The last day of ICSC was pretty much as Sunday & Monday. Most of the people or rather all of the people I spoke to were pleased with results, had good meetings and expect things to happen from them. The one thing that always came up was how they are doing now versus 2009. Last year I remember everyone complaining about how bad business was. Now 2010 is no banner year but the consensus is that business is better year to date that last year and in many cases 2010 through April is better than the entire year of 2009. That begs the question; just how bad was 2009?
Jim Carney
Thursday, May 27, 2010
Monday, May 24, 2010
ICSC RECON Las Vegas Monday May 24th
One group that is very glad that ICSC is in Las Vegas are the cab drivers. Each one I spoke was more than pleased to see "conventioneers". Even though ICSC might be down in attendance it's a welcome sight to those in need of tourism.
We all have our opinions of when it will get better but most of those I spoke to make it a sure bet that 2010 will be better than 2009. In fact quite a few are all ready ahead of 09. That doesn't say much for 2010 though. There are still alot of hopes hanging on funding that may or may not happen.
There were some people doing brisk business.
We all have our opinions of when it will get better but most of those I spoke to make it a sure bet that 2010 will be better than 2009. In fact quite a few are all ready ahead of 09. That doesn't say much for 2010 though. There are still alot of hopes hanging on funding that may or may not happen.
There were some people doing brisk business.
And then there were some empty aisles.
Sunday, May 23, 2010
ICSC RECON Las Vegas Sunday May 23rd
ICSC RECON started today and it was a lot easier walking the isles than it was a few years ago but it is still a huge walk from the North Hall to the end of the South Hall. I stopped by to see Laura Guerra and Albert Gonzalez with Mercedes TX EDC.
On hand at Retail Solutions were Matt Delahoussaye and T.J. Powell.
Most of the early activity seemed to be at Retailers like Walgreens, CVS and anyone giving away free food. Traffic seemed to pick up later in the afternoon but it will be interesting to see what the final attendance figure will be.
Looking forward to walking tomorrow..
Jim Carney
On hand at Retail Solutions were Matt Delahoussaye and T.J. Powell.
Most of the early activity seemed to be at Retailers like Walgreens, CVS and anyone giving away free food. Traffic seemed to pick up later in the afternoon but it will be interesting to see what the final attendance figure will be.
Looking forward to walking tomorrow..
Jim Carney
Thursday, May 20, 2010
O'Connor Office Forecast Breakfast May 19th 2010
Henry Hagendorf with Grubb & Ellis and Andrew Segal with Boxer Properties teamed up to present their views on the Houston Office market yesterday morning.
Henry had some interesting statistics and is most everyone in the brokerage community glad that we are in Texas and specifically Houston. Houston ranks 2nd in the nation in $ volume of transactions while first in # of sales.Some trouble spots will be NW Fwy where both class A & B are at the bottom of the vacancy scale. 290 construction will probably keep it that way for a while. And the Exxon relocation will hurt the Greenspoint sub market. Absorption is slightly up in B & C while somewhat flat in A. While subleases are flat they will be shifting to vacant as time goes by. Rents will bottom out late 2010 or early 2011. LEAD certifications are up significantly from 11 in 2008 to 29 in 2009.
Andrews focus has always been on distressed properties and he feels that now the market has really come to him. His out of the box thinking has moved another step out with listing his lease space on Craigs List. To date he has signed up 20 leases from this source one of which is 8,000sq ft. He has also had a mobile application built for his tenants to report difficulties and to promote interaction. Be on the watch for the CMBS Special Services. There is 1 Trillion $ and 10 Billion sq ft under the control of Bercadia, LNR. Centerline, Midland and C W Capital but just try and reach them. What is happening is a cycle of the Specials selling cheap to vultures who lower rates causing more failures bringing on more vultures and so on.
