Southern California Office Real Estate Blog

CALGREEN BUILDING CODE TRANSITIONS INTO EFFECT

CALGREEN BUILDING CODE TRANSITIONS INTO EFFECT

By Jodi Summers

We always find these to be statistics to think about - buildings account for 39 percent of the energy used in the United States, 71 percent of electricity use, and 39 percent of C02 emission.

Our new CALGREEN Code state building code – which went into effect August 1^st - aims to improve the odds. Adherence to the code is voluntary until 2010, then the provisions are expected to become mandatory.

“It is imperative to expedite the greening of California’s building standards,” Governor Schwarzenegger stated. “As such, I am directing the California Building Standards Commission to work with specified state agencies on the adoption of green building standards for residential, commercial, and public building construction for the 2010 code adoption process.”

State officials say that if all of the green-building measures were enacted, buildings would at least be comparable to the requirements of a silver rating under the LEED standards set by the USGBC.

A recent report by McKinsey & Company notes that the U.S. economy has the potential to reduce annual non-transportation energy consumption by roughly 23 percent by 2020, eliminating more than $1.2 trillion in waste.

By establishing the CALGREEN Code, the California Building Standards Commission

is setting minimum green-building standards that may, at the discretion of any local government entity, be applied. Local governments such as West Hollywood, Santa Monica and Los Angeles have already set up codes that exceed the CBSC standards.

The purpose of the code is to improve public health, safety and general welfare by enhancing the design and construction of buildings through the use of building concepts that have a positive environmental impact, and by encouraging sustainable construction practices in the following categories:

• Planning and design

• Energy efficiency

• Water efficiency and conservation

• Material conservation and resource efficiency

• Environmental air quality

The Governor notes that the CBSC and the other agencies are further developing the framework to include mandatory measures in the 2010 CALGREEN Code. Stakeholder workshops begin March 26, with technical review and public comment scheduled for later in the year. The 2010 version is planned to become effective on January 1, 2011.

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http://www.newsreview.com/chico/content?oid=1052010

http://www.mckinsey.com/clientservice/electricpowernaturalgas/US_energy_efficiency/

http://www.documents.dgs.ca.gov/green/meetings/brochure090508.pdf

http://www.buildersbook.com/Merchant2/merchant.mvc?Screen=PROD&Product_Code=BBI2411A08&Category_Code=97b

http://images.businessweek.com/ss/06/04/sb_presentations/source/7.htm

LOS ANGELES OFFICE PROPERTY SNAPSHOT – MARCH 2010

By Jodi Summers

There was no money for buying commercial real estate in 2009, thus the global volume of commercial property sold last year fell 30% to $381 billion…but experts say growth is on the way. Among the bright spots is that sales of office, retail and industrial properties were up 29% collectively, concludes Real Capital Analytics.

“While the annual comparisons reflect broad declines since 2007, quarterly data show a marketplace that appears to be making a remarkable recovery,” suggests RCA.

Data suggests that volumes surged in Q4 to $147 billion, the first rise in seven quarters.

A measured economic recovery is underway in the nation, the state and Southern

California, confirms the 2010-2011“Economic Forecast & Industry Outlook” report by

the Kyser Center for Economic Research at the Los Angeles County Economic Development Corporation (LAEDC).

The outlook notes that in California, three sectors will see employment growth during 2010: information, private education and health services. Like the rest of the country, California unemployment will remain high with the LAEDC forecasting a 12.3 percent average rate in 2010, easing down to 11.9 percent in 2011.

“Southern California’s five metropolitan areas will also be in recovery mode during 2010,” said Jack Kyser, Founding Economist of the Kyser Center for Economic Research. “Like the nation and state, it will be a measured recovery, with more job losses and high unemployment rates in 2010.”

Los Angeles County is predicted see non-farm employment slip by 0.5 percent or by 19,200 jobs; Orange County should see a 0.6 percent decline or 9,200 jobs; Ventura County should also record a 0.6 percent drop in nonfarm employment or 1,700 jobs, while San Diego County should experience a 0.7 percent decline or 9,200 jobs. The Riverside-San Bernardino area will lag the other areas, with nonfarm employment falling by 1.1 percent in 2010 or by 13,000 jobs.

Despite the rise in commercial real estate noted by RCA, the Kyser Center for Economic Research predicts that “Nonresidential real estate activity will remain in the doldrums during 2010,” sites Jack Kyser, founding economist. “Office vacancy rates are at lofty levels around Southern California, with the Riverside-San Bernardino area highest at 23.6 percent at year-end 2009, and Los Angeles County low at 16.0 percent.”

