5 posts tagged “europe”

Philip Blumberg was interviewed by Nikkei Veritas in a piece titled "Still early to buy U.S. commercial real estate" and expressed his view that the U.S. commercial real estate market still has a way to go before bottoming out. An excerpt:

It seems you earned 17.6% in profits last year.

"Our past three years of devoting ourselves to sales, without buying, bore fruit.  We built up cash savings and released ourselves from the need to rely on debt.  We made sure that buildings we own or manage are fully set up, with gyms and cafeterias, which kept rents from going down."

"I've been predicting the confidence collapse for more than two years.  With so much risk investment, which relied on cheap leverage, prices went up to an unrealistic level."

To read the full article, click here.

Philip Blumberg appeared on CNBC Squawk Box Europe today on a segment titled "The Reality of Real Estate".

To view the full transcript, visit Blumberg Capital Partners.

The 760,000 jobs lost this year through September could double or even triple over the next 18 months according to a Jones Lang La Salle report, while the International Monetary Fund (IMF) has slashed projections for growth of the world’s richest economies for 2009 (originally projected at 0.5% growth, the IMF revised their numbers, calling for a 0.3% shrinkage -- the first contraction since WWII).

"Translating this to property fundamentals, occupancy declines across most property types are expected to accelerate over the next six to 12 months as businesses adjust to revised demand, enhancing tenant level and driving down rents further," JLL said in its bi-monthly world market report.

For more news and information, visit Blumberg Capital Partners.