creiZ about Real Estate and Deals

from National Real Estate Investor magazine: Beyond the Downturn: Opportunities Await Institutional Investors

2009-01-14T01:04:58Z

Just saw this on NREI and thought it was of interest...

“Markets experiencing a generational correction offer as many opportunities as threats,” explains Jacques Gordon, global strategist at LaSalle Investment Management, an independent unit of Jones Lang LaSalle. “For investors with capital and the confidence to look through the downturn, 2009 will provide some fantastic opportunities. The strategic approach is to distinguish between the assets that are genuinely attractively priced and those that should be even cheaper.”
With $50 billion of assets under management for institutional investors, the Chicago-based firm points to at least four key investment opportunity plays this year:
REIT shares trading at a massive discount;
units in limited partnership funds trading at steep discounts;
non-performing loans or pools of partially performing loans;
defaulted land deals or development deals in need of recapitalization, but priced such that investors get incomplete improvements at close to zero cost.

Beyond the Downturn: Opportunities Await Institutional Investors

Looks like it's time for opportunistic investments!

Blogged with the Flock Browser

Tags: opportunisticinvestments, npl, non-performing loans, partially performing loans, panama, development, defaulted land deals, distressed properties

President Torrijos said Panama will maintain high levels of growth and a low jobless rate next year

2008-12-11T02:15:07Z

Panamanian President Martin Torrijos said his country will maintain high levels of growth and a low jobless rate next year even as the credit crisis triggers a worldwide economic slowdown.
The Central American country’s economy will probably expand between 6.5 percent and 8 percent in 2009 and 9 percent this year, Torrijos said in an interview with Bloomberg Television today in Panama City. The U.S. recession won’t impede financing for his government’s $5.2 billion project to expand the Panama Canal, he said.

Just saw this on Bloomberg: Bloomberg.com: Latin America

Think now is a time to invest in Panama?

Blogged with the Flock Browser

Tags: panama, econmiccrisis, martin torrijos, growth, panama hotels

Now is the time to invest in tourism products and services in Panama - from WashingtonTimesGlobal.com

2008-12-02T15:41:24Z

I ran across this article from WashingtonTimesGlobal.com and thought it would be of interest. Here's an excerpt:

In addition to the hundreds of investment opportunities generated by the expansion project of the Panama Canal and the expanding logistics center, the growth in the tourism industry is resulting in numerous investment opportunities in related services and accommodations. These options are made more attractive by special government incentives, which include the Special Tourism Zones Law that offers incentives such as a 100 percent exemption from income tax, real estate tax, import duties for construction materials and equipment, and other taxes.

The hotel industry is one area where the demand is signaling a definite need for more rooms. The industry is recording a continuous over-98 percent occupancy rate, reaching 100 percent on most weekends. The President of the Panama Hotel Association, Jorge Loaiza, indicated that the time is right for more investors in all tourism-related products and especially in the hotel industry. “Many existing hotels are now involved in expansion projects. They are adding more rooms. There are also additional players entering the industry. Hotel groups usually partner with local entrepreneurs to establish their business and this is happening.”
In the first quarter of 2007, more than 390,000 tourists visited Panama, an increase of 9.5 percent over the same period in 2006. The growth in the tourism industry is also evident in the rapid development in cruise tourism. It is anticipated that in 2007-2008, there will be over 200 cruises landing in Panama with more than 28,000 tourists. Adventure, historical, medical, and ecology tourism are attracting Europeans, North Americans, and even tourists from other Latin American countries.

Now is the time to invest in tourism products and services in Panama

Exploring Panama hotels, investments and projects, let me know. I'd be happy to help! :)

Blogged with the Flock Browser

Tags: panamahotels, panama hotel projects, panama hotel investments, panama hotel developments, panama tourism, panama hospitality indsutry, panama canal expansion

If You Wait for the Robins, Spring Will be Over or Buy American. I Am. by Warren Buffett from NYTimes.com

2008-10-26T03:19:58Z

In case you haven't seen Warren Buffett's op-ed piece on NYTimes.com, here it is: Op-Ed Contributor - Warren Buffett - Buy American. I Am. - NYTimes.com