In conclusion, optimism in the office real estate market is all relative. It’s better than it was last year, but still nothing like it was a few years ago.

“So far, investment activity is rebounding in a clear V shape but risks remain, and some fear the V could easily become a W,” cautions RCA. “Nevertheless, sentiment among investors is much improved and 2010 is starting with a broad but cautious sense of optimism.”

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We would like your real estate business. If we can provide you with more detailed information, please contact the SoCal Investment Group through Jodi Summers, Jodi@jodisummers.com. We look forward to working with you in your next real estate transaction.

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http://www.globest.com/news/1604_1604/europe/183658-1.html

http://www.laedc.org/newsroom/releases/2010/100217_LAEDC%20Economic%20Forecast%202-17-10.pdf

http://www.joeroselaw.com/cms/Portals/0/Employees%20Group.jpg

REGISTER YOUR CELL PHONE ON THE DO NOT CALL LIST

REGISTER YOUR CELL PHONE ON THE DO NOT CALL LIST

By Jodi Summers

Cell Phone Numbers Go Public this month….meaning cell phone numbers are being released to telemarketing companies and you will start to receive annoying sales calls on your cell phone…and YOU WILL BE CHARGED FOR THESE CALLS.

To prevent this, call the National DO NOT CALL list number from you cell phone. That number is - 888-382-1222.

Registering will block your number for five (5) years.

FYI - You must call from the cell phone number you want to have blocked. You cannot call from a different phone number.

LOS ANGELES 2010 – OFFICE BUILDING REAL ESTATE PREDICTIONS

by Jodi Summers

Put on your sunglasses, the future of the Los Angeles office market is starting to look bright. After two years of job cuts, payrolls are predicted to expand payrolls minimally in Los Angeles County in 2010, according to the 2010 National Apartment Index report by Marcus & Millichap, and the 2010 predictions of the Urban Land Institute.

Industry sages such as Xavier Gutierrez, Managing Director and Principal, Phoenix Realty Group, observes, “Los Angeles is better positioned than most areas to survive the residential and commercial real estate fallout due to its very diversified economy.  Since the 1990s, when the local economy was heavily dependent on the defense industry, LA has cemented its importance as the gateway to Asia, luring US companies that want to take advantage of foreign markets through the country’s largest port and the massive infrastructure of rail and roadways linking warehouse facilities in LA and the Inland Empire.”

Conservative investing is the tone. Marcus & Millichap suggests that “economic headwinds remain formidable…. “The recovery will be muted because of slow job growth.”

The NAI concurs, noting, “Following a loss of 115,000 jobs in 2009, payrolls are forecast to expand by 0.3 percent this year, with the addition of 13,000 positions.”

Currently, it is estimated that around 51 million square feet of vacant office space is available for lease throughout the Inland Empire and Los Angeles and Orange counties. The Los Angeles Economic Development Corporation reports that forward thinking companies in fields such as technology, entertainment and R+D are using this low rent era to upgrade to bigger or more prestigious space so they are well-positioned for the rebound.

Experts say the wild card is commercial mortgage maturities, which are in the hundreds of billions of dollars at this point.

Gutierrez is optimistic. “Private equity sources are ready to pounce on cash-generating distressed assets and just waiting for the debt markets to come back and the economy to stabilize with job losses bottoming out,” he notes.

PREQIN, which specializes in offering services for companies involved in alternative investments, suggests that given the size of Southern California’s population and economy, $173 billion of private equity capital is waiting to be invested from a worldwide set of sources.

All sources seem to conclude that there is an optimistic future for the Los Angeles office market.

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http://www.uli-la.org/node/382

http://www.marcusmillichap.com/aboutus/News/Current/020510_los_mm.asp

http://www.globest.com/news/1580_1580/insider/183133-1.html

http://www.laedc.org/

http://www.preqin.com/

15 NOTEWORTHY CLEAN ENERGY STOCKS

15 NOTEWORTHY CLEAN ENERGY STOCKS

Edited by Jodi Summers

Green Stocks Investing has researched publicly-listed renewable energy stocks including solar power companies, wind energy stocks, geothermal power producers, wave energy, tidal power, green mutual funds, emerging clean energy technology companies, and come up with a list of Top Alternative Energy and Renewable Power stock picks for 2010:

