News
Cash Poised for a Plunge
April 12, 2010
| Our headline is what Haynes and Boone partner Rick Martin sees in the CRE market. Interest in multifamily is there, but the properties aren't. Clients eying East Coast trophy properties at bargain prices continue sitting on the sidelines, waiting for the properties to enter the market, and they're just not there yet, he says. | |||
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| "We're seeing dogs and cats and bad assets on the market," Rick says, "and when there is a good asset, it's a feeding frenzy." When deals do make it onto paper, Rick says underwriting is difficult to attain: "We had one deal with the documents ready to sign and the lender came back with 20% less than proposed." | |||
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| Haynes and Boone's new digs: the 20-story One Victory Park in the $3 billion Victory development. The firm—which downsized to 175k SF on 6 floors—was one of the first major tenants to relocate to the building. So, who or what is to blame for the current state of the CRE market? Hear Rick's take at Bisnow's Dallas-Fort Worth State of the Market this Thursday. He'll be joined by Duke Realty EVP Jeff Turner, Granite Properties prez Michael Dardick, Behringer Harvard prez Robert Aisner, and more. Sign up today! |
