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September 12, 2023

New Houston Construction Sinks While Commercial Renovations Swim
Last Call To Join 375-Plus Attendees At Tomorrow's Houston Healthcare Conference

Commercial renovations are on an upswing in Houston even as new commercial construction has plummeted over the previous year.

Increased construction costs, hybrid work trends and the higher cost of launching new projects have severely depressed new building activity in Houston and around the nation. But the number of renovation projects is creeping up as landlords adapt to the very same trends.

New Houston Construction Sinks While Commercial Renovations Swim

Commercial renovation permitting was up 6.8% in July from the previous year, meaning about $1.5B in such projects had been launched so far in 2023, according to a report released by Greater Houston Partnership in late August. By contrast, new commercial construction was down 42.2% over last year,…

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This Week's Houston Deal Sheet

Kevin Holland returned to Edge Realty Partners, where he worked from 2016 to 2020, after spending about three years with Cushman & Wakefield as an executive director. He rejoins Edge as a principal on the Houston capital markets team.

This Week's Houston Deal Sheet

At Cushman & Wakefield, Holland provided advisory services to private and institutional clients in the greater Gulf Coast region, based on specialized strategies for the disposition of opportunities from strip centers to anchored properties.Also moving to Edge is Britton Holland, also formerly of Cushman & Wakefield, a top adviser with a…

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Who Are The Top Houston Women In Finance And Capital Markets? Bisnow Wants To Know
Who Are The Top Houston Women In Finance And Capital Markets? Bisnow Wants To Know  

Bisnow is seeking nominations for Houston-area women in commercial real estate who deserve recognition for making an impact in their roles in finance and capital markets. 

Our fourth annual Houston Women Leading Real Estate event, to be held Dec. 7, will celebrate women in finance who have exhibited unwavering perseverance during particularly challenging times for the capital markets. In a year marked by unprecedented trials, we are on a quest to recognize women who have not only excelled in the finance sector but have also exhibited resilience, creativity, determination and steadfast commitment to their goals.

To qualify, nominees must be actively involved in a capital markets role, including but not limited to lenders, equity brokers or mortgage brokers. Self-nominations will be accepted. Be prepared to explain how the nominee has contributed to the financial markets sector and why she should be considered a standout in…

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15 Years After Lehman Went Under, Its Real Estate Loan Book Still Isn’t Unwound
15 Years After Lehman Went Under, Its Real Estate Loan Book Still Isn’t Unwound  

Friday marks the 15th anniversary of Lehman Brothers filing for bankruptcy.

But the event that rocked markets and set off a chain of events leading to the Global Financial Crisis still echoes: A trio of zombie loans written at the peak of the last boom remain undead. 

Three loans with €239M (£205M, $255M) outstanding that were written in 2007 remain in default more than eight years after they were due to be repaid. 

Lehman sold the loans to bondholders in 2007 in its scramble to offload real estate exposure as the financial crisis ramped up and values in the sector dropped. 

Commercial real estate played a major part in the collapse of the investment bank, which in turn caused a credit crunch that saw CRE values in the U.S. and Europe fall by as much as 45%.  Before its collapse in 2008, Lehman had $33B of real estate assets on its…

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