1. ITRI - Itron, Inc. (Itron), provides products and services to utilities for energy and water markets globally, and is a provider of metering, data collection and software.

http://www.itron.com/

2. AMSC - American Superconductor Corporation (AMSC) is an energy technology

solutions company, offering products and services based on programmable power electronic converters and high temperature superconductor (HTS) wires. It serves are the wind energy market and the power transmission and distribution or power grid market. http://www.amsc.com/

3. CSIQ - Canadian Solar Inc. (CSI) designs, develops, manufactures and sells solar cell and module products in China that convert sunlight into electricity. CSIQ mplements solar power development projects, primarily in conjunction with government organizations. http://www.canadian-solar.com/

4. CLNE - Clean Energy Fuels Corp. (Clean Energy) is a provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. CLNE designs, builds, finances and operates fueling stations, and supplies customers with compressed natural gas (CNG) and liquefied natural gas (LNG), and also helps them acquire and finance natural gas vehicles, and access government rebates and incentives. http://www.cleanenergyfuels.com/

5. LON-CWP - Clipper Windpower PLC (Clipper) is engaged in the design, engineering and manufacturing of advanced wind turbines and developing wind energy projects, including engineering, construction, and plant operation. It manufactures the 2.5 megawatts Liberty wind turbine and actively develops wind power generating projects in the Americas and Europe. http://www.clipperwind.com/

6. BOM: 532667 - Suzlon Energy Limited (SEL) is an India-based wind power

company engaged in the manufacture of wind turbine generators (WTGs) of various capacities and its components. http://www.suzlon.com/

7. CVE:WND - Western Wind Energy Corp. (Western Wind) owns two wind energy

electrical generation facilities and is developing wind energy projects in California and Arizona. WND currently owns over 500 wind turbines with 34.5 MW of rated capacity and a further 131MW of expansion power purchase agreements in California and Arizona. http://www.westernwindenergy.com/

8. YGE - Yingli Green Energy Holding Company Limited (Yingli Green Energy) is a vertically integrated photovoltaic (PV) product manufacturer in China. The Company designs, manufactures and sells PV modules and designs, assembles, sells and install PV systems in worldwide markets such as Spain, Germany, the United States and China. http://www.yinglisolar.com

9. TSL - Trina Solar Limited is an integrated solar-power products manufacturer based in China. The Company’s market reach includes Germany, Spain and Italy. http://www.trinasolar.com/

10. ORA - Ormat Technologies, Inc. (Ormat) is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal recovered energy-based power plants, usually using equipment that it designs and manufactures. http://www.ormat.com/

11. APWR - A-Power Energy Generation Systems, Ltd. (A-Power) is a renewable energy company in China, engaged in providing onsite distributed power generation systems and micro power grids for industrial companies to recapture previously wasted heat and gas from their manufacturing processes to generate electricity.

http://www.apowerenergy.com/

12. AMAT - Applied Materials, Inc. (Applied) provides Nanomanufacturing Technology solutions for the global semiconductor, flat panel display, solar and related industries, with a portfolio of equipment, service and software products. http://www.appliedmaterials.com/

13. JASO - JA Solar Holdings Co., Ltd. (JA Solar) is engaged in the development, production and marketing of photovoltaic (PV) solar cells, which convert sunlight into electricity in China. http://www.jasolar.com/

14. AOS - A. O. Smith Corporation is a manufacturer of water heating equipment and electric motors, serving a diverse mix of residential, commercial and industrial end markets principally in the United States. http://www.aosmith.com

15. OTC: SHCAY (Sharp Corp ADR) - Sharp Corporation is a Japan-based company

engaged in the manufacture and sale of electronic telecommunication devices, electronic machines and components. The Sharp Solar division is a world-leading alternative energy manufacturer. http://sharp-world.com/

http://agreenrealtor.blogspot.com/2010/01/15-clean-energy-technology-groth-stocks.html

LOS ANGELES COUNTY OFFICE PROPERTY SNAPSHOT – FEBRUARY 2010

SALES ARE ON THE RISE, BUT PRICES ARE WAY DOWN

By Jodi Summers

Chilling words from the Los Angeles Times regarding the Los Angeles area office real estate market, “Industry experts predict properties will have lost 40% to 50% of their value from the peak of mid-2007 by the time the market presumably reboots next year.”

