Thursday AM October 8th, 2009
by: Ed Mayberry, October 8, 2009 3:10:00 am
Companies like CB Richard Ellis say property management revenues within Houston are really not that bad. Senior Managing Director Jeff Majewski oversees the national debt and equity finance platform for CB Richard Ellis.
"And even during this down cycle, Houston office(s) continue to be one of our top-performing offices."
Ed: "What makes it stand apart?"
"You know, I believe that many people think that Houston was not as negatively-impacted by the recession as some other markets, mainly because of the strength of our residential market, as well as the diversity of the Houston economy — from an energy standpoint, from a medical standpoint, from a financial services standpoint — that we just haven't been hit as hard as some of the other cities have been."
Majewski says he's seeing a significant increase in capital flowing back into the commercial sector in the form of new mortgage rates that have been launched.
"So, you know, you add new players coming into the market, as well as the existing and former players, saying 'I believe in the sector. I'm going to be conservative in the way that I put the money out,' but there is money out there for commercial mortgages, and that's good news. We haven't been able to deliver that."
Ed: "So more confidence on the parts of lots of people."
"Well, it's more confidence. We are seeing some uptick in transaction volume, so as buyers and sellers come to an agreement as to what the value it, we can slide ride in and provide the acquisition financing. That's all positive for everyone."
Majewski says Houston historically has been one of the nation's strongest-performing markets in commercial real estate.
Ed Mayberry, KUHF Houston Public Radio News.