Commercial Real Estate Brokerage
Allan M. Lee, CCIM
DRE License Number: 01390418
alee at perSF.com
626-600-5125 office
20955 Pathfinder Road, Suite 100
Diamond Bar, CA 91765
equipping the world's best minds
in commercial real estate
A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry. The CCIM lapel pin is earned after successfully completing a designation process that ensures CCIMs are proficient not only in theory, but also in practice. This elite corps of CCIMs includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals.
A CCIM is part of a global commercial real estate network with members across North America and more than 30 countries. This professional network has enabled CCIM members to close thousands of transactions annually, representing more than $200 billion in value. As a result, the experts who possess the CCIM designation are an invaluable resource for commercial real estate owners, investors, and users.
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All Properties Monthly Index |
Quarterly Apartment Index |
Quarterly Industrial Index |
Quarterly Office Index |
Quarterly Retail Index |
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MIT CRE: Transactions-Based Index (TBI)
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Commercial Mortgage Rates & Terms
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Producer Price Index - new warehouse building construction (Dec2004 = 100)
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Blekko Beta - NAI Knowledge Center
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Los Angeles Commercial Real Estate News:
LoopNet
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National Commercial Real Estate News:
Google
- LoopNet
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LA Business Journal
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05/18/2012 04:37 PM
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Signatures Submitted for Health Insurance Rate Initiative
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Proponents of an initiative that would give California regulators the power to regulate health insurance rates submitted 800,000 voter signatures on Friday in hopes of qualifying the measure for the November ballot.
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05/18/2012 04:29 PM
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The Week’s Big Movers
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The Business Journal’s index of largest local public companies closed down for the week as concerns about Europe’s economy sent the markets lower during the week.
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05/18/2012 02:00 PM
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Podcast: Highlights from the Latest Business Journal
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Editor Charles Crumpley each week provides highlights from the latest edition of the Los Angeles Business Journal. The podcast for May 21 is now online.
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05/18/2012 12:23 PM
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Unemployment Rate Improves but L.A. Loses Jobs
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Los Angeles County’s unemployment rate dipped to 11.6 percent in April, but the county lost 7,000 payroll jobs, according to state figures.
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05/18/2012 12:21 PM
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Power-One Shares Fall on Downgrade
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Shares of Power-One Inc. fell nearly 9 percent Friday morning following an analyst’s downgrade.
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05/18/2012 12:20 PM
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Poll: Will You Commute on the New Expo Line?
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The Los Angeles Business Journal has posted a new weekly poll for readers on issues in the news.
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05/17/2012 05:04 PM
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CKE Files for IPO
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Fast-food restaurant operator CKE Inc., which was taken private about two years ago, has filed with regulators to raise up to $100 million in an initial public offering.
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05/17/2012 05:02 PM
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Western Asset Mortgage Capital Shares Fall After IPO
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Shares of Western Asset Mortgage Capital Corp. fell in their first day of trading on Thursday, after the real estate investment trust initial raised $160 million in its initial public offering.
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05/17/2012 12:47 PM
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Kythera Files for IPO
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Kythera Biopharmaceutical Inc., which is developing prescription treatments for the aesthetic market, has filed with the Securities and Exchange Commission to raise up to $86 million in an initial public offering.
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05/16/2012 05:08 PM
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‘Hunger Games’ Boosts Hot Topic’s Quarter
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Like “Twilight” before it, merchandise tied to the hit film “Hunger Games,” turned Hot Topic Inc. to a profit in first quarter.
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05/16/2012 12:24 PM
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Skechers to Pay $45 Million in Deceptive Advertising Case
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Skechers USA Inc. has agreed to pay about $45 million to settle charges by federal and state regulators that the company made overhyped advertising claims that its Shape-ups shoes would help people lose weight and tone muscles faster.
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05/15/2012 06:22 PM
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Council Passes Bank Disclosure Rules
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The Los Angeles City Council passed an ordinance requiring banks that do business in the city to disclose their lending practices to communities.
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05/15/2012 04:02 PM
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L.A. Port Sees Strong April Activity
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April saw a boom in cargo traffic at the Port of Los Angeles, with nearly 15 percent more goods passing through than the same month a year ago.
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05/15/2012 12:43 PM
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CytRx Plans Reverse Stock Split
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Cancer drug developer CytRx Corp. announced a reverse split of its common stock that should help the company become compliant with Nasdaq listing requirements.
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05/14/2012 04:42 PM
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Hudson Pacific Properties to Sell Stock, Buy Buildings
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Hudson Pacific Properties Inc. said that it plans to buy two office-retail complexes in Los Angeles and San Francisco. The deals will be financed as part of an offering of 10 million shares of stock.
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05/14/2012 04:39 PM
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Cereplast Signs Receivables Deal with Indian Firm
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Shares of Cereplast Inc. jumped 18 percent on Monday after the bioplastics company announced a deal with an Indian firm that will distribute products now in the hands of European customers that haven’t paid their bills.
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05/14/2012 12:35 PM
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Kennedy Wilson Acquires Sacramento Apartment Community
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Kennedy Wilson and partners have acquired an apartment community in Sacramento in a $64 million deal.
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05/11/2012 04:37 PM
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Platinum Equity to Buy Part of Caterpillar’s Logistics Business
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Platinum Equity LLC has agreed to acquire a 65 percent stake in Caterpillar Logistics Services LLC, the third-party logistics division of Caterpillar Inc., for about $750 million.
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05/11/2012 04:34 PM
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Caruso Named Ernst & Young LLP Master Entrepreneur of the Year
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Ernst & Young LLP said that Los Angeles developer Rick Caruso will receive the 2012 Master Entrepreneur of the Year Award for Greater Los Angeles.
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05/11/2012 04:31 PM
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The Week’s Big Movers
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The Business Journal’s index of largest local public companies declined for the week as the woes in the nation’s finance sector dragged down Wall Street for the second straight week.
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Wall Street Journal
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05/15/2012 09:26 PM
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If Kids Can Play, Will Mom Shop?
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In their bid to keep shoppers from deserting to the Internet, more malls are adding sprawling play spaces.
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05/08/2012 06:31 PM
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Builder Is Constructing REIT for Home Rentals
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Beazer Homes has formed a REIT with KKR that will buy and then rent single-family homes, one of the largest and most talked-about asset classes in the real-estate business.
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05/10/2012 01:52 PM
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Pointed Spat Over World Trade Spire
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One World Trade Center's owners are sparring with their architects over what goes on top—a dispute that could stop the structure being recognized as America's tallest.
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05/09/2012 10:15 AM
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Tax Terms Amended in Empire State Building IPO
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The Malkin family that controls the Empire State Building has agreed to change the terms of the skyscraper's public offering, making the tax treatment less punitive to small investors.
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05/08/2012 08:16 PM
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Ohio REIT Heads Upscale
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Associated Estates Realty Corp., which owns rental-apartment buildings in cities like Indianapolis and Columbus, Ohio, is pushing into the upscale Los Angeles market despite some investor concerns.
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05/09/2012 08:30 AM
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Plots & Ploys: Looks Don't Matter
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Strange looks of a building apparently aren't enough to scare off big-name investors. That's the case with 100 Federal Street in Boston—the so-called "pregnant building" recently purchased by Boston Properties.
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05/09/2012 05:11 AM
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U.K. Pushes 'Social' Housing REIT Plan
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Facing a dearth of new-home construction, the U.K. real-estate industry and government are looking at ways to encourage the formation of new real-estate investment trusts that would focus on subsidized housing.
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05/04/2012 09:12 PM
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The New Nontraded REITs
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A controversial real-estate investment is getting a makeover—and while the critics still aren't sold, some advisers say it is worth considering for investors comfortable with the risks.
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05/02/2012 10:38 AM
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Paris Business Hub Goes on Defense
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Paris's La Défense district, launched more than 50 years ago and now the largest business center in continental Europe, is suffering growing pains that raise questions about how and where Paris will expand in the future.
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05/16/2012 07:58 PM
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Deal Is Near to Develop Willets Point
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The Bloomberg administration is nearing a deal with the Related Cos. and a real-estate firm controlled by owners of the New York Mets to build a retail and residential development on a gritty swath of Queens near Citi Field.
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05/01/2012 09:08 PM
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Chicago's Spire Remains Hole in the Ground
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The rubble-strewn Chicago lot where North America's tallest residential building was to have been built is turning into an international money pit.
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05/01/2012 07:10 PM
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High Demand for High-End Real Estate in Paris
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Storied French mutual insurer Groupama has put some prime Paris commercial real estate on the block. Fortunately for the firm, demand for top properties has stayed strong even as the crisis has raged on the Continent.
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05/01/2012 11:35 PM
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Paris Luxury Retail Finds New Homes
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With a new brand of wealthy clientele—and a shortage of space—Paris's luxury-brand owners are setting up shop in fresh parts of the city.
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05/01/2012 09:10 PM
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A Hotel for California
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Developer Rick Caruso, Southern California's king of upscale shopping centers, wants to make a splash in another real-estate sector by building a luxury hotel on 16 acres of beachfront in Santa Barbara.
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05/01/2012 06:17 PM
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Mall Owners Wage Taxing Fight
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Shopping-center landlords like Simon Property Group are pressing for states to levy sales taxes on online retailers like Amazon.com, in a bid to level the playing field.
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04/27/2012 07:32 PM
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Creditors Take Control of Atlantis Resort
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Resort operator Kerzner International transferred its massive Atlantis resort in the Bahamas to its creditors and sold its half interest in the Atlantis in Dubai to partner Istithmar World.
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04/26/2012 11:02 PM
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Recent Arrivals Dull Montauk's Gritty Edge
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Some locals see the changes in the hamlet as a sign that Hamptons posh has completed its eastward march to Montauk.
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05/07/2012 11:33 AM
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REITs Spring an Unnerving Surprise
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Investors are discovering the downsides of some nontraded REITs: They are being valued at prices far lower than investors had expected.
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04/25/2012 12:46 PM
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Starwood's Crystal Vision
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The company wants to capitalize on Baccarat's swank image with a New York hotel that will have 115 rooms and 64 high-end residences.
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04/25/2012 03:21 AM
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Turkey Looks Overseas For Real-Estate Buyers
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Turkey is close to amending legislation that would allow certain foreign buyers to purchase property. Industry observers hope this will spark demand.
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04/24/2012 08:49 PM
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KKR Makes Push Into Real Estate
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KKR has long resisted getting into real estate. But after years of watching rivals invest billions of dollars in property, the private-equity firm finally is making its own big push.
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04/24/2012 06:20 PM
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CBRE Profit Declines 22%
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A 14% increase in revenue couldn't offset the charges incurred from the firm's acquisition of the real-estate businesses of ING Groep.
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04/24/2012 05:18 PM
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Eurohypo Unloads U.S. Loan Portfolio
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Wells Fargo and Blackstone Group have agreed to pay an amount that is between 5% and 10% off the face value of about $560 million.
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04/25/2012 02:46 PM
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The Best Spots to Set Up Shop
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Inside two boutiques' race for a desirable store site in Beverly Hills.
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04/17/2012 06:33 PM
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Cantor Construction Job
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Howard Lutnick, the head of Cantor Fitzgerald, is aiming to integrate Grubb & Ellis with Newmark to form what he hopes will be one of the leading commercial real-estate-services companies in the world.
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04/17/2012 08:15 PM
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Goldman in Talks On Hotel's Debt
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Goldman Sachs, which purchased the massive Marriott Waikiki Beach Resort & Spa in Honolulu in 2005, is in talks to extend or modify the hotel's debt, which is probably more than the property is worth.
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04/17/2012 06:39 PM
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Starwood Capital to Buy Malls
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Investor Barry Sternlicht's Starwood Capital has agreed to buy a 90% stake in seven U.S. malls, including the SouthPark mall in Cleveland, from Australian mall owner Westfield Group for $1.05 billion.
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04/17/2012 11:07 PM
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J.P Morgan Strips Shopping-Mall Loan From CMBS Issue
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A $49 million loan on a Florida shopping mall that was facing a foreclosure action before it was refinanced has been stripped from an issue of commercial mortgage-backed securities that J.P. Morgan Chase & Co. is bringing to market this week.
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04/10/2012 10:52 PM
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AIG to Return to U.S. Property Investing
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American International Group is planning to jump back into U.S. property investing, reversing yearslong efforts to downsize its real-estate business in the wake of its near-collapse and government bailout in 2008.
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04/13/2012 09:24 AM
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Europe's Gentler Deals
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The commercial mortgage-backed securities market in the U.S. has increasingly resembled a battlefield. In Europe, by comparison, some efforts to fix distressed commercial mortgage securities look refreshingly civilized.
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04/10/2012 08:00 PM
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Industrial-Space Showdown
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Two real estate powerhouses are angling for control of a massive industrial portfolio hoping to capitalize on an expected economic recovery.
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04/11/2012 03:45 AM
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Property Investors Lie in Wait in China
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Cash-strapped, debt-burdened Chinese property companies may face a reckoning this year as the housing market slows—and if they do, outside investors are ready to step in.
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05/15/2012 06:22 PM
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Brookfield to Spin Off Holdings
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Brookfield Asset Management plans to bundle together its wide array of commercial-property holdings into a new publicly traded subsidiary, with an eye toward further growth.
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NY Times Most E-Mailed
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05/20/2012 08:08 PM
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Op-Ed Columnist: Here Comes Nobody
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Suffocating debate and resisting modernity, the Catholic Church shrinks its appeal.
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05/20/2012 09:05 PM
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From Cubicles, Cry for Quiet Pierces Office Buzz
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Research shows that more than half of office workers are dissatisfied with the level of “speech privacy” in their offices, and managers are hearing their complaints.
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05/20/2012 08:18 PM
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Editorial: The Campaign Against Women
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The Republican assault on women’s rights and health is undeniable, severe and continuing.
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05/20/2012 09:04 PM
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Gray Matter: Who Arrived in the Americas First?
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New discoveries are upending the old theory of how the continent was settled.
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05/20/2012 08:52 PM
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Op-Ed Columnist: Do You Want the Good News First?
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A visit to the innovation hubs of Seattle and Silicon Valley stirred both excitement and dread. Here’s why.
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05/20/2012 12:05 PM
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Op-Ed Columnist: Are You Safe on That Sofa?
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Flame retardants illuminate everything that’s wrong with our money-driven politics.
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05/20/2012 01:51 PM
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The Long Run: How the Mormon Church Shaped Mitt Romney
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While Mitt Romney has said little about his Mormon faith on the campaign trail, people who know him well call it a huge influence on his conduct and worldview.
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05/19/2012 11:47 PM
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In a Rented RV, Roaming Western Roads
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Captain of a “rig” for the first time, the author cruises through the West, sleeping at a Walmart, joining the “Greatest RV Rally in the World” and celebrating the freedom to roam.
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05/20/2012 04:01 PM
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Well: Sleep Apnea Tied to Increased Cancer Risk
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Two new studies associate a common disorder of sleep that causes pauses in breathing with a higher risk of cancer.
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05/19/2012 02:03 AM
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Your Money: Managing Risk in Your Nest Egg - Your Money
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In light of JPMorgan Chase’s multibillion-dollar loss, a look at how individuals can manage risk in their own investments with trade-offs and moderation.
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05/18/2012 04:50 PM
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‘House’ Team Prepares Final Episode
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The cast and crew of “House” reflected on that show’s eight seasons as they worked on the final episode.
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05/20/2012 04:01 PM
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Obama’s Journey to Reshape Afghan War
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President Obama concluded in his first year that the Bush-era dream of remaking Afghanistan was a fantasy. The lessons he has learned there have shaped his presidency.
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05/20/2012 01:48 AM
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Opinion: Integration Worked. Why Have We Rejected It?
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We have just observed the anniversary of the groundbreaking court decision of Brown v. Board of Education, and yet desegregation is effectively dead.
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05/20/2012 02:36 PM
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In Los Angeles, Drivers and Bicyclists Learn to Coexist
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For years, cyclists in Los Angeles were a renegade subculture. These days, they are downright mainstream.
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05/20/2012 05:47 PM
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Journeys: Correspondents Select Some of Their Favorite Roads
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They cover the country, and drive to do it. So where do The Times’s national correspondents (and their editor) like to hit the road? Here are some of their favorite stretches.
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05/21/2012 02:57 AM
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20th Anniversary of the Vows Column
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Six couples profiled in the first year of the Vows column look back at two decades of marriage — and divorce.
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05/20/2012 09:12 PM
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Architecture Review: Fighting Crime With Architecture in Medellín, Colombia
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Medellín, Colombia, once famed for murder and cocaine, is now drawing notice for its ambitious urban projects, many aimed at easing life in the city’s slums.
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05/21/2012 12:20 AM
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Ultra-Orthodox Jews Hold Rally on Internet at Citi Field
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Tens of thousands of ultra-Orthodox men attended the rally, which was held to discuss the potential dangers of Internet use and the temptations that can come from social media and pornography.
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05/20/2012 10:00 PM
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Opinionator: Wild Ponies and Wild Weather
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When a hurricane thrashes the mid-Atlantic, I worry about the wild ponies on Assateague Island.
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05/19/2012 11:03 PM
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Op-Ed Columnist: A Little Bit Indian
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Why Elizabeth Warren’s embarrassment is a scandal for academia.
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Wharton UPenn
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04/25/2012 03:51 PM
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Optimism Is Up, but the U.S. Housing Market Faces a Painful Shift
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Spring is typically a peak season for home buying -- a time of year when Americans start thinking about trading up, downsizing or purchasing a vacation home. But four years after the start of the financial crisis, the market is still shaky. Although there have been some signs of life recently, Wharton experts say the crisis changed the game of home-buying for the long term, and possibly forever -- creating significant consequences for the industry and consumers.
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12/07/2011 02:00 PM
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Research Roundup: Homeowner Mobility, Divestitures and the Real Impact of FDI
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How has the housing bust and accompanying recession impacted the mobility of homeowners? Are divestitures always a smart move for companies? Can multinationals create a fact-based case for the real economic impact of their investment in different countries? Professors Joseph Gyourko, Emilie Feldman and Ethan Kapstein, respectively, examined these issues -- and what they mean for business and consumers -- in recent research papers.
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05/11/2011 04:38 PM
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Revitalizing the Private Mortgage Market: 'Skin in the Game' and the Consequences for Future Homebuyers
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Amid all the uncertainty in the economy, a number of regulators, lawmakers and market experts continue to wonder: What will the mortgage market, so essential to a healthy housing sector, look like in the future? Key to that is a rekindling of the private market for securitizations -- the process of converting mortgages into bonds for sale to investors. Meanwhile, a group of federal agencies recently released a proposed set of requirements likely to toughen standards for both borrowers and lenders. But many experts feel the proposals would not correct the mortgage market's problems.
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03/16/2011 03:44 PM
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What the Demise of Fannie Mae and Freddie Mac Means for the Future of Homeownership
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By most accounts, the federally sponsored mortgage giants Fannie Mae and Freddie Mac did not cause the housing and mortgage crisis. But they were a big part of the problem, prompting a taxpayer bailout costing more than $130 billion. Now the Obama administration wants to phase out the two firms. How would this affect the availability of mortgages, loan rates and home prices? In the end, would such a dramatic change be good for homeowners or bad?
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01/12/2011 12:16 PM
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Gazit's Chaim Katzman: 'Our Strategy Is Long-term Ownership'
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Gazit Globe (usually called Gazit) is among the world's top real estate investment multinationals. Listed on the Tel Aviv stock exchange, the firm operates in some 20 countries and owns or operates 6.3 million square meters of space spread over more than 650 properties. In the U.S., Gazit's investment vehicles include Equity One, a real estate investment trust that focuses on high quality retail properties. Gazit's total asset value exceeds $15 billion. Chaim Katzman, Gazit's chairman and founder, spoke recently with Wharton real estate professor Peter Linneman and Knowledge@Wharton about the company's origins, strategy and his personal management philosophy.
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10/27/2010 01:14 PM
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Falling Prices, Foreclosures and Fear: What's Next for the Housing Market?
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The U.S. housing market has been wobbly for several years, but it has shown some signs of perking up in recent months. The latest reports, however, indicate a setback, with median home prices dropping slightly and sales well below the already depressed levels of 2009. Yet a combination of low mortgage rates and apparent home-price bargains should still be drawing some buyers into the market. Knowledge@Wharton spoke with Wharton real estate professor Susan M. Wachter about the housing market's slow recovery, the prospect of another sharp dip in prices, the effect of foreclosures on the economy, and what it will take to get the market back on track.
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10/13/2010 02:48 PM
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The Walls Keep Tumbling Down: Foreclosure Flap and Other Housing Industry Woes
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After suspending foreclosures in order to review cases that may be flawed by procedural errors or fraud, major mortgage companies have injected new uncertainty into the already weak housing market. But the foreclosure flap is just the most recent of many setbacks for the troubled industry, even as a new generation of potential buyers is rethinking the traditional dream of homeownership. As one Wharton professor notes: "Buying a home doesn't make sense for a large proportion of the population."
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09/29/2010 03:30 PM
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Home Is Where the Money Is: A New Incentive Program Aims to Slow Rising Mortgage Defaults
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As the housing market languishes in the doldrums, an astoundingly high number of homeowners in the U.S. are defaulting on their mortgages. While some simply cannot afford the payments, others own properties that are in "negative equity" -- that is, the value of their homes is less than the amount of the mortgage. As a result, these homeowners have decided to stop paying their mortgages and start fresh. A new incentive program from Wharton finance professor Alex Edmans, however, might give the latter group another choice that could benefit them -- along with lenders and society at large.
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07/14/2010 02:26 PM
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Real Estate's Future: 'It Depends on What Degree of Risk You Are Looking For'
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With the financial crisis wiping out trillions of dollars in property values worldwide, the challenges facing the global real estate industry are greater than they have been in decades. Within the turmoil, however, are opportunities for players in both the commercial and residential real estate markets, a point made by members of a panel at the recent Wharton Global Alumni Forum in Madrid called, "Real Estate: Exploring the Road to Recovery."
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03/31/2010 02:51 PM
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Drowning or Hedging? The Risks and Rewards of Owning a Home
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Nearly 11 million homeowners -- or about one-fifth of those paying mortgages -- are now considered "underwater" because they owe more on their houses than they are worth. But while sharp declines in prices might be enough to make even the most cavalier consumer think twice before buying a home, new Wharton research suggests that homeownership is less risky than might be expected. Indeed, it can effectively hedge against volatile prices for shelter, including rental rates, if a buyer does not take on excessive debt to make the purchase.
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01/20/2010 03:35 PM
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Global Real Estate: Ready for a Rebound?
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The global real estate community is breathing easier than it was a year ago, judging by the sentiments of participants at a recent Knowledge@Wharton global real estate forum titled, "The Road to Recovery: Investing in the Global Real Estate Rebound." Held at the New York Stock Exchange on December 11, in conjunction with Interconnect Events, the forum focused on the developed world's challenges in freeing up private capital and finding opportunities in distressed real estate assets, among other topics. According to some speakers and panelists, opportunities that receded in the West in the wake of the financial crisis can still be found in emerging markets, although the barriers to entry remain high.
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11/24/2009 03:13 PM
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Tentatively and Sporadically, Real Estate Investing Makes a Comeback
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Real estate is showing some early signs of recovery as an attractive investment, at least compared to some other opportunities like corporate debt. But capital markets must open further to revive normal deal flows, said panelists at the recent Zell Lurie Real Estate Center conference. And while glimmers of confidence are returning to some sectors, the positive signs are distributed unevenly. Panelists also discussed lessons learned from regulatory lapses, ways to fix them and growth drivers that might stimulate the economy.
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08/19/2009 09:11 PM
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Peter Linneman on Real Estate: The Storm Is Over, the Wreckage Remains
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Although some upbeat economic news in recent weeks might indicate the beginning of the end of the recession, there's still plenty of "wreckage" to deal with, says Wharton real estate professor Peter D. Linneman. Nowhere is this more apparent than in the housing and commercial property sectors, which have taken one of their worst beatings ever. In an interview with Knowledge@Wharton, Linneman draws on policy missteps of the past to caution the Obama administration to tread carefully and avoid "trying to cure things they can't cure," while contending that the U.S. might have more in common with countries like Venezuela, Russia and Japan than most observers think.
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07/22/2009 03:41 PM
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On Shaky Ground: Commercial Real Estate Faces Financial Tremors
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As the global recession drags on, new concerns are rising about commercial real estate. Loans taken out during the boom years are coming due, but commercial property owners are contending with higher vacancy rates, lower rents and a less-than-receptive environment for refinancing their obligations. Industry analysts and politicians suggest that commercial real estate is about to become the next high-profile casualty in the ongoing economic meltdown. "The shoe has already dropped," says one Wharton real estate professor.
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06/10/2009 05:08 PM
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So You Think Owning a Home Will Make You Happy? Don't Be Too Sure
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Owning a home has long been viewed as the cornerstone of the American Dream, the foundation for a happy family life and long-term financial security. Now, a new research paper challenges that conventional wisdom. Wharton's Grace Wong Bucchianeri, a professor of real estate, says her research shows that while homeowners experience significant joy, they also face more aggravation, spend less time with friends, and are even heavier than renters living in comparable homes.
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04/20/2009 09:39 PM
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Risky Business: An Entrepreneur's Perspective on the Brazilian Housing Market
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Rafael became an entrepreneur when he moved to Brazil about a year ago to work in the country's nascent housing market. Before that, he was a successful portfolio manager at a hedge fund in London where he had been saving his bonuses and waiting for the right moment to strike out on his own. That moment came -- in the real estate industry. But it was followed by what turned out to be a devastating blow -- the global financial crisis.
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03/18/2009 04:34 PM
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Don't Write off the Malls Just Yet, Says Real Estate Magnate David Simon
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Despite press reports to the contrary, shopping malls are here to stay, at least according to David Simon, chairman and CEO of Simon Property Group, owner of more than 350 malls, outlet centers and other retail-oriented properties in the U.S., Europe and Asia. Indeed, Simon said during a recent Wharton Leadership Lecture, his firm might consider making acquisitions again given that prices have recently fallen to levels last seen in 2002.
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03/11/2009 04:25 PM
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A 'Downward Spiral': Gulf Region Real Estate in the Era of Cheap Oil
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In 2002, oil prices in the nations of the Gulf Cooperation Council (GCC) stood at $25 a barrel. By July 2008, that number had jumped to $147. The increase enabled the GCC's six member countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) to almost triple their gross domestic product -- from $350 billion to more than $1 trillion. Now oil prices have fallen again -- this time to below $40 a barrel -- and the oil boom and bust have come at a steep price, especially for Dubai.
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02/05/2009 02:41 PM
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Hirco Group's Aniruddha Joshi: 'Long-Term Drivers of India's Growth Have Not Changed'
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What impact has the global financial crisis had on India's real estate market? According to Aniruddha Joshi, executive director of Hirco Group in Britain, which develops residential properties and mixed-use townships in India, the credit crisis has affected portfolio allocations. Still, Hirco's strategy toward property development in India will not change, Joshi told Knowledge@Wharton in an interview during the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. "We believe that the long-term India story and the fundamentals are still intact."
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01/21/2009 03:32 PM
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Where the Deals Are: Real Estate in Emerging Markets
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The unstoppable consumer demand and high returns once guaranteed by "hypergrowth" markets like the fabled BRICs -- Brazil, Russia, India and China -- are no longer a given, according to global real estate developers, investors, finance specialists and executives who spoke at the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. Instead, investors need to evaluate each market individually and, given the current economic climate, focus on the long term.
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