Karen Hanover presents commercial real estate market analysis for 2017 by Integra Realty Resources. For more real estate investing tips and tricks, go to http://karenhanover.biz
WINNING IN GROWTH CITIES /ACushman & Wakefield Capital Markets Research Publi...Guy Masse
This report has been prepared by the Research and
Capital Markets teams at Cushman & Wakefield to
identify the winning cities in today’s international real
estate investment market. The executive summary
looks at the largest and fastest growing cities in
investment terms and the differences in pricing,
as well as demand and activity between sectors.
WINNING IN GROWTH CITIES /ACushman & Wakefield Capital Markets Research Publi...Guy Masse
This report has been prepared by the Research and
Capital Markets teams at Cushman & Wakefield to
identify the winning cities in today’s international real
estate investment market. The executive summary
looks at the largest and fastest growing cities in
investment terms and the differences in pricing,
as well as demand and activity between sectors.
Welcome to the Cushman & Wakefield Atlas Outlook 2016,
an update on the International Investment Atlas that reviews
how the market performed last year and, more particularly,
what we should anticipate for the year ahead.
We have examined a series of questions when approaching this publication:
what are the key forces driving and transforming the global market? Who will be
the winners in this volatile environment? How should a subsequent investment
strategy be most advantageously aligned?
Of course, in a highly uncertain but fast changing world, the need for insightful
research is increased – but the task of delivering a robust and well-considered
view is made more difficult. By bringing together expert opinion from across our
capital markets, occupier and research teams around the world, we have sought
to answer this challenge and hope you agree we have delivered a concise but
thoughtful review of the state of the market and the outlook for the year ahead.
-U.S. Office Market Was Driven by the Tech
Sector in the Fourth Quarter of 2018
-Absorption exceeds construction completions, vacancy
declines and the pipeline grows
-Tech markets tighten
-Rents rise, but the pace slows:
Check out Coldwell Banker Commercial’s 2014 Blue Book, a year-end market intelligence report assembled entirely from data submitted by CBC-affiliated companies. The 2014 edition includes the most comprehensive primary, secondary and tertiary market coverage.
3Q19 UNITED STATES MULTIFAMILY CAPITAL MARKETS REPORT
Sales Volume
Sales volume in the third quarter totaled $46.0 billion, down 7.3% year over year, while 12-month sales volume increased 8.8% to $183.7 billion nationally. Non-major markets have been the recipient of 70.0% of total investment sales volume over the past year, with Sunbelt markets such as Charlotte, Tampa and Raleigh-Durham all exceeding 30.0% annual volume growth.
Cap Rates
Yields compressed 9 basis points year over year to 5.34% nationally, while cap rates expanded 5 basis points in major markets and compressed 12 basis points in non-major markets. Cap rates have remained steady despite a 32-basis-point quarter-over-quarter decline in the 10-year treasury market to 1.68%, the lowest level since the third quarter of 2016.
Rent Growth
Annual effective rental growth increased to 3.2% nationally, up 60 basis points year over year. Las Vegas and Phoenix remain the top markets for effective rental growth year over year at 8.0%. This marks the third consecutive quarter in which these two Southwest markets have led the nation. Strong property level rental growth has also contributed to net operating income accelerating to 6.83%, up 255 basis points year over year.
Supply and Demand
Year to date, new supply has totaled 189,753 units, while demand has reached 295,738 units, outpacing new supply by 105,985 units. Despite high levels of new supply nationally, 61.1% of new deliveries over the past 12 months have been delivered in the top 20 markets. Charlotte and Dallas have experienced the strongest inventory growth on a percentage basis, whereas demand has been especially strong in New York, with demand outpacing new supply by 10,329 units.
International Capital
Direct acquisitions by international capital sources totaled $17.1 billion over the past 12 months, representing a 44.1% increase year over year. Canada remains the top buyer of U.S. multifamily, accounting for 65.1% of acquisitions by international capital sources, led by Brookfield Asset Management. Additionally, international investors have continued to shift money out of major markets and into non-major markets with higher growth potential.
