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ATLANTA — Ignore the fiscal cliff and think about it more as a “fiscal bungee jump,” advises Rajeev Dhawan, director of Georgia State University’s Economic Forecasting Center. This year will end with two lackluster quarters followed by a weak economy next year thanks to a lack of business investment, which will eventually rebound in 2014, predicts Dhawan. “This quarter and next quarter are ruined,” remarked Dhawan at the Economic Forecasting Conference last Wednesday, Nov. 14, at GSU’s student center. “Then things will pick up by year-end 2013.” Dhawan blames the impending fiscal cliff for creating uncertainty among U.S. households, and influences from Europe and China as the main reasons for next year’s desolate outlook. (The fiscal cliff is the end of certain tax breaks for businesses and payroll tax cuts, and the beginning of taxes related to President Obama’s health care law.) While consumer sentiment appears upbeat heading into the holiday season, corporate sector investment is at a virtual standstill, said Dhawan. “Consumer expectations will be dashed in the coming months, the corporate mood is also bleak as revenue growth has stalled affecting job growth, and the fallout from a recessionary Europe and a stalled China will also be felt …

Following in the footsteps of New Orleans and Portland, Oregon, Atlanta will be implementing its own streetcar project to alleviate some of the city’s traffic congestion and further revitalize its downtown streetscape. The City of Atlanta, Atlanta Downtown Improvement District and MARTA have partnered on the Atlanta streetcar project, which is a transit network that will link communities and improve mobility. The $69.2 million project, which will provide 2.6 miles of transit with 12 stops upon completion in late 2013, is designed to connect Centennial Olympic Park to the Martin Luther King Jr. National Historic Site. “Everywhere streetcars have been built, property values have increased,” said the mayor of Atlanta, Kasim Reed, at the Carter Breakfast, which occurred Thursday, Nov. 8, before a crowd of approximately 200 attendees. Driven by their desire for convenience and diverse neighborhood amenities, the millennial generation is an obvious target for downtown Atlanta's Streetcar corridor project. According to a report from New Media Trend Watch, millennials (persons born from 1982 to 2002) comprise approximately 25 percent of the U.S. population and are evenly split between males and females. Atlanta’s 10th annual Downtown Development Day, which took place Wednesday morning, Nov. 7, in the AmericasMart Building …

Heather Merz From smart phones and tablets used in the field to social media enhancing marketing outreach, the construction industry is getting younger and more agile. The U.S. Census says by 2018, the Millennial Generation, a distinctive group of Americans born after about 1980, will compose the majority of the construction workforce. The construction industry in Texas is taking huge strides to adapt to new methods of recruitment, management and retention of millennials. Employers who better understand what motivates and engages this generation will be better positioned to secure the top talent, keep them happy and productive and make sure competitors do not snatch them up. Construction has a lot to offer this generation in terms of longevity. Working in an environment that is always upgrading, expanding and growing gives millennials access to long-term growth and a sustainable economic future. MORE BRAINS, LESS BRAWN The construction industry as a whole has evolved and the Millennial Generation is truly changing the way construction firms in Texas recruit. Each year, 467 students on average graduate from a construction management school in Texas. With 34 construction management schools located throughout the state, employers have a competitive talent pool for hiring. Most Texas universities …

Matt Valley After the CMBS delinquency rate dropped below 10 percent in September, New York-based Trepp LLC projected that the delinquency rate would continue to see considerable downward pressure in the months to come. That was certainly the case in October, as the rate saw its biggest drop in 14 months. The delinquency rate for U.S. commercial real estate loans in CMBS fell 30 basis points to 9.69 percent in October. Loan resolutions remained high in October. More than $1.5 billion in loans were resolved in October with losses. The removal of these loans from the delinquent loan category accounted for 28 basis points of downward pressure on the delinquency rate. Newly delinquent loans — around $2.6 billion in total — put upward pressure of about 46 basis points on the rate. This was significantly less than September’s $3.3 billion of newly delinquent loans that contributed 59 basis points of upward pressure. Loans that cured in October put downward pressure of 45 basis points on the rate, essentially offsetting the amount of loans that became delinquent. Added together, the impact of the loan resolutions, the effect of loans curing, and the effect of newly delinquent loans created a net improvement …

