_Economy and Finance

Howard Marks: Distressed Debt and Real Estate Investment Outlook (Source: ValueWalk, December 17, 2013 ) Howard Marks, Chairman of Oaktree Capital Group, shared his views at the 2013 Goldman Sachs Financial Conference regarding the U.S. Federal Reserve’s tapering policy. He argued that markets had already priced in much of the tapering effect, so the actual implementation might not cause a sharp rise in yields. Marks noted that the current economic recovery is weaker than past cycles, with moderate inflation. He estimated that the 10-year Treasury yield would remain between 3% and 4%, regardless of tapering. Institutional investors such as U.S. pension funds and endowments typically target returns of 7.5–8%. However, with Treasuries yielding 1–3%, investment-grade bonds around 4%, and equities at 6–7%, investors are increasingly turning to alternatives. Marks highlighted that hedge funds have struggled to deliver such returns, while private equity and private real estate can gen...

Commercial Real Estate Recovery to Accelerate in 2014 English 한국어 Hello. I will provide a clean and straightforward summary of the report outlining the 2014 commercial real estate market trends. The core message of this report is that the commercial real estate recovery is gaining significant momentum. Global investment volumes are expected to show a solid 10 percent growth next year. While the leasing market has been somewhat cautious compared to the investment boom, this imbalance is smoothly narrowing, with the United States market leading the way. Moving past a stagnant 2013, the leasing market is looking forward to a pleasant growth of 5 to 10 percent in 2014. The flow of the United States office market is exceptionally good. As demand expands beyond the tech and energy sectors into various fields, and new supply continues to shrink, prime downtown areas are creating highly favorable conditions for landlords. The influence of the Mil...

http://www.propertywire.com/news/global-news/global-office-predictions-2014-201312178577.html Steady growth predicted for the global office market in 2014 Tuesday, 17 December 2013 The global office market is poised for slow steady growth in 2014, while 2015 should be more robust as recovery takes hold and business gains renewed confidence, according to a new report.

A new Global Credit Perspectives by Mark Kiesel is available on pimco.com . Key Points: · An improving outlook for U.S. housing will be constructive for consumer spending, confidence and jobs. · There are many ways to invest directly and indirectly in companies that should benefit from higher housing prices, a pickup in home repairs and remodeling, and residential investment spending. · We continue to favor select investments in homebuilders, building materials, appliance manufacturers, lumber, home improvement, banks, title insurance, mortgage origination and servicing, and non-Agency mortgage-backed securities.

http://www.cnbc.com/id/101276543 Looking to play the rental market? Blackstone wants you Published: Monday, 16 Dec 2013 | 3:23 PM ET By: Diana Olick | CNBC Real Estate Reporter It is yet another step in the evolution of the single-family rental market: a new lending platform by one of the biggest names in the trade, Blackstone Group. After investing close to $7 billion in rental properties through its Invitation Homes unit, Blackstone is offering cash to smaller investors wanting to get into the game. The firm is in the closing process on the first deals.

http://www.eia.gov/forecasts/aeo/er/index.cfm Release Date: December 16, 2013 | Full Report Release Date: Early Spring 2014 | CORRECTION | Report Number: DOE/EIA-0383ER(2014) This release is an abridged version of the Annual Energy Outlook that highlights changes in the AEO Reference case projections for key energy topics. The Early Release includes data tables for the Reference case only. The AEO2014 full version will be released early Spring 2014. Download the AEO2014 Early Release Report

http://www.property-magazine.eu/london-office-market-good-prospects-from-2014-23396.html UK 13. Dezember 2012 London office market: Good prospects from 2014 In its latest research paper, Henderson’s c. £12.4 billion Property business, examines prospects for the Central London office market. The report notes that City Fringe, West End and Midtown sub-markets have benefitted from strong take up by technology, media and telecommunications firms during an otherwise difficult year for the domestic economy. Core City take up has been dominated by lettings from the insurance sector with very subdued activity from banking. Underlying City take-up has been relatively stable over the last 12 months or so, at around 75% of the long run average. This sub-par level of activity is expected to persist while low confidence and volatility persists in the markets.

http://www.multihousingnews.com/cities/san-francisco/another-office-tower-trades-hands-in-san-francisco-as-local-market-soars/1004094912.html Dec. 13, 2013 Another Office Tower Trades Hands in San Francisco as Local Market Soars By Alex Girda, Associate Editor As the San Francisco office market becomes one of the healthiest local markets in the entire country, the rush is on for investors to capitalize on the impressive appeal of the San Francisco Bay Area before 2013 draws to a close. We’ve recently reported on the major deals completed in the city for high-profile office assets, and now KBS Real Estate Investment Trust III is adding to an already impressive tally of major real estate transactions completed just weeks before the end of Q4. The public non-traded REIT recently shelled out $121 million for an office building in the city’s South Financial District.

http://business.financialpost.com/2013/12/11/remax-forecasts-exceptionally-healthy-real-estate-market-in-2014/ Re/Max forecasts ‘exceptionally healthy’ real estate market in 2014 Canadian Press | December 11, 2013 7:40 AM ET More from Canadian Press MISSISSAUGA, Ont. — Canada can expect an “exceptionally healthy” housing market in 2014 thanks to improvements in the overall economy that helped produce a surge in the latter half of this year, a leading real estate group said Wednesday.

DECEMBER 12, 2013 Propane demand hits a record high for November http://www.eia.gov/todayinenergy/detail.cfm?id=14151 Source: U.S. Energy Information Administration, Weekly Petroleum Status Report Note: Product supplied is a proxy for consumption. Propane is produced from natural gas at processing plants and from crude oil at refineries. Propane produced from natural gas has been the fastest-growing component of overall U.S. propane supply. Propane production in the United States has set record highs on an almost weekly basis in 2013 as a result of increased oil and natural gas drilling. A record corn crop harvest has increased the demand for propane (shown in the graph above as product supplied) in the central United States. Expanded propane production met this agricultural demand, while continuing to supply other markets.

2014 US Credit Outlook - Living in a Lean World Mark Howard, Colleen Watson, Ashish Jain - Credit The Weekly Credit Pulse | 12 Dec 2013 16:47 | 1131 Kb Summary 2014 US Credit Market Roadmap US credit spreads are likely to grind tighter through much of 2014, but the path will not be linear or easy. Decent fundamentals and solid inflows are offset by rising interest rates, suppressed volatility, and skinny valuations. Total returns are expected to be modest in 2014 given our rates forecast, but excess returns are expected to be decidedly positive. We forecast 13bp of cash IG spread tightening and 58bp of HY tightening by year-end.

http://www.forbes.com/sites/forbespr/2013/12/12/cit-survey-finds-middle-market-commercial-real-estate-executives-cautiously-optimistic-but-feeling-the-strain-of-the-taxes-and-regulations/ 12/12/2013 @ 9:11AM CIT Survey Finds Middle Market Commercial Real Estate Executives Cautiously Optimistic But Feeling The Strain Of The Taxes And Regulations 60% Say Their Go-Forward Orientation Is Opportunistic, With a Mix of Challenges and Opportunities 60% Say the Current Tax and Regulatory Climate Is Placing a Strain on Their Performance 40% Say They Are Negotiating Harder With State and Local Governments to Obtain Tax Credits NEW YORK – December 12, 2013 – Middle market commercial real estate executives are expressing cautious optimism toward the market and are looking to take advantage of long-term investment opportunities. However, the majority are finding that the current tax and regulatory climate is placing a strain on the performance of their companies. These are some of the findi...

