{"id":1004019825,"date":"2010-05-04T09:35:17","date_gmt":"2010-05-04T17:35:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004019825"},"modified":"2022-12-06T01:46:12","modified_gmt":"2022-12-06T09:46:12","slug":"dla-piper-panelists-discuss-market-shift","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dla-piper-panelists-discuss-market-shift\/","title":{"rendered":"DLA Piper: Public, Private Markets Show Improvement"},"content":{"rendered":"<p>May 4, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/DLA-Piper2.gif\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004019826\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dla-piper-panelists-discuss-market-shift\/dla-piper-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/DLA-Piper2.gif\" data-orig-size=\"178,72\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"DLA Piper\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/DLA-Piper2.gif?w=178\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/DLA-Piper2-150x72.gif\" alt=\"\" title=\"DLA Piper\" width=\"150\" height=\"72\" class=\"alignright size-thumbnail wp-image-1004019826\" \/><\/a><\/p>\n<p>This is poised to be a significant year in private as well as public markets, said panelists at DLA Piper\u2019s Global Real Estate Summit 2010 in the \u201cSeismic Shift Realigns Markets\u201d program. Panelists discussed the U.S. market\u2019s turbulent twists and made predictions for the near to long-term future.<\/p>\n<p>\u201cFundamentals are still declining, but people are underwriting through that,\u201d said Eastdil Secured, LLC CEO Roy March. \u201cThe private markets are definitely indicating improvement (and yet) the public markets are showing a 30 percent premium against the private markets.\u201d<\/p>\n<p>He noted that there is significant interest in real estate, particularly within the equity and debt markets. March estimated that there have been a total of $55 billion of transactions in the public markets.<\/p>\n<p>He also asserted that a relative lack of product is pressing investors to recognize that there is a smaller difference between note value and real estate value \u2013 and encouraged them to mentally \u201ccompress\u201d that difference.<\/p>\n<p>CBRE Capital Markets President Ethan Penner told the audience that the American financial community was so downtrodden a year ago that any move off of that glum mental framework feels euphoric. <\/p>\n<p>But, he cautioned, dissecting the numbers may dim that euphoria. \u201cThe amount of new equity wouldn\u2019t carry the amount of loans in special servicing today,\u201d he said. \u201cIt\u2019s not a meaningful raise compared to the dollar\u2019s loss.\u201d<\/p>\n<p>Penner added that today\u2019s \u201cfeeding frenzy\u201d is a function of the paltry supply pipeline rather than a tremendous amount of available capital: \u201cMost of the equity\u2019s been wiped out in America, so most of the assets are controlled by the loans or the lender, so it\u2019s forestalled the inevitable recap and coming-to-market of those assets.\u201d<\/p>\n<p>Dune Real Estate Partners CEO Dan Niedich said that not all debt is created equal, just as not all capital structures are created equal. \u201cThere\u2019s no question that people are pricing differently, but it depends on the asset,\u201d he said. \u201cIf you\u2019re looking at a fully loaded office building encumbered with a stack of debt, you\u2019ll look at it differently than a finished condo.\u201d<\/p>\n<p>Ventas Inc. Chairman, CEO and President Debra Cafaro said her company began getting conservative in 2007, recapitalizing and re-equitizing at the time. Now, she says, times have changed.<\/p>\n<p>\u201cWe are starting to invest again,\u201d she said. \u201cWe have gotten more constructive, we are investing, and we believe we can make money for investors in the current environment.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2010 is expected to provide major shifts in the capital markets, according to experts.<\/p>\n","protected":false},"author":936,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004019825","post","type-post","status-publish","format-standard","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>DLA Piper: Public, Private Markets Show Improvement - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dla-piper-panelists-discuss-market-shift\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DLA Piper: Public, Private Markets Show Improvement\" \/>\n<meta property=\"og:description\" content=\"2010 is expected to provide major shifts in the capital markets, according to experts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dla-piper-panelists-discuss-market-shift\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-05-04T17:35:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T09:46:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/DLA-Piper2-150x72.gif\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-panelists-discuss-market-shift\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-panelists-discuss-market-shift\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"DLA Piper: Public, Private Markets Show Improvement\",\"datePublished\":\"2010-05-04T17:35:17+00:00\",\"dateModified\":\"2022-12-06T09:46:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-panelists-discuss-market-shift\\\/\"},\"wordCount\":421,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-panelists-discuss-market-shift\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/05\\\/DLA-Piper2-150x72.gif\",\"articleSection\":[\"Finance\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-panelists-discuss-market-shift\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-panelists-discuss-market-shift\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-panelists-discuss-market-shift\\\/\",\"name\":\"DLA Piper: Public, Private Markets Show Improvement - 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