CONTENTS
Volume 63 • Number 2 • 793rd Issue • February 2008
FEATURES
30 Global Growth Lures Developers
International markets, especially those with emerging economies, are ripe
with opportunity
By Danielle Douglas
38 Executive Forum
Back to Basics
As the property market continues to downshift, due diligence, underwriting
and net cash flow are once again taking center stage
94 2008 International Real Estate Guide
NEWS
8 Global Digest
First Industrial-CalSTRS JV targets Netherlands. Hill, Makan team on
Middle East projects.
12 News Wrap
Thompson resigns from Grubb, Hanson to head subsidiary. PREI-Ashford
JV may signal trend. UP, NorthMarq undergo reorganization.
DEPARTMENTS
22 Deals & Dealmakers
Stanford University embarks on 120-key lodging project. Ogilvy & Mather moves
headquarters to NYC’s Far West Side. JV enters Windy City with $515-million retail
buy. Behringer Harvard closes on $500-million credit facility.
103 Advertisers Index
104 Executive Notes
Starwood Capital names vice chairman
COLUMNS
4 Editor’s Page
Time of change
By Cynthia J. Hoffman
10 International Beat
Asia provides beacon of strength in time of economic turbulence
By Priyaranjan Kumar
29 Economic Outlook
Equity points the way out of the current credit crisis
By Jon Southard
37 It’s the Law
Lease negotiations must address mold contamination liability issues
By Tara K. Gorman
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62ND ANNUAL REVIEW
50 Optimism Tumbles
Along With Economy
Talk of a recession and the subprime mortgage meltdown have industry executives in a rather dour mood
By Maria Wood
54 Psyched Out
Statistically speaking, the experts say the downturn
is more a matter of perception than reality...for now
67 CEOs to Watch
Profiles of the industry’s trendsetters and market
leaders
By Joseph Dobrian
NATIONAL MARKET ANALYSIS
NORTHEAST
Boston
New Jersey
New York City
Philadelphia
Washington, DC
74
74
75
76
78
SOUTHEAST
Atlanta
Charlotte, NC
Miami
Orlando
Tampa, FL
79
80
80
81
82
MIDWEST
Chicago
Cleveland
Detroit
Indianapolis
Minneapolis/St. Paul
St. Louis
84
84
85
86
86
87
SOUTHWEST
Dallas/Ft. Worth
Houston
Phoenix
87
88
88
WEST
Denver
Los Angeles
Orange County, CA
San Diego
San Francisco
Seattle
89
90
91
92
92
93
