Anyone else in Commercial Real Estate?
Anyone else feeling the pain? Shit has hit the fan finally and I can't bear it. What do people think? Thoughts, advice... A place for discussion on the Com RE market.
I work in PE and a lot of our portfolio is reliant upon CMBS debt (or lack thereof) and commercial RE. It is ugly out there. Our original models showed us deleveraging through property sales, sale-leasebacks and refiing our existing debt. All of these options are now off the table. I occassionally use our CBRE appraisal reports from 06 as toilet paper when I run out bc the valuations are now laughable. I personally think 09' is only going to get worse as companies default and go into bankruptcy (esp retail companies) and the REITs and LLs will continue to suffer.
Valuations from a brokerage are always suspect. Despite performance from CMBS, future predictions have caused the beginning of the end for commercial development. It will be interesting to see what some of the major REITS do, especially those with a majority of tenants being financial companies.
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