Continuing on the Path to Recovery
In an abbreviated edition of his semi-annual podcast to members of the CCIM Institute, RERC's Ken Riggs noted that while investors remain nervous about the volatility we are seeing in the stock and bond markets, much equity is still sitting on the sidelines "looking for a home." Commercial real estate—and the reduced amount of risk associated with this investment alternative—is looking decidedly more attractive. Even so, investors are taking the time to “get it right” during this prolonged recovery period…
2010 To Be Another Tough Year
RERC's Ken Riggs notes that while institutional real estate has been forced to mark to market and prices are close to bottoming out, the broader commercial real estate market still has a ways to go and it will take some time to "come clean." Listen to Riggs' view of what the industry and investors should expect in 2010 and beyond.
Dealing with a Distressed Market
As the process of repricing and an increasing number of distressed properties create more uncertainty for investors, commercial real estate is facing its greatest challenges since the 1990s. What should investors expect over the near term?
The Impact of Cap Rates on Values
From a pricing and value perspective, the institutional commercial equity real estate markets are facing headwinds that were never imagined a couple years ago. RERC's required cap rates have increased and now stand at 8.4 percent, which is very close to the level recorded in first quarter 2004. The question is, how much further--if at all--will they increase? (The complete article, "Valuation Navigates Steep Cliffs," is provided in the summer 2009 issue of the RERC Real Estate Report.)
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Report Preparation
In this stage of the valuation, the appraisal report is written and edited, and graphics are prepared. Before final production, the report is thoroughly reviewed by the project manager for accuracy, logic and uniformity.
Real Estate Research Corporation's (RERC's) valuations cover a broad spectrum of land uses and property types in every region of the country. Our library of databases enables us to access both historic and current information on every major property type and market area. Because we interpret real estate dynamics from a national perspective, we are well-prepared to value larger, investment-grade properties and portfolios.
Our long track record has made us specialists in such areas as:
Urban mixed-use projects where the combination of revenue generators is critical to success. This includes unique or pioneering property uses where there are no local precedents for the project, and therefore, no local comparables.
Portfolio valuations involving multiple properties and often a variety of land uses in several metropolitan areas. We've worked in every major market and are experts in understanding local real estate dynamics and portfolio synergies.
Non-performing or marginally performing assets where market condition competition, demand and tenant profiles are critical. The ability to reposition a property and achieve better rents requires an understanding of the needs of tenants, as demonstrated by RERC's market feasibility studies.
Development projects that require forecasting of future performance absorption, lease terms, market conditions and demand. RERC has specialized in the valuation of large-scale land developments such as Las Colinas and The Irvine Ranch.
Hotel valuation which draws on the firm's long-standing presence as an advisor to hotel/resort developers and investors. Here, RERC's experience runs the gamut from smaller motel-chain properties to resorts and luxury hotels in mixed-use projects.