Debt Markets
Mortgage debt outstanding for multifamily grew $24.4 billion to $1.5 trillion, a 1.7% quarter-over-quarter increase. The four major lenders (GSEs, banks and thrifts, life insurance companies and CMBS) all increased their holdings quarter over quarter, as debt capital remains resilient. FHFA's recent announcement allowing Fannie Mae and Freddie Mac to produce $200 billion over the next five quarters is expected to sustain the debt market for the foreseeable future.
Amazon, Ambivalence and the Future of Industrial Real EstateShah Ahsan
As lockdowns and layoffs bludgeon several asset classes in commercial real estate, namely retail and hotel, industrial real estate remains in a state of flux as buyers and sellers readjust their expectations amidst an increasingly uncertain macroeconomic environment. As the primary beneficiary of the Amazon effect, industrial real estate has not only shed its label as a ‘boring’ asset class but has also made its case as the most compelling asset class for the foreseeable future. This presentation briefly explores the meteoric rise of industrial real estate, the current state of the industrial real estate market, and the future of the industry following this crisis.
BoyarMiller Forum: Houston Commercial Real Estate Markets 2017 OutlookBoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the look ahead for Houston’s Commercial Real Estate for 2017. Speakers included: Allen Crosswell with NewQuest Crosswell; Jonathan Brinsden with Midway; and John Nicholson with Avera Companies.
View more at: http://www.boyarmiller.com/news-and-publications/events/breakfast-forum-houston-commercial-real-estate-markets-whats-ahead-2017/
Real Estate Competition - Campus Finalist Oscar Haman
Based on the 4th annual Cornell International Real Estate Competition.
A potential recommendation for a buy or pass of mezzanine debts
Completing this case involved:
- Using the lien on a mezzanine debt in order to take equity interest of the owner's properties
- Computing an amortisation schedule in order to determine the financial capabilities of the owner
- Analysing the post GFC conditions of the U.S economy and real estate market
- Conducting a DCF to determine exit selling price of the properties
- Providing relevant renovations to the properties in order to main standard of Class A classification
Welcome to the Cushman & Wakefield Atlas Outlook 2016,
an update on the International Investment Atlas that reviews
how the market performed last year and, more particularly,
what we should anticipate for the year ahead.
We have examined a series of questions when approaching this publication:
what are the key forces driving and transforming the global market? Who will be
the winners in this volatile environment? How should a subsequent investment
strategy be most advantageously aligned?
Of course, in a highly uncertain but fast changing world, the need for insightful
research is increased – but the task of delivering a robust and well-considered
view is made more difficult. By bringing together expert opinion from across our
capital markets, occupier and research teams around the world, we have sought
to answer this challenge and hope you agree we have delivered a concise but
thoughtful review of the state of the market and the outlook for the year ahead.
-U.S. Office Market Was Driven by the Tech
Sector in the Fourth Quarter of 2018
-Absorption exceeds construction completions, vacancy
declines and the pipeline grows
-Tech markets tighten
-Rents rise, but the pace slows:
Check out Coldwell Banker Commercial’s 2014 Blue Book, a year-end market intelligence report assembled entirely from data submitted by CBC-affiliated companies. The 2014 edition includes the most comprehensive primary, secondary and tertiary market coverage.
3Q19 UNITED STATES MULTIFAMILY CAPITAL MARKETS REPORT
Sales Volume
Sales volume in the third quarter totaled $46.0 billion, down 7.3% year over year, while 12-month sales volume increased 8.8% to $183.7 billion nationally. Non-major markets have been the recipient of 70.0% of total investment sales volume over the past year, with Sunbelt markets such as Charlotte, Tampa and Raleigh-Durham all exceeding 30.0% annual volume growth.
Cap Rates
Yields compressed 9 basis points year over year to 5.34% nationally, while cap rates expanded 5 basis points in major markets and compressed 12 basis points in non-major markets. Cap rates have remained steady despite a 32-basis-point quarter-over-quarter decline in the 10-year treasury market to 1.68%, the lowest level since the third quarter of 2016.
Rent Growth
Annual effective rental growth increased to 3.2% nationally, up 60 basis points year over year. Las Vegas and Phoenix remain the top markets for effective rental growth year over year at 8.0%. This marks the third consecutive quarter in which these two Southwest markets have led the nation. Strong property level rental growth has also contributed to net operating income accelerating to 6.83%, up 255 basis points year over year.
