Word: commerciales
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"The similarities are huge, except this time the opportunities seem to be on the debt side as opposed to the equity side," says Bob Bach, chief economist with Grubb & Ellis Co., a commercial real estate services and investment company.
Currently, there is $978.9 billion in commercial mortgage-backed securities (CMBS) and $6.65 trillion in residential mortgage-backed securities (RMBS) outstanding in the U.S. market, according to Dealogic. Of those, more than $90 billion in CMBS and more than $110 billion in RMBS will mature within the next three years...
Private-equity players are betting they'll be able to snap up the securities at bargain-basement prices. After all, the debt will come due amid rising unemployment and a deepening meltdown in the commercial real estate market.
Bach expects the jobless rate to top the 10% mark, office rents to plunge another 5% to 10% and vacancies in commercial real estate to exceed 20% by the middle of 2010 - surpassing the 18% vacancy peak hit during the early 1990s crisis. The doom-and-gloom scenario will likely...
Webb also met with detained democracy activist Aung San Suu Kyi. The inspirational leader of the opposition National League for Democracy (NLD), Suu Kyi was sentenced to 18 months of house arrest on Tuesday after a bizarre case in which an American swam to her lakeside villa in commercial capital...