The need for alternatives to the nineteen standard real estate product types

Places

Volumn 17, Issue 2, 2005, Pages 24-29

  Leinberger, Christopher B ^a  

^a NONE

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EID: 38549151404     PISSN: 07310455     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (10)

1. 1. 2 billion sq. ft. in the thirteen largest metropolitan areas vs. 910 million sq. ft. in the same thirteen areas since the eighteenth century. See Robert E. Lang, Edgeless Cities: Exploring the Elusive Metropolis (Washington, D. C. : Brookings Institution Press, 2003), p. 54.
2. Robert Lang estimated that 69 percent of new office space was built in the suburbs during the decade of the 1980s (see Lang, Edgeless Cities, p. 54). But his statistics are conservative since they only include speculative, multitenant office space. They do not count owner-user office space, which in the experience of this author, has and continues to be built in the suburbs, though there is no data available to confirm this.
3. This has now increased to where it is larger thanthemarket for corporate debt. In 2004 U. S. corporations issued $1. 2 trillion in new debt, compared to $1. 4 trillion of new commercial and residential real estate debt. The real estate figure is rather impressive considering there was no secondary market for real estate debt twenty years earlier. See Gretchen Morgenson, Wanted; Credit Ratings. Objective Ones, Please, New York Times, Eeb. 6, 2005.
4. Cohen and Steers isthelargest family of REIT mutual funds. See FAQs about REITs at www. cohenandsteers. com
5. Christopher B. Leinberger, The End of Real Estate. Urban Land, 1996. Available at www cleinberger. com.
6. William J. Bernstein, The Birth of Plenty: How the Prosperity of the Modern World was Created (New York; McGraw-Hill, 2004).
7. See chapter four, Capital,p. 133.
8. In a discussion with the president of a regional-mall REIT in 1999, theauthor asked why his company would not even consider building a mixed-use (housing over specialty retail), walkable Main Street component in the par-king lot of a flagship mall. The president pulled out a recent front-page story from the Wall Street Journal that took his company to task for having a construction company that built and remodeled dre company s properties. The story reported drat investors thoughtthefirm was not sticking to its knitting, which ought to consist only of developing, owning and managing malls. Getting into the separate business of constructing them was considered a diversion. According to the president; If Wall Street will not let me construct my own malls, they would flay me for building mixed-use developments. 10. There is no commonly accepted terminology that precisely defines dre character of different parts of U. S. metropolitan areas. In 1995 the author defined these as urban, suburban, and semi-rural, using floor-area ratios as a guide. This definition was first used in an article in Urban Land entitled "The Changing Location of Development and Investment Opportunities". The article is available at www. cleinberger. com. Also see Lang, Edgeless Cities.
9. Anton Clarence Nelessen, Visions for a New American Dream: Process, Principles, and an Ordinances to Plan and Design Small Communities (Chicago; American Planning Association, 1994).
10. Christopher B. Leinberger, Building for the Long-Term, Urban Land, 2003, Available at www. cleinberger. com.