The problem with Mr. Obama is that you get more regulation and it’s a disincentive for businessmen to hire people. You probably also get higher taxes, so in terms of the economy, he is very negative in my view. - Marc Faber (1946- )

US Views: Looking to 2014 (Hatzius) Published December 10, 2013 1. The economic news remains broadly encouraging. Although we would discount the 3.6% increase in Q3 GDP—which was inflated by a large inventory contribution that is likely to reverse in Q4—other indicators also suggest that growth has accelerated since earlier in the year. Nonfarm payrolls grew a solid 203,000 in November, business surveys are at levels consistent with above-trend growth, and the consumer picture is improving, judging from the latest auto sales and consumer sentiment figures. Taking October and November together to adjust for the government shutdown distortions, our current activity indicator (CAI) has averaged 3% in the past two months, up from around 2% in the first half of 2013. Likewise, our US-MAP surprise index has moved back into positive territory, indicating that the economic activity data are mostly beating consensus forecasts.

http://www.eia.gov/forecasts/steo/report/global_oil.cfm SHORT-TERM ENERGY OUTLOOK Release Date: December 10, 2013 | Next Release Date: January 7, 2014 | Full Report | Text Only | All Tables | All Figures Global Crude Oil and Liquid Fuels

http://www.eia.gov/forecasts/steo/report/prices.cfm SHORT-TERM ENERGY OUTLOOK Release Date: December 10, 2013 | Next Release Date: January 7, 2014 | Full Report | Text Only | All Tables | All Figures Prices

http://www.eia.gov/forecasts/steo/index.cfm SHORT-TERM ENERGY OUTLOOK Release Date: December 10, 2013 | Next Release Date: January 7, 2014 | Full Report | Text Only | All Tables | All Figures Overview

PIERRE & VACANCES RETURNS TO PROFITABILITY The Pierre & Vacances Center Parcs group closed the year with an operating profit of 2.6 million euro, as compared to a loss of 7 million euro last year. http://hospitality-on.com/en/news/2013/12/10/pierre-vacances-returns-to-profitability/

http://www.cnbc.com/id/101254028 Economists a bit more upbeat about 2014 Published: Monday, 9 Dec 2013 | 12:01 AM ET By: John W. Schoen | CNBC.com Economics Reporter They're not exactly singing "Happy Days Are Here Again," but business economists are feeling a little more upbeat about the recovery and job market heading into next year, according to a survey of the group released Monday.

http://www.cushmanwakefield.kr/en-gb/research-and-insight/2013/global-office-forecast-2014-2015/ GLOBAL OFFICE FORECAST 2014-2015 Published Date : 04/12/2013 Maria Sicola The following is a summary Download the PDF The global office market is poised for slow steady growth in 2014, while 2015 should be more robust as recovery takes hold and business gains renewed confidence. Jakarta, Dublin and Boston are the regional leaders among the top cities forecasted to see the highest office rental rate growth through 2015.

DECEMBER 4, 2013 Natural gas use for power generation falls as industrial sector's use continues to rise http://www.eia.gov/todayinenergy/detail.cfm?id=14031 Source: U.S. Energy Information Administration, Natural Gas Monthly and Short-Term Energy Outlook (STEO) Note: October 2013 and November 2013 consumption volumes represent preliminary STEO estimates. For the first eleven months of 2013, natural gas consumption in the electric power sector was below 2012 levels because of relatively higher natural gas prices compared with coal prices, and cooler summer weather compared with 2012. EIA estimates that electric power sector natural gas consumption was, on average, down by 13% so far in 2013 (through November), relative to the same time period in 2012. By contrast, industrial sector natural gas consumption in 2013 was up 3% compared with 2012.

http://www.cushmanwakefield.com/en/research-and-insight/2013/global-office-forecast-2014-2015/ Global Office Forecast 2014-2015 Published Date : 12/4/2013 Maria Sicola The following is a summary Download the PDF The global office market is poised for slow steady growth in 2014, while 2015 should be more robust as recovery takes hold and business gains renewed confidence. Jakarta, Dublin and Boston are the regional leaders among the top cities forecasted to see the highest office rental rate growth through 2015.

Europe’s real estate market watch Dentons Eric Rosedale European Union December 3 2013 Europe’s real estate recovery gains momentum After years of facing a brutal combination of global tail risks and local head winds, European real estate markets appear to be gathering steam in both volume and breadth. While the global property investment market is predicted to grow by around 6 percent this year, European real estate markets generally experienced a more robust year-on-year progress in 2013. http://www.lexology.com/library/detail.aspx?g=f3966c79-2329-440d-bd54-7c14c151e65d

http://www.pwc.com/us/en/asset-management/real-estate/publications/emerging-trends-in-real-estate-2014.jhtml Emerging Trends in Real Estate® 2014 November 2013 At a glance What are the best bets for investment and development in 2014? Based on personal interviews with and surveys from more than 1,000 of the most influential leaders in the real estate industry, this forecast will give you a heads-up on where to invest, which sectors and markets offer the best prospects, and trends in the capital markets that will affect real estate. Download: Emerging Trends in Real Estate® 2014 http://www.pwc.com/us/en/asset-management/real-estate/publications/emerging-trends-in-real-estate-2014.jhtml

http://www.marketwatch.com/story/yelps-new-offices-are-something-to-shout-about-2013-11-29 Nov. 29, 2013, 9:38 a.m. EST Yelp’s old-is-new San Francisco headquarters Commentary: Historic high-rise was once home to Baby Bell PT&T By Therese Poletti, MarketWatch SAN FRANCISCO (MarketWatch) — Word in the bubbly start-up community is that Silicon Valley has effectively moved to San Francisco, and Yelp Inc. is the latest example. After a recent visit to the new headquarters of Yelp, it’s easy to understand why so many tech-sector employees and employers prefer to be based here instead of in the blander valley to the south — even as San Francisco rents soar and observers bemoan a new dot-com bubble.

http://www.rew-online.com/2013/11/27/mesa-west-tops-752m-fund-goal/ Mesa West tops $752M fund goal By REW Staff 8:22 AM, NOVEMBER 27, 2013 Mesa West Capital has closed its Mesa West Real Estate Income Fund III, LP with $752 million in equity commitments, announced principal Ryan Krauch.

