Where will be the key opportunities for this sector of the market? We will address these issues on a local/state, national and international level. • With increasing amounts of capital in the hunt for yield amid a decreasing inventory of available property is there a market trend of taking on too much risk? • What are your return expectations as we head into 2015 – up/down/same as 2014? • Where do you see the greatest investment opportunities in 2015? Are you becoming more aggressive with your underwriting in general? • Are you looking for more JV deals than in recent years? • In summary are you optimistic, pessimistic or neutral about 2015 for CRE investment? We consider the current state of REIT conversions and the IRS ruling posture and recent Treasury regulations defining real estate for REIT purposes from both the owners and investors perspectives. How to bring capital in and out in the most efficient manner? • How well-capitalized does an operating partner need to be in this market? • Exit strategy planning up front • How to assess the ideal timing for closing a fund and starting a new one with the same investor group? • • What are typical terms of subscription lines today? How are you accounting for this in your investment strategies? • • What are you doing to remain competitive and chase yield? : Assessing Insurance companies; regional/community banks; CMBS shops; large banks; private equity firms; mortgage REITs • Single borrower vs. • Which countries/geos will offer the best investment opportunities? What have been key office trends in terms of urban vs. For your money, where are the prime opportunities vs. • As the economy strengthens are you concerned about a shift away from rental and back to ownership? • What are the pros/cons of the various senior debt sources for borrowers in the current market? What volume of distressed CRE debt/assets have banks worked out? Is it limited to prime properties in prime locations? • • How did 2014 round out in terms of new development and leases signed for Classes A, B and C office space? Are you getting enough reward for the risk you are taking? • With less distress in the market, what CRE debt is now offering the best investment potential? What is the state of the market for financing smaller deals? Where are the best opportunities in the investment food chain?
• Branding/management: What are the pros/cons of the different options for owners today? What can we expect from the current Administration that will impact this market this year? These are some of the points we discuss along with:• Where opportunistic deals are to be found today? What strengths are you leveraging over the larger funds? If so, what’s driving this and will renters be able to absorb the additional cost? What is the 2015 outlook for European CRE investment? How much more is coming due over the next 2-3 years? Are opportunities limited to distressed debt/properties? What opportunities do US non-bank lenders have for new originations as well as refinancings? • • How was 2014 for you in terms of meeting your return expectations? • How are you protecting yourself against a potential rise in interest rates?