Commercial Real Estate – What is the Present Status?

U.S. Real estate markets are not so-healthy as they were for decades. First the residential property sector was plagued by the foreclosure crisis and is yet to recover from the devastation. Arising out of the foreclosure crisis, there were many cyclic reactions in the financial market. The cash-crunch spread fast to other areas of financial activities – like auto loans; credit card purchases; hotel room occupancy; business revenues in shopping malls; renting office complexes and so on. Commercial new construction projects were either put off or abandoned totally, aggravating unemployment problem etc.The commercial real estate market is inevitably inter-related with all the above businesses. As such the depletion in business revenues is reflected in foreclosure of commercial properties also. How? For example, if a big hotel losses heavily on revenue by the non-occupancy of its rooms, ultimately financial commitments, including the mortgage repayments get hard-hit. The situation of default in mortgage repayment, consecutively for months, eventually leads to foreclosure and distress sale of the commercial property concerned. Needless to mention a distress sale will bring the market value of the property deep down.Which branch of commercial properties is most affected? We have come across news reports about the commercial foreclosures – particularly in the hotel sector – the affected hotels of luxury located in the tourist industry hot-spots of Las Vegas in Nevada, Florida, and California etc.What is strikingly different in residential foreclosures and commercial foreclosures is – when a residential property is foreclosed, the amount in loss of money is about few thousands of dollars, whereas in a commercial foreclosure, the amount involved runs into millions of dollars.It is for this reason, the lending institutions extending financial supports for commercial property projects are dragging their feet in coming forward to extend new loans. In the situations of default and foreclosure also, they are not rushing into the decision of foreclosure of the property immediately, but consider all possible alternative outlets and compromises with the borrowers.Obviously, rather than individuals, mostly institutions and LLCs are involved in commercial foreclosures and in dire situations of foreclosures, they tend to select the insolvency route, to escape foreclosures.In this context, it is pertinent to take into consideration what the experts in the Industry say about the present status of commercial property sector and foreclosures. While the predictions about the future of commercial real estate vary from person to person, there is unanimity among them about the density of the problem of commercial foreclosures, presently.According to James Lockhart, vice chair of WL Ross & Co. New York, there are a lot of distressed commercial properties facing foreclosures with small commercial banks as of date. The problem institutions holding commercial properties in their business have increased to 775, whereas there were only 50 of them, just a few years back.The impact of commercial foreclosures has led to closing of financial institutions in huge numbers. Of a total of 8,000 U.S. banks dealing in commercial property finances, already 250 have been closed; 1300 banks have been advised by the regulators, to reduce concentration of Commercial Real Estate property loans; and many of them are expecting closure or taken by stronger competitors.However, in the Real Estate industry circles, it is reported that in a “Sentiment Survey” conducted among 100 senior real estate personnel by the Real Estate Round Table, during the second quarter of this year, 82% of the participants expressed satisfaction that the commercial real estate market is better than last year.
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Top 5 Reasons to Take Office Space in Austin, Texas

Deciding to move office space is a big move for any company. Executive suites, cubicle space, window offices, conference rooms; the choice of commercial real estate is endless, as is the choice of location.

If you’re considering moving to US office space and you want to move somewhere hot then Texas could be the ideal choice for you.

Hot, humid and vast; Texas is the perfect location for any business. But where’s the best place to take office space in Texas? Dallas, Houston, San Antonio and Fort Worth are all great locations for commercial property in the Texas area but in my view, nothing can beat Austin.

Why’s Austin such a fantastic choice to take office space in Texas? You’d better read on!

1. Austin is the capital of Texas. This means it has a growing population, which currently stands at around 790,000 people, so you’ll never be short of employees or customers. The city of Austin was christened 2nd Best Big City in “Best Places to Live” by Money magazine in 2006 and according to Travel magazine ranks as number 1 on the list of cities with the best people.

2. Austin office space is rich and plentiful. Affordable pricing, stylish interiors and versatile floor space means it’s one of the top office space locations in Texas. As a result, the city’s office space is home to 3 of the Fortune 500 companies – Whole Foods Market, Forestar Group and Freescale Semiconductor. Dell also has an office in the city, while earlier this year Facebook announced plans to build a new downtown office in Austin, which could bring around 200 jobs to the area.

3. Austin is hot, hot, hot! The city has a sub-tropical climate which means that it experiences hot summers and mild winters. This makes it ideal for companies who hate the cold and enjoy warm winters.

4. The city of Austin is a fantastic choice for technology and defence companies thanks to a steady stream of graduates from The University of Texas at Austin. As a result, Austin is known as major centre for high-tech and boasts a large number of major technology companies such as Apple, Google and AMD.

5. Austin’s official slogan is “The Live Music Capital of the World”, which reflects the city’s vibrant music scene. The city is full of nightclubs, particularly on 6th Street and Austin’s annual film and music festival, South by Southwest, attracts thousands of tourists each year.

In conclusion, Austin might not be the most high profile city in the United States but it’s certainly a fantastic choice for commercial real estate for any business.

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