Global Economic Outlook - 2014 - Four Seasons of Leverage ■ 1# Bumpy growth relay from emerging to advanced For the first time post-crisis, we expect advanced economies in 2014 to see an increased contribution to global growth as emerging economies deleverage. Commodity markets will sit at the heart of this dynamic - our strategists look for range-bound markets in 2014.

Turkey: Capacity utilisation rate retraces from a two-year high in November Emre Tekmen - Market Economics | 26 Nov 2013 Seasonally adjusted capacity utilisation rate fell 0.8pp to 74.9% in November, paring back last month’s increase of similar amount. As a result, capacity utilisation rate is now back at its June-September average, down from a two-year high of 75.7% in October. The decline in the capacity utilisation rate was mainly driven by intermediate goods production, namely manufacture of chemicals and plastics. Capacity utilisation rate in non-metallic mineral production, a strong proxy for construction sector, declined 1.5pp and trimmed the 2.5pp increase in October. Among export-oriented sectors, manufacture of textiles and basic metals were broadly flat whereas capacity utilisation rate in automotive production fell for the third consecutive month.

http://nreionline.com/nreiwire/press-releasesan-francisco-office-market-continues-strong-performance PRESS RELEASE:San Francisco Office Market Continues Strong Performance Megan Dolan Nov. 25, 2013 SAN FRANCISCO — On behalf of a large pension fund advisor, Jones Lang LaSalle’s Capital Markets experts announced the $80 million sale of the Monadnock Building, a 204,625-square-foot office building located at 685 Market Street in the heart of San Francisco’s South Financial District, to Brookfield Office Properties.

http://www.colliers.com/en-us/insights/market-news/2014-property-investor-report High global investor confidence fuels plans to expand, particularly in 'safe havens' More than 500 global respondents reveal intentions, targets and strategies Where will global property investors be buying in 2014? Surprisingly, despite recent economic uncertainty, investors are willing to look beyond political circumstances and invest in areas with strong property fundamentals. Overall, our new Global Investor Sentiment Survey finds optimism in the economic outlook for 2014, and with this increased confidence, many investors are planning to expand, especially in 'safe-haven' cities.

http://www.joneslanglasalle.co.za/Pages/NewsItem.aspx?ItemID=29670 San Francisco Office Market Continues Strong Performance JLL closes $80 million sale of landmark Monadnock Building in South Financial District SAN FRANCISCO, Nov. 21, 2013 — On behalf of a large pension fund advisor, Jones Lang LaSalle’s Capital Markets experts announced today the $80 million sale of the Monadnock Building, a 204,625-square-foot office building located at 685 Market Street in the heart of San Francisco’s South Financial District, to Brookfield Office Properties.

http://www.rreef.com/research/research_6917.jsp Property Performance Monitor, Fourth Quarter 2013 Quarterly Highlights: ■ The NCREIF Property Index (NPI) returned 2.5% during the fourth quarter 2013 and 11.0% for all of 2013. Fourth quarter 2013 returns were modestly lower than second and third quarters, and on par with first quarter returns. ■ Both the retail and industrial sectors outperformed in 2013. Cap rate compression and NOI growth together gave a boost to the appreciation returns for these sectors. ■ Energy and tech based MSAs continued to have higher returns and drove sector performance. Properties in Dallas, Houston, San Francisco (ex. industrial) and San Jose outperformed almost across the board. Properties in Washington in all four sectors were a drag on total returns. (see page 3 for more information) Download [PDF] http://www.rreef.com/research/research_6917.jsp

Flag of Italy After the ship has sunk, everyone knows how it might have been saved. - Italian Proverb

http://www.cushmanwakefield.kr/en-gb/research-and-insight/2013/main-streets-across-the-world-2013/ MAIN STREETS ACROSS THE WORLD 2013-2014 Published Date : 13/11/2013 Martin Mahmuti The following is a summary Download the PDF Cushman & Wakefield is at the centre of retail, providing value added real estate services to our clients globally. We monitor the evolution of the industry as well as global retail trends and practices to ensure our clients can best position their businesses to capitalise on future trends.

Logistics data shows where the real risks in moving oil reside Based on virtually all metrics of safety, whether environmental, occupational or residential, movement of oil and gas is safest via pipeline, less safe via rail and still less safe via roadway http://www.biv.com/article/20131112/BIV0108/311129867/-1/BIV0108/logistics-data-shows-where-the-real-risks-in-moving-oil-reside By Kenneth Green Tue Nov 12, 2013 12:01am PST

US housing: the price is becoming right (A. Markowska) As housing goes, so goes the economy. Today, this is as true as ever. The Fed hit a pause button on tapering after mortgage rates rose sharply, and it awaits more evidence of sustained progress. While some housing indicators softened in recent months, we remain optimistic on demand. We explain why below.

Turkey: C/A deficit deteriorates further Emre Tekmen - Market Economics | 13 Nov 2013 10:54 At USD 3.3bn, September's current account deficit was higher than the market’s expectations (USD 2.7bn) and our above-consensus forecast (USD 3.0bn). In addition, January-August current account deficit was revised up by a total of USD 1.4bn, mainly due to lower tourism revenues. As a result, 12-month cumulative c/a deficit reached USD 59.1bn in September, from USD 58.5bn in August. Non-energy current account deficit also widened by USD 0.8bn to USD 9.3bn, on a 12-month cumulative basis. Turkey was a net gold importer in September as well, contrary to last year, and 12-month cumulative net gold imports reached a record high of USD 7.3bn. At the same time, we also note that seasonally adjusted current account deficit excluding gold and energy has been widening gradually since the start of the year.

Take care what you hear. The measure with which you measure will be measured out to you, and still more will be given to you. To the one who has, more will be given; from the one who has not, even what he has will be taken away. - Gospel of Mark 4,24-25 http://www.usccb.org/bible/mark/4

He that will thrive, must rise at five. - Western Proverb

http://www.pwc.com/us/en/press-releases/2013/emerging-trends-in-real-estate-forecast-press-releases.jhtml U.S. COMMERCIAL REAL ESTATE INDUSTRY REACHES INFLECTION POINT IN 2014 WITH INVESTORS RETURNING TO SECONDARY MARKETS, ACCORDING TO PwC US AND URBAN LAND INSTITUTE’S EMERGING TRENDS IN REAL ESTATE® FORECAST San Francisco Once Again Top Ranked City for 2014; Industrial Sector Becomes Investor Favored Property Type Report Highlights Potential “Best Bets” for Investors in 2014 CHICAGO, November, 7 2013 – The U.S. real estate recovery is set to continue into 2014, with investors increasingly looking beyond some of the traditionally popular markets to secondary markets in search of higher yields, according to Emerging Trends in Real Estate® 2014, co-published by PwC US and the Urban Land Institute (ULI).

