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Volume 2 - Number 5 | March 10, 2005
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TOP STORY: Flood of Capital Continues To Define Real Estate Market
By Benjamin Mark Cole
Real estate markets will largely get even better in 2005, with most markets and property advancing for a second year after bottoming out in 2003, according to the 2005 Real Estate Market Outlook just released by Pittsburgh-based PNC Real Estate Finance.
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10 MINUTES WITH....Prudential's David Durning
By Erika Morphy
No one has to be told the real estate market is flush with capital on both the debt and equity sides, despite the fact that property fundamentals are not as strong as many players would like them to be. One result of this three-year bonanza is the inexorable ongoing push towards the securitization of economic interests at all points along the risk spectrum.
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Germany Pushing Forward with Further CMBS Reforms
By Erika Morphy
The big news in Germany’s real estate finance market is the Pfandbrief Act, a reform of the country’s covered bond market—similar to the mortgage-backed securities and GSE business here—due to go into effect this July. This legislation covers commercial, residential as well as government loans. And now, going beyond the new law is another legislative initiative that, if passed, may give impetus to the country’s all-but-nonexistent CMBS space.
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What's Hot, What's Not: Self-Storage REIT IPOs
By Erika Morphy
Over the past 20 years the self-storage industry has grown 5% to 10% per year. However, says Self Storage Association president and CEO Michael Scanlon, this rate is not sustainable in the longer term. One result of this slowdown, he believes, will be more self-storage REITs going public or positioning themselves to go public.
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