But, not so bad, when you look at the statistics comparing January 2008 vs. January 2010 – in Los Angeles County, median price of sold properties is already down 99%.

Having said that, the landslide drop in prices is triggering activity in the office building sector. Comparing Jan-08 vs. Jan-10: The number of sold properties is up 33%. The 4Q market stimulus which saw the U.S. economy bound up by +5.7% (seasonally adjusted annual rate), according to estimates of the Bureau of Economic Analysis, pushed buyers into the market place. Contrasting Jan-08 vs. Jan-10, the number of under contract properties is up 300%.

“I think the next two years are going to be very tough for the office market,” said Richard Green, director of the Lusk Center and a co-author of the study. “Downtown L.A. is doing a little better than other sub-regions but it’s not immune. You have things like law firms laying people off, so when their lease rolls over they’ll need less space.”

The overall economy has shown signs that the recession may be easing, but that doesn’t hint at an imminent turnaround in office markets, which are considered lagging indicators, Green said.

“It’s the economy, then jobs, then office, in that order,” Green said. “…It’s not until jobs start growing — it’ll be six months after that before the office market picks back up.”

As for the West Side’s office market, Keith Fielding of the Klabin Co. predicted continued price compression and thawing in capital markets. “There’s a lot of money on the sidelines waiting to buy, but prices are not yet where buyers want them.”

Which is why you’ll notice that the number of for sale properties is up 88% from two years ago…and, thankfully, number of sold properties is up 33%. Let us hope the office market will continue to show promise.

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We would like your real estate business. If we can provide you with more detailed information, please contact the SoCal Investment Group through Jodi Summers, Jodi@jodisummers.com. We look forward to working with you in your next real estate transaction.

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http://www.cirbdata.com/

https://www.terradatum.com/

http://www.globest.com/news/1590_1590/washington/183353-1.html

http://www.laedc.org/eedge/index.html#1

Http://www.socalindustrialrealestateblog.com

http://www.globest.com/news/1592_1592/losangeles/183380-1.html

http://www.ladowntownnews.com/articles/2009/12/18/news/doc4b2c047540dd1295124814.txt

http://articles.latimes.com/2009/nov/05/business/fi-commre-outlook5

GREEN LEGISLATION DOMINATES IN SACRAMENTO

A HOST OF GREEN BILLS PASS IN CALIFORNIA LEGISLATURE

by Jodi Summers

Once his term as state leader is finished, do not be surprised if Governor Arnold Schwarzenegger crosses party lines and unites with former Vice President Al Gore in working for a greener world.

Green legislation and regulations have been a favorite in Sacramento since the adoption of Assembly Bill 32 in 2006, and this year is no different. The basics of the green bills signed into law this year by Schwarzenegger include:

Energy

* Assembly Bill 758 (Skinner, D-Berkeley): Requires the California Energy Commission to establish a program encouraging energy savings in existing residential and nonresidential buildings.

* Assembly Bill 920 (Huffman, D-San Rafael): Allows customers with solar and other alternative energy generators participating in a net-metering rate schedule the option of rolling over credits for excess energy generation into the following year or receiving payments from the utility at a wholesale rate.

* Senate Bill 32 (Negrete-McLeod, D-Chino): Creates a fixed-price payment for energy generated from renewable projects based on the value of renewable generation. The legislation makes it easier for the owners of storage units, vacant land, warehouses and other properties that require minimal energy consumption to transform their properties into independent solar power plants that sell back to utilities.

Greenhouse Gas Reductions/Climate Change

* Assembly Bill 1085 (Mendoza, D-Artesia): Shines “sunlight” on important regulatory procedures at the California Air Resources Board (aka CARB) by requiring it make available to the public each technical, theoretical and empirical study, report or similar document, if any, on which the agency relies, related to, but not limited to, air emissions, public health impacts and economic impacts before the comment period for any regulation proposed for adoption by the state board.

* Assembly Concurrent Resolution 77 (Swanson, D-Oakland): Urges CARB to meet the statutory requirements of the Global Warming Solutions Act of 2006, or AB32, by ensuring that its analysis of specified emission reduction measures include prescribed components.

* Assembly Bill 210 (Hayashi, D-Hayward): Encourages cities, counties and other local jurisdictions to adopt energy-efficient building standards that surpass those already included in the state’s landmark Green Building Standards Code. That code requires structures to use at least 15 percent less energy than current requirements, and sets goals for air quality, water conservation and other environmental concerns.

