{"id":1004082365,"date":"2013-08-20T09:25:25","date_gmt":"2013-08-20T17:25:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004082365"},"modified":"2022-12-08T19:08:06","modified_gmt":"2022-12-09T03:08:06","slug":"top-cities-jay-koster","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-cities-jay-koster\/","title":{"rendered":"Top Cities: Jay Koster"},"content":{"rendered":"

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. Following is the full response from\u00a0Jay Koster, President of the Americas Capital Markets, Jones Lang LaSalle Inc. Be sure to read the full responses of the\u00a0other executives<\/a>, as well!<\/em><\/p>\n

There simply aren\u2019t enough good investment opportunities available when balanced against the capital that desires to get placed in the real estate space. That continues to drive the core markets. Last year, San Francisco and Seattle were huge. There was less activity out of DC. This year, to a degree, there has been relatively less activity in San Francisco and Seattle, just given that many of the large opportunities that exist to trade in those markets traded last year. There simply aren\u2019t enough necessary sellers in those markets to create volume. DC has bounced back, coming off of a very tough governmental year\u2014you\u2019re seeing renewed activity. Houston, in the last 18 months and particularly the last 12 months\u2014the second half of last year and first part of this year\u2014saw some large deal activity that it has never before seen, particularly in that timeframe. When you look at Houston in the next six to 12 months, the appetite is still there to invest; there just aren\u2019t that many large opportunities left available to acquire there. \u00a0Hence, you\u2019re seeing a renewal of big deal activity in New York City because it is one of the few places where you can get big chunky allocations of dollars out the door.<\/p>\n

We had started to see some increased evolution in the secondary markets and particularly in the secondary markets where there\u2019s more risk at an asset level. We think that has slowed down a little bit, just given what has happened to interest rates and the cost of debt, predominantly CMBS debt, in the past 60-plus days, and we think that is going to create a bit of a wait-and-see around pricing in the secondary markets. And then one of the things that we started to see late last year going into the first half of this year was an increase in portfolio activity cutting across many secondary markets. That, again, was fueled by very aggressive availability of debt related to those portfolio transactions, which has abated somewhat in the last 60 days, so we expect you may see a little bit of a pullback there as people get their arms around debt pricing, and then we begin to eke back to levels where you actually have a matching of buyer and seller expectations.<\/p>\n

Office demand has been very strong in Chicago and New York in the first half of this year, increasing in DC, with some improvement in Boston\u2014though in Boston you\u2019re limited just by the availability of larger opportunities in the marketplace. Atlanta was an example of absent opportunities in other gateway markets. People started to evolve toward core-ish type opportunities in those markets. Hence, you saw a fairly solid uptick of activity in Atlanta in the first half of the year. I think particularly in Atlanta and Chicago, you\u2019ll see more of that continue to increase throughout the year.<\/p>\n

Your primary industrial markets remain highly sought after by the main institutional investors, along with the major industrial-focused investors. And that\u2019s Exit 8A; strong Midwest markets; Southern California, particularly the Inland Empire; different pockets in the Southeast, including some strong distribution areas in Florida. Where you get really modern, well-located product, you\u2019re not seeing extraordinary activity but strong demand does exist\u2014it\u2019s simply a matter of the number of available opportunities and desire by those that own it to continue to own it. And then you\u2019ve certainly seen an improvement in demand in secondary markets or for smaller product as the investor universe continues to widen out.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. Following is the full response from\u00a0Jay Koster, President of the Americas Capital Markets, Jones Lang LaSalle Inc. Be sure to read the full responses of the\u00a0other…<\/p>\n","protected":false},"author":755,"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":[37301],"tags":[],"class_list":["post-1004082365","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nTop Cities: Jay Koster - 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\/top-cities-jay-koster\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top Cities: Jay Koster\" \/>\n<meta property=\"og:description\" content=\"CPE asked a number of investment sales brokerage executives about the cities they recommend that their clients consider. 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