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HFF Research Update for July 15, 2015: Can I Buy You a Drink?

Wednesday, July 15, 2015
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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. In the Winter War of 1939, Soviet bombers dropped bombs on Helsinki. Meanwhile, the Soviet Union's foreign minister proclaimed to his own citizens that the war planes were in fact dropping pallets of food to Finnish citizens in a humanitarian mission. Sneering at the propaganda, Finns referred to the deliveries as "Molotov bread baskets" naming them after the Soviet Foreign Minister. Shortly after the bombing subsided the Soviet infantry invaded by land. Necessity being the mother of invention, the Finnish army created a mechanism to engulf armor-plated Soviet tanks in flames – what is now... [Read More]


Demand for Multi-Housing Buildings in Washington, D.C. Remains Stable in 2015 Despite Slow Job Growth

Monday, July 13, 2015
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Despite the influx of new multi-housing buildings and anemic job growth during 2014, apartment market fundamentals in the Washington, D.C. region beat expectations. Healthy net new migration of young adults and the renter-by-choice cohort bodes well for the apartment market fundamentals. The Washington, D.C. region’s employment grew by 0.6 percent in 2014 and is expected to increase by 100 basis points (bps) to 1.6 percent in 2015. Job growth in Washington is forecast to remain above the 1-percent mark, enabling stable effective rent growth and demand for multi-housing buildings in Washington, D.C. Axiometrics said, “people were beating up on Washington because of its abundant new supply and low rent growth, but in reality, the new units are being absorbed. Jobs are being added at a greater... [Read More]


HFF Research Update for July 10, 2015: CMBS Digest

Friday, July 10, 2015
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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. Approximately $27.5 billion of CMBS paper was securitized in the United States last quarter, the second-largest total in a quarter since 2007. Bringing the YTD total to $54.5 billion, CMBS volume is up 33 percent over the same time period in 2014. I would wager this percentage growth will prove exactly par with transaction volumes when Real Capital Analytics prints 2Q figures later this month. Assuming the second half of the year experiences slightly higher origination volumes, which is typical, the CMBS market is on pace to originate $125 billion in 2015 according... [Read More]


HFF Research Update for July 9, 2015: Wilt Chamberlain

Thursday, July 09, 2015
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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. ... [Read More]


Tampa Bay Multi-Housing Market to Remain Stable in 2015

Wednesday, July 08, 2015
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The Tampa-St. Petersburg metro area produced close to 98,000 jobs from 2010- 2014, with average annual growth rate of 2.1 percent, marking demand for multi-housing buildings for sale in Tampa Bay. The metro’s diverse and expanding mix of businesses, from financial services and bioscience to technology and international trade, bodes well for the healthy job creation. Employment growth is expected to increase once more in 2015 reaching 3.1 percent, which is expected to keep effective rent growth stable and multi-housing buildings for sale high. Axiometrics said, “the Tampa Bay area is benefiting from the increased population and job growth that has come to all of Florida. Job growth is above the national level and there is just enough new supply, so demand will be strong and... [Read More]


HFF Research Update for July 6, 2015: Capitulation?

Monday, July 06, 2015
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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. Times like these make me very nervous, more because the direction markets give us is unclear. WTI lost almost 8 percent on Monday in a free-fall that accelerated through the trading session and made a native Texan like me shake in his proverbial boots. This feels more like China than Greece, given China’s use of oil is approximately equal to that of the top 10 countries in Europe combined. Another reason this notion carries weight is the selloff in other raw materials, most notably copper.   Below is a YTD look at... [Read More]


HFF Closes a $33 Million Sale of an Industrial Warehouse Property in the Chicago Area

Wednesday, July 01, 2015
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Holliday Fenoglio Fowler, L.P. (HFF) recently closed the $33 million sale of a 128,200-square-foot, Class A, cold-storage industrial facility 100 percent leased to Preferred Freezer Services in Chicago, Illinois. HFF marketed the property to a limited number of qualified investors on behalf of the seller, Romel Enterprises, LLC. AAG Management purchased the asset free and clear of existing debt. The HFF investment sales team representing the seller was led by director Jordan Angel and managing director Patrick Sullivan. Completed in 2003, the one-story industrial building features:  6.6 million cubic square feet of freezer capacity 22,200-square-foot refrigerated loading and unloading dock U.S.D.A, F.D.A and U.S.D.C. designated inspection areas, along with HACCP certification 16 dock doors with levelers and seals 100-percent-diesel backup generator running entire facility Private... [Read More]


HFF Research Update for June 29, 2015: Perspectives

Monday, June 29, 2015
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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. Given the ubiquity of the information available, I am not going to endeavor to explain what is happening in Greece. I will however make an attempt to provide some context to the instability it and weakness in China is generating across a global landscape. Shanghai’s equity index finished Monday down 3.34 percent. However, the day was far more volatile with that index’s intraday peak to trough declining 10.8 percent. For some frame of reference, this is the equivalent of the Dow Jones Index declining more than 1,950 points in a matter of hours. ... [Read More]


Job Growth to Positively Impact San Diego's Multi-Housing Market in 2015

Saturday, June 27, 2015
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San Diego job growth was 2.2 percent in 2014 driven by professional, scientific and technical services and manufacturing. It is forecast to increase further to 2.6 percent in 2015, marking demand for multi-housing buildings in San Diego. The professional and business services sector is now the largest employer in San Diego, which, because of the higher salaries generally offered within this industry, is expected to increase demand for Class A units. Said Axiometrics, “San Diego is a late-emerging apartment market, but it made up for lost time in 2014. The job growth and increased tourism will continue to facilitate demand, and the improving economy is allowing snowbirds who always wanted to move to the sun to come on down.” San Diego Multi-Housing... [Read More]


HFF Research Update for June 26, 2015: A Balloon Below Water

Friday, June 26, 2015
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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. Markets have been quite volatile, perhaps necessitating a second rates memo as we close the week. The associated impact on loan underwriting has been less than favorable. Below I’ve mapped the 10-year UST against a 10-year index for each A and BBB corporates – the indices CIOs use for pricing mortgage bonds. The grey bars represent the average spread between the corporates and the 10-year UST. Corporate spreads (unlike CRE capitalization rate spreads) are currently ~180 bps, relatively thin given they are ~80 bps inside of their long term... [Read More]




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