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HFF Research Update for July 9, 2015: Wilt Chamberlain

Thursday, July 09, 2015

Weekly insights on current research in the commercial real estate industry from HFF Managing Director of Research Jimmy Hinton. View Daily Rates on the HFF website or access the HFF Daily Rates App in iTunes.

On this day in 1968, Wilt Chamberlain was traded from Philadelphia to Los Angeles. Lakers owner Jack Kent Cooke awarded Chamberlain a salary of $250,000 – or 2.5 times that of the previously most highly-paid Laker, Jerry West. It was a record contract in the NBA at the time, and it would be one of several records Chamberlain would assume in his five years in Los Angeles, including 33 consecutive wins, the first ever 69-win season (for which every member of the team was rewarded with a $5 pen set!) and 72.7 percent field goal percentage.

Chamberlain holds many career records as well, including most points in a single game (100), regular season points (4,029) and, of course, rebounds (23,924). Rebounds are all the rage today across global investment markets.

Greece is to present its economic reform plan today. Its architecture will be discussed by the European Union’s finance leadership on Saturday and potentially affirmed on Sunday. In the words of Mohamed El-Erian, this is good politics but bad economics. “Every day that goes by intensifies the Greek economy’s economic and financial implosion. With the banks shut for more than a week now, economic activity is grinding to a halt. Tax revenues are collapsing. Tourist trips are being cancelled. Unpaid government, corporate and household bills are mounting. ATMs are running out of cash. Pension and salaries are paid only in part, if at all. Whatever capital is still mobile is looking to flee the country. And already alarming unemployment and poverty are on the rise.”

To be sure, we are bearing witness to one of the most historic weeks in the history of the European Union.

Meanwhile, Chinese authorities seem to have turned the tide with a little extra help from favorable economic data. With a report 1.4 percent rise in CPI, the Shanghai market turned higher this morning as did the Nikkei in Tokyo. Markets in Europe are roundly higher as well. The Euro is soft against the dollar, and crude is smartly higher. The China rebound has lifted most commodity prices and domestic equity indices are markedly higher.

The yield on the 10-year UST is up considerably to ~2.27 percent. Watch the ticker tape for news from Greece as the day progresses.

About Jimmy Hinton

Mr. Hinton serves as Managing Director of HFF, responsible for the firm’s research efforts. Mr. Hinton works with the HFF Jimmy Hintonexecutive management team to assist in investor relations and to inform both HFF staff and firm clients with in-depth analysis of economic, property and capital market trends. He is also responsible for providing extensive market reports, client presentations and deal-specific analysis for debt placement and investment sales assignments. Mr. Hinton’s responsibilities include substantial interaction with pension funds, life insurance companies, regional and CMBS lenders, REITs, foreign investors and private equity funds.

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