By Bill Brown, Halpern Enterprises Coming out of the recent ICSC Southeast Conference in Atlanta, it’s clear that more buyers and sellers are talking about doing retail center deals. But here are two important questions: How real is the talk? And how motivated are buyers and sellers to get acquisitions done? To answer the first question, we are definitely seeing a higher volume of deals. Opportunistic sellers are seeing that this may be a good time to sell with cap rates at extremely low levels. At the same time, more special servicers are bringing properties to market after working through various issues, while REITs are selling non-core assets as they tighten their strategic focus either geographically or to certain types of properties. As for the buying side, though cap rates are low, numerous buyers are making deals work because of the low interest rates on longer-term debt. A number of buyers we talk to are planning to acquire a center, hold it for five to 10 years with cheap debt, and see what the future holds. But is this uptick in activity a sign of a marked strengthening of the marketplace, particularly as we near the end of the year? …

Possibly the busiest season for property managers and buildings, fall comes with a laundry list of actions to be completed. These necessary activities run the gamut, ranging from budgeting to repairs and maintenance. Many of these to-do’s must be completed to ensure a seamless transition for residents from season to season as well as to create a solid financial plan for the following the year. As the vice president of client services at Argo Real Estate with over 20 years of industry experience, I’ve found the easiest way to ensure that all of the essential to-do’s are checked off is to take the standard list-making approach. During my time at Argo I developed what we like to fondly call the “Five Essentials for a Foolproof Fall.” Separating the myriad of repairs, maintenance, budgeting and other activities into five different categories, this list covers all aspects of the property management spectrum and ensures that all necessary parties and activities have been addressed. Listed below with a corresponding detailed description are the Five Fall Essentials. Through the acknowledgement and completion of each one, a building and its property managers should transition easily between seasons, particularly from fall to winter, which is the …

WASHINGTON, D.C. — The Architecture Billings Index (ABI) has posted an overall score of 51.6 for September, up from 50.2 in August. The index is generally used to help gauge the onset of construction activity nine to 12 months in advance, according to The American Institute of Architects (AIA), the publisher of the index. Scores above 50 on the ABI indicate an increase in architecture billings, while readings below 50 reflect a decline. For September, billings at architecture firms increased at their fastest pace since late 2010, according to the AIA. The September index shows strong activity for multifamily properties, which leads all other sectors in terms of architecture billings. Kermit Baker, chief economist of AIA, explains that multifamily’s strong showing is a result of high demand for rental housing. “Going back to the third quarter of 2011, the multifamily sector has been the best-performing segment of the construction field,” says Baker. “With high foreclosure levels in recent years, more stringent mortgage approvals and fewer people in the market to buy homes, there has been a surge in demand for rental housing. The upturn in residential activity will hopefully spur more nonresidential construction.” Multifamily posted a 57.3 score, institutional posted …

CHICAGO — Los Angeles is the place to be for law firms, according to a new report from Jones Lang LaSalle. The City of Angels has been ranked the top U.S. city in Jones Lang LaSalle’s inaugural law firm index, which ranks the top U.S. markets for law firms. The index is based on a combination of potential business growth, strong local legal employment volume and the availability of premium space at a discount. The index ranks 36 U.S. cities, and Los Angeles posted the highest score with 69.2. The law firm index was featured in Jones Lang LaSalle’s seventh annual Law Firm Office Perspective report. It marks the first time U.S. real estate markets have been ranked for location attractiveness for law firms. The top 10 markets and their scores are as follows: 1. Los Angeles (69.2) 2. Washington, D.C. (68.2) 3. New York City (61.5) 4. Chicago (58.3) 5. Dallas (52.9) 6. Atlanta (52.8) 7. Boston (51.1) 8. Philadelphia (50.3) 9. Houston (49.7) 10. Minneapolis (48.4) “The top cities for law firms represent metropolitan areas where our research has determined that law firms have the most potential to achieve overall success,” explains Tom Doughty, managing director and co-chair …

DENVER — The real estate recovery is set to advance in 2013 as modest gains in leasing, rents, and pricing will extend across U.S. markets from coast to coast and improve prospects for all property sectors. That's the conclusion of Emerging Trends in Real Estate 2013, an annual forecast released Wednesday by PwC US and the Urban Land Institute (ULI). The Emerging Trends survey results were based on interviews and survey responses from more than 900 leading real estate experts, including investors, fund managers, developers, property companies, lenders, brokers, advisers, and consultants. Despite a slower than normal real estate recovery, U.S. property sectors and markets will register noticeably better prospects than in 2012, according to survey participants. Recent job creation should be enough to increase absorption and push down vacancy rates in the office, industrial, and retail sectors, helped by the limited new supply in commercial markets. Robust demand for apartments should hold up, survey respondents indicate, even as new construction ramps up. Even the housing sector will make progress in most regions. Additionally, improving fundamentals should help with rents and net operating incomes, building confidence about sustained growth and strengthening recent appreciation. “With the outlook for commercial real estate …