Mag Mile just another retail strip i guess, other upsacale parts of the windy city not doing to great either, Lincoln Park and Lakeview also have tons and tones of empty storefronts.
Chicago hotels racked by glut of rooms
Local market is feeling the impact of declining demand, falling rates as new properties open, compete for tourists during summer months
On topic: didn't someone post here about a book store (Border's?) on the Miracle Mile getting a rent INCREASE this year?
Some folks will shoot themselves in the foot at any opportunity.
Typical. If property owners want to keep whatever specialness that district has, they need to keep the storefronts filled. And if that means lowering rents, so be it. But if you bought your piece of CRE at too high a price, you can't accept that, so....
Problem with capitalism in situations like this is that there's no incentive to "take one for the team." Because there is no team.
Calpers to Boost Buyout, Venture Investments by as Much as 40%
By Tim Mullaney
June 8 (Bloomberg) -- The California Public Employees’ Retirement System, the nation’s biggest public pension plan, is planning to increase its targets for private-equity and venture- capital investments by as much as 40 percent.
Calpers board will vote next week on a plan to boost the share of its $169 billion fund allocated to those investments to a target of 14 percent from 10 percent, Brad Pacheco, a Calpers spokesman, said in a interview. Details of Calpers’ staff recommendations for the plan were forwarded to board members late last week, he said.
Pension funds and endowments typically set allocation targets and then take pitches from private-equity firms and venture capitalists seeking to raise money. Because stock markets have fallen, the percentage of assets dedicated to those areas has risen. That means most funds are trying to cut back, making Calpers’ expansion notable, said D. Brooks Zug, a senior managing director at Harbourvest Partners LLC in Boston.
“Most long-standing investors in these assets are at or over their targets, so they’d have to take a proactive move like what Calpers is doing to invest more,” said Zug. It’s a savvy move because private-equity investments made during recessions often generate good returns, he said. Calpers to Boost Buyout, Venture Investments by as Much as 40% - Bloomberg.com
The tide of urban renewal has broken on the rocks of reality. Urbanism enjoyed the bubble and now reaps the costs structure that keeps it uncompetitive.
The "vacancy" rate is turning highly misleading in such a reversal of fortunes. At the peak tenants were signing long leases for more than their current needs. I'd bet half the typical store window retailers could run out of half the space they now occupy. If we are turning Japanese in other aspects why not retail outlets?
"Vulture property buyers are circling the US shopping centre markets seeking out distressed malls which are making money but whose owners overpaid at the height of the boom or cannot find new financing."
energyecon (homepage, profile) wrote on Mon, 6/8/2009 - 9:54 am
Calpers to Boost Buyout, Venture Investments by as Much as 40%
Doubling down just like Enron.
In a related note I am working on a post that shows internal fund management at CalPERS is 1/15th the cost of outside management. Gee, "venture investments." Do you think that will increase internal management costs or generate external transaction fees? Duh.
Who cares about double digits unemployment as long as Goldman, Bank of Amerika, Google, Rimm, and Apple are making record profits. Employment is waaaay overrated. Who needs jobs as long as the stock market keeps going up? Lets just keep buying stocks. As long as the new world order can solidly thier power and the middle class dissolves, all will be well. yay I love jobless recoveries and 4 dollar gas.
Magnificent bastards.
Sorry for the OT post, but:
Canadians angered over "Buy American" rule
Canadians angered over Buy American rule
| Reuters
Not so good, when you consider this:
Crude Oil and Total Petroleum Imports Top 15 Countries
We kinda need oil, don't we?
What other global partners can we tick off?
Mag Mile just another retail strip i guess, other upsacale parts of the windy city not doing to great either, Lincoln Park and Lakeview also have tons and tones of empty storefronts.
Chicago hotels racked by glut of rooms
Local market is feeling the impact of declining demand, falling rates as new properties open, compete for tourists during summer months
By Mary Ellen Podmolik | Tribune reporter
June 8, 2009
Racked by glut of rooms - Chicago Tribune
Maybe they can get a WalMart and a 99c store.
On topic: didn't someone post here about a book store (Border's?) on the Miracle Mile getting a rent INCREASE this year?