Europe’s evolving deal market proves difficult November 6 2013 Despite the availability of capital and numerous assets on the market, closing traditional hotel transactions in Europe is still a frustrating ordeal for investors, panelists said during The European Hotel Investment Conference. By Patrick Mayock Editor-in-Chief patrick@hotelnewsnow.com LONDON—Capital is flowing in Europe and banks have distressed assets at the ready, but the deal market is proving maddening for owners seeking traditional hotel acquisitions, according to a panel at the 25th European Hotel Investment Conference hosted by Deloitte. “It’s really a question of product,” said Cody Bradshaw, senior VP of Starwood Capital Group, during a session titled “Silver bullets at the ready.” http://www.hotelnewsnow.com/Article/12610/Europes-evolving-deal-market-proves-difficult

Opinion: B.C. leads in environmental standards for natural gas By Rich Coleman, Special to the Vancouver Sun With recent events bringing attention to hydraulic fracturing, I think it is important for British Columbians to know the facts about natural gas operations in our province. http://www.vancouversun.com/technology/Opinion+leads+environmental+standards+natural/9129600/story.html

http://jewishbusinessnews.com/2013/11/03/brookfield-asset-management-in-the-news-with-three-major-transactions-totalling-8-9-billion/ Brookfield Asset Management In The News With Three Major Transactions Totalling $8.9 Billion Brookfield Asset Management Inc. is a Canadian publicly listed asset management company. Brookfield manages a global portfolio valued at over US$180 billion, invested on behalf of institutional and corporate clients. The firm’s assets are concentrated in property, renewable power generation, infrastructure and private equity.

http://www.studley.com/9c1d8ee7-9e58-4725-a007-cb0426a70d0b/our-firm-press-room-detail.htm Tech Sector Continues to Drive San Francisco Office Market in Sharp Contrast to Rest of Tenant Base San Francisco, CA (November 1, 2013) - The tech sector continues to drive the San Francisco office market, with the rapid expansion of local companies as well as an influx of Valley firms and others from outside the region contributing to the acceleration. Following a sluggish first half of 2013, tech companies resumed their aggressive pursuit of space in the third quarter, according to the San Francisco Studley Report, Studley’s analysis of office market conditions in the city. Overall leasing volume equaled three million square feet, significantly higher than the historical quarterly average of 1.9 million square feet.

Eco Analysis - UK lending positive again but SME finance still weak (B. Hilliard) The UK money and credit release showed mortgage approvals picking up much as expected - a slightly faster pace from 63.4k to 66.7k. This is still very low compared to all the hype about the housing boom though but further gains are certain to follow. Consumer credit was a little bit weak at only £0.4bn.

http://www.pionline.com/article/20131028/PRINT/310289996/real-estate-assets-still-growing-but-at-a-slower-pace Real estate assets still growing, but at a slower pace Worldwide figure climbs to $882 billion; U.S. institutional tax-exempt total rises 10% BY ARLEEN JACOBIUS | OCTOBER 28, 2013 Buoyed by rising property values, total worldwide assets of the largest institutional real estate money managers responding to Pensions & Investments' annual survey grew 9% to $882.2 billion in the year ended June 30, exhibiting slower growth than the 11.7% of last year's survey.

Housing in Germany grows more expensive than ever The cost of buying a home or renting an apartment in major cities in Germany is rising sharply, the central bank warns. That's how the crisis in the US, Ireland and Spain began. Is Germany next? http://www.dw.de/housing-in-germany-grows-more-expensive-than-ever/a-17181528

German house prices could be overvalued by 20%: Bundesbank Matt Clinch | @mattclinch81 Tuesday, 22 Oct 2013 | 2:55 AM ET Housing prices in several cities in Germany could be overvalued by as much as 20 percent, according to the country's central bank. http://www.cnbc.com/id/101130887

10:47 am ET Oct 21, 2013 Global Germany’s Central Bank Warns of Local Housing Bubbles Germany’s central bank, the Deutsche Bundesbank, sounded an alarm Monday, warning that urban real estate in the country could in some cases be significantly overvalued, against a backdrop of low interest rates. http://blogs.wsj.com/economics/2013/10/21/germanys-central-bank-warns-of-local-housing-bubbles/

Frankfurt am Main | 2013-10-21 Possible overvaluation of residential property in German cities Housing prices in German cities have been rising so strongly since 2010 that a possible overvaluation cannot be ruled out. This is the finding of an article contained in the Bundesbank’s most recent Monthly Report. According to this article, there are no signs of substantial exaggerations in the housing market as a whole. Nevertheless, price rises have been observed in urban centres, in particular, which “are difficult to justify based on fundamental factors”, the Bundesbank says. http://www.bundesbank.de/Redaktion/EN/Topics/2013/2013_10_21_possible_overvaluation_of_residential_property_in_german_cities.html

http://www.efinancialnews.com/story/2013-10-18/ubs-launches-infra-debt-platform UBS launches infra debt platform Sarah Krouse in Manchester 18 Oct 2013 UBS Global Asset Management has made its first push into infrastructure debt, with the unveiling of a new platform seven months after appointing a senior investment banking executive to spearhead the move.

COMMERCIAL REAL ESTATE Italy Attracts Real-Estate Investors From Abroad Confidence in Euro Zone Is Prompting Bets on Weaker Markets By ALESSIA PIROLO Oct. 15, 2013 8:26 p.m. ET Foreign investors are showing a growing appetite for Italian commercial real estate, a sign that the gradual improvement of the European economy is being felt in some of the Continent's weaker property markets. http://online.wsj.com/news/articles/SB10001424052702304330904579137381040342114

Hermes launches inaugural real estate loan fund Sarah Krouse 14 Oct 2013 Hermes Real Estate Investment Management is planning to originate up to £1 billion in senior real estate loans each year, moving into the burgeoning sector for the first time. http://www.efinancialnews.com/story/2013-10-14/hermes-launches-inaugural-real-estate-debt-fund?ea9c8a2de0ee111045601ab04d673622

Renshaw Bay wins mandate to run £350m real estate debt fund 11 Oct 2013 UK – Investment manager Renshaw Bay has won a mandate from life and pensions insurer Guardian Financial Services to run a £350m (€412m) commercial real estate debt fund. http://www.ipe.com/news/renshaw-bay-wins-mandate-to-run-350m-real-estate-debt-fund_58379.php

http://www.colliers.com/en-us/sanfrancisco/insights 2013 | Q3 San Francisco Office Report >> The San Francisco office market bounced back from a uneventful first half, and accelerated during the third quarter of 2013 with rent growth and release of several notable properties on the sale market. San Francisco remains ahead of the burgeoning global economy as job growth from its well-funded tech sector benefitted the office market. The third quarter registered the thirteenth consecutive quarter of positive net absorption and vacancy is now below the 10 percent “tipping point” citywide for the first time in consecutive quarters since 2001. Moreover, the rise of the city’s employment and leasing volume over the last 30 months have pushed forward the construction of 4.15 million square feet of new and rehabilitated office development with anticipation of additional projects breaking ground. http://www.colliers.com/en-us/sanfrancisco/insights