* Assembly Bill 531 (Saldana, D-San Diego): Delays the implementation of the state’s mandatory Energy Star benchmarking law - Assembly Bill 1103 - and requires the state Energy Commission to write implementing regulations.

Water

* Senate Bill 407 (Padilla, D-Pacoima): Requires all residential and commercial buildings to install water-conserving fixtures by 2019. Also authorizes public entities that supply water to require such retrofitting whenever real estate is transferred.

* Assembly Bill 474 (Blumenfield, D-Van Nuys): Authorizes the legislative body of any public agency to designate an area within which authorized city officials and free and willing property owners may enter into contractual assessments to finance the installation of water-efficiency improvements that are permanently fixed to real property.

* Addendum: The state remains without a water deal despite Schwarzenegger’s scheduling of a special session on the topic.

Under Governor Schwarzenegger, California has become an international leader in clean energy standards, enriching the state with clean energy investment, green jobs and a better quality of life. In the last three years, more than $6 billion in venture capital has been pumped into California’s economy, making us the national leader in the number of clean businesses. Green jobs have also skyrocketed, growing 10 times faster in California than in other areas. This growth is expected to continue, with assistance both on the state and national level.

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http://www.carealestatejournal.com/newswire/index.cfm?sid=&tkn=&eid=905490&evid

http://www.socalgreenrealestateblog.com/?p=825

http://www.consrv.ca.gov/smgb/PublishingImages/CaliforniaStateCapitol02.jpg

http://www.blogcdn.com/www.autoblog.com/media/2006/12/the-governator—64_1280.jpg

http://www.greentechforum.net/wp-content/uploads/2007/06/california_state_flag.png

http://www.limitstogrowth.org/WEB-Graphics/CaliforniaPostcardGreetings.jpg

http://www.internationalrivers.org/files/images/Windturbines.jpg

http://forcechange.com/wordpress/wp-content/uploads/2008/03/cfl-float.jpg

SCHWARZENEGGER HAS A GREEN LEGACY, BUT OUR ECONOMY STILL SUCKS

SCHWARZENEGGER HAS A GREEN LEGACY, BUT OUR ECONOMY STILL SUCKS

By Jodi Summers

Arnold Schwarzenegger is now an international superstar in more than one arena. First it was movies, now it’s global warming. During his terms as governor, California’s bold energy programs are influencing national and international policies.

Three years after California adopted AB 32 - California’s landmark 2006 global warming initiative,

1- The Obama Administration announced that the U.S. Environmental Protection Agency will adopt a vehicle emissions standard modeled after California’s first-in-the-nation standard

2- The International Code Council announced the state’s newly adopted Green Building Standards Code will serve as a foundation for commercial buildings worldwide.

3- California participated in the launch of China’s first GHG emissions registry.

Being a leader in clean energy standards has made California a leader in clean energy investment and green jobs. In the last three years, more than $6 billion in venture capital has been pumped into California’s economy, making us the national leader in the number of clean businesses. Green jobs have also skyrocketed, growing 10 times faster in California than in other areas. This growth is expected to continue. According to a recent study, California is on track to more than double its power generated by solar panel installations in 2009.

Sounds brilliant, yet our economy is currently down the tubes. Only our future is filled with green.

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http://gov.ca.gov/issue/energy-environment/

http://www.sgvtribune.com/news/ci_13345618?source=rss

http://www.latimes.com/business/la-fi-power16-2009sep16,0,3412344.story

http://www.pollsb.com/photos/o/38053-relase_greenhouse_gasses_atmosphere_believed_cause_global_climate_changes_following_causes_increase_greenhouse_gas_emissions.jpg

http://tvtropes.org/pmwiki/pmwiki.php/Main/ArnoldSchwarzenegger

http://en.cop15.dk/files/images/1col_492px/chinaenergy_19980822-134048-7_web.jpg

CURBING GREENHOUSE GAS EMISSIONS - THE GOVERNATOR’S LEGACY

CURBING GREENHOUSE GAS EMISSIONS - THE GOVERNATOR’S LEGACY

By Jodi Summers

Governor Arnold Schwarzenegger will eventually leave office, but his impact may be felt for generations to come. AB 32 and Order S-21-09 – California admirably and aggressive energy initiatives pushed forward by our governor, may actually make the world a cleaner, better place.

“Global warming is a global problem that requires a global solution and I am committed to working toward that solution so our children and grandchildren are left with a clean environment and a strong economy,” observes Governor Arnold Schwarzenegger. “Our policies have influenced the world.”