Supply and Demand
Year to date, new supply has totaled 189,753 units, while demand has reached 295,738 units, outpacing new supply by 105,985 units. Despite high levels of new supply nationally, 61.1% of new deliveries over the past 12 months have been delivered in the top 20 markets. Charlotte and Dallas have experienced the strongest inventory growth on a percentage basis, whereas demand has been especially strong in New York, with demand outpacing new supply by 10,329 units.
International Capital
Direct acquisitions by international capital sources totaled $17.1 billion over the past 12 months, representing a 44.1% increase year over year. Canada remains the top buyer of U.S. multifamily, accounting for 65.1% of acquisitions by international capital sources, led by Brookfield Asset Management. Additionally, international investors have continued to shift money out of major markets and into non-major markets with higher growth potential.
Debt Markets
Mortgage debt outstanding for multifamily grew $24.4 billion to $1.5 trillion, a 1.7% quarter-over-quarter increase. The four major lenders (GSEs, banks and thrifts, life insurance companies and CMBS) all increased their holdings quarter over quarter, as debt capital remains resilient. FHFA's recent announcement allowing Fannie Mae and Freddie Mac to produce $200 billion over the next five quarters is expected to sustain the debt market for the foreseeable future.
Amazon, Ambivalence and the Future of Industrial Real EstateShah Ahsan
As lockdowns and layoffs bludgeon several asset classes in commercial real estate, namely retail and hotel, industrial real estate remains in a state of flux as buyers and sellers readjust their expectations amidst an increasingly uncertain macroeconomic environment. As the primary beneficiary of the Amazon effect, industrial real estate has not only shed its label as a ‘boring’ asset class but has also made its case as the most compelling asset class for the foreseeable future. This presentation briefly explores the meteoric rise of industrial real estate, the current state of the industrial real estate market, and the future of the industry following this crisis.
BoyarMiller Forum: Houston Commercial Real Estate Markets 2017 OutlookBoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the look ahead for Houston’s Commercial Real Estate for 2017. Speakers included: Allen Crosswell with NewQuest Crosswell; Jonathan Brinsden with Midway; and John Nicholson with Avera Companies.
View more at: http://www.boyarmiller.com/news-and-publications/events/breakfast-forum-houston-commercial-real-estate-markets-whats-ahead-2017/
Real Estate Competition - Campus Finalist Oscar Haman
Based on the 4th annual Cornell International Real Estate Competition.
A potential recommendation for a buy or pass of mezzanine debts
Completing this case involved:
- Using the lien on a mezzanine debt in order to take equity interest of the owner's properties
- Computing an amortisation schedule in order to determine the financial capabilities of the owner
- Analysing the post GFC conditions of the U.S economy and real estate market
- Conducting a DCF to determine exit selling price of the properties
- Providing relevant renovations to the properties in order to main standard of Class A classification
An evidence-based, 100+ slide presentation looking at the top real estate portals from around the globe. It gives an illuminating view of best practices, emerging trends, growth strategies, and common insights and challenges.
Luxury Real Estate Listing PresentationGary Grimes
After building four websites for this client, he approached me about creating a luxury listing presentation for his high-end real estate clients on Florida's beautiful Emerald Coast. Here's what I came up with. He was thrilled and so were clients!
This report has been prepared by the
Cushman & Wakefiled Research team to identify the winning
cities in today’s international real estate investment market. The
report looks at the largest and fastest growing cities in investment
terms and differences in pricing, as well as crossborder demand
and activity.
International trends and statistics for Luxury Real Estate market. Review of 2017 sales and projections for future trends. Most desirable cities worldwide. What is Luxury by region. Emerging markets.
Welcome to the Cushman & Wakefield Atlas Outlook 2016,
an update on the International Investment Atlas that reviews
how the market performed last year and, more particularly,
what we should anticipate for the year ahead.
We have examined a series of questions when approaching this publication: what are the key forces
driving and transforming the global market? Who will be the winners in this volatile environment?
How should a subsequent investment strategy be most advantageously aligned?