Global Office Property Clock http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Clock.aspx Global Office Rent Cycle MarketView and Charts - CBRE http://www.cbre.com/EN/research/2013-reports/Pages/Select-European-Markets-Show-Signs-of-Improvement.aspx Global Market Perspective - Charts http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Charts.aspx Global Market Perspective - Office Markets http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Offices.aspx Global Market Perspective - Retail Markets http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Retail.aspx United States Office Property Clock - Jones Lang LaSalle http://www.us.am.joneslanglasalle.com/unitedstates/en-us/pages/office-property-clock.aspx United States Industrial Property Clock - Jones Lang LaSalle http://www.us.am.joneslanglasalle.com/unitedstates/en-us/pages/industrial-property-clock.aspx United States Retail Pr...

European prime property rents to increase in 2014 ​EXPO REAL, 7 October 2013 – Jones Lang LaSalle’s real estate data for H1 2013 indicates a stabilising situation across European prime property, with signs of recovery apparent in several key markets. http://www.joneslanglasalle.eu/EMEA/EN-GB/Pages/Newsitem.aspx?ItemID=29318#.UlSAXobIZOw

http://business.time.com/2013/10/03/texas-tea-party/ An Energy Boom That Could Last For a bursting oil region like Texas, experience is an asset By Bryan Walsh / Midland @bryanrwalsh Oct. 03, 2013 Oil and natural gas are old energy — as old as it gets. But increasingly, the technology used to extract them is cutting-edge. “Over the last 20 or 30 years, there’s been more technological leaps out of the oil and gas industry than there’s been out of Silicon Valley,” says Dale Nijoka, Ernst & Young’s global oil and gas leader.

http://blogs.wsj.com/developments/2013/10/02/no-shutdown-in-sight-san-francisco-leads-office-leasing-on-tech-strength/ October 2, 2013, 7:30 AM. San Francisco Leads Office Leasing on Tech Strength It’s slow going in the U.S. office market.

http://finance.yahoo.com/news/digital-realty-prudential-real-estate-220300914.html Digital Realty And Prudential Real Estate Investors Announce $369 Million Joint Venture SAN FRANCISCO, Oct. 2, 2013 /PRNewswire/ -- Digital Realty Trust, Inc. (DLR), a leading global provider of data center solutions, announced today the formation of a $369 million joint venture with an investment fund managed by Prudential Real Estate Investors ("PREI"), the real estate investment management and advisory business of Prudential Financial, Inc. (PRU).

KNOC strikes oil in Canada Monday, September 30th, 2013 http://sweetcrudereports.com/2013/09/30/knoc-strikes-oil-in-canada/ 30 September 2013 News Wires - State-run Korea National Oil Corp, KNOC, said on Sunday its Canadian subsidiary found at least 5.9 million barrels of oil in a well where it began drilling earlier this month.

He who will not economize will have to agonize. - Confucius (孔子, 551BC–479BC)

Canada's Harvest drilling finds 5.9 mln bbls oil reserve - KNOC SEOUL, Sept 29 | Sun Sep 29, 2013 5:33am EDT (Reuters) - State-run Korea National Oil Corp (KNOC) said on Sunday its loss-making subsidiary Harvest Operations had found at least 5.9 million barrels of crude oil in a Canadian well where it began drilling earlier this month. http://www.reuters.com/article/2013/09/29/knoc-korea-canada-idUSL4N0HP07A20130929

Commodity supercycle is ‘alive and well’: McKinsey & Co. September 26, 2013, 12:16 PM Recent declines in commodity prices have raised the idea that the so-called commodity supercycle is over, but not everyone believes that. http://blogs.marketwatch.com/thetell/2013/09/26/commodity-supercycle-is-alive-and-well-mckinsey-co/

Commerzbank Corporates & Markets Interest Rate Strategy Italy: Political high-wire act Italy: Political jitters stage a stunning comeback. BTPs underperformance may prevail also in the sessions ahead. https://research.commerzbank.com

UPDATE 1-S.Korea's KNOC says eyeing sale of parts of Canadian unit Harvest Tue Sep 24, 2013 4:37am EDT * A few buyers showed interest in some assets of Harvest * KNOC re-evaluating overseas assets including UK-based Dana * Could sell parts of overseas assets to reinforce business By Meeyoung Cho SEOUL, Sept 24 (Reuters) - State-run Korea National Oil Corporation (KNOC) said it is considering selling 'non-core parts' of its loss-making Canadian energy subsidiary Harvest Operations and reviewing other overseas assets for potential sale of some of their parts. http://www.reuters.com/article/2013/09/24/knoc-korea-harvest-idUSL4N0HK16720130924

http://wealthmanagement.com/viewpoints/identifying-top-tier-real-estate-investment-manager Identifying a Top Tier Real Estate Investment Manager Sep. 24, 2013 Michael Episcope There was probably no asset class hit harder than real estate during the economic crisis of 2008 and 2009, and many investors swore never to return again. After double digit returns for 3 years in a row and counting, those investors are seriously regretting this decision.

http://www.colliers.com/en-us/sanfrancisco/insights/research September 2013 | SF Research Weekly - Tenants in the Market (190.02 KB) Tenants in the technology related sector continue to dominate overall tenant demand, with requirements totaling over 1.5 million square feet. http://www.colliers.com/en-us/sanfrancisco/insights/research

EUROPE MARKETS September 17, 2013 Property Investors Widen Hunt in Europe Buyers Are Turning to Secondary Cities and Various Asset Types By SARAH KROUSE Institutional investors in Western European property are getting bolder in their hunt for higher returns, testing new locations and asset classes.

