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- Obama seeks input, support from CEOs of largest banks
President Barack Obama is meeting today with the CEOs of JPMorgan Chase, Citigroup, Goldman Sachs and other banks, as well as executives from industry associations, to discuss the economy and the administration's proposals to increase regulation of the financial system. "This is a meeting about the broad approach to restoring our economy and our national economic strength," top White House economic adviser Larry Summers said. CNNMoney.com/Reuters
(3/27)     
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As this article shows, there are some bright spots for REITs and commercial property in the current economy. REITWise™: NAREIT's Law, Accounting & Finance Conference, in its final day today, is helping to provide the information and tools necessary to ride out the rough patches. Check out the full conference agenda.
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| | Trends in Real Estate Finance & Accounting: Lower your G&A by over 50%...
With market rents declining and vacancy increasing, reducing G&A is a top priority. Click here to download a case study and learn how Zenta can immediately lower your company's G&A by over 50%. Zenta offers expertise in Lease Administration, Property Accounting, Due Diligence, and much more. www.zenta.com | |
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- Geithner urges lawmakers to enact sweeping regulatory changes
Treasury Secretary Timothy Geithner's proposal for comprehensive changes to regulation of financial markets were met with opposition from some, resignation from others. Instead of blatantly fighting the proposal, many hedge-fund managers, investors, lobbyists and market participants will strive to limit measures they see as being overly intrusive. The Treasury's proposals focus on four areas: risks to the overall economy, closing oversight gaps, enhanced protection for consumers and investors, and global coordination of initiatives.  ClipSyndicate/Bloomberg
(3/26), The Wall Street Journal
(3/27)
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- Analysis: Tough decisions by U.S. force same from investors
The government's efforts to revive markets for bonds and preferred stocks are prompting tough decisions from investors. Analysts and investors said the decisions appear to be no-brainers, but that is not so because the government constantly changes course. "You can have the most attractive program in the world having every investor licking his chops to get into, but having to get into bed with Uncle Sam and trust him as a counterparty, no one is sure what to do," said Mitch Stapley, chief fixed-income officer at Fifth Third Asset Management. Reuters
(3/26)
- Japan may take steps to stabilize REIT sector
Japan's Nikkei average reached its highest level in 2 1/2 months today on reports that the Japanese government is considering a plan to create a property support fund. The surge was led by a rally of REIT shares. "We haven't decided on a specific scheme or a scale, but we've determined to take some measures to normalize the REIT market," said Isamu Ueda, a New Komeito lawmaker. Bloomberg
(3/27), Forbes/Reuters
(3/27)
| Real Estate Marketplace | | |
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- New bailout won't stop commercial foreclosure avalanche
The new Treasury program to help out the financial sector won't do a thing to prevent the impending wave of commercial mortgage foreclosures in the U.S., real estate experts say. "This isn't designed to head off foreclosures," said Colony Capital's head Thomas Barrack, Jr. "This is designed to start the banks lending." Reuters
(3/26)
- George Soros: Commercial property likely to drop 30%
Commercial real estate in the U.S. will lose 30% of its present value, placing further burdens on the already stressed banking system, says billionaire investor George Soros. A few transactions have already started to indicate what is coming for commercial property values and "we know, they will drop," he said. Bloomberg
(3/26)
- Report: Logistics still holding up in CRE downturn
Logistics properties have been weathering the commercial real estate downturn better than most other sectors, according to a report by Grubb & Ellis. "The outsourcing of U.S. manufacturing jobs to China, Mexico and other countries with low labor costs has given rise to a sophisticated logistics industry focused on bringing products manufactured abroad into and through the U.S. to their intended destinations," Robert Bach, Grubb & Ellis senior vice president & chief economist, said in the report. The report did, however, say that the sector could see some softening. Commercial Property Executive
(3/27)
- Port Authority asks WTC developer to put in more equity
The Port Authority of New York and New Jersey wants World Trade Center developer Larry Silverstein to put more equity into the project, before the authority decides whether to help him out with guarantees on construction loans. "The port authority is not recession-proof," said Authority Director Christopher Ward. "Mr. Silverstein understands that." Bloomberg
(3/26)
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Structural issues facing REITs today
The Department of Real Estate at Baruch College, CUNY, in conjunction with NAREIT, is hosting a conference on April 1 called Structural Issues Facing REITs in Today's Markets. The purpose of the conference is to present the latest research on corporate governance, earnings management and asset diversification affecting REITs. The event, being held at Baruch's Newman Conference Center, is free, but registration is required and attendance is limited.
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