Here are some excerpts from the piece (written in first person by Buffett) with emphasis added on statements I especially like:

Why [is Buffett buying American]?
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.
Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month — or a year — from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.
A little history here: During the Depression, the Dow hit its low, 41, on July 8, 1932. Economic conditions, though, kept deteriorating until Franklin D. Roosevelt took office in March 1933. By that time, the market had already advanced 30 percent. Or think back to the early days of World War II, when things were going badly for the United States in Europe and the Pacific. The market hit bottom in April 1942, well before Allied fortunes turned. Again, in the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank. In short, bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price.
...
You might think it would have been impossible for an investor to lose money during a century marked by such an extraordinary gain. But some investors did. The hapless ones bought stocks only when they felt comfort in doing so and then proceeded to sell when the headlines made them queasy.
Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. Indeed, the policies that government will follow in its efforts to alleviate the current crisis will probably prove inflationary and therefore accelerate declines in the real value of cash accounts.
Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”
I don’t like to opine on the stock market, and again I emphasize that I have no idea what the market will do in the short term. Nevertheless, I’ll follow the lead of a restaurant that opened in an empty bank building and then advertised: “Put your mouth where your money was.” Today my money and my mouth both say equities.

I know, I know, he has a vested interest in equities, but still Warren's awesome and he always has quotables!

Blogged with the Flock Browser

Tags: warrenbuffett, wayne gretzky, buy american, quotables, equities, stocks, stock market, financial crisis

Looking to raise capital on a shoestring (i.e. limited budget)?

2008-10-24T00:25:51Z

Make sure you take a look at RaiseCapital.com

It is an online community where entrepreneurs can showcase their business ideas and capital needs, posting a text description, pictures and/or a video presentation of their venture and where investors can find dynamic, local, regional or nationwide investment opportunities with ease.

NOTE: I have not used the service personally, but I have referred others to the site. It is more geared towards raising ideally (IMO) under $1 million. If you are looking to raise a few million in funds for real estate or other projects, let me know.

BTW, please share any RaiseCapital.com success stories. Let us know if you've had better luck than our friends...

Blogged with the Flock Browser

Tags: angelfinancing, Angel investor, private financing, start up capital, venture capital, fundraising

Treasury Announces Solicitations for Financial Agents under the Emergency Economic Stabilization Act or The Fed is looking for contractors for the bailout

2008-10-07T02:13:29Z

Treasury Announces Solicitations for Financial Agents under the Emergency Economic Stabilization Act

I just read through the Treasury solicitation announcement for financial agents for their soon-to-be-acquired distressed assets and the distressed asset sales and here are some interesting tidbits (with my comments in red):

The three services being sought are:

All interested and eligible parties that meet the requirements and guidelines required of each service should submit requests by the 5 p.m. (EDT) on Oct. 8, 2008. Treasury expects to announce the results of initial selections from these three competitions next week. *I wonder if Goldman Sachs and Citigroup will be selected...My prediction is that it is highly likely especially since the Government has a vested interest in seeing them succeed.* In some cases more than one financial agent may be chosen.

These services are being obtained through the Treasury's authority to retain financial agents to provide services on its behalf as provided for under the Emergency Economic Stabilization Act. These are not contracts governed by the provisions of the Federal Acquisition Regulation. *Very interesting... I wonder why not government by FAR. I imagine that the agents will want some protections to reduce their perceived or real risks.*

Any additional thoughts or insights on this?

BTW, I bet whoever is selected will surely be busy addressing calls or emails from "brokers" (with "prominent" yahoo email addresses) who are "working with direct buyer mandates to invest billions of dollars." (Some of you know what I'm talking about... :)

Blogged with the Flock Browser

Tags: treasurydepartment, Emergency Economic Stabilization Act, distressed assets, distressed asset sales, opportunisti investments, goldman sachs, citigroup, financial agents

The recipe for raising a couple of billion or How to raise 12 billion in capital in a few weeks or less

2008-10-04T20:33:29Z

Make sure you are a billion dollar company like GE.
Offer a great deal to a billionaire investor, like Warren Buffett, so that he can invest a few billion.
Hire a leading fundraiser, like Goldman Sachs, that the billionaire has already invested a few billion in.
Add 2 cups of investors that invest in what Buffett invests and give them a decent discount and
Voila! The recipe for a few billion!

