Gray Sunday

LIVE WEBINARHow To Kick-Start Your Career Are You Dead-Ended at Your Current Commercial Real Estate Position? Looking to Make a Switch Or Simply Move up in Your Present Firm? How Do You Increase Your Value in This Industry? Wednesday, September 24, 2008, 12:30 PM EDT. Cost: $85. REGISTER NOW > Gray Sunday

What a ride we had behind the scenes on Wall Street over the weekend. As I watched CNBC on Sunday evening, the stunning news unfolded in real time that Lehman Bros. threw in the towel and is filing for bankruptcy to prepare for an orderly liquidation, while Merrill Lynch’s board agreed to be acquired by Bank of America. At the same time, AIG publicly announced that they needed to raise $50 billion to avoid a ratings downgrade–an event that could have graver consequences than the faltering investment banks. This is the greatest realignment of the financial system ever, and, clearly, we’re in an increasingly precarious situation that rivals nothing that I have ever seen in the 35 years of my career. Translating this to the impact on real estate–aside from the likelihood that a lot of office space will be going dark in Manhattan–the major story is on the real estate banking front, where the effect on professionals at all levels will be profound. We are ending up with a totally reorganized industry with dramatically fewer chairs to fill and with a few thousand careers seriously derailed. Worse yet, the pipeline of young talent into our industry is going to be severely reduced, because real estate banking was the number one attraction. Let’s hope the last of the big shoes dropped over the weekend.

Job Opportunities SELECTLEADERS Senior Vice President, Acquisition and Development(EAST) A top resort and residential builder seeks a Senior VP to manage an integrated regional model to maximize the performance of a $1 billion pipeline of projects AVALONBAY COMMUNITIESEnergy Analyst(ALEXANDRIA, VA) This position analyzes the overall energy consumption at AvalonBay’s properties, providing updates and analysis to senior management with respect to energy consumption and current energy market outlook. The Analyst manages the process to procure energy, creating and managing the energy budgeting process and managing relationships with energy providers. Want to continue reading? Become a Free ALM Digital Reader. Once you are an ALM digital member, you’ll receive: Unlimited access to GlobeSt and other free ALM