Some folks will shoot themselves in the foot at any opportunity.
another hyper-inflationary inflection point
On topic;
Out of the BFS today, Swiss single family dwelling completions off 12% yoy.
http://www.bfs.admin.ch/bfs/portal/de/index/news/medienmitteilungen.Document.121175.pdf
On topic: didn't someone post here about a book store (Border's?) on the Miracle Mile getting a rent INCREASE this year?
Some folks will shoot themselves in the foot at any opportunity.
Typical. If property owners want to keep whatever specialness that district has, they need to keep the storefronts filled. And if that means lowering rents, so be it. But if you bought your piece of CRE at too high a price, you can't accept that, so....
Problem with capitalism in situations like this is that there's no incentive to "take one for the team." Because there is no team.
Calpers to Boost Buyout, Venture Investments by as Much as 40%
By Tim Mullaney
June 8 (Bloomberg) -- The California Public Employees’ Retirement System, the nation’s biggest public pension plan, is planning to increase its targets for private-equity and venture- capital investments by as much as 40 percent.
Calpers board will vote next week on a plan to boost the share of its $169 billion fund allocated to those investments to a target of 14 percent from 10 percent, Brad Pacheco, a Calpers spokesman, said in a interview. Details of Calpers’ staff recommendations for the plan were forwarded to board members late last week, he said.
Pension funds and endowments typically set allocation targets and then take pitches from private-equity firms and venture capitalists seeking to raise money. Because stock markets have fallen, the percentage of assets dedicated to those areas has risen. That means most funds are trying to cut back, making Calpers’ expansion notable, said D. Brooks Zug, a senior managing director at Harbourvest Partners LLC in Boston.
“Most long-standing investors in these assets are at or over their targets, so they’d have to take a proactive move like what Calpers is doing to invest more,” said Zug. It’s a savvy move because private-equity investments made during recessions often generate good returns, he said.
Calpers to Boost Buyout, Venture Investments by as Much as 40% - Bloomberg.com
Two comments.
The tide of urban renewal has broken on the rocks of reality. Urbanism enjoyed the bubble and now reaps the costs structure that keeps it uncompetitive.
The "vacancy" rate is turning highly misleading in such a reversal of fortunes. At the peak tenants were signing long leases for more than their current needs. I'd bet half the typical store window retailers could run out of half the space they now occupy. If we are turning Japanese in other aspects why not retail outlets?
The answer to the glut of commercial space is more casinos. A casino eCONomy can always use more casinos.
"Vulture property buyers are circling the US shopping centre markets seeking out distressed malls which are making money but whose owners overpaid at the height of the boom or cannot find new financing."
Vultures ready to swoop on US shopping centre convention | North America | News
LIz, got pigged on last thread, left you a couple messages.
energyecon (homepage, profile) wrote on Mon, 6/8/2009 - 9:54 am
Calpers to Boost Buyout, Venture Investments by as Much as 40%
Doubling down just like Enron.
In a related note I am working on a post that shows internal fund management at CalPERS is 1/15th the cost of outside management. Gee, "venture investments." Do you think that will increase internal management costs or generate external transaction fees? Duh.
Rob Dawg,
If we are turning Japanese in other aspects why not retail outlets?
Consumer spending is 70% of GDP. How are we ever going to get to 100% with that kind of thinking? Not helpful Dawg, not helpful at all.
Angry,
Who needs casinos?
All you need to do is go buy some C or BAC....
From last thread:
The answer to the glut of commercial space is more casinos.
"Of the 1,300 malls in the country, 200 to 300 are in danger of going out of business or becoming something else..."
same source: Vultures ready to swoop on US shopping centre convention | North America | News
Who cares about double digits unemployment as long as Goldman, Bank of Amerika, Google, Rimm, and Apple are making record profits. Employment is waaaay overrated. Who needs jobs as long as the stock market keeps going up? Lets just keep buying stocks. As long as the new world order can solidly thier power and the middle class dissolves, all will be well. yay I love jobless recoveries and 4 dollar gas.
good read, folks interesting finance articles