Commercial Real Estate Week in Review for March 10 – 16:
– Experts predict the Libor will maintain its influence among financial institutions, despite recent allegations of corruption among participating banks.
– Australian REITs, or A-REITs, which represent the largest REIT market outside the U.S., continue their slow recovery from the financial downturn.
– Also in D.C., Trammel Crow and StonebridgeCarras, LLC have begun construction on major office properties, expected to finish next year. Some question if D.C.’s market can support so much additional office space.
– Japan’s largest real estate developer, Mistui Fudosan, aims to triple the size of its private REIT in the next three years through pension fund investment.
– CoStar reports distressed CRE sales remain at high levels (21.1% in January 2012, compared to a yearly total of 3% in 2008). However, non-distressed sales are beginning to increase, improving overall pricing.
– A Philadelphia developer proposes to merge four schools on unused land just north of Center City, making use of property behind the former Divine Lorrraine Hotel on Broad Street.
– Miami‘s condo market, badly hit by the ’08 mortgage crisis, experiences a great resurgence thanks to cash buyers.