If this doesn't work, you may want to try Guy's Plan B for fundraising. :)

Below's the link to the original story from Bloomberg. Enjoy!

GE Share Sale Raises $12.2 Billion at 9.2% Discount

Have other recipes for success? Please share.

Blogged with the Flock Browser

Tags: fundraising, raisinga billion, ge, warren buffett, goldman sachs, recipe for success

GE and Sachs have a Buffett

2008-10-03T01:54:00Z

GE to Raise $15 Billion, $3 Billion From Buffett - washingtonpost.com

True to his methodology, Warren Buffett is buying when others are selling and getting great deals. First, by investing $5 billion in Goldman Sachs and now by investing $3 billion in GE. He is THE MAN! Anyone have a spare billion to buy some distressed debt? (I'd like to see what kind of fundraising commission the fundraisers are receiving.)

Blogged with the Flock Browser

Tags: warrenbuffett, goldman sachs, ge, general electric, fundraising

Met with Panamanian businessmen regarding infrastructure projects and creating an executive summary for a Panama public transportation infrastructure project

2008-09-11T03:38:48Z

I had the great opportunity to meet a couple of gentlemen regarding a public transportation (infrastructure) project in Panama City. (Unfortunately, I can't go into to many details at the moment.) I really think the project would be a great asset to the City because there would be a more efficient system to transport people that unfortunately are being priced out of the City, but still work there.

The gentlemen and I are preparing an executive summary for the project for presentation to infrastructure funds where we'll highlight the following areas:

Why Panama? (macroeconomics)
Why public transportation in Panama?
Why this specific method of transportation?
Who is the competition?
Does the government support this effort? If so, how so?
What is the revenue source?/How will revenue be derived?
What is the timeline? What is the construction timeframe?
What is the return on investment?
What is the management team's experience with this type of project?

We will have the executive summary ready by Monday, September, 15, 2008 in order to forward it on to a UK infrastructure fund I have spoken with already.

Know of any other groups that could have an interest?

Any suggestions on working with infrastructure funds?

Blogged with the Flock Browser

Tags: infrastructurefunds, panama infrastructure project, panama public transportation, projet executive summary, why panama, panametro, uk infrastructure fund, ppp, public private partnerships

Panama Hotel News: from the Sun-Sentinel: 8000 new rooms in 2009, starting to compete with South Florida for visitors

2008-09-09T17:47:28Z

Tourism and hotels boom in Panama -- South Florida Sun-Sentinel.com

En español

I just saw this article today and thought it was interesting especially the fact that Gary Sims, president of Nikki Beach Hotels, said, "A lot of our international customers refuse to come to the United States now because of the hassles. It's so much easier to get into other countries." Nikki Beach Hotels and Resorts plans an oceanfront resort and a city tower in Panama.

Another interesting comment:
"Panama also faces challenges to sustain its rapid growth. Roads and infrastructure lag, with traffic already a problem in the capital."

This is very interesting and definitely should provide support to a couple of Panama infrastructure projects for that I looking to raise capital for. (One for public transportation and the other for an international logistical and expo center.) Stay tuned...

Panama Hotel Investment and Development

En español:
Acabo de ver hoy este artículo y pensé que era especialmente interesante el hecho de que Gary Sims, presidente de Nikki Beach Hotels, dijo: "Muchos de nuestros clientes internacionales se niegan a venir a los Estados Unidos ahora a causa de las molestias. Es mucho más fácil entrar en otros países ". Nikki Beach Hotels tiene planes de un resort frente al mar y una torre en la ciudad de Panamá.

Otro comentario interesante:
"Panamá también enfrenta retos para mantener su rápido crecimiento. Carreteras y la infraestructura se queda atrasado, con el tráfico ya un problema en la capital."

Esto es muy interesante y sin duda debería prestar apoyo a un par de proyectos de infraestructura en Panamá donde yo busco reunir capital. (Un proyecto es para el transporte público y el otro para un concurso internacional de logística y Centro de Exposición.) Mantengansen atentos ...