Westfield Sells 7 U.S. Malls to Starwood for $1.6 Billion By Nichola Saminather - Sep 16, 2013 Westfield Group (WDC), the world’s biggest shopping-center operator by assets, will sell seven malls in the U.S. for $1.6 billion to an affiliate of Starwood Capital Group LLC, as the company consolidates its U.S. portfolio to fund higher-return activities. http://www.bloomberg.com/news/2013-09-16/westfield-sells-seven-u-s-malls-to-starwood-for-1-6-billion.html

The Lionstone Group Announces Major Repositioning of Dallas' Lincoln Plaza Ownership completes a $25 million renovation and renames the building Ross Tower DALLAS, Sept. 13, 2013 /PRNewswire-iReach/ -- The Lionstone Group, a privately-owned real estate investment firm, announced today that Dallas' Lincoln Plaza will be renamed Ross Tower to more accurately reflect its prime downtown location at the corner of Ross Avenue and Akard Street. http://www.prnewswire.com/news-releases/the-lionstone-group-announces-major-repositioning-of-dallas-lincoln-plaza-223681671.html

http://nreionline.com/nreiwire/press-release-pccp-llc-provides-80-million-senior-loans-keystone-property-group PRESS RELEASE: PCCP, LLC Provides $80 Million in Senior Loans to Keystone Property Group Sep. 10, 2013 Darcie Giacchetto New York, NY - PCCP, LLC announced today it has provided a total of $80 million in senior loans to a joint venture between Keystone Property Group and Mack-Cali Realty Corporation, a New Jersey-based Real Estate Investment Trust (REIT). The loans were for a portfolio of four separate office properties all located within Pennsylvania.

Institutional investors look to real estate debt funds Tuesday, 10 September 2013 New research from Preqin reveals that institutional investor appetite for real estate debt investments has tripled over the last two years, from 8% of investors targeting the strategy in December 2011 to 23% in August 2013. http://www.ftseglobalmarkets.com/news/institutional-investors-look-to-real-estate-debt-funds.html

Real estate debt satisfies institutional investor appetite Fundraising expands rapidly in the space Christina Mlynski September 10, 2013 With fund managers stepping in to fill a void left by traditional lenders backing out of the market, private real estate debt investment activity picked up significantly over the past two years. http://www.housingwire.com/articles/26761-real-estate-debt-satisfies-institutional-investor-appetite

The Key is good speed, not great haste. - Victor Gao (高志凯), Sep 10, 2013

Blackstone nears takeover for debt-ridden commercial real estate company Multi Corp 30 Aug 2013 Global investment firm the Blackstone Group is nearing the acquisition of European inner commercial retail developer Multi Corp, Bloomberg has reported. http://www.altassets.net/private-equity-news/by-news-type/deal-news/blakstone-nears-takeover-for-debt-ridden-commercial-real-estate-company-multi-corp.html

August 28, 2013 Blackstone debt fund holds final close The Blackstone Group has raised an additional $406 million in equity commitments for its Blackstone Real Estate Debt Strategies II (BREDS II), according to a filing with the Securities and Exchange Commission. http://www.irei.com/blog/?p=1089

Aug 26, 2013 ASIA AMP Capital Raises $300 Million For Infrastructure Debt Fund By GILLIAN TAN Australian investment manager AMP Capital has raised an initial US$300 million for its AMP Capital Infrastructure Debt Fund II from investors in Europe and Asia. http://blogs.wsj.com/moneybeat/2013/08/26/amp-capital-raises-300-million-for-infrastructure-debt-fund/

http://www.efinancialnews.com/story/2012-08-22/renshaw-bay-has-made-its-debut-in-real-estate-debt?ea9c8a2de0ee111045601ab04d673622 Renshaw Bay launches real estate debt fund Mike Foster 22 Aug 2012 Renshaw Bay, the investment boutique led by former JP Morgan banker Bill Winters, has launched its first fund, offering investors the opportunity to invest in real estate debt.

http://news.theregistrysf.com/yelp-occupies-140-new-montgomery/ Yelp Occupies 140 New Montgomery POSTED ON AUGUST 19, 2013 BY PUBLISHER IN AEC, COMMERCIAL, INDUSTRY NEWS By Sharon Simonson Business-review Web site Yelp Inc. has optioned an additional three floors totaling approximately 36,000 square feet at 140 New Montgomery St. in San Francisco.

http://www.bizjournals.com/sanfrancisco/blog/2013/08/sneak-peak-yelp-new-san-francisco-hq.html Aug 19, 2013, 2:58pm PDT Sneak peek: Yelp's new San Francisco HQ set to open J.K. Dineen Reporter- San Francisco Business Times You can say this about the historic Pacific Telephone tower at 140 New Montgomery: they are going to love it on Yelp.

14 August 2013 INVESTMENT FLOWS INTO EUROPEAN RETAIL ARE 43% HIGHER IN H1 2013 Half year investment volumes, at €14 billion, are up by 43% from the €9.8 billion recorded in the first half of 2012. Increased transaction volume is being driven primarily by the increased availability of stock on the market, which is helping to satisfy the latent investor demand for European retail assets. Whilst the traditional powerhouse markets of the UK, France and in particular Germany, continue to see healthy investment activity, investors are broadening their horizons across Europe. Sweden, Poland, Italy, Portugal, Slovenia and Austria, as well as Russia and Turkey, all had active quarters. As investor interest and activity is certainly more widespread than in previous years it is believed that it should sustain volumes over the second half which is traditionally busier than the first. Source: Weight of Money trumps prospects of monetary tightening, JLL Q2 2013 http://www.pradera.com/retail-n...

Irish investors sell Marks & Spencer's London HQ for €240m to Asian property syndicate TOM LYONS – 11 AUGUST 2013 INVESTORS in D2 Private, including David Arnold, the father of actress Leigh Arnold, are close to bagging a significant profit by selling Marks & Spencer's headquarters in London for €240m. http://www.independent.ie/business/irish/irish-investors-sell-marks-spencers-london-hq-for-240m-to-asian-property-syndicate-29489855.html

August 6, 2013 5:30 pm Investment in European industrial property returns to pre-crisis levels By Ed Hammond, Property Correspondent Spending on European industrial property has returned to pre-financial crisis levels as a range of international investors vie for warehouses, logistics hubs and small factories, underscoring the improving sentiment over the continent’s economy. http://www.ft.com/cms/s/0/b98e961e-feac-11e2-b9b0-00144feabdc0.html#ixzz2bKSoAgD6

Goldman to Axa Ride London’s Crossrail Office Boom By Neil Callanan & Patrick Gower - Aug 6, 2013 London’s high-speed rail project is helping to drive an office-building boom on the City of London’s western edge as investors rejuvenate aging sites like Smithfield Market near future transport hubs. http://www.bloomberg.com/news/2013-08-05/goldman-to-axa-ride-london-s-crossrail-office-boom-real-estate.html

Inflation and deflation in this levered world coexist nearly side-by-side. - Bill Gross (1944- )

Starwood Capital Group Purchases Liberty Center in Pittsburgh Transaction includes Federated Tower and the Westin Pittsburgh GREENWICH, Conn., Aug. 2, 2013 /PRNewswire/ -- Starwood Capital Group, a leading global private investment firm focused on real estate, announced today that an entity controlled by Starwood Distressed Opportunity Fund IX has acquired Liberty Center, a prominent mixed-use office and hotel asset located in downtown Pittsburgh's "Golden Triangle." The property was acquired from a partnership that included Forest City Enterprises, Inc. and Jos. L. Muscarelle, Inc., for a gross selling price of $135 million. http://www.prnewswire.com/news-releases/starwood-capital-group-purchases-liberty-center-in-pittsburgh-218083091.html

