GlobeSt.com: Your basic premise is that the current crisis will increase the flood of foreign capital into the US, correct?

Lansden: There has been, and will continue to be a pricing out of the market by a number of domestic entities and principals who had utilized generous loan terms to purchase property. On the plus side, there's a strengthening of the euro vis a vis the dollar.

GlobeSt.com: And now?

Lansden: There have been a number of foreign private equity and institutional investors, new players, who were establishing funds to take advantage of the repricing of US commercial properties.

GlobeSt.com: But there's been an influx of foreign capital for years. So what?

Lansden: The capital flows would have continued to grow, but the current uncertainty provides certain opportunities. Foreign investors--particularly Irish--have looked at prime markets--New York City; Boston; Washington, DC. But I think there's some need to understand that there are opportunities beyond those markets. Right here in Charlotte. It might be a symbol of other opportunities that have not been looked at seriously by long-term prospective investors in US real estate. These investors are seeking property and currency diversification and realizing there may be an opportunity to look at US properties.

GlobeSt.com: What risks do they take in doing so?

Lansden: When you look at foreign investment in the US, several themes come forward. Foreign investors have a global market from which to choose--the UK, continental Europe, Asia, the Middle East. You have certain issues here, including the taxation risk that is sure to come with a new administration and currency risk.

GlobeSt.com: But you said they come to the US seeking currency diversification.

Lansden: It's important, but it's on the long-term assumption that the dollar won't fall off the cliff. But in general the pricing of commercial property will, in the near future at least, come back to more reasonable levels based on property fundamentals as opposed to being based to a significant extent to the available financing.

GlobeSt.com: Risks aside, who's coming?

Lansden: Irish institutional investors have made a dramatic increase in investment outside the Republic of Ireland in the past five years, and they've come to the US with some noteworthy acquisitions. Last year something like 2% of all foreign investments in the US were done by Irish investors. But the combination of increased interest by Irish investors makes a fairly significant part of the trend.

GlobeSt.com: Who else?

Lansden: Canadian and Middle Eastern investors.