Monday, May 17, 2010
Proposed Tax Increase on Real Estate Partnerships going from 15% to 35%
Dear INVESTOR, CLIENT and ICSC Member,
ICSC has learned that the U.S. House of Representatives is likely to consider
a tax increase on real estate partnerships next week with the U.S. Senate
following the week of May 24th. If this legislation passes through the
House and Senate, we expect it to be signed into law before Memorial Day.
The carried interest proposal would increase the taxes on a general
partner's promote or sponsor's share from the current capital gains rate of
15% to the ordinary income rate of 35%. In addition to the tax rate increase,
one of the biggest concerns about the legislation is that gains from a
partnership would be re-characterized as ordinary income. As a result,
not only would the tax rate go to the 35% ordinary income rate (possibly
39.6% in 2011), but the income would also be treated as compensation and
subjected to employment-related taxes, such as Social Security and Medicare,
as well as additional state taxes. Furthermore, capital losses would no
longer be able to offset separate gains. It is critical that Congress
preserve the ability to offset and the current character of gains from
partnerships, otherwise the impact will be devastating to real estate
entrepreneurs.
Although the House has voted for this tax increase three times before, it is
important to contact to contact House Representatives again to make them
fully aware of all the ramifications associated with a vote that supports a
permanent carried interest tax increase to offset numerous temporary tax
incentives.
Based on intelligence we have received thus far, the Senate continues to be
the pressure point. There is no reported widespread agreement or consensus in
the Senate with the House approach. Unlike the House, the Senate has not held
a vote on this tax increase, and several Senators have expressed serious
concern about it. We know much of these reservations are the result of your
communications to your Senate offices. In short, keep it up. We need to
continue to stir the pot and most importantly, ask your Senators to
communicate their reservations to Senate Finance Chairman Max Baucus (D-MT),
who oversees the bill, so that he is aware of the
opposition.
Please click here to use the ICSC phone script and sample letter as a
resource when contacting your Congressional delegation. We encourage you to call your
Senators and Representative, as phone calls are more impactful.
However, you can also click here to send an email if
you are more comfortable with that option. The important thing is that your
elected officials hear from you.
The next two weeks are crucial. Thank you for your
continued action on this issue.
On behalf of,
Betsy Laird
Senior Vice President
Office of Global Public Policy
ICSC
ICSC has learned that the U.S. House of Representatives is likely to consider
a tax increase on real estate partnerships next week with the U.S. Senate
following the week of May 24th. If this legislation passes through the
House and Senate, we expect it to be signed into law before Memorial Day.
The carried interest proposal would increase the taxes on a general
partner's promote or sponsor's share from the current capital gains rate of
15% to the ordinary income rate of 35%. In addition to the tax rate increase,
one of the biggest concerns about the legislation is that gains from a
partnership would be re-characterized as ordinary income. As a result,
not only would the tax rate go to the 35% ordinary income rate (possibly
39.6% in 2011), but the income would also be treated as compensation and
subjected to employment-related taxes, such as Social Security and Medicare,
as well as additional state taxes. Furthermore, capital losses would no
longer be able to offset separate gains. It is critical that Congress
preserve the ability to offset and the current character of gains from
partnerships, otherwise the impact will be devastating to real estate
entrepreneurs.
Although the House has voted for this tax increase three times before, it is
important to contact to contact House Representatives again to make them
fully aware of all the ramifications associated with a vote that supports a
permanent carried interest tax increase to offset numerous temporary tax
incentives.
Based on intelligence we have received thus far, the Senate continues to be
the pressure point. There is no reported widespread agreement or consensus in
the Senate with the House approach. Unlike the House, the Senate has not held
a vote on this tax increase, and several Senators have expressed serious
concern about it. We know much of these reservations are the result of your
communications to your Senate offices. In short, keep it up. We need to
continue to stir the pot and most importantly, ask your Senators to
communicate their reservations to Senate Finance Chairman Max Baucus (D-MT),
who oversees the bill, so that he is aware of the
opposition.
Please click here to use the ICSC phone script and sample letter as a
resource when contacting your Congressional delegation. We encourage you to call your
Senators and Representative, as phone calls are more impactful.
However, you can also click here to send an email if
you are more comfortable with that option. The important thing is that your
elected officials hear from you.
The next two weeks are crucial. Thank you for your
continued action on this issue.
On behalf of,
Betsy Laird
Senior Vice President
Office of Global Public Policy
ICSC
Sincerely,
Brad Bailey
Marcus & Millichap
Real Estate Investment Services
Real Estate Investment Services
Associate Vice
President, Investment
President, Investment
Director, National
Retail Group
Retail Group
*Serving commercial real
estate investors inTexas
since 2002
estate investors in
since 2002
Friday, May 14, 2010
CCIM Luncheon May 13th John Walsh Speaker
U of H Regent John Walsh and CCIM President Suzanne Page-Pryde
U of H Board of Regents member John Walsh was the featured speaker at the CCIM luncheon yesterday and as Welcome Wilson Sr preaches; Tier One is the goal of all in the U of H system. He stressed that the # 1 reason for a students success is the presence of a "livable community"; where students can live on campus and enjoy all the benefits of campus life. In the next 10 years the university will see student enrollment increase to over 40,000. Plans are to increase academic facilities from 7.5 M Sq Ft to 10 M Sq Ft. They will add 4,000 beds and incorporate a retail aspect to the campus.
Jim Carney
Jim Carney
John Cobb and Mark Sappington with CobbFendley
Thursday, May 13, 2010
I attended the Houston Realty Business Coalition (HRBC) breakfast meeting today where Attorney General Greg Abbott was the featured speaker.
Below are some of his key points.
The items that have been on the front burner for the past few months all deal with multi state and federal issues.
1) BP oil spill. “Damage will be extreme and take years to fix”. There is the possibility that it will take 2 more months to cap the leak and the Attorney Generals job is to insure that BP pays for the damage not Texas taxpayers.
2) Ruling by EPA on CO2 Carbon Dioxide emissions will affect Houston more than any other major city. It will cost taxpayers in excess of $1 Trillion and lost jobs. Texas filed a lawsuit in March and now 20 other states have joined in to reverse the EPA ruling and put that power back into the hands of congress.
3) Texas will challenge the Health Care Bill as violating the Commerce laws and the 10th amendment. If congress can get away with forcing taxpayers to buy health insurance will the next step be: Buy an electric car from GM?
Attorney General Gregg Abbott and Brad Fricks with Stream Realty
Dave Gilkeson with Westchasee District and Kiki Dixson with Dixson Realty
Jim Carney
REDNews
Co Publisher
O 713-661-6300
C 281-723-7500
jim@rednews.com
http://www.rednews.com/
Tuesday, May 04, 2010
Houston will gain 28,000 SF specialty grocery store Phoenicia
Apr. 30, 2010
Info from The Houston Chronicle
Info from The Houston Chronicle
Monday, May 03, 2010
(Wilmer, TX) Whirlpool to build 1 million SF warehouse
Apr. 30, 2010
Info from Houston Business Journal.
Info from Houston Business Journal.
San Antonio-area university plans $14 million expansion
Apr. 23, 2010
Info from the San Antonio Business Journal.
Info from the San Antonio Business Journal.
Texas dominates rankings for best cities for jobs
Apr. 28, 2010
Info from the Fort Worth Star-Telegram
Info from the Fort Worth Star-Telegram
(Frisco, TX) buybuyBaby concept store opens, expands DFW footprint
May 2, 2010
Info from Globe Street.
Info from Globe Street.
Raising the Dead: How an abandoned San Antonio mall got revamped and reopened
Apr. 30, 2010
Info from Globe Street
Info from Globe Street
Office building in Houston's "Energy Corridor" changes hands
Apr. 28, 2010
Info from Commercial Property Executive
Info from Commercial Property Executive
Subscribe to:
Posts (Atom)
Posts
