As the commercial real estate industry continues to worry about all those debt maturities coming up in 2010 and 2011, the Federal Deposit Insurance Corp. (FDIC) is one step closer to issuing guidelines for banks dealing with troubled loans. It seems we are finally seeing some progress in other areas, as well--there's been an increase in architectural billings last month, Jones Lang LaSalle believes the worst of the downturn might be over and a high profile retail project in New York City just got the okay from one of the city's planning agencies.
- Bloomberg reports that investors are showing an increased appetite for commercial mortgage-backed securities, even as commercial real estate loan defaults rise.
- Worried that the defaults might be getting out of control, the FDIC is finalizing guidelines meant to encourage banks to workout troubled commercial loans, according to the CoStar Group.
- In the meantime, CoStar provides industry professionals with a breakdown of the best and worst areas of the country based on retail real estate fundamentals.
- According to new research from Jones Lang LaSalle, however, the worst of the downturn is over for the global commercial real estate market, reports Reuters.
- Calculated Risk also has some encouraging news. The American Institute of Architects (AIA) registered an increase in its Architectural Billings Index in September. The Index is now at 43.1, which is still below the January 2008 level.
- Among projects getting the go-ahead is the Kingsbridge Armory in the Bronx. The New York Times reports that New York's City Planning Commission just approved a redevelopment plan that will turn the armory into a $310 million mall.
- Finally, Microsoft opened its first store today, in Scottsdale, Ariz., according to Channel Web.