Urban Land

Monday's Numbers: May 14, 2012

Mon, 14 May 2012 00:00:00 -0400

The Trepp LLC survey showed spreads widening as much as 15 basis points for no apparent reason we know of except, possibly, the continuing crises in Europe and concerns that the U.S. will catch their flu. Fortunately, money is plentiful with a majority of the widening of spreads offset by the lower yields on 10-year Treasury bonds.

Making Money in Residential Real Estate

Fri, 11 May 2012 00:00:00 -0400

Panelists at ULI’s Spring Meeting agreed that strategies never considered before are worth considering now in this market in which renting seems to have more appeal than buying. However, George Casey, chief executive officer at Orleans Homebuilders, noted that Orleans is building fewer models and foot traffic is slower per community, but sales are greater.

A Competitive Finance Debate

Thu, 10 May 2012 00:00:00 -0400

ULI members Glenn Grimaldi, executive vice president of HSBC; David D. Clark, senior vice president, Real Estate, Northwestern Mutual Life Insurance Co.; and Kevin Pivnick, managing director, Deutsche Bank, all described a healthy mortgage market in which only the long shots are having trouble finding funding these days. In a session titled “Full Court Press on Commercial/Apartment Debt” at ULI's 2012 Spring Meeting, all three described how they each tend to look at potential deals a bit differently.

Government Has Two Choices: End the Ongoing Partisan Deadlock--or Face Economic Crisis

Wed, 09 May 2012 00:00:00 -0400

Erskine Bowles, former co-chair of the presidential fiscal commission, tells ULI leaders: “If we make tough choices and get our fiscal house in order, America can compete with the best and brightest in the world. But I’m equally confident that if we don’t, this country is on its way to being a second-rate power.”

Infrastructure 2012 Highlights Innovation

Wed, 09 May 2012 00:00:00 -0400

Constrained public budgets and a growing recognition at the local level of the importance of infrastructure— combined with lack of action at the federal level—are causing states, regions and cities across the U.S. to seek innovative infrastructure approaches and solutions. Infrastructure 2012: Spotlight on Leadership, released by the Urban Land Institute (ULI) and Ernst & Young LLP, looks at an overall decline in infrastructure funding globally, and it focuses on funding solutions underway in the U.S., citing six case studies.

Can America Eliminate Its Addiction to Fossil Fuels and Do So Without Congress?

Wed, 09 May 2012 00:00:00 -0400

Amory Lovins, cofounder of the Rocky Mountain Institute, told an audience of ULI members at ULI's 2012 Spring Meeting, that there are numerous ways to reduce use of fossil fuels. Doing so, corporate America could earn a $5 trillion savings in net present value and boost the economy by 150 percent.

Playing along the Railroad Tracks

Tue, 08 May 2012 00:00:00 -0400

Where does a city begin when it wants to develop public areas as a catalyst for revitalization when it is not located on a river, a lake, or an ocean? Birmingham, Alabama began with its railroad tracks, and that was just the beginning.

Public Art in Transit

Tue, 08 May 2012 00:00:00 -0400

The intangible benefits of public art are well-known, but often overlooked. Read how public art at two downtown Los Angeles transit-oriented developments came to generate ongoing income for a private developer and local government.

ULI Real Estate Business Barometer -- May 2012

Mon, 07 May 2012 13:09:00 -0400

The top 12 trends in this month’s Barometer highlight a tepid economy, uneven signals in the capital markets, and a housing market on a low simmer. Still, compared with a year ago, 76 percent of the key indicators in the Barometer are better, 1 percent remained the same, and only 23 percent are worse.

Monday's Numbers: May 7, 2012

Mon, 07 May 2012 10:13:00 -0400

According to the FTSE NAREIT Equity REIT Index, equity REITs produced total returns equal to 2.87 percent in April. The Trepp LLC survey showed spreads flat to widening by 5 basis points over the survey period as all-in costs remain attractive.

Community Development Outlook

Fri, 04 May 2012 00:00:00 -0400

Members of ULI’s Community Development Council speak about the impact of the slow economy, the increased appeal of smaller sites in denser locations, consumers’ current amenity preferences, the impact of ethnic and demographic changes, and the rising demand for housing that can accommodate multiple generations.

