabs 30-Story Chicago Multi-Family Tower
CH South Michigan Apartments, a vehicle of Miami-based Crescent Heights, purchased Chicago’s 1212 S. Michigan Ave., picking up the 30-story, 344-unit tower for approximately $60 million.
Economy Watch: Consumer Borrowing Up – but Not the Plastic Kind
U.S. consumer credit increased at an annualized rate of 3.75 percent in October. The U.S. banking industry is looking to shed domestic office space while expanding internationally. And Congress is still dithering over whether or not to prolong the cut in payroll taxes.