Editor’s Page
Cynthia J. Hoffman
Still in the Game
THERE’S A LOT OF TALK ABOUT HOW THE COMMERCIAL
real estate market has stalled. Undeniably, far fewer deals are
closing these days than 12 to 18 months ago. But there are just
as many conversations about the activity that is occurring.
Much of this issue centers on those who are still in the market
and the opportunities that exist.
Although the executives who took part in the Seventh Annual
REAL ESTATE FORUM/Transwestern Institutional Power Panel, this
month’s cover story, concede their investment numbers are
down this year, they are keeping busy. While most don’t anticipate making a significant number of asset purchases, the participants are finding a range of investment options, everything
from providing mezzanine and construction funds to build-to-suit developments and CMBS plays. Our group of experts is
hopeful that the second half will bring even greater opportunities—including distressed investments.
Over the past several months, sovereign wealth funds have
dominated the headlines. These moneyed powerhouses are
making their presence felt in the commercial real estate arena
with their involvement in high-profile purchases like Manhattan’s
Chrysler and GM Buildings and the Fontainebleau Hilton in
Miami Beach. In “Sovereign Wealth Rules,” managing editor
Sule Aygoren Carranza takes a closer look at these vehicles and
their potential influence on the market over the long term.
So who’s doing deals? Associate editor Danielle Douglas
attempts to answer that question in “Still Closing.” Those best
positioned to ride out the current storm, the article notes, are
the firms with proven track records, strong relationships and a
steady supply of capital.
And on the hospitality front, demand is tapering off, but cash
flows remain strong. Consequently, the market hasn’t yet
reached the point where hotels need to offer discounted rates in
order to fill rooms. That’s general view of the lodging executives
interviewed by senior editor Maria Wood during our annual hotel
roundtable. For more on what these pundits had to say, turn to
page 56.
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