Of course, in a highly uncertain but fast changing world, the need for insightful research is
increased – but the task of delivering a robust and well-considered view is made more difficult. By
bringing together expert opinion from across our capital markets, occupier and research teams
around the world, we have sought to answer this challenge and hope you agree we have delivered a
concise but thoughtful review of the state of the market and the outlook for the year ahead.
Naturally, any research can only be enhanced by further industry insight. To help us continuously
improve our Atlas Outlook, we would value your thoughts, comments or suggestions. Feel free to
share these via our Cushman & Wakefield social media
channels or by contacting our capital markets or research teams directly.
Weichert Princeton March 2016 Market Update SeminarWeichert Realtors
A review and preview of the Princeton, NJ area real estate market trends. Offers insights into price trends, affordability and strategies to buy and sell.
2019 top us-markets-for-large-multifamily-investment-reportLane Kawaoka, PE
[I did not find this report one bit useful as I like secondary and tertiary markets that do better than these top tier markets... and cashflow] SimplePassiveCashflow.com/mfh
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
Avrupa Konutlari Yenimahalle - Listing TurkeyListing Turkey
Welcome to Avrupa Konutları Yenimahalle, where luxury living meets unparalleled convenience in the heart of Istanbul. Developed by Artaş Holding, one of Turkey’s leading construction companies, this prestigious residential project offers a contemporary lifestyle experience like no other.
https://listingturkey.com/property/avrupa-konutlari-yenimahalle/
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
MC Heights-Best Construction Company in jhanglaraibfatim009
MC Heights stands as the epitome of excellence in construction within Jhang. With a commitment to unparalleled quality and innovative design, MC Heights redefines urban living in the heart of Jhang. Offering luxurious residential spaces, cutting-edge commercial complexes, and vibrant community areas, MC Heights caters to the diverse needs of modern lifestyles. Our dedication to superior craftsmanship and customer satisfaction ensures that every aspect of MC Heights exceeds expectations, making it the premier choice for those seeking unparalleled sophistication and comfort in Jhang.
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
1. MULTIFAMILY REPORT
VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS
With the exception of a few high-
end markets that have gotten over
their skis in the past year or two, the
displacement of demand from the
single-family ownership market to
the multifamily residential market is
making the rental apartment sector by
far the stronger of the housing market
segments. The key element is this: for
the balance of this decade, at least,
the fundamentals for rental housing
are vastly superior to the fundamentals
for homeownership.
By: Hugh F. Kelly, PhD, CRE
Demographic Trends Supporting the Multifamily Sector
An Integra Realty Resources Publication irr.com
2. The real question is how will demographic trends drive
housing demand? Here’s the shorthand answer.
The age cohort 18 – 44 years will expand from
roughly 116 million to about 128 million by 2040.
Virtually every one of those additional 12 million
residents will, at one point or another, be a renter.
In 2017, though, the market faces some
tensions. There is strong motivation for builders
to overweight development toward upper-income
units, reflecting both higher profit margins and
the increasing cost of construction. But, new jobs
have been largely in low - and moderate - income
occupations, and the “diverted demand” of
former homeowners comes with budgetary and
credit constraints. The challenge for multifamily
will be to broaden its range of offerings to match
the full spectrum of demand.
Many question the durability of
Millennials as a demand segment.
With 83 million in the generation,
some will remain urban-oriented;
others will find the suburbs
attractive. Some will be life-long
renters; others will move into
ownership. Debating—or rather,
guessing—what Millennials will do
is fun, but not really enlightening.
The issue is more this: how will the
overall population trends drive
housing demand? Here’s the
shorthand answer. The age cohort
18 – 44 years will expand from
roughly 116 million to about 128
million by 2040. Virtually every one
of those additional 12 million
residents will, at one point or
another, be a renter.
In 2017, though, the market faces
some tensions. There is strong
motivation for builders to
overweight development toward
upper-income units, reflecting both
higher profit margins and the
increasing cost of construction. But,
new jobs have been largely in low
- and moderate - income
occupations, and the “diverted
demand” of former homeowners
comes with budgetary and credit
constraints. The challenge for
multifamily will be to broaden its
range of offerings to match the full
spectrum of demand.