Blogged with the Flock Browser

Tags: panamahotel investment, panama hotel development, south florida hotels, nikki beach hotels, panama infrastructure project, panametro, panama public transportation, panama Centro de Exposición, panama infraestructura, transporte público de Panama

Panama Hotel Occupancy Rates 2nd in the world at nearly 85%

2008-07-16T23:02:12Z

Perth had an occupancy rate of 85.1 percent, Deloitte said in a report released today. Next on the list, which tracks 7,800 hotels in 165 cities outside the U.S., was Panama with 84.7 percent followed by Dubai at 84.5 percent.

Bloomberg.com: Australia & New Zealand

Wow! Everyone in Panama and that visits Panama kept telling me about the high occupancy rates. Now, I have proof, which will be useful as I am putting together a team for hotel development in Panama City.

I've got a real estate investment banking firm interested and am looking for development partners and a brand (thinking Hilton since they have a small presence in Panama).

Know of any companies that may be interested?

UPDATE: The multi-billion dollar, multi-year expansion of the Panama Canal and the fact that is international banking center with over 80 international banks are only a couple of the reasons why the Hilton, Orient-Express and Marriott among others are starting or expanding their presence in Panama. You can find out more about Panama hotel investment and development projects by visiting the Panama Hotel Investment and Development Projects page or email any specific questions.

Blogged with the Flock Browser

Tags: panamareal estate, panama hotels, panama occupancy rates, panama hotel development, panama real estate investment banking

Bailout - Tell me what isn't a bailout? or Lend the money to experienced rehabbers

2008-07-12T00:06:34Z

Another key point of dispute is $3.9 billion in the Senate measure for buying and rehabilitating foreclosed properties. The House's band of conservative "Blue Dog" Democrats opposes the money, arguing that it would swell the deficit unless paired with cuts or tax increases to cover the cost. ... The White House singled out the money in its veto threat, calling it a bailout for lenders who helped cause the mortgage meltdown.

Senate passes foreclosure rescue - Yahoo! News I just read the above extract and story and article on Yahoo News and couldn't help but question: What isn't a bailout? Depending on one's definition of bailout, any help that the government provides to anyone or company in a distressed situation could be considered a bailout. How can they single out something as a bailout is my question... While I don't know that we'll solve the bailout debate, maybe a better solution (and not having read the Senate measure maybe it's already in there), why not offer some insured lending programs to experienced (emphasis on experienced, no first-timers) rehabbers who get the work done and sell them to single-family investors or home buyers? They're giving people and companies work and keeping homes from blight. What do you think? Could this be a solution so that the whole bill isn't vetoed?

Blogged with the Flock Browser

Tags: bailout, rehabbers, lending, economiccrisis, housing, lending practices, mortgage meltdown, veto threat, Blue Dog" democrats, foreclosures

Insightful 3 question interview with the head of Institutional Real Estate, Inc., Geoffrey Dohrmann

2008-06-10T14:59:07Z

I had the excellent opportunity to interview Geoffrey Dohrmann (bio), CEO and founder of Institutional Real Estate, Inc. (IREI) about what's "in" and what's "out" in institutional real estate, the next big thing in institutional real estate and what's new with IREI. Please read ahead and comment (comment love is always welcome)! I am sure you will find many golden nuggets of information that you can use in your business. BTW, make sure you also sign up for their free institutional real estate newsletter.

What's "In" and what's "out" in the Institutional Real Estate investment markets?

As you can imagine, US tax-exempt investors (pensions, foundations, endowments) are very concerned today about where the markets are headed.

As of December of last year, more than $64 billion of new capital was earmarked for new investments, of which 21% was flagged for investments offshore and 48% was flagged for higher risk, higher return oriented strategies.

Much has changed in the capital markets since then, as contagion from the sub prime residential mortgage market meltdown of last summer continued to spread to other sectors of the capital markets.

Since mid December, for example, the stock market's dismal performance has driven the ratio of real estate investments as a percentage of total assets way up, creating a "denominator problem." Consequently, the gap between real estate target allocations and actual investments has narrowed considerably, reducing the amount of new capital available for investment.

