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Valuation Trends: Cap Rate and Pricing Data
Mid-year highlights of pricing, sales volume and cap rate trends for office, industrial, retail and apartment properties. For more on best methods to value properties in the current market, see “Watching Worth” in the September 2013 issue of CPE. Source: Real Capital Analytics Inc.
Top Cities: Executive Views
CPE asked a number of investment sales brokerage executives about the cities they recommend that their clients consider. Excerpts of their responses appeared in the September 2013 Special Report. What follows are their more extensive observations. Dwight Hotchkiss, President, Brokerage Services l USA, Colliers International Jay Koster, President of the Americas Capital Markets, Jones Lang LaSalle Inc. James Kuhn, President, Newmark Grubb Knight Frank Christopher Ludeman, President of the Capital Markets, CBRE Group Inc. Hessam Nadji, Senior Vice President & Managing Director, Marcus & Millichap Real Estate Investment Services Greg Vorwaller, Global Head of Capital Markets, Cushman & Wakefield Inc….
Interest rates on commercial and residential property mortgages have been rising quietly.
—Marcelo Bermúdez, president, Figueroa Capital Group, subsidiary of Charles Dunn Co.
The ARCP Takeover
The New York-based REIT has gone from a value of $250 million in September 2011, when it began trading on NASDAQ, to an anticipated enterprise value of $10 billion by the end of the third quarter, when several high-profile merger-and-acquisition deals are expected to be completed.
Moody’s: U.S. Housing Recovery to Be Credit Positive
A new compendium report from Moody’s Investors Service predicts that the impact of the U.S. housing market recovery across fixed-income sectors will be predominantly credit positive.
Net Lease Property Valuations Steady Despite Treasury Move
By Randy Blankstein, President, The Boulder Group: Cap rates for single-tenant properties remained near historic lows for the retail, office and industrial sectors in the second quarter of 2013 due to the continued high demand for this asset class.
Healthcare REITs: Rapid Growth with Reasonable Leverage & Ample Liquidity
By Lori Marks, Associate Vice President & Analyst, Moody’s Investors Service: Moody’s outlook for healthcare REITs remains stable, reflecting the companies’ sound financial profiles, which leave them well-prepared to weather potential challenges such as falling reimbursement rates and rising interest rates.
The Seasons Change
By Robert Bach, National Director of Market Analytics, Newmark Grubb Knight Frank: Commercial real estate cycles shift gradually, almost imperceptibly. One would be hard-pressed to identify a particular moment when the real estate cycle transitions from one of its four phases to the next: recession, recovery, expansion and overbuilding. Such transitions tend to be visible only in hindsight.
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