Transaction Volume
As other property types saw their
overall transaction volume pull back,
the multifamily sector saw its
investment surge push forward. By
the end of 3Q 2016, overall
apartment investment was up 22.4%
from the prior year, to a historic high
level of $163.7 billion. The East saw
a breathtaking 47.7% growth in
volume, followed by a 29% increase
in the West. The South and the
Central states had more modest
gains of 8.2% and 1.7%, respectively.
2
3. TOP MARKETS BY MULTIFAMILY TRANSACTION VOLUME BASED ON YOY PERCENTAGE CHANGE
2016
Rank
City YOY
Change
Total
4Q15-3Q16
Vol.
Rank*
1 Long Island 772.3% $1,429.9 M 35
2 Pittsburgh 202.1% $187.7 M 51
3 Baltimore 179.4% $3,551.4 M 14
4 Westchester 163.9% $698.4 M 40
5 N. New Jersey 152.3% $3,717.8 M 12
6 Hartford 129.6% $405.3 M 47
7 Orange County 109.5% $2,277.3 M 24
8 Stamford 92.8% $323.5 M 50
9 San Jose 92.8% $1,804.8 M 27
10 Las Vegas 90.7% $2,064.1 M 25
2016
Rank
City YOY
Change
Total
4Q15-3Q16
Vol.
Rank*
43 Philadelphia -3.0% $1,720.6 M 29
44 San Antonio -6.5% $1,647.3 M 33
45 Raleigh/Durham -6.8% $2,551.9 M 22
46 Atlanta -7.4% $7,697.5 M 4
47 San Francisco -9.4% $2,832.5 M 19
48 Kansas City -12.4% $909.0 M 39
49 Portland -16.0% $2,130.4 M 28
50 Houston -17.4% $5,427.7 M 10
51 Columbus -30.6% $640.5 M 46
52 Detroit -49.8% $751.4 M 48
Bulls (Top 10) Bears (Bottom 10)
West
South East
Central
48 Kansas City
45 Raleigh/
Durham
43 Philadelphia
44San Antonio
47
San
Francisco
49
Portland
52 Detroit
51 Columbus
50
Houston
46 Atlanta
1 Long Island
5 N. New Jersey
8 Stamford
6 Hartford
2 Pittsburgh
7
Orange
County
9San Jose
10 Las Vegas
3 Baltimore
4 Westchester
Transaction volume has
reached a historic high,
but a potential shift in
investor appetite could
temper transaction
volume in 2017
The flood of capital is naturally
elevating valuations. In some cases,
prices appear to have gotten ahead
of the market. If investors tire of
scouring the market for scarce
high-rise urban Class A assets, and
shift toward garden apartments, the
resulting lower average price per unit
could temper transaction volume.
Approximately 10% of all markets are
expected to post 4% or higher value
increases in 2017, with Class B properties
having slightly stronger prospects. An
additional 45% of markets anticipate
valuation gains in the 2% - 4% range,
asset appreciation modestly higher than
inflation. Such prospects should keep the
capital flow high.
* Volume Ranking is based on the overall transaction volume among 52 markets nationally
3
2017 VIEWPOINT MULTIFAMILY REPORT / INTEGRA REALTY RESOURCES
4. MULTIFAMILY MARKET CYCLE
RECOVERYHYPERSUPPLYEXPANSION
Decreasing Vacancy Rates
Low New Construction
Moderate Absorption
Low/Moderate Employment Growth
Neg/Low Rental Rate Growth
Increasing Vacancy Rates
Moderate/High New Construction
Low/Negative Absorption
Moderate/Low Employment Growth
Med/Low Rental Rate Growth
Decreasing Vacancy Rates
Moderate/High New Construction
High Absorption
Moderate/High Employment Growth
Med/High Rental Rate Growth
Increasing Vacancy Rates
Moderate/Low New Construction
Low Absorption
Low/Negative Employment Growth
Low/Neg Rental Rate Growth
RECESSION
Dayton, OH
Detroit, MI
Jackson, MS
Las Vegas, NV
Providence, RI
Sacramento, CA
Atlanta, GA
Baltimore, MD
Denver, CO
Houston, TX
Raleigh, NC
Washington, DC
Austin, TX
Cleveland, OH
Columbia, SC
Greensboro, NC
Greenville, SC
Hartford, CT
Indianapolis, IN
Long Island, NY
Los Angeles, CA
Memphis, TN
Naples, FL
New York, NY
Orange County, CA
Orlando, FL
Birmingham, AL
Boise, ID
Boston, MA
Broward-PB, FL
Charleston, SC
Charlotte, NC
Chicago, IL
Cincinnati, OH
Columbus, OH
Dallas, TX
Fort Worth, TX
Jacksonville, FL
Kansas City, MO/KS
Louisville, KY
Miami, FL
Minneapolis, MN
Nashville, TN
New Jersey, Coastal
New Jersey, No.