Guiding Those Who Teach the Guide Dogs

Thu, 03 May 2012 11:14:00 -0400

Members of the Young Leaders Group of ULI Orange County/Inland Empire put their skills to work helping those who help the disabled. They offered advice to Guide Dogs of the Desert, a Riverside County, California, nonprofit that pairs service dogs with people who are blind, with a plan for expanding its live-in training campus.

Smart Growth Not Enough?

Wed, 02 May 2012 09:53:00 -0400

The fact that we are increasing dwelling units per acre, reducing vehicle miles traveled per capita, and reducing tons of carbon emissions compared to sprawl does not mean that we are making great people habitat, posits Kaid Benfield, director, Sustainable Communities, Washington, D.C. Benfield says it is time to focus more on the quality of what we are building.

Building for the Needs of an Information-Based Economy

Adam Steinberg — Tue, 01 May 2012 16:52:00 -0400

The desire of today’s creative class for connectivity, walkability and non-traditional live and work spaces is reshaping how designers, architects, and developers design homes and offices, says Christopher B. Leinberger, president of LOCUS, a real estate policy advocate for walkable and transit-oriented development.

Monday's Numbers: April 30, 2012

Mon, 30 Apr 2012 09:56:00 -0400

The Trepp LLC survey showed spreads widening over the past two weeks in response to the yield on 10-year Treasury bonds which narrowed by about 15 basis points. Lending spreads continue to move in a narrow range with overall cost attractive at all maturities and from a wide array of capital sources.

Craig Thomas: Viewing Real Estate Through “The Econosphere”

Fri, 27 Apr 2012 00:00:00 -0400

You cannot improve the market, but you can improve the information you rely upon, says The Econosphere author Craig Thomas.

Federal Government Shrinks Space Requirements

Fri, 27 Apr 2012 00:00:00 -0400

Federal agencies are under continuing pressure to reduce their demand for leased and build-to-suit space. They intend to reduce square footage used per employee, increase teleworking—and make better use of existing government buildings, administrators told a ULI WashingtonTrends conference audience.

Private Money for Public Spaces

Thu, 26 Apr 2012 00:00:00 -0400

Public/private partnerships can be used to create and restore public spaces, adding value to surrounding real estate. Bryant Park in Manhattan serves as a successful model of this. In Washington, D.C., a public/private partnership has been established to bring that improvement model to the National Mall.

Former Governor Eliot Spitzer: Intellectual Capital Drives the Economy

Wed, 25 Apr 2012 00:00:00 -0400

The Dodd-Frank Wall Street Reform and Consumer Protection Act will have little effect on U.S. real estate markets, says former governor Eliot Spitzer, because it is being “whittled away piece by piece.” Spitzer says it repeatedly has been demonstrated that self-regulation does not work and that it is the job of government.

Benchmarks for Sustainability

Tue, 24 Apr 2012 00:00:00 -0400

In anticipation of the 2012 ULI Spring Meeting, "The Power to Lead, the Energy to Thrive," being hosted by Charlotte, North Carolina, May 8-10, ULI CEO Patrick Phillips discusses how market demand is driving the trend of making buildings' energy-performance data more visible. Phillips outlines how ULI is repositioning itself to be a smarter, more influential, and more effective organization through the ULI Greenprint Center for Building Performance.

Monday's Numbers: April 23, 2012

Mon, 23 Apr 2012 09:52:00 -0400

According to the most recent survey by Real Estate Research Corporation, average capitalization rates continued to decline as more and more capital is invested in real estate. Lending spreads continue to move in a narrow range with overall cost attractive at all maturities and from a wide array of capital sources.

China: Who Will Care for the Elderly?

Fri, 20 Apr 2012 13:19:00 -0400

In the new China, demand for housing for seniors is real. The country’s rapid urbanization is affecting China’s centuries-old tradition of multigenerational living, says Harvard’s Nicolas P. Retsinas.

Anticipating the Correction of China’s Housing Bubble

Fri, 20 Apr 2012 13:16:00 -0400

Unique conditions in mainland China could moderate the effects of a market correction, say Ken Rhee, CEO of Huhan Business Advisory in Shanghai and ULI’s chief representative for mainland China, and Chen Jie, executive director of the Center for Housing Policy Studies and associate professor at the Fudan University School of Management in Shanghai.

Regional Spotlight: Mid-Atlantic/Carolinas

Thu, 19 Apr 2012 11:39:00 -0400

The Mid-Atlantic region and the Carolinas are reporting steady real estate activity across real estate markets including hospitality, multi-family, mixed-use, health care, industrial, commercial and infrastructure. While the activity is at a slower rate than in the past, it is beyond what many other areas of the country are experiencing. Experts see developers aligning themselves for new projects in the not-too-distant future.

