Commercial Property News - October 2008 - (Page 29)

TITLE INSURANCE s INDUSTRY PULSE ed. Jack Kieley, who manages Stewart’s Baltimore national title services office, agreed, saying that the steep appreciation of property prices in the past few years has led to a distorted view of the market on behalf of some sellers. “Some sellers have gotten fat and happy,” he said. Danger of Undertow Commercial real estate professionals must also deal with factors that were not present, or at least did not create as much of a force, in the previous down cycle. Because commercial real estate investment is now conducted on a global stage, for instance, problems in one area of the world may well reverberate in others, Konkel noted. CONFERENCES Continued from page 14 Also, the apartment sector was thought to be recession proof in past downturns. This down cycle, however,has impacted that sector,as well, he said. At the same time, today’s 24hour news cycle can present an opposite effect.Instantaneous information, such as violent hourly swings in the stock market,can take on more importance than it sometimes should in the decisionmaking process, Hawley said.“The Information Age presents a constant barrage of information,” he observed.In fact, important information can get lost in the tidal wave.“You have to get back to basics and look at the real estate fundamentals.” —Reach senior editor Eugene Gilligan at eugene.gilligan@nielsen.com. Visit www.cpnonline.com/specialties for stories on other commercial real estate business lines. SOUTH FLORIDA’S SILVER LINING Capocefalo, managing director for Studley Inc.’s Miami office.“This is a growing sector of our client base.” South Florida developers and brokers often joke that they enjoy working in the area—because it’s so close to the United States.The conference’s third session ran over with optimism. South Florida’s barriers to entry are high, the land is scarce and the costs are great, but nimble developers will continue to thrive,said Gibson Development Partners CEO Ford Gibson. Pryse Elam, senior vice president & Southeast regional director for New Boston Fund Inc., called South Florida one of the best long-term markets in the world. And Rockefeller Group Development Corp.sees plenty of opportunity in the area. “We’ve got so many projects on the table that we are going to need some capital,” said vice president & regional development officer Edgar Jones. Capital markets formed the focus of the final panel. The billion-dollar question: Where is the bottom? Some panelists predicted that the commercial lending market would come back stronger than ever within two years. “Folks who have left the CMBS market are looking for a way to get back in through other instruments to fill the gap,” said Charles Foschini, vice chairman of CB Richard Ellis Inc.’s debt and equity group in Miami.“By this time next year, we’ll see new lenders online.” —Jennifer LeClaire 80 Countries and Counting. Let First American be your global strategic partner. Going global? Put experience on your side with First American. We are the world’s #1 provider of international title services—setting the standard for accuracy, risk protection, and underwriting solutions. We’re experts at handling the intricacies of international transactions—let us be your partner every step of the way. For unparalleled results, choose First American: ▼ ▼ More than 20 years of international title experience Strategically located in major ﬁnancial centers worldwide ▼ Technology solutions that speed the process ▼ Single-point of contact to provide you with worldwide support First American. First Worldwide. 866.561.5047 ▼ www.firstam.com/ncs ©2008 The First American Corporation ▼ NYSE: FAF www.cpnonline.com • October 2008 • COMMERCIAL PROPERTY NEWS 29 http://www.cpnonline.com/specialties http://www.firstam.com/ncs http://www.cpnonline.com

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CPN - October 2008 Contents Starting Line Industrial Data/Analysis Conferences Chicago Market Profile Finance International Title Insurance Brokerage Corporate Report

Commercial Property News - October 2008

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