Monday, October 17, 2011’s, Numbers
Headlines
“ULI Fall Meeting Convenes in Los Angeles”
So much to see and listen to…so little time; see you at the LA Convention Center.
Monday’s Numbers
The Trepp LLC survey showed spreads coming in as much as 15 basis during the most recent survey period, evidence that the market, so far, is able to function with the Euro-crises playing out in the background.
Asking Spreads over U.S. Treasury Bonds in Basis Points | |||
| 12/31/09 | 12/31/10 | 10/14/11 |
Office | 342 | 214 | 220 |
Retail | 326 | 207 | 205 |
Multifamily | 318 | 188 | 199 |
Industrial | 333 | 201 | 204 |
Average Asking Spread | 330 | 203 | 205 |
10-Year Treasury | 3.83% | 3.29% | 2.25% |
The Cushman & Wakefield Sonnenblick-Goldman Survey for the period ending October 18th showed spreads for 10-year mortgages basically unchanged as the markets work their way through the Euro-crises.
Property Type | Mid-Point of Fixed Rate Commercial Mortgage | ||||
| 12/31/10 | 3/31/11 | 6/30/11 | 9/30/11 | 10/18/11 |
Multifamily - Non-Agency | +270 | +245 | +230 | +250 | +250 |
Multifamily – Agency | +280 | +250 | +210 | +255 | +255 |
Regional Mall | +280 | +260 | +265 | +300 | +320 |
Grocery Anchored | +280 | +260 | +250 | +290 | +310 |
Strip and Power Centers |
|
| +270 | +310 | +330 |
Multi-Tenant Industrial | +270 | +265 | +255 | +295 | +315 |
CBD Office | +280 | +260 | +255 | +290 | +315 |
Suburban Office | +300 | +270 | +270 | +310 | +330 |
Full-Service Hotel | +320 | +300 | +275 | +335 | +340 |
Limited-Service Hotel | +400 | +325 | +310 | +345 | +350 |
5-Year Treasury | 2.60% | 2.23% | 1.52% | 0.99% | 1.05% |
Source: Cushman & Wakefield Sonnenblick Goldman. | |||||
Property Type | Mid-Point of Fixed Rate Commercial Mortgage | ||||
| 12/31/10 | 3/31/11 | 6/30/11 | 9/30/11 | 10/18/11 |
Multifamily - Non-Agency | +190 | +180 | +185 | +240 | +240 |
Multifamily – Agency | +200 | +185 | +175 | +235 | +235 |
Regional Mall | +175 | +180 | +190 | +250 | +250 |
Grocery Anchor | +190 | +185 | +200 | +240 | +240 |
Strip and Power Centers |
|
| +195 | +255 | +255 |
Multi-Tenant Industrial | +190 | +190 | +190 | +250 | +250 |
CBD Office | +180 | +180 | +190 | +250 | +250 |
Suburban Office | +190 | +190 | +195 | +255 | +260 |
Full-Service Hotel | +290 | +230 | +225 | +300 | +310 |
Limited-Service Hotel | +330 | +260 | +245 | +325 | +325 |
10-Year Treasury | 3.47% | 3.45% | 2.94% | 2.01% | 2.14% |
Source: Cushman & Wakefield Sonnenblick Goldman. | |||||
Property Type | Mid-Point of Floating-Rate Commercial Mortgage | ||||
| 12/31/10 | 3/31/11 | 6/30/11 | 9/30/11 | 10/24/11 |
Multifamily – Non-Agency | +250-300 | +225-325 | +200-260 | +225-250 | +215-225 |
Multifamily- Agency | +300 | +250-310 | +220-260 | +230-265 | +220-265 |
Regional Mall | +275-300 | +225-300 | +205-270 | +225-275 | +215-275 |
Grocery Anchored | +275-300 | +225-300 | +205-275 | +215-275 | +205-275 |
Strip and Power Centers |
|
| +225-300 | +225-300 | +225-300 |
Multi-Tenant Industrial | +250-350 | +250-350 | +230-325 | +250-325 | +250-325 |
CBD Office | +225-300 | +225-300 | +215-300 | +240-300 | +235-300 |
Suburban Office | +250-350 | +275-350 | +250-325 | +265-325 | +250-325 |
Full-Service Hotel | +300-450 | +350-450 | +350-450 | +350-450 | +350-450 |
Limited-Service Hotel | +450-600 | +400-500 | +400-500 | +400-500 | +400-500 |
1-Month LIBOR | 0.26% | 0.22% | 0.19% | 0.24% | 0.25% |
3-Month LIBOR | 0.30% | 0.28% | 0.25% | 0.37% | 0.41% |
* A dash (-) indicates a range. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. | |||||
Year-to-Date Public Equity Capital Markets
DJIA (1): +2.00%
S & P 500 (2):-1.54%
NASDAQ (3): +0.58%
Russell 2000 (4):-9.25%
MSCI U.S. REIT (5):-0.84%
(1) Dow Jones Industrial Average. (2) Standard & Poor’s 500 Stock Index. (3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe. (5) Morgan Stanley REIT Index.
U.S. Treasury Yields | ||
| 12/31/10 | 10/24/2011 |
3-Month | 0.12% | 0.01% |
6-Month | 0.18% | 0.06% |
2 Year | 0.59% | 0.28% |
5 Year | 2.01% | 1.09% |
10 Year | 3.29% | 2.23% |
