{"id":1004665505,"date":"2023-06-01T08:32:59","date_gmt":"2023-06-01T16:32:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004665505"},"modified":"2023-06-05T05:22:31","modified_gmt":"2023-06-05T13:22:31","slug":"cdo-stack-the-upside-of-a-slowdown-for-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cdo-stack-the-upside-of-a-slowdown-for-cre\/","title":{"rendered":"CDO Stack: The Upside of a Slowdown for CRE"},"content":{"rendered":"<p>One of real estate\u2019s great qualities is that the land it sits on is inherently scarce. As the saying goes, they\u2019re not making more of it. Usually that means the value of the land, and whatever is on it, goes up, but sometimes the market corrects and values drop. Having lived through multiple cycles, I know that the dynamics of each cycle are unique. As we enter this one, it appears that new inventory coming online isn\u2019t a big problem, fundamentals look good in most asset categories and leverage is generally below where it was at the beginning of the Great Financial Crisis.<\/p>\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background wp-element-button\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=793326\" style=\"background-color:#00aeab\" target=\"_blank\" rel=\"noreferrer noopener\">READ THE DIGEST<\/a><\/div>\n<\/div>\n\n\n<div id=\"attachment_1004311820\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004311820\" data-attachment-id=\"1004311820\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-to-take-your-cre-data-to-the-bank\/john_dangelo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D3&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1537782719&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;70&quot;,&quot;iso&quot;:&quot;500&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"John_DAngelo\" data-image-description=\"&lt;p&gt;John D&#8217;Angelo&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;CDO Stack: Smarter Buildings Can Be More Sustainable&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg?w=800\" class=\"wp-image-1004311820 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg?w=300\" alt=\"John D'Angelo\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004311820\" class=\"wp-caption-text\">John D&#8217;Angelo<\/p><\/div>\n<p>That said, the rest of the year looks to be a challenge. Investors are seeking to rebalance their portfolios, headlines about the office sector aren\u2019t great and financing is much more expensive than it was a year ago. As a result, owning, operating and investing in commercial real estate is considerably different than it was at the beginning of 2022.<\/p>\n<p>I realize that I\u2019m writing this column for the chief digital officer (or the equivalent executive), not for the CEO or chief investment officer. However, what happens now impacts the CDO, and that\u2019s what I\u2019d like to explore briefly.<\/p>\n<p>For one thing, if you use leverage, reliable information is important, and it\u2019s just good financial hygiene. Fifteen years ago, I was astonished by the number of very large CRE owners which didn\u2019t have key details about their debt at their fingertips, and consequently scrambled to assemble details or review loan documents. I think we\u2019re in much better shape today, but there\u2019s still room for improvement.<\/p>\n<p>Speaking of improving, now that mark-to-market value adjustments are generally down, generating differentiated total returns requires getting more efficient at operations and margins. This means no longer just throwing people at inefficient processes; it calls for taking a hard look at how you operate, how work gets done and whether it makes sense to self-perform, outsource or co-source that work. In just the last few weeks, we\u2019ve had multiple calls from CRE clients asking us to help review operating models and headcounts by function.<\/p>\n<div id=\"attachment_1004665510\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004665510\" data-attachment-id=\"1004665510\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cdo-stack-the-upside-of-a-slowdown-for-cre\/tortoise-race\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;14&quot;,&quot;credit&quot;:&quot;Getty Images\/iStockphoto&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;Two tortoises, one of them riding on toy car, isolated on white background.&quot;,&quot;created_timestamp&quot;:&quot;1390435200&quot;,&quot;copyright&quot;:&quot;livecal&quot;,&quot;focal_length&quot;:&quot;100&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;Tortoise Race&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Tortoise Race\" data-image-description=\"&lt;p&gt;Image by kickimages\/iStockphoto.com&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;CDO Stack: The Upside of a Slowdown. Image by kickimages\/iStockphoto.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg?w=1024\" class=\"wp-image-1004665510 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg?w=300\" alt=\"Image by kickimages\/iStockphoto.com\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/iStock-465399283-Image-by-kickimages.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004665510\" class=\"wp-caption-text\"><em>Image by kickimages\/iStockphoto.com<\/em><\/p><\/div>\n<p>In addition to having solid debt information, now is a good time to make sure that you\u2019re in good shape with asset and operational data. That information is important to understanding what\u2019s happening and to making decisions in a dynamic market. It\u2019s just not enough to have data that is incomplete or weeks old.<\/p>\n<p>Finally, I understand the realities of investing in your business right now. We\u2019re seeing projects that are considered necessary start or continue, while the pace of \u201coptional\u201d or \u201cnice to have\u201d projects has certainly slowed. But this is a great time to make operational upgrades that have long been deferred. Not only are these steps important for our industry as we compete for talent, but because transaction volume is down dramatically, more time is available to invest in the business. What\u2019s more, you might find that you\u2019re in a better bargaining position. And as with all cycles, remember that this one, too, shall pass.<\/p>\n<p><a href=\"mailto:johndangelo@deloitte.com\"><em>John D\u2019Angelo<\/em><\/a><em> is a managing director with Deloitte and is the firm\u2019s real estate solutions leader. With more than 30 years of experience as a management consultant to the global real estate industry, John has helped some of its biggest names leverage technology and data to optimize and transform their operations.<\/em><\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=793326\" target=\"_blank\" rel=\"noopener\"><em>Read the<\/em><\/a><em> June<\/em><em> 2023 issue of CPE.<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Don\u2019t miss this opportunity to improve your operations.<\/p>\n","protected":false},"author":1119,"featured_media":1004665510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39191,1521],"tags":[],"class_list":["post-1004665505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-cfo-corner","category-digital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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