Fears about an impending recession coupled with concerns about oil and commodity price-driven inflation also have been curbing investor appetites for all but the most successful US fund managers' offerings. Investors are particularly leery about core-oriented investment funds. Exit queues appear to be developing in many of the larger open-end funds for the first time in many years -- a clear sign that investors believe that these funds may be over valued in light of current market conditions.

Investor staff resources also are stretched, leading most investors to attempt to consolidate their stables of managers. A year ago, just about any one who could fog a mirror could attract capital to even first time fund offerings. Not anymore. Few if any first time fund offerings will be attracting new capital in today's climate, unless they can demonstrate convincingly how their offerings can add value to the existing portfolio.

In addition, fears that US property market cap rates could rise by as much as 100 to 150 basis points or more effectively have frozen investment allocations to most U.S.-based funds. For those investors who still are committing new capital, most of that capital now is going to niche oriented investment opportunities that investors believe may be somewhat resistant to upward cap rate pressure, and/or that appear to them to be relatively inflation sensitive, recession proof, or both.

Offshore investment opportunities, considered to be less impacted by economic events in the US also continue to attract new capital - at least for now, they do.

With the CMBS market shut down and some portfolio lenders already tapped out, the more leveraged opportunistic funds will face significant challenges replicating past performance in today's markets. Those with short term debt coming due also will face refinancing challenges that will significantly undercut performance of recent vintage funds that have only started investing during the lower capitalization rate markets of 2005-2007.

A handful of investors have been responding to these concerns by asking investment managers to refrain from calling committed capital until the dust settles. While anecdotal at present, this could become a trend if enough investors become concerned enough about the prospects for investing committed capital prudently in this type of environment.

The bottom line is this: to attract new capital commitments today, fund managers have to convince investors that the strategies they are proposing a) compliment rather than replicate other strategies already imbedded in the portfolio, and b) are supported by compelling arguments that convince investors the strategy actually can make money in an environment where cap rates are rising, attractively priced debt is scarce, the economy is sagging, and inflation looms.

For the time being, equity capital will be scarcer and more aggressively priced than it has been in the recent past. And with less equity and debt competing for deals in the markets, prices have no where to go but down, at least until the real estate capital market environment strengthens.

The next big thing

The next big thing could be the next shoe to drop, and that very well could be another spectacular failure of a venerable Wall Street Investment Banking House or one of the Agencies (whose balance sheets are in even worse shape than the investment banking houses).

Another potential shoe to drop could be a regulator-driven pullback of the banks and life companies - the last remaining providers of debt capital to the markets. So far, the regulators haven't stepped in, but there's no reason they won't. Word on the street is they will, and their actions could be just as restrictive as they were the last time the real estate capital markets collapsed in the early 1990s.

Meanwhile, those who are sponsoring debt oriented offerings should continue to attract capital [my emphasis], and until capital flows from more traditional sources improve, will continue to find themselves sitting in the catbird seat.

In the long run, the next really big thing will be the reconstruction of the commercial mortgage backed securities market. Don't expect a return to the same kind of multi-tranche structuring that characterized the last wave of securitization, however. Structures in the next wave will need to be more transparent than they have been in the past. But in order for a new regime to evolve, something will have to be done to restore credibility to the asset-backed securities rating process. And so far, no one has any clear ideas on how to accomplish that task.

Meanwhile, distress will spread to the commercial real estate markets as short term bullet loans come due and owners find out that their lenders, not they, will be determining value. Expect to see this start in the single family residential land market first. (The large pubic homebuilders already are selling off land holdings at deep discounts, while the banks are beginning to foreclose on the landholdings of smaller homebuilders. In the next several months, those lenders aggressively will start moving these REO assets off their books.

Lenders to troubled commercial property owners -- those with high loan to value short term loans in place that soon will be coming due -- also eventually will begin taking back the keys or foreclosing on those assets, and this also will be followed by wholesale REO sales.

These sales will accelerate portfolio write downs as the appraisal community picks up on a wave of new comparable sales data, further driving down returns and eventually discouraging the most bullish of real estate investors.

When investor sentiment starts to turn negative on a wholesale basis, that will be a signal that the worst is over and recovery finally is on the way.

