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Thursday, November 20, 2008 News
The current state of the capital markets will be put into perspective next month when Midwest Real Estate News and The Real Estate Communications Group Conferences conduct the Midwest Capital Markets Conference in Rosemont, Ill. The conference, which aims to address how professionals should adjust to the credit climate, will cover an array of topics including capital availability, property markets outlook, changes in underwriting guidelines and documenting complex finances. "We want to accomplish a dialogue and want people to understand what is going on in the market and be able to accept where things are right now, " said Barry Axelrod, senior VP with Chicago-based Dwinn Shaffer & Company. Axelrod, who is slated to speak at the conference, said the state of the credit markets has a profound impact on the nature of commercial real estate. "The credit markets always effect how we do business," he said. "The tougher the credits, the less money, the fewer deals are available. It sometimes changes from week to week or day to day." Rick Reeder, a broker with Grubb & Ellis/BRE Commercial's Office Properties Division, recently reflected Axelrod's sentiments. "The state of the credit market has brought most of the investment activity to a halt, " Reeder said. "We had five projects go to market this last quarter and none of them sold. Not that there wasn't the capital or the buyers, it's just the difference between buyers' and sellers' perception of value." Axelrod said that while the current climate may seem volatile, it's not the worst he's seen. "It's a little tougher right now but it's not anywhere near what it's been over the years. Lenders are being more conservative, more cautious. And I would think there's some reason for that, " he said. Tony Smaniotto, senior VP with CB Richard Ellis' Chicago office, said the markets will be correcting themselves in 2008. "I've had the opportunity to be here in the CBD office market for 22 years. I've seen several recession/recovery cycles and watched our industry evolve," he said. "I think 2008 will be a year for healing all the ailments in the credit markets. My sense is that transaction volume will probably slow considerably in 2008 as investors and lenders adapt to new underwriting criteria that will be the standard for real estate investment." The Midwest Capital Markets Conference will take place on April 30, 2008 at the Donald E. Stephens Conference Center in Rosemont, near O'Hare International Airport. For more information, visit the Midwest Real Estate News Web site. Filed Under: none E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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