{"id":1004189853,"date":"2017-09-08T02:43:39","date_gmt":"2017-09-08T10:43:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189853"},"modified":"2022-12-05T07:07:16","modified_gmt":"2022-12-05T15:07:16","slug":"sorting-silver-and-gray","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sorting-silver-and-gray\/","title":{"rendered":"Sorting Silver and Gray"},"content":{"rendered":"<p>By\u00a0Paul Rosta, Executive Editor<\/p>\n<div id=\"attachment_1004171842\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/DSC5598_21292.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004171842\" data-attachment-id=\"1004171842\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/unfinished-business\/_dsc5598_21292\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/DSC5598_21292.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" 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;1268412028&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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Executive Editor Paul Rosta&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/DSC5598_21292.jpg?w=800\" class=\"wp-image-1004171842 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/DSC5598_21292.jpg\" alt=\"Executive Editor Paul Rosta\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/DSC5598_21292.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/DSC5598_21292.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/DSC5598_21292.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004171842\" class=\"wp-caption-text\">Executive Editor Paul Rosta<\/p><\/div>\n<p>The journalist Gregg Easterbrook once pointed out that the economy almost always presents us with a mixed bag of news at any given time. His astute observation kept coming to mind as I was mulling this month\u2019s theme.<\/p>\n<p>Everywhere you look, the capital markets present a good-news, bad-news picture that makes it difficult to sum up the situation in a snappy headline, as we reporters love to do.<\/p>\n<p>Take non-traded REITs, for example. As Amanda Marsh points out in \u201cTighter Times,\u201d the sector\u2019s fundraising is on track to finish 2017 with the lowest total in a dozen years. The new FINRA regulations that expand the definition of a fiduciary appeared to create hesitation among broker-dealers to sell non-traded REIT funds, at least in the short term. Yet there\u2019s more to the story. Fundraising may be coming up short, but non-traded REIT sponsors can point to generally attractive returns and sound property fundamentals.<\/p>\n<p>Moving on to the broader picture, investment sales volume rose $14.4 billion to $109.2 billion from the first to second quarters this year, according to Real Capital Analytics. The consensus among capital markets veterans is that sales will continue to pick up steam as 2017 heads for the home stretch. Commercial and multifamily mortgage loan originations jumped 28 percent from the first to second quarters, the Mortgage Bankers Association reported. All very encouraging, but the silver lining comes with a medium-sized cloud: At midyear, deal volume was down 8 percent.<\/p>\n<p>When you look at these statistics, you understand the slight softening of investor sentiment detected by the latest Marcus &amp; Millichap\/NREI survey. Since the fourth quarter of 2016, the index has slipped from 153 to 150. That\u2019s well short of the 179 score recorded three years ago.<\/p>\n<p>Once more, though, that doesn\u2019t tell the entire story. The survey also found that a majority of investors in industrial, multifamily and hospitality assets expect their properties to increase in value over the next 12 months. So do about half\u201449 percent\u2014of those who own mixed-use assets. All told, 59 percent of investors said that they expect to increase their exposure in commercial real estate during the next 12 months.<\/p>\n<p>I could go on, but you get the idea. Any number of things could trigger big changes in the capital markets, and that makes developing strategies more than a little challenging. Still, for whatever it\u2019s worth, an old real estate reporter has to be impressed with the mixture of grown-up skepticism and sensible optimism out there right now.<\/p>\n<p><em>Originally appearing in the\u00a0<a href=\"https:\/\/www.mydigitalpublication.com\/publication\/?i=435311&amp;ver=html5#{&quot;issue_id&quot;:435311,&quot;page&quot;:4}\" target=\"_blank\" rel=\"noopener noreferrer\">September 2017 issue of CPE<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The journalist Gregg Easterbrook once pointed out that the economy almost always presents us with a mixed bag of news at any given time. His astute observation kept coming to mind as I was mulling this month\u2019s theme.<\/p>\n","protected":false},"author":445,"featured_media":1004171842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21788],"tags":[],"class_list":["post-1004189853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-editors-notes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sorting Silver and Gray - 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\/sorting-silver-and-gray\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sorting Silver and Gray\" \/>\n<meta property=\"og:description\" content=\"The journalist Gregg Easterbrook once pointed out that the economy almost always presents us with a mixed bag of news at any given time. 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