Commercial Property News - November 2008 - (Page 26)

INDUSTRY PULSE INTERNATIONAL ment steps as a $50 billion investment to refinance Russian companies’ foreign debt and $38 billion in long-term loans to the nation’s banks. At least temporarily, the global economic situation will slow down a real estate market that old Russia hands say offers almost unlimited potential: “Incredible people, good demographics—all the things you would think in any business sector would be positive,” said Golub & Co. president & CEO Michael Newman. The firm holds the distinction of being the first United States-based property company to hang out its shingle in Eastern Europe in 1989, when the Soviet bloc dissolved. Despite its high regard for Russia, however,Golub exited the country a few years ago. Instead, it is now focusing on other Eastern European markets, such as Poland, that it believes offer a more stable economic and political environment. “We liked the opportunities (in Russia), we liked the people,but things were changing,” Newman explained. “It’s tough to justify (investment in Russia) to a lot of the Western funds.” It will be some time before professional practice in Russia’s real estate industry catches up with Continued on page 33 ® GLOBAL SNAPSHOT Slow Going Rental growth in the United States and Canada remained flat in the third quarter. Asking rents are expected to edge lower in the fourth quarter of 2008 and to continue to decline throughout much of 2009. Europe experienced stable prime rent levels for the quarter, but rents will soon start to decline across the region. Central and Eastern Europe will see rental increases, driven by the strong Moscow office market. Rental growth in Asia-Pacific slowed in the third quarter, and most markets are at or past the rental peak. The largest declines over the next one to two years are expected in the key financial centers of the region. (Q3 2008 Class A/prime office rental rates per square foot per year) Chicago CBD Midtown New York City Mexico City metropolitan area Downtown Toronto Frankfurt London West End Paris CBD Hong Kong CBD Sydney CBD Tokyo CBD $0 $36 $100 $30 $44 $58 $192 $108 $179 $38 $102 $50 $100 $150 $200 As a consistent capital provider under a range of real estate market conditions, ORIX today is actively seeking opportunistic investments. Please contact: Source: Jones Lang LaSalle Inc. • www.joneslanglasalle.com OUR CAPITAL STRUCTURES: David R. Brown Opportunity Fund Investments President & CEO david.brown@orix.com THE NYU SCHACK INSTITUTE OF REAL ESTATE Property/Portfolio Acquisitions 312.669.6020 Whole Loan Purchases Margaret DeWoskin Chief Investment Officer maggie.dewoskin@orix.com 312.669.6414 It’s not about predicting a market change. It’s about preparing for it. MASTER’S IN REAL ESTATE The real estate market will change numerous times over the course of a career. The challenges of the current environment underscore not only the importance of understanding the cyclical nature of the business, but also the level of expertise required to succeed—regardless of which way the market is headed. Over the last 40 years, the NYU Schack Institute of Real Estate has become the industry’s most respected institution of higher learning. The Master of Science in Real Estate integrates theory with real-world application in all phases of the real estate deal. Our faculty consists of leading industry authorities, hands-on experts who will provide you with the insight and perspective to keep you at the forefront of this dynamic ﬁeld. Development JVs ORIX Real Estate Capital, Inc. 100 North Riverside Plaza, Suite 2100, Chicago, IL 60606 312.669.6400 www.orix.com OREC IS A 100% WHOLLY OWNED SUBSIDIARY OF ORIX USA CORPORATION WHOSE PARENT IS ORIX CORP., AN $80 BILLION FINANCE COMPANY. Information Sessions: Tuesday, November 11, 6–8 p.m. Wednesday, December 17, 6–8 p.m. Please call for locations and to RSVP. scps.nyu.edu/360 1-888-998-7204, ext.360 New York University is an afﬁrmative action/equal opportunity institution. ©2008 New York University School of Continuing and Professional Studies 26 COMMERCIAL PROPERTY NEWS • November 2008 • www.cpnonline.com http://www.orix.com http://www.joneslanglasalle.com http://scps.nyu.edu/360 http://www.orix.com http://scps.nyu.edu/360 http://www.cpnonline.com

Table of Contents Feed for the Digital Edition of Commercial Property News - November 2008

CPN - November 2008 Contents Starting Line Seniors Housing Data/Analysis Conferences Through the Fog CPN’s Top Cities for Investment & Corporate Relocation Finance International Sustainability CPN-Nielsen Claritas Special Report

Commercial Property News - November 2008

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