The good news is this is nothing more than the cyclical turn in the road most of us have been anticipating for some time. As often happens, the trigger for this turn came from outside the industry when fundamentals at the time remained sound. Now that the economy is slowing and threatening (if not already in) a recession, those fundamentals already have begun to erode. At the very least, the deals underwritten to perfection over the last few years will be unable to achieve the proforma rent growth they needed in order to justify the underwriting. At worst, as these assets are
marked to market, they'll start to drag down values for less aggressively underwritten holdings.

The key for everyone to remember, however, is that a turn in the road doesn't necessarily mean the end of the road, so long as you make the turn. To prosper in these troubling times, it will be critical to recognize that opportunity and risk sets have shifted, and strategies as well as tactics need to be adjusted accordingly.

What is IREI up to these days?

Institutional Real Estate, Inc. is a publishing and consulting company exclusively focused on serving the information needs of the institutional real estate investment community. So we're monitoring the markets carefully and trying to help investors and their investment managers understand the meaning of events as they continue to unfold.

We also continue to follow with products and services where our constituents are leading.

Two years ago, we successfully launched a European edition of our flagship publication, The Institutional Real Estate Letter. We also launched several new conference initiatives (Visions, Insights and Perspectives, for pension funds and their advisors, Dealmakers, for real estate transactors, and Institutional Investing in infrastructure, a global conference for investors committing capital to infrastructure investment funds.

This year, we are in the process of expanding these offerings, and gearing up for the 2009 launch of our newest publication, The Institutional Real Estate Letter - Asia Pacific.

Biography

Geoffrey Dohrmann, CRE, is the founder, president and chief executive officer of Institutional Real Estate, Inc., a global publishing and consulting company headquartered in San Ramon, California. In this capacity, he also serves as the publisher of more than nine different award-winning real estate investment publications, and as the executive producer of all Institutional Real Estate Conference offerings. He also is a director of Lexington Corporate Properties Trust, a NYSE listed real estate investment trust that invests exclusively in triple net leased office and industrial property located in selected markets throughout the U.S. He also serves on the advisory boards of The American Real Estate Society and the Responsible Property Investment Center at Boston College.

Don't forget to comment! :)

Blogged with the Flock Browser

Tags: irei, institutionalreal estate, geoffrey dohrmann, lexington corporate properties trust, reo, predictions, portfolio sales, wholesale, cap rates, denominator problem, recession, oil and commodity-driven inflation, sub prime, CMBS, scarce debt, complimenting strategies, equity capital, wall street investment banking house failure, debt-oriented offerings, foreclosure

Short Sales Resource Guide & IRS Debt Cancellation Q&A

2008-05-02T18:27:43Z

Online Exclusive: Short Sales Resource Guide

Just ran across this page on Realtor.org and thought it might be of interest especially when many are facing the prospect of short-selling their home.

One link of particular interest on that page was a link to the IRS questions and answers on Debt Cancellation and Foreclosures.

For homeowners or other sellers (of commercial real estate, for example), short sales may be a way out of bad financial situation that could get worse (through foreclosure, for example). For investors and other buyers, short sales could be an good opportunity to buy a decent property at a very good price.

Do you have any other specific questions about short sales?

Short sale definition: a short sale is when a homeowner sells a house for less than what they owe on the house with their lender(s)'s permission.

Blogged with the Flock Browser

Tags: shortsale, short-selling, realtor.org, foreclosures, debt cancellation, real estate investors, short sale specialist, maryland short sales

F.r.e.e Commercial Real Estate Magazine subscriptions

2008-04-28T16:23:01Z

Real Estate Media 2008 Media Guide - Real Estate Forum, Real Estate New York, Real Estate New Jersey, Real Estate Southern California, RealEstateFlorida

I subscribe to all of the magazines except for RealEstateFlorida (though I have nothing against it :) and enjoy them all.

One recommendation, if you are trying to reduce your carbon footprint (like CBRE), I recommend getting the digital edition versus the print edition. And if you do get the print edition, please recycle.

Blogged with the Flock Browser

Tags: RealEstate Forum, Real Estate New York, Real Estate New Jersey, Real Estate Southern California, RealEstateFlorida, free magazines, commercial real estate, real estate