Going All In in South Charlotte

Wed, 18 Apr 2012 11:43:00 -0400

How did Charlotte, North Carolina, developer Bissell Companies build a major mixed-use development —largely on spec—despite dramatic changes in economic conditions? Their Ballantyne community includes more than 5 million square feet (465,000 sq m) of office space, 500,000 square feet (46,500 sq m) of retail, 1,000 hotel rooms, and 4,600 residential units. And the developers believe that it pays to have inventory at the ready.

Crowdsourcing Development Decisions

Tue, 17 Apr 2012 10:19:00 -0400

Founded by Washington, D.C., developers Ben and Daniel Miller, Popularise.com aims to put "the power back in the hands of the people who care." The website allows the public to comment and vote on potential businesses that could be included in a proposed development site.

Monday's Numbers: April 16, 2012

Mon, 16 Apr 2012 09:26:00 -0400

Over the past month, the Cushman & Wakefield Sonnenblick-Goldman Survey narrowed, with 10-year rates improving as much as 40 basis points for some property sectors.

Navigating East Independence

Fri, 13 Apr 2012 11:30:00 -0400

With the help of the ULI Rose Center's fellowship program and a team of ULI member experts, Charlotte, N.C. Mayor Anthony Foxx and community members take a new direction forward for transportation on Independence Boulevard.

Envision Charlotte

Thu, 12 Apr 2012 11:17:00 -0400

Envision Charlotte, a pioneering sustainability program in Charlotte, North Carolina, has partnered with Duke Energy, Cisco Systems Inc., and Verizon to produce a model program, Smart Energy Now. The program involves a robust network of 70 buildings, and their owners and managers, who will help achieve the program’s goals for dramatic energy savings. Up next: water, waste, and air. Charlotte will host ULI’s Spring Meeting, May 8-10.

Cutting Building Energy Use by the Numbers

Wed, 11 Apr 2012 10:51:00 -0400

When it comes to decreasing energy use in privately owned buildings, is it more effective to use a carrot or a stick? Experts from around the country, Laurie Kerr, senior policy adviser for New York City's Mayor's Office; Jayson Antonoff, energy and climate policy adviser for Seattle; Barry Hooper, private sector green building specialist for SF Environment, San Francisco's environment department; and Charles Leitner, chair of ULI Greenprint Center for Building Performance, discuss efforts and obstacles to getting owners to measure and publicly report energy use.

Building Civic Amenities through Public/Private Partnerships

Tue, 10 Apr 2012 11:19:00 -0400

Through a series of public/private partnerships, Charlotte, North Carolina is attracting young, creative people. Their collaboration has helped build $200 million in cultural facilities, and recreational and scenic resources.

Monday's Numbers: April 9, 2012

Mon, 09 Apr 2012 10:12:00 -0400

Spreads reported by Trepp LLC widened during the survey period, fully giving up recent gains. Mortgage pricing remains very attractive for borrowers.

ULI Real Estate Business Barometer -- April 2012

Mon, 09 Apr 2012 00:00:00 -0400

The top 12 trends in this month’s Barometer point to mixed signals everywhere—in the economy, capital markets, and housing market. Still, compared with a year ago, 79 percent of the key indicators in the Barometer are better and only 21 percent are worse.

University of Colorado/Harvard University Team Wins the 2012 ULI Gerald D. Hines Student Design Competition

Mon, 09 Apr 2012 00:00:00 -0400

This year’s challenge was to create a practical scheme for the best use of a 16.3-acre (6.6 ha) site in Houston that is owned by the United States Postal Service (USPS). The joint team edged out teams from University of California-Berkeley, Columbia University, and the University of Michigan in the final round of the competition. Review all four teams’ entries and vote for your favorite design scheme.

The Great Recession: A Slayer of Sprawl

Thu, 05 Apr 2012 00:00:00 -0400

John McIlwain, ULI senior resident fellow for housing, says new Census data on areas of population growth is further proof that this is the century of urbanization.

The Distinctive City

Wed, 04 Apr 2012 00:00:00 -0400

Cities are seeking the recipe for economic success in a rapidly changing global marketplace and, in the process, often overlook a critical asset: community distinctiveness. Special places, characteristics and customs have value, and they can increase a city’s competitive edge.

