Commercial Investment Real Estate September/October 2013 - Page 6

COMMERCIAL INVESTMENT IN THIS ISSUE A look at of ce leasing on p.26 con- firms what many commercial real estate professionals already suspected: Your view of the recovery depends on where you do business. Many factors are playing into the of ce recovery, from geography to of ce space use. Fortunately, a weak leasing market hasn’t dampened the enthusiasm of inter- national investors, who are moving beyond trophy sites in “Like Goldilocks, many major markets to opportunities offi ce tenants are look- in smaller cities, reports Asso- ing for a space that’s ciate Editor Rich Rosfelder on p.22. And on p.34, Senior Edi- not too big and not too tor Jennifer Norbut questions small, but just right.” several retail-oriented CCIMs p.26 on the ef ect of e-tail trends in local markets. ¬ FEATURED WRITERS Doremus Calanog Brad Doremus, senior analyst, and Victor Calanog, head of research and economics for Reis, report on the 2Q13 of ce market on p.29. T eir cautious year- end outlook ref ects on global concerns and f scal policy. Bryan Blasingame, senior vice president and chief investment of cer for Industrial Devel- opments International, explains the industrial market’s recent evolution and its upbeat future on p.30. Eric B. Garf eld, CCIM, MAI, director of the tangible asset valuation practice at WTAS LLC, Blasingame updates his 2009 look at cap rate calculations on p.38. podcast Only @ www.ccim.com/podcasts In October, Reis senior economist Ryan Severino will provide an analysis of 3Q13 fundamentals and market highlights. Stay tuned! Commercial Investment Real Estate, the member publication of the CCIM Institute, reports on market trends and analysis, current developments in the fi eld, and successful business strategies. CIRE Staff Executive Vice President/CEO The CCIM Institute, an affi liate of the National Association of Realtors, confers the Certifi ed Commercial Investment Member designation to commercial real estate professionals who have extensive training and industry experience and complete a rigorous study program. Henry F. White Jr. Executive Editor Sara Drummond sdrummond@ccim.com Senior Editor Jennifer Norbut jnorbut@ccim.com Associate Editor Rich Rosfelder rrosfelder@ccim.com Contributing Editors Bridget Grams, Dennis LaMantia, Mark Lee Levine, CCIM, JD, LLM (tax), Stephen Rangel, Jeff Rauth, and Mark Richardson Design Consultant McMURRY/TMG, LLC Commercial Investment Real Estate (ISSN 1524-3249) is published bimonthly by the CCIM Institute of the National Association of Realtors, 430 N. Michigan Avenue, Chicago, IL 60611-4092. Periodicals postage paid at Chicago, Ill., and additional mailing offi ces. Postmaster: Send address changes to Commercial Investment Real Estate, 430 N. Michigan Avenue, Chicago, IL 60611-4092. Subscriptions: $45 for nonmembers in U.S.; $55 for nonmembers in Canada and Mexico. Call (800) 532-8633. For reprints, call (312) 321-4460. The opinions expressed in signed articles and materials appearing in Commercial Investment Real Estate, including specifi c references to products and services, are those of the authors and not necessarily those of Commercial Investment Real Estate, the CCIM Institute, or the National Association of Realtors. © 2013 by the CCIM Institute. All rights reserved. Editorial address: 430 N. Michigan Avenue, Chicago, IL 60611-4092; (312) 321-4460; magazine@ccim. com; www.ccim.com/cire. Executive Offi cers President Wayne D’Amico, CCIM Essex, Connecticut President-Elect Karl Landreneau, CCIM Baton Rouge, Louisiana First Vice President Mark Macek, CCIM Great Falls, Montana Treasurer Charles C. Connely IV, CCIM Kansas City, Missouri Editorial Review Board Adrian A. Arriaga, CCIM Roger B. Broderick, CCIM Todd D. Clarke, CCIM David B. Eaton, CCIM Jeff Engelstad, CCIM Eric B. Garfi eld, CCIM Tony M. Guglielmo, CCIM Thomas E. Hankins, CCIM James L. Helsel, CCIM Soozi Jones-Walker, CCIM J. Howard King, CCIM Robert Knight, CCIM George C. Larsen, CCIM Kevin G. Lenze, CCIM Mark L. Levine, CCIM Albert S. Livingston, CCIM Charlie Mack, CCIM Michael T. McLean, CCIM James J. Piro, CCIM David L. Schank, CCIM Robert M. Stone, CCIM Reader Services: All dues-paying members of the CCIM Institute receive Commercial Investment Real Estate magazine six times a year as a mem- ber benefi t. Subscribe, purchase back issues, or order customized article reprints: www.ccim.com/cire or (800) 532-8633 x4482. Make address changes: magazine@ccim.com or (800) 532-8633 x4482. Request reprint permissions: srangel@ccim. com. Submit articles and editorial ideas: sdrummond@ccim.com. For advertising information, contact: Rich Rosfelder at (312) 321-4507 or rrosfelder@ccim.com 4 September | October | 2013 Commercial Investment Real Estate