Oakland, CA
Philadelphia, PA
Phoenix, AZ
Pittsburgh, PA
Portland, OR
Richmond, VA
Salt Lake City, UT
San Francisco, CA
San Jose, CA
Seattle, WA
Syracuse, NY
Tampa, FL
HYPERSUPPLY
RECESSION
EXPANSION
RECOVERY
San Diego, CA
Sarasota, FL
St. Louis, MO
Tulsa, OK
Wilmington, DE
Market Cycle
All signs point to a cyclical peak in
the next year or two, as most
apartment markets are in expansion.
Ten percent of U.S. markets are
already in hypersupply, where new
construction is getting ahead of
sustainable demand. Downtown
Class A vacancies are in the double-
digits in markets like Baltimore,
Hartford, Charlotte, Nashville,
Oakland, and Portland. Supply/
demand balance is superior in the
suburbs, and for Class B markets in
urban areas.
The pace of construction is
accelerating, ramping up to a 2.7%
expansion of inventory nationally. In
individual markets, the numbers do
suggest over-enthusiasm.
Charleston and Charlotte in the
Carolinas, Orlando and Naples in
The challenge for
Multifamily will be to
broaden its range of
offerings to match the
full spectrum of demand
4
5. Florida, Dallas and Austin in Texas,
and Denver and Seattle in the West
stand out as examples. Houston,
Atlanta, and Raleigh are in
hypersupply, joined by Baltimore
and Washington DC in the East.
On a more positive note, some
markets that were slow to join the
expansion are now enjoying
stronger conditions, notably Coastal
New Jersey, Wilmington, and
Hartford.
Cap Rates
IRR research measures Urban Class
A cap rates at 5.3%, while Urban
Class B cap rates stand at 6.1%.
Suburban Class A cap rates are
5.5%, and Suburban Class B cap
rates average 6.3%. In 2016, Class B
assets found cap rates dropping 6
basis points (bps), relatively minor
compared to prior years.
After a multi-year
trend of significant
Cap Rate compression,
rates seem to have
bottomed out
We are finding an uptick in the
number of markets, about 21% of
total, forecasting higher cap rates.
The typical forecast is a slight
increase of no more than 50 bps,
specifically among Class B
properties. Only 6% of markets
anticipate further rate compression,
principally suburban markets such
as Syracuse, St. Louis, Charlotte,
and Greensboro. The vast majority
of markets, 73%, expect cap rates to
stay fairly steady.