Monday's Numbers: April 2, 2012

Mon, 02 Apr 2012 00:00:00 -0400

Spreads reported by Trepp LLC continued to narrow, coming in approximately 10 basis points during the survey period; mortgage capital remains both available and affordable, even with many lender’s instituting floor pricing.

New ULI Real Estate Consensus Forecast Sees Improving Economy

Michael Mehaffy — Fri, 30 Mar 2012 14:03:00 -0400

The ULI Real Estate Consensus Forecast indicates economic strengthening through 2014. The new forecast, released March 28, is based on a survey of 38 leading economists and real estate analysts and will be issued twice a year.

QR Codes: The Fast Path to Online Content

Thu, 29 Mar 2012 00:00:00 -0400

Urban Land print magazine has introduced a QR (quick response) code, offering readers a quick gateway to more content online, accessible through smartphones.

Regeneration through an Urban Food Factory

Thu, 29 Mar 2012 00:00:00 -0400

A sustainably designed, adaptive-use, urban food factory in Portland, Oregon, helps a neighborhood suffering urban decay, foreclosures, and job losses.

Regional Spotlight: Canada/Pacific Northwest

Thu, 29 Mar 2012 00:00:00 -0400

Canada—with a real estate market that is the envy of countries around the globe—is experiencing strong demand for product. Its neighbors to the south, Washington and Oregon, are sharing in the growth.

Monday's Numbers: March 26, 2012

Mon, 26 Mar 2012 09:51:00 -0400

Spreads reported by Trepp LLC came in approximately 10 basis points during the survey period with financing available from an array of lenders including commercial banks, securitized lenders, and insurance companies.

ULI Trustee C.Y. Leung chosen to lead Hong Kong

Mon, 26 Mar 2012 00:00:00 -0400

ULI Trustee and Founding Chairman of ULI Asia-Pacific, C. Y. Leung, has been selected as Hong Kong’s next chief executive.

Fusing the Art of Entertaining with Place

Fri, 23 Mar 2012 00:00:00 -0400

The commercial real estate world suffers from a failure of imagination, says ULI member George Garfield, president, west region, for Transwestern. When it comes to creative problem solving, he says practitioners have an opportunity to leverage their strengths at one of the most disruptive times in U.S. history.

A Merger of Cultures

Fri, 23 Mar 2012 00:00:00 -0400

A “coincidence of destiny” links His Highness the Aga Khan with J.C. Nichols, one of ULI’s founders. An unexpected connection was discovered recently among a cathedral in Seville, Spain; a tower in Kansas City; and an etching in the glass award bestowed with the ULI J.C. Nichols Prize for Visionaries in Urban Development.

Reshaping L.A.’s Industrial Landscape

Thu, 22 Mar 2012 00:00:00 -0400

As the balance sheets of corporate America are getting stronger and companies that can lease or buy are trading up to Class A industrial properties, the Class B and C buildings have to be rehabilitated to compete and to provide faster delivery. Hear from experts about a number of Southern California projects that transformed industrial properties.

CMBS 2.0: Still in Need of Work

Wed, 21 Mar 2012 00:00:00 -0400

If CMBS loans are inconvenient in a good market, in a down market they can be remarkably problematic, subject to high fees, possibly subject to double taxation, and inflexible regarding modifications of terms. Read what to look for before borrowing.

Opinion: Restructuring Your Real Estate Information

Tue, 20 Mar 2012 15:33:00 -0400

Do you have all the information you need to run your business? Many organizations have spent heavily on information technology and incurred substantial risks—yet they still do not have the information they need. Ask yourself these five questions.

Monday's Numbers: March 19, 2012

Mon, 19 Mar 2012 09:51:00 -0400

Spreads reported by Trepp LLC came in approximately five basis points during the survey period with financing available from an array of lenders including commercial banks, securitized lenders, and insurance companies.

MAP-21: A Step in the Right Direction for Transportation

Mon, 19 Mar 2012 00:00:00 -0400

Patrick Phillips, chief executive officer of ULI, comments on the transporation legislation approved by the U.S. Senate on March 14 by a 74-22 vote, entitled “Moving Ahead for Progress in the 21st Century,” or MAP-21. Phillips states that, while Senate bill 1813 proposes no significant additional funding, ULI is encouraged at the bi-partisan support for this bill, because it signals the importance of a strong transportation policy for America.