Capital Markets

619_dyeworks

ULI Case Study: AF Bornot Dye Works—Philadelphia

AF Bornot Dye Works is a loft apartment and retail project in central Philadelphia that involved the adaptive use and restoration of three timber and concrete factory buildings. The capital stack assembled for this project was unusually complex, partly because of its unusual mix of uses, its location outside the Center City core, and the challenges posed by historic rehabilitation.

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The Staying Power of Crowdfunding in Real Estate

Since Congress legalized crowdfunding for real estate projects in 2012, the internet-based financing source has grown dramatically, from $396.4 million in 2013 to $2.5 billion in 2015, according to the Los Angeles–based research and advisory firm Massolutions.

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From left to right: L-R: Suzanne Mulvee, CoStar Group, Tim Wang, Clarion Partners, Tony Charles, Morgan Stanley and Doug Poutasse, Bentail Kennedy.

Learning in Real Time: Forecasting Three Years of Slower Growth

The economic forecast for the next three years likely will be mixed, panelists said at the ULI Spring Meeting in Philadelphia, thanks to slowing productivity, job growth that is relegated primarily to low-wage sectors, and imbalances in real estate markets driven by shifting consumer preferences and incomes.

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At right, CEO

Vanguard’s McNabb Sees “Continued Muted Growth” in U.S. Economy

The U.S. economy remains in good shape with steady, if unspectacular growth, the head of one of the world’s largest investment management companies said at the opening of the general session at ULI’s Spring Meeting in Philadelphia.

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Recent Articles

  • Will There Be “Extra Innings” for This Lower Leverage Cycle?

    April 21, 2016

    Speaking at the 2016 ULI Spring Meeting in Philadelphia, panelists said that while valuations are quite high, the relatively low levels of leverage may mitigate some of the boom-to-bust tendencies of past building cycles.

  • Most U.S. Markets See Declining Office Vacancy, Despite Slight Increase Nationally

    April 18, 2016

    Vacancy in the U.S. office market inched up by 10 basis points (bps) during the first quarter of 2016 (Q1 2016), rising to 13.2 percent, according to the latest analysis from CBRE Group Inc. Even with the increase, the national office vacancy rate remains at the lowest level since 2008.

  • Data Centers Are a Leading REIT Sector in 2016

    Six data center real estate investment trusts are posting outsized returns this year. The sector has a market cap of $45.6 billion and year-to-date returns have totaled 13.06 percent, including a 3.01 percent dividend yield. Growth in data use and cloud computing is the driving force behind the sector’s expansion. Plus, interest rate survey data from Trepp.

  • ULI Forecast: CRE Volume Expected to Decline over the Next Three Years

    April 11, 2016

    Commercial property transaction volume is expected to decline over the next three years to $475 billion in 2018, according to a new three-year economic forecast from ULI’s Center for Capital Markets and Real Estate. However, this volume forecast over the next three years was surpassed only by volumes in 2007 and 2015, and follows six years of commercial property volume growth.

  • ULI Consensus Forecast: Not Too Hot, Not Too Cold for U.S. Economy, Commercial Real Estate

    April 10, 2016

    Economists see a pretty good year ahead for real estate, despite a weak world economy. “The data [are] good, but we all feel this uncertainty,” said Jeffrey Havsy, chief economist, Americas, CBRE Econometric Advisors. He spoke at a panel discussion of the semiannual ULI Real Estate Consensus Forecast, as part of a members only webinar.

  • U.S. Real Estate Economists Growing More Cautious

    April 5, 2016

    Mild caution is evident in the latest ULI survey of U.S. real estate economists. Compared with their analysis six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals, and lower returns from both the public and private markets. These results are based on the semiannual “ULI Real Estate Consensus Forecast,” prepared by the ULI Center for Capital Markets and Real Estate and scheduled for release Wednesday, April 6.

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