A Simple Solution for America's Looming Commercial Debt Crisis By JASON GOLD August 1, 2013 As the housing sector continues its apparent recovery, some U.S. lawmakers are turning their attention to a looming crisis in the commercial real estate market, which is threatened by an avalanche of debt as loans made during the heady days of the early aughts start coming due over the next five years. http://www.usnews.com/opinion/blogs/economic-intelligence/2013/08/01/a-simple-solution-for-americas-looming-commercial-debt-crisis

Such low yields could signal the top of the property market in central London. Those sorts of yields are breathtaking. The problem is that when you get to the top of Mount Everest there is only way to go. - Michael Marx , Reuters, Jul 26, 2013

Ultra-low yields suggest London property crash around the corner By Tom Bill LONDON | Fri Jul 26, 2013 4:56pm BST (Reuters) - Voracious investor demand for the best London real estate is approaching record levels that could trigger a price crash in popular areas such as upmarket Bond Street, property experts said this week.

Here Comes the Next Hot Emerging Market: It is called "the United States." - Jason Zweig , Wall Street Journal, Jul 24, 2013

July 24, 2013 Italy May Retail Sales Almost Flat on Month, -1.1% on Year By Manuela Mesco ROME--Italy's retail sales in May increased by 0.1%, compared with April, national statistics institute Istat said Wednesday. http://online.wsj.com/article/BT-CO-20130724-702696.html

http://www.realtytoday.com/articles/4593/20130724/brookfield-asset-management-raises-4-billion-real-estate-fund-surpassing.htm Posted by Rapti Gupta on Jul 24, 2013 09:47 AM EDT Brookfield Asset Management Raises $4.4 Billion for Real estate Fund Surpassing Target Brookfield Asset Management Inc, the Canadian asset managing firm, has reportedly raised $4.4 billion for its global real estate fund. The amount is one of the largest since the financial crisis and has surpassed the $3.5 billion target, the company actually affixed, according to several media reports.

Jul 23, 2013, 2:22pm EDT Atlanta's CRE debt woes improving Douglas Sams Commercial Real Estate Editor- Atlanta Business Chronicle Atlanta’s commercial real estate sector continues digging out of debt, another sign a broad recovery is speeding up. http://www.bizjournals.com/atlanta/real_talk/2013/07/atlantas-cre-debt-woes-improving.html

July 22, 2013, 12:46 a.m. ET Investors, Analysts See End of Commodity 'Supercycle' Popular Bet in Global Financial Markets—That Prices Would Keep Rising—Is Unraveling Investors are suffering mounting losses as a decadelong rise in commodity prices unravels amid slowing emerging-markets economies, rising supplies of oil and metals and the eventual end of central-bank stimulus policies that propped up prices for raw materials. http://online.wsj.com/article/SB10001424127887324144304578619672666497416.html

July 18, 2013 Eco Analysis - UK economy on track for a firm Q2 (M. Martinez) In the UK, retail sales increased in June and are now up 0.9% qoq in Q2. This bodes well for Q2 GDP number to be released next week. (SG: 0.6% qoq). Signs that a cyclical recovery is ongoing have become clear in the UK, in contrast to the euro area. In France, FM Moscovici announced that the Livret A rate will be cut to 1.25% from 1.75% from 1 August. In Greece, the parliament approved the bill that clears the way for the release of the remaining IMF/ESM fund tranche

July 17, 2013 5:30 pm Foreign investors behind record 82% of London property activity By Ed Hammond, Property Correspondent The attraction of London property to foreign investors shows no signs of waning as a surge of Asian and Middle Eastern money ensured that UK buyers accounted for less than a fifth of all commercial purchases during the first half of the year. http://www.ft.com/cms/s/0/dcc2032a-eed3-11e2-98dd-00144feabdc0.html#ixzz2d4ppweSX

Cornerstone plans property debt fund Sarah Krouse 15 Jul 2013 Cornerstone Real Estate Advisers, a subsidiary of Massachusetts Mutual that entered the UK real estate debt market in 2012, plans to raise third-party capital for further investments in the sector next year. http://www.efinancialnews.com/story/2013-07-15/cornerstone-real-estate-plans-uk-property-debt-fund?ea9c8a2de0ee111045601ab04d673622

AllianceBernstein's Real Estate Group Expands Platform with New Commercial Real Estate Debt Fund Industry Veteran Roger Cozzi Joins Firm to Lead CRE Debt Group NEW YORK, July 12, 2013 /PRNewswire/ -- AllianceBernstein L.P. (AllianceBernstein) announced today that it has successfully launched its first commercial real estate debt fund (the "Fund") as part of the firm's ongoing efforts to broaden its alternative investment offerings. http://www.prnewswire.com/news-releases/alliancebernsteins-real-estate-group-expands-platform-with-new-commercial-real-estate-debt-fund-215282911.html

Real Estate News News analysis: Backing the debt fund to win 12 July 2013 Opinion is divided over the potential for real estate debt funds becoming an established institutional asset class in Europe, writes Richard Lowe. EUROPE – Real estate investment managers continue to bet on the prospects for real estate debt funds despite some scepticism over whether they really constitute a viable business plan. http://www.ipe.com/realestate/news-analysis-backing-the-debt-fund-to-win_54354.php

http://www.colliers.com/en-us/sanfrancisco/insights 2013 | Q2 San Francisco Office Report >> Shaking off a sluggish first quarter the San Francisco Bay Area finished off the first half of 2013 with healthy leasing and rent growth. San Francisco remains ahead of the burgeoning global economy as job growth and leading-edge productivity due to technology have benefitted the office market. The second quarter registered the twelfth consecutive quarter of positive net absorption ,and vacancy is now below the 10 percent "tipping point" citywide for the first time since 2007. Moreover, the rise of the city’s employment and leasing volume over the last 24 months have pushed forward the construction of 3.4 million square feet of new and rehabilitated office development, with anticipation of additional projects breaking ground. http://www.colliers.com/en-us/sanfrancisco/insights

Eco Analysis - Mixed UK data but Q2 still looks strong (B. Hilliard) The UK data released today show the housing market revving up in response to the government's Help to Buy scheme. UK manufacturing output surprised with a sharp fall but Q2 GDP still looks on track for a strong gain of around 0.5% qoq.

