News: Spotlights

Values & trends vary increasing need for experienced appraisers

Greetings from Connecticut and The Connecticut Chapter of the Appraisal Institute. Increasingly the news is better for our state, as activity and overall strength in the commercial real estate market have continued to improve. Our members are consistently reporting a greater share of their work from healthy sources, with financing and transactions appearing more consistently on appraisal backlogs. While workout and foreclosure assignments are still very much in the discussion, we seem to be turning the corner economically if the "type" of appraisal activity is any indication of market direction. As further evidence of recovery, commercial brokers throughout the state are reporting greater activity on both the leasing and investment sale fronts. This quiet tightening of our market has, at least anecdotally, left quality space increasingly scarce. That being said, pricing is still low and we have plenty of room for absorption in the B and C space markets. Although we are not back to the good times just yet, the appearance of institutional capital is a really good sign. For the prior two years, these investment dollars were focused almost exclusively on barrier markets like New York and Boston. That their investment officers would now consider Connecticut speaks well of the hopes for broader recovery. Here and outside the state, favorable financing opportunities remain a driving force, and thankfully, Connecticut's banks are participating by offering highly competitive rates. Insurance company lenders, including several based in Connecticut, are sourcing deals closer to home. In conjunction with market trends, the Connecticut Chapter has itself been very active in 2012. At the National level, The Appraisal Institute is rolled out a Society model earlier this year, focusing on designated membership and preparing for the future of the appraisal industry. To that end, in the Connecticut Chapter, we've spent considerable time working to execute that strategy, encouraging Associate Members to register for the program and accept a path (and timeline) to designation. On the state legislative level, our Chapter was also extremely active, not to mention successful. During the first half of the year, we worked with state law markets to preserve existing legislation that protects consumers through the appraisal process. For the second year in a row, we turned back efforts by the banking industry to soften appraisal standards, thanks in equal parts to our full-time lobbyist and the excellent work of our Government Relations staff. From the Connecticut Chapter, we wish you the best throughout the balance of the year. Should your real estate activities require the services of a professional appraiser, designated Institute members provide the most educated, reliable source for value opinions. To find members, look to our web site, www.appraisalinstitute.org. Tyler Brown, MAI, is the president of the Connecticut Chapter of Appraisal Institute, Hartford, Conn.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Quick Hits
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary