A Little Bridge

Economic guru Larry Summers recently wrote an article in the Boston Globe about a small bridge near his office in Cambridge, Massachusetts. The bridge is just 100 yards long and was built in only 11 months more than a century ago. But today, needed repair work on this little bridge is now in its fourth

Chinese Capital Controls and CRE

The National Development and Reform Commission (NDRC), The People’s Bank of China (PBoC), The Ministry of Commerce and The State Administration of Foreign Exchange (SAFE) has issued a joint statement affirming that all outbound investment transactions remain subject to existing registration and filing procedures. Authorities also indicated they would scrutinize cross-border investment deals more closely

Implications of the Recent Spike in Interest Rates for CRE

Interest rates spiked in the aftermath of the 2016 U.S. presidential election. The benchmark 10-year Treasury stood at 2.36% at closing on November 23, up 53 bps from Election Day on November 8. How will this rapid movement impact the cost of borrowing and, by extension, capital values in commercial real estate? While it’s too

Uncertainty Dominates, Certainty Comes at a Premium

We might have thought that the EU referendum changed the game, but since then the U.S. Presidential Election has generated, if anything, greater uncertainty. For all that, expectations seem to be that U.S. policy will be expansionary, possibly inflationary, and consequently there are expectations of higher bond yields.  That said, the much reported “bond rout”

Political Surprises and the Surprisingly Robust UK economy

Political uncertainty does not stop with the U.S. and the UK. We have a referendum in Italy and a re-run of the Austrian Presidential Election in early December, both of which are expected to produce ”anti-establishment” results. And that’s before the big three of the Dutch, French and German General Elections that will take place

Thanks for Favorable U.S. Capital Markets in 2016

As we prepare to celebrate Thanksgiving here in the U.S. in a few days, let us give thanks for a healthy capital markets environment in the U.S. this past year—an environment characterized by high levels of transaction and mortgage lending activity, fairly stable pricing and still favorable returns. The capital markets environment is also well

Dublin Ready for Brexit Benefits

In the aftermath of June’s unexpected Brexit referendum result, there has been continued speculation that Dublin could benefit

How Much Real Estate Stock is There?

Over the past 20 years, our knowledge of real estate and its investment performance characteristics has developed enormously. One area lagging in this advancement is our knowledge of how much stock is available for institutional investment. This is not a major issue, as investment decisions are usually based on estimates of expected returns, but it

Millennials: Myths and Realities

Every generation tends to look back on its predecessors as slightly old-fashioned, and down on its successors as

What’s next? Geopolitics and the commercial property cycle

A lot has happened in the world of politics of late which has impacted on the property market; in today’s world the two are inextricably linked. However, whilst politics are important, it is vital that we don’t get so consumed by them that we ignore the core economic fundamentals, for it is these which are,