Editor’s Statement

Editor’s Statement

Cochran, Maura M

OK, I’LL MAKE AN EMBARRASSING confession. Two months ago my firm, Bartram & Cochran, was working on a typical (for us) assignment on the economic impact of a proposed big box development to a small community. We kept asking the developer for his ongoing costs to place in the economic multiplier model. After a few weeks he got back to us and said that the information could be found at a publication called Real Estate Issues in an article titled “The Economic Impact Study for a Big Box Retailer,” by Joseph S. Rabianski, Ph.D., CRE. At least I wasn’t editor in chief at the time or I really would have been taken to task. Lesson learned!

From now on, we’ll check the REI section of the CRE Web site for past articles anytime we’re researching a topic. This process is now easier thanks to an improved search mechanism that allows browsers to quickly and easily scour more than 30 years of Real Estate Issues. To take advantage of this new tool, visit www.cre.org and click on Publications, then Real Estate Issues, and Articles and Abstracts.

This edition of REI is the second to be delivered in print as well as electronic versions. The response to the electronic version has been wonderful, with visits to REI Web pages increasing 300 percent since the first electronic version hit in-boxes in early March. The REI Editorial Board is working on sending the electronic REI to professors at leading colleges and universities whose students will be able to access not only REI, but also other case studies and research on the CRE Web site. Other professional organizations, including the Society of Industrial and Office REALTORS”, have agreed to send a copy of the electronic REI to members and post it online as a resource.

To keep up the flow of top-level articles, the REI Editorial Board is always proactively searching for new authors and ideas. We encourage readers who see articles of interest to send authors’ names to info@cre.org. Board members will locate authors and inquire whether they have articles that are appropriate for REI. In this edition, the roundtable on U.S. demographics and development models was envisioned after I read an article about immigration in the Kennedy School alumni magazine.

The spring 2007 issue of REI has 10 articles divided into two general sections: International Issues, and Law and Land.

Marc Louargand, Ph.D., CRE, FRIGS, did double duty for us by moderating the roundtable titled “Shifting U.S. Demographics and Development Models: Immigration, Economy and the Workforce” and writing “The Global REIT Revolution.” Marc has been behind the creation of a global REIT for Cornerstone Advisers LLC, and shares his comprehensive insight and research into this market. The roundtable panel included Counselors from the full range of the political spectrum, from very liberal to more than tad conservative. Readers should find the perspectives of CREs Hugh Kelly, David Lynn and Francis Parker entertaining and educational.

David Wilkes, CRE, FRICS, looks at the management of an international portfolio in his article “Who’s Running the Show? Implementing Centralized Management of Property Taxes for a Global Portfolio.” Anyone who has tried to get information from markets that are less than transparent will certainly relate to this article.

Barry Gilbertson, CRE, PPRICS, continues his series on international issues in his article titled “Residential Property-Do You Own Enough?” Though based on the UK market, the article’s key points are relevant to all nations and regions where housing prices are soaring.

The international section is rounded out by a review written by Brent Palmer, CRE, FRIGS, of Bowen H. “Buzz” McCoy’s book The Dynamics of Real Estate Capital Markets-A Practitioner’s Perspective. After reading the review, many professionals will likely decide to buy the book.

Cheryl Pavic Henner addresses loan issues in the article “Negotiating Defeasement Provisions at Origination Can Materially Impact the Bottom Line.” Her points should be included in many future contracts to avoid costly contract disputes. The article “FIRREA and Its Effect on the Investment Community,” by Bradley Carter, CRE, and Dori D’Esposito Bower, is particularly important reading for those who are not appraisers, but use their reports on a regular basis.

Maureen Mastroieni, CRE, expands the discussion about the aftermath of KeIo vs. New London in “Collaborative and Market-Driven Approaches to Economic Development and Revitalization.” Her points are well taken as most states continue to pass legislation to correct or clarify eminent domain issues.

In “Going Green Pays Off for Two Leading Businesses,” Mark Golan points out that green building is more than just a feel-good proposition. In reality, the tactic results in significant energy savings and overall financial rewards.

My new best friend, Joseph Rabianski, Ph.D., CRE-the author of the big box retailer article mentioned previously-presents alternatives to the current understanding of effective land use in “Comments on the Concept and Definition of Highest and Best Use.” The article offers new views into making better and more financially feasible recommendations to clients. Readers may want to circulate this article to the office.

Being editor-in-chief has caused me to read (and re-read) articles about topics that have no direct relation to my practice; it is a real education. Though certain articles in REI might not have a real take-home value for all of us, overall the journal strives to present a clearer understanding of big picture issues for all in the industry. And as I learned, REI also provides a resource for research that can validate project assumptions.

Send your ideas and comments to info@cre.org. In addition to article recommendations, the board welcomes letters to the editor from readers who wish to air their opinions about issues presented.




Copyright Counselors of Real Estate, The Spring 2007

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