Conclusion
REGIONAL RATES COMPARISON - MULTIFAMILY
Cap
Rate
Discount
Rate
Market
Rent ($/Unit)
Vacancy
Rate
4Q15 - 4Q16
Cap Rate
South Region
Urban Class A 5.47% 7.13% $1,567 8.32% 0 bps
Urban Class B 6.22% 7.69% $977 4.94% 0 bps
Suburban Class A 5.66% 7.41% $1,161 5.89% 3 bps
Suburban Class B 6.54% 8.01% $839 4.86% 0 bps
East Region
Urban Class A 5.19% 6.66% $2,115 6.95% -4 bps
Urban Class B 6.27% 7.59% $1,376 3.75% -8 bps
Suburban Class A 5.42% 7.01% $1,609 5.50% -7 bps
Suburban Class B 6.58% 7.83% $1,167 3.09% -7 bps
Central Region
Urban Class A 5.97% 7.31% $1,403 7.62% -7 bps
Urban Class B 6.92% 8.10% $809 4.61% -10 bps
Suburban Class A 5.92% 7.38% $1,065 4.33% -11 bps
Suburban Class B 6.85% 8.04% $739 2.89% -14 bps
West Region
Urban Class A 4.56% 6.69% $2,002 7.61% -6 bps
Urban Class B 5.17% 7.33% $1,345 3.34% -10 bps
Suburban Class A 4.73% 6.88% $1,704 4.64% -7 bps
Suburban Class B 5.34% 7.45% $1,264 2.81% -11 bps
National Averages/Spreads
Urban Class A 5.30% 6.97% $1,756 7.73% -3 bps
Urban Class B 6.13% 7.66% $1,117 4.26% -6 bps
Suburban Class A 5.45% 7.20% $1,356 5.25% -4 bps
Suburban Class B 6.32% 7.85% $988 3.64% -6 bps
The multifamily sector provides an excellent reminder that no one has
repealed the law of cycles. The market seeks equilibrium, but its
momentum inevitably pushes beyond the point of balance, requiring
correction. A few high-end markets have gotten over their skis. However,
there are still opportunities to succeed in market niches that have been
somewhat neglected - lower and middle-income households whose need
for affordable apartments seem like afterthoughts during boom times.
5
2017 VIEWPOINT MULTIFAMILY REPORT / INTEGRA REALTY RESOURCES
6. About IRR
Integra Realty Resources (IRR) is the largest
independent commercial real estate valuation and
consulting firm in North America, with over 191
MAI-designated members of the Appraisal Institute
among over 600 professionals based in our 49
offices throughout the United States and the
Caribbean. Founded in 1999, the firm specializes in
real estate appraisals, feasibility and market
studies, expert testimony, and related property
consulting services across all local and national
markets. Our valuation and counseling services
span all commercial property types and locations,
from individual properties to large portfolio
assignments.
About Viewpoint
IRR’s Viewpoint represents the compilation and
presentation of Commercial Real Estate (CRE)
rates, market conditions, and forecast data. The
rates, market conditions, and forecast data is
generated via IRR’s Viewpoint Survey. IRR’s
Viewpoint Survey requests market experts
consisting of Appraisers and Consultants, each of
whom have deep CRE expertise, to provide
insights on over 60 U.S. markets. Viewpoint data is
collected across five asset classes including
Multifamily, Office, Retail, Industrial, and Hospitality.
Viewpoint’s rates data (Cap Rates, Discount Rates,
Reversion Rates, Vacancy Rates, etc.) reflects an
expert’s opinion based on recent market activity
experienced in the past 6 months. Viewpoint
forecast data represents a 12-month outlook based
on current market conditions. The data in
Viewpoint reflects rates data and forecasts based
on stabilized properties in the respective U.S.
marketplace. Where referenced, all regional and
national averages are based on simple average
calculations and are not weighted.
IRR’s Viewpoint Survey is conducted through a
proprietary data survey tool, and all data is
checked both manually and by a specially
designed computer editing procedure. While we
do not guarantee that the survey is statistically
accurate, the Viewpoint data provides, what we
believe, is the best, clear-sighted insights into the
CRE marketplace.
Sources
Written By: Hugh F. Kelly, PhD, CRE
Top Markets by Multifamily Transaction Volume Based on
YOY Percentage Change
Source: Real Capital Analytics
Market Cycle
Source: Integra Realty Resources
Regional Rates Comparison
Source: Integra Realty Resources
Comprehensive Commercial Real Estate
Market Research, Valuation and Advisory Services
Integra Realty Resources, Inc.
2000 S. Colorado Boulevard
Suite 10800
Denver, CO 80222
irr.com
This publication includes analyses and opinions provided by third parties,
and while the available data is presumed to be accurate, no representation
or warranty is made regarding the accuracy of the information contained in
this publication. This publication does not render legal, accounting,
appraisal, counseling, investment or other professional advice. Should
such services or other expert assistance be needed, it is recommended that
the services of a competent person or firm, having access to the details of
the situation, be employed.