Letter From the Editor
A New Year’s Plan
Welcome to a new year—one that, I hope, brings better news than the last one. Granted, there are a lot of negative predictions, including higher CMBS loan delinquencies and at least another full year of poor economic performance for the nation, if not the world. More layoffs are expected, which can only reduce consumption further, and at least one entire U.S. industry is in need of a bailout to survive.
Starting Line: New Tools for a New Time
Hearing from our 2008 Executive of the Year Award winners has given me new reason to think about what it takes to surmount difficult markets. The executives’ reflections on achieving in markets good and bad reveal no traits that are unusual in and of themselves. Nor are their efforts foolproof, as the resignation of our top award winner days before the award ceremony indicates. But the executives’ application of a series of simple, even old-fashioned traits has for the most part to date won survival, success and certainly the admiration of their peers.
Investing in the Future
It has been a tough haul, and it doesn’t look like it will get easier anytime soon. The stock market has been gyrating for weeks now, as investors wait for the next shoe to drop in a market that seems to have more shoes than feet to wear them. The passing of Election Day will likely help, ushering in clearer direction through the determination of the next President of the United States, not to mention whether Congress becomes even more Democratic than it already is.
Weathering the Storm
It’s tough to write about the financial markets right now, when every day brings something new and unprecedented. At press time, the federal government had just announced proposals to staunch the blood flowing from Wall Street, following a stream of negative news relating to Lehman Brothers Inc., Merrill Lynch & Co., AIG and others.
A New Game
The shift into September signals the commencement of the next business season—a good time for new beginnings. CPN celebrates this with our new format.
What's New?
As the September launch date for CPN's promised redesign approaches, we are hard at work finalizing our products. Keep an eye out: The new size accommodates a very different look from what you've grown accustomed to. You will find an exciting array of new columns, as well as new contributors and a fresh approach to the business of commercial real estate.
A New Conversation
Today's media aren't just about reporting information but also about exchanging thoughts and ideas—broadening the range of perspective to help move your business forward and guide your strategic decisions. For more than 20 years, CPN has brought you news and insight into the world of commercial real estate.
Steady March
The progression toward globalization marches steadily onward—and today's steps include not just expansion into new markets but also improvement of the overall strategy involved. For corporations, that means evaluating how best to organize business oversight to ensure effective coordination of departments and decisionmaking.
New Options, New Opportunities
The market, the industry and the way we communicate and seek news and information is changing. And now, so are we.The widespread use of the Internet, e-newsletters, RSS feeds and 24-hour cable news channels has added an immediate delivery aspect to the news cycle. With so many different opportunities to serve you better, we're happy to announce that there's a new CPN coming your way.
Evaluating Options
It's a frustrating time for investors. Those with capital are eager to invest, seeing opportunity in a down market. But with that market still weakening, owners are reluctant to sell their properties, which reduces the number of available options.
Publisher's Note: Time for Change
Every few years, one industry or another goes through a radical change. This is our time. The commercial real estate industry—and real estate overall—is experiencing a massive shakedown. Some will point fingers at the banks, others at the economy and still others at the consumer.
Hot Brokers, Cool Market
Each year, our Hot Brokers feature reveals interesting characteristics to which the brokers' success may be attributed. Some traits are unique and tough to emulate, but other ideas may be applied elsewhere. Still other qualities seem to be quite common among star brokers, if not across the brokerage world at large.
Seismic Waves
On the eve of this year's Mortgage Bankers Association Commercial Real Estate Finance conference, mortgage bankers and others involved in real estate finance are grappling with significant challenges.