Thought you’d all appreciate a little primer on AB 32 and Order S-21-09 – California’s bold green energy strategies.

The regulations authorized under AB 32, California’s landmark 2006 global warming initiative gave us the world’s first comprehensive law to reduce greenhouse gas (GHG) emissions. Current law requires investor-owned utilities such as Edison to produce 20% of their power from wind, solar and geothermal energy by 2010 (a target they are expected to miss.)

AB 32 mandates a reduction of California’s GHG emissions to 1990 levels by 2020 and calls for an 80 percent reduction from 1990 levels by 2050. The state has approved an AB 32 Scoping Plan as a blueprint for reducing GHG emissions, adopted measures from the Low Carbon Fuel Standard to the Pavley Vehicle Standards to address 40 percent of its overall goals and is working on more than 20 additional measures such as a cap-and-trade system to fully meet AB 32 mandates.

Recently, the Governator signed Executive Order S-21-09, directing the California Air Resources Board to adopt regulations increasing California’s Renewable Portfolio Standard to 33 percent by 2020 - putting California on track to becoming the largest clean energy producer in the nation.

“Every year it becomes more apparent that no single issue threatens the health and prosperity of our world, or provides a greater opportunity for economic success than climate change,” concludes the governor. “That is why California has stepped up to take the lead. Three years ago I signed the world’s most comprehensive global warming law and since then our emissions have been reduced, our green economy has grown and our policies have influenced the world.”

Once his term as governor is finished, Arnold Schwarzenegger may find himself joining former Vice President Al Gore in the crusade for a cleaner planet.

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http://gov.ca.gov/issue/energy-environment/

http://www.sgvtribune.com/news/ci_13345618?source=rss

http://www.latimes.com/business/la-fi-power16-2009sep16,0,3412344.story

http://www.environmentamerica.org/uploads/ig/hp/ighpWSCwRpKVJbuUaA7LCA/DSC_0263.jpg

http://image.guardian.co.uk/sys-images/Guardian/Pix/martin_rowson/2006/09/01/rowsonatlas512.jpg

http://www.pollsb.com/photos/o/38053-release_greenhouse_gasses_atmosphere_believed_cause_global_climate_changes_following_causes_increase_greenhouse_gas_emissions.jpg

http://tvtropes.org/pmwiki/pmwiki.php/Main/ArnoldSchwarzenegger

http://images.businessweek.com/ss/06/04/sb_presentations/source/7.htm

LOS ANGELES OFFICE PROPERTY SNAPSHOT – JANUARY 2010

LOS ANGELES OFFICE PROPERTY SNAPSHOT – JANUARY 2010

By Jodi Summers

Yes, 2009 was a very forgettable year, offices vacancies were out of control, and it seemed liked the office market was falling off the abyss. But as the year came to an end, there was indeed good news on the job front, according to the National Association of Realtors. In November, payroll jobs were reduced by only 11,000; and improvement job cuts averaged 688,000 per month in the first quarter, 512,000 per month in the second quarter, 288,000 per month in the third quarter, and 111,000 in October.

The average hours worked by an employee rose in November as well, implying more full-time hours over part-time. Moreover, employment information from households and not from established companies suggests a net job addition. A total of 227,000 jobs were added when based on household survey, thereby nudging the unemployment rate lower to 10.0 percent in November from 10.2 percent in the prior month.

It has been reported that commercial real estate value declines will average more than 40 percent below previous highs of mid-2007. Locally, in Los Angeles County, from December 2007 – December 2009 The median price of for sale properties is up 394% and the median price of sold properties is down 72%. Meantime, volume is up by 86% and the number of sold properties is down 75%

The Urban Land Institute notes business environment for commercial real estate in 2010 will be as unsatisfactory as the recession of the early 1990s.

It has been predicted that many late-cycle buyers of 2005 through 2007 could find themselves struggling with foreclosures because of high sales prices, weakening occupancy and commercial mortgage-backed securities (CMBS) coming due.

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http://saratogavoice.com/wordpress/2009/10/20/california-real-estate-forecast-for-2010/

http://nyrej.com/37067

http://www.realtor.org/research/economists_outlook/commentaries/forecast1209

http://pittsburgh.bizjournals.com/pittsburgh/stories/2009/12/07/daily30.html

https://www.terradatum.com/agentmetricsonline/report_chart_view.td

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