Libor and Tariffs
and Rates, Oh My!
COULD TIMES BE ANY BETTER FOR THE
commercial real estate industry right now? Capital is
flowing seemingly unabated including across bor-
ders. All of the asset classes—and there is hope for retail, too—are doing well
and the industrial sector is doing phenomenally well.
But there are clouds that throw shade on even the sunniest of days and
that is the case here too. As solid as the current situation is, we serve our
readers best when we warn them of the possible pitfalls ahead. So those
robust capital flows and strong economic growth? They’re there all right but
so too is the risk that a global trade war could divert some of those flows
and dampen some of that growth. About Libor: the industry is, it is true,
completely sanguine about its upcoming replacement.
The only problem is, no one quite knows how it will actually happen and
banks are itching for companies to wean themselves off of this benchmark.
And interest rates, oh my indeed. If there is any scenario that throws shade
on our happy growth picture it is the prospect of the Federal Reserve raising
the federal funds rate faster than expected.
We look at these issues in our capital markets feature on page 40 and our
overview of the 22nd Annual Institutional Investor Symposium we co-hosted
with Transwestern, which you can read on page 44.
We also take a look at the perils involved in a foreign merger or acquisition—a common enough theme these days—in our Building Balance column
on page 14. Written by Jackie Doak of Dart Real Estate, she also has some
advice on how to avoid the worst of the pitfalls.
But we are not all gloom and doom this month. We are launching in this
issue our inaugural Industrial Influencers special report, which starts on page
19. It is a look at the top professionals, teams and firms that have helped
tyo shape, and continue to impact, the industrial real estate business. Many
of these people and companies are longstanding players in the field, having
started their careers or been in establishment long before the current boom,
and who will undoubtedly still be standing when this cycle ends. You’ll enjoy
reading their stories.
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