Fox Business Interviews CCIM Live! Panelist

CCIM Live! panelist and CIRE contributor Mark Vitner, managing director and senior economist for Wells Fargo Securities in Charlotte, N.C. appeared on Fox Business last week to discuss 2Q12 GDP and the July jobs report, which will be released this Friday.



He reiterated that the economy is likely to slow in the second half of 2012, as a result of the China’s slowdown, political uncertainty in the U.S., and the European financial crisis.

Panelist Weighs In on the Economy and Commercial Real Estate

Suzanne Mulvee

Suzanne Mulvee, CFA, senior real estate economist at Property and Portfolio Research, will be part of an economic outlook panel on day two of CCIM Live!

We spoke with her recently about the economy and its impact on commercial real estate.

CCIM: At Property and Portfolio Research, you design investment strategies in the major property types. Which property types do clients favor right now and why?

Suzanne Mulvee: Multifamily has been the darling of institutional investors for the past two years, but that may be changing. Fundamentals across multifamily are nearly recovered, and net operating incomes have jumped, but this success is now well priced. With multifamily construction heating up, investors may cycle toward the other property types. Office in particular may be a good play.

CCIM: You'll participate in an economic outlook panel at CCIM Live! in October. A lot can change in this economy in three months. What are some factors that could change your economic outlook between now and the conference?

Mulvee: With the global economy slipping toward stall speed there is greater risk that a shock to the system knocks us into a recession. Worse, the number of risks to be concerned about are numerous — Europe, China, Iran, sovereign debt levels (both here in the U.S. and abroad), fiscal tightening, etc. The central bank policy response to combat any shock would likely be impressive, but how effective is not clear. Against this backdrop, it is not surprising that the consensus assumption is slow growth and fat tail risk.

CCIM: Many CCIMs work in secondary and tertiary markets. What are the major retail trends you're tracking in these markets?

Mulvee: Secondary and tertiary markets tend to be less expensive and therefore attract new residents, which drives local commercial real estate demand. The housing bust severely curtailed the mobility of the population, but that is changing. With more and more pockets of the housing market recovering, migration is picking back up. The benefits accrue first to the big markets like Dallas and Phoenix but should eventually impact the smaller markets.

Where to Eat in Las Vegas

If you're attending, CCIM Live!, CCIM's two–day commercial real estate conference this October in Las Vegas, you'll have plenty of dining options for networking dinners. You'll also hear plenty of opinions on where to eat. A recent New York Times article takes a look at how the Las Vegas dining scene has changed over the past 20 years and how the critics who cover it are about as diverse as the city's restaurants.

Three of the critics — John Curtas, a lawyer and former food critic for Nevada Public Radio; Al Mancini, who moved to Las Vegas to write about strip clubs; and Max Jacobson, former food critic for the Los Angeles Times — collaborated to write Eating Las Vegas: The 50 Essential Restaurants.

Find out more about Las Vegas' dining scene from the authors’ blogs and websites:

• Al Mancini's writes for Las Vegas City Life.
• Max Jacobson writes for Vegas Seven.
• John Curtas covers the Las Vegas food scene on his website Eating Las Vegas.

What are your favorite Las Vegas restaurants? Share your recommendations in the comment section below.

Discounts for Attendees at Paris Spa and Shops

For only $295, CCIM Live! attendees will hear about the latest trends in commercial real estate and have plenty of networking opportunities. But you're not just going to Las Vegas for business. You're going to have some fun, and today we're announcing discounts to make the fun a little more affordable.

Just show your Paris convention registration badge for a 20 percent discount at the following hotel shops:

• Bally's on the Avenue Shop
• Signatures News & Gifts
• Splashes Pool Shop
• Park Place Jewelers
• Les Elements Gift Shop
• Le Menagerie Gift Shop
• Le Journal Gift Shop
• Eiffel Tour Shop
• Cafe Belle Madeleine
• L'Oasis Pool Shop

CCIM Live! attendees can also relax at the spa or hit the fitness center at a discount to burn off some "convention tension." We have arranged a 15 percent discount on spa and salon services at Paris Spa by Mandara and a special daily rate of $15 for use of the spa's amenities, including:

• Use of the fitness center with state-of-the-art fitness equipment
• Spa sauna, steam room, showers, and luxury whirlpool
• Complimentary fresh fruits, juices, teas, coffee, and bottled water

The fitness center entry fee is waived for attendees who receive spa treatments (valid day of treatment).

Do you have other tips for saving money while enjoying Las Vegas? Share them in the comment section.

Las Vegas Retail Holds Steady

This October when CCIM Live! attendees arrive in Las Vegas -- one of the markets hardest hit by the housing collapse and recession -- they'll see some signs of life in the city’s retail sector. According to local valuation firm Applied Analysis, Las Vegas' retail vacancy rate has remained in the 10 percent range for the past 12 quarters, averaging 10.5 percent for 1Q12. Positive net absorption has continued for three of the last four quarters, with 203,300 sf leased in 1Q12.

The Forum Shops at Caesars Palace

Yes, they are still building in the desert: 300,000 sf will complete in 2013, and another planned 4.3 million sf is in being actively marketed. Average asking rents fell from $1.53 psf to $1.45 psf YOY, indicating "that landlords have become increasingly aggressive in their efforts to attract tenants," says Brian Gordon, principal of Applied Analysis. Overall, rents are down 34.1 percent from the peak. Of product types, power centers are outperforming neighborhood and community centers both in leasing and rents.

On Day 2 of CCIM Live!, attendees can learn more about current economic conditions and the impact on commercial real estate during the session "Economic Outlook for Real Estate Investors and Decision Makers."

CIRE Magazine Speaks with Luncheon Panelist

Dr. Mark G. Dotzour, who will be a featured speaker at CCIM Live!,  recently spoke to Commercial Investment Real Estate magazine about investor demand, small-business optimism, and other factors that will shape commercial real estate’s recovery.

For more from Dotzour, attend the Oct. 13 CCIM Live! Luncheon: The Economic Outlook for Real Estate Investors and Decision Makers.

How to Start Your CCIM Live! Networking Today

CCIM Live! attendees have the opportunity to start networking before arriving in Las Vegas. Similar to LinkedIn, the conference website allows you to create a profile, add contacts, send messages, and more. Here’s how to get started:

• Log in - Approximately one week after registering for CCIM Live!, you’ll receive an email inviting you to complete your online profile. If you created a profile for last year’s event, you can use the same login information
• Complete your profile - After logging in, click "Get Connected" on the main menu and then click "My Profile" >> "Edit Profile." Here you can upload a profile picture, add a short bio, and share topics of interest. You can also link your blog or Twitter feeds to your profile by clicking "Edit Feeds" (next to "Edit Profile").
• Grow your network - Start expanding your network by clicking "Get Connected," and then browse a list of users in the right-hand column. Select an attendee you’d like to connect with, and then click "[name] is my friend" or "I want to meet [name]" below the person’s profile picture.

Did you use the conference site to make connections last year? Share your tips in the comment section below.