Enter Sandman? Julia Coronado - Market Economics US Daily Spotlight | 09 Jul 2013 00:06 | Markets settled down a little on Monday with Treasuries yields retracing nearly half their Friday spike and equities posting another modest gain closing just under 2% below their peak on May 21, the day before Chairman Bernanke effectively endorsed tapering. With little data to digest investors are looking to a series of bond auctions and a speech from Chairman Bernanke on Wednesday afternoon to set the tone. Bernanke will speak at a conference sponsored by the National Bureau of Economic Research (NBER) titled “The First 100 Years of the Federal Reserve: The Policy Record, Lessons Learned, and Prospects for the Future”. There is no title listed on the conference agenda but Chairman Bernanke closes the conference after four academic papers on political influences on Fed policy, international influences, appropriate design of a central bank, and the Fed’s track record on regulation. The l...

Economic Briefing Germany: Only a small minus for manufacturing in May In May, German industry cut production by 1% on the previous month. But since output had increased significantly in the two preceding months, the average over April and May was nearly 3% up on the first quarter, which leads us to expect a very large gain in GDP. However, this momentum is unlikely to continue in the third quarter. Commerzbank Corporates & Markets Economic Research https://research.commerzbank.com

British Land Invests £470 million in Paddington Central Attractive West End Estate with Development Potential British Land is pleased to announce that it has acquired assets comprising the majority of Paddington Central, a 1.2 million sq ft office-led, mixed use estate close to Paddington station in London’s West End. The investment offers an attractive blend of income and capital return, with major development potential and significant future opportunity to improve the estate through asset management. On completion of the developments, British Land will own 1.0 million sq ft of a 1.6 million sq ft estate. http://www.britishland.com/media/news/2013/05-07-2013.aspx

Lunch? Lunch is for wimps. - Michael Douglas as Gordon Gekko from Wall Street (1987)

Chile: Two Activity Roads Diverged More Nader Nazmi, Oscar Munoz - Market Economics Latam Macro Snapshot | 28 Jun 2013 18:26 | 242 Kb Supply and demand data diverged further in May. Retail sales data showed continued strong consumer demand while manufacturing and IP data reflected slowing production. Manufacturing production declined 4.2% y/y in May, surprising our and market expectations projecting expansions of 1.3% and 1.7% y/y, respectively. The setback in manufacturing production was broad-based with eight of its thirteen divisions retreating in the month. Apart from being impacted by a high comparison base, the main contribution to the annual contraction came from lower production of chemicals (-12.6% y/y).

Commerzbank Corporates & Markets Economic Research https://research.commerzbank.com Economic Briefing Germany: Inflation back in the 2% area German consumer prices surprisingly rose 0.2% month-on-month in June. Food prices were up significantly once again, probably at least in part due to the floods in Germany. Numerous services became more expensive as well. This development seems to be a consequence of strong wage growth. The rate of inflation jumped from 1.5% in May to 1.9% in June. Kind regards, Ulrike Rondorf

http://www.ft.com/intl/cms/s/0/beb522f2-da80-11e2-a237-00144feab7de.html#axzz2ovCeaSgm June 23, 2013 4:57 am Brookfield overtakes CBRE as top real estate manager By Steve Johnson Los Angeles-based CBRE Global Investors has lost its position as the world’s largest real estate fund manager.

Money never sleeps pal. - Michael Douglas as Gordon Gekko from Wall Street (1987)

http://sf.uli.org/san-francisco/bay-area-office-market-still-hot/ Bay Area Office Market Still Hot Posted on June 20, 2013 by ULI On Tuesday, June 11 well over two hundred industry enthusiasts gathered at the Hyatt Regency in San Francisco to hear the office sector’s finest professionals opine on market conditions as well as inform attendees about their current projects.

MELBOURNE DOCKLANDS NEW HOME TO MARSH & MCLENNON COMPANIES' THIRD LARGEST OFFICE Australia, Melbourne Publication date: 17 June 2013 Melbourne is now home to Marsh & McLennan Companies’ (NYSE: MMC) third largest office worldwide, behind only New York and London. The relocation of the Melbourne headquarters of Mercer, Marsh, Guy Carpenter and Oliver Wyman to the newly-built Collins Square development at 727 Collins Street adds further support to Docklands’ claim of being Melbourne’s financial services hub. http://www.mercer.com/press-releases/office-move-docklands

Melbourne office market weakness to be sustained beyond 2013 – New BIS Shrapnel report by BIS Shrapnel The new BIS Shrapnel Melbourne Commercial Property Prospects 2013-2023 report reveals sustained weakness in the Melbourne office market. http://www.infolink.com.au/c/BIS-Shrapnel/Melbourne-office-market-weakness-to-be-sustained-beyond-2013-New-BIS-Shrapnel-report-n2502654

Property Investor Europe News European CRE funding gap down 42% as non-banks take over – DTZ 06 June 2013, 06:24 AM Europe’s net debt funding gap for commercial real estate in 2013-2014 has fallen by 42% to $50bn over the past six months due to continued bank de-leveraging and strongly growing non-bank lending, says realtor DTZ. http://www.pie-mag.com/articles/5503/european-cre-funding-gap-down-42-as-non-banks-take-over-dtz/

CHINA NEWS June 6, 2013, 5:30 a.m. ET China's Jinchuan May Halve Its Copper Supply The Company's Force Majeure Will Likely Push Copper Prices, Premiums Higher By CLEMENTINE WALLOP And YUE LI A major Chinese copper producer has declared force majeure at one of its smelters, in a move that is likely to halve the amount of metal it supplies to customers for the next few months. http://online.wsj.com/article/SB10001424127887324299104578528731246475470.html

A new Secular Outlook Series Q&A with Josh Thimons and Lupin Rahman is available on pimco.com . Will Green Shoots Flourish in U.S. and Latin America? · The U.S. economy is much further along the road to repair relative to its developed market peers, but it is still dealing with an unsustainable fiscal situation. · Latin America is closely coupled to the rest of the world. What happens in the U.S., China and Europe over the secular horizon is especially critical. · Our secular investment outlook calls for a more defensive posture toward risk. In U.S. fixed income, this suggests positioning for alpha rather than capital appreciation. And given increasing differentiation across Latin America, investors should stay consistently aware of credit risks.

June 3, 2013 5:50 pm How Shinzo Abe could win the Nobel Peace Prize By James Clad and Robert Manning A grand gesture will endear Japan to its neighbours, say James Clad and Robert Manning Shinzo Abe has summoned the ghosts of nationalism in the Pacific. Neighbouring countries are worried by the Japanese prime minister’s revisionism concerning the historical behaviour of his country. The impact of this on Sino-Japanese relations tends to receive most attention in the western media. But there is also an increasingly fractious relationship between Japan and South Korea. Here, though, Mr Abe can and should make a bold move to dramatically improve his standing and transform the region. http://www.ft.com/intl/cms/s/0/d22d9bb2-cc2e-11e2-bb22-00144feab7de.html#axzz2VI5rN4LG

Our brothers keep careful accounts. - Chinese Proverb