Commercial real estate developers go into detail on the impact of the financial crisis on their ability to make projects happen.
"The banking crisis 'pretty much stopped the majority of commercial development dead in their tracks, except non-leveraged projects, smaller investments and owner-occupied deals, and institutional projects that were already in progress,' [Developer Rick] DeKam said. 'I think you will see institutional, medical and even multifamily development as the steady-performing real estate over the next few years.'
Michael Cagen, associate broker specializing in multifamily investment at Marcus & Millichap's Grand Rapids office, has seen the same financing challenges of late as other real estate categories.
'Only several months ago, we were able to find financing, but at higher interest rates and at lower loan to values,' Cagen said. 'Today, lenders tell you they need to have the complete banking relationship with you, that the buyer needs to be local and that it needs to be newer property. In essence, this means the number of lenders who are available to finance a given deal has continued to shrink.'"
FULL STORY: Commercial real estate financing goes from bad to worse
How the Pandemic Is Stressing the Mortgage System
As the outbreak continues, the country’s housing finance system faces a number of serious threats and challenges.
Advice to Cities Considering Bankruptcy: 'Don't Do It'
As the third California city in a month files for bankruptcy protection, fears of a domino effect worry many. While bankruptcy may seem like an enticing solution, officials that have gone through it caution about the downside.
Dubai's Formula of Tax Free Economic Zones and Mass Tourism Doesn't Work
Joshua Hammer describes his visit to the financially straitened emirate where he found "deserted highways, empty hotel rooms, miles of unsold residential and office space."
Phase 1 Revealed for $20 Billion Chicago Megaproject
Plans for One Central, a proposed megadevelopment that would add 22.3 million square feet of buildings to the city of Chicago, are taking shape.
Top Websites for Urban Planning – 2021
Planetizen's annual list of the best of the urban planning Internet.
Survey: What Mobile Apps Are Most Useful for Planning in 2021?
Planetizen is requesting your input in creating the definitive list of mobile apps for professional, student, academic, or citizen planners—updated for a planning profession forever altered by the Covid-19 pandemic.
TischlerBise, Inc.
Getty Conservation Institute
University of Calgary
HUD's Office of Policy Development and Research
Symbium
Rowan University's Department of Geography, Planning, & Sustainability
City Of Oakland
Hillsborough County Public Schools
City of Raleigh
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Hand Drawing Master Plans
This course aims to provide an introduction into Urban Design Sketching focused on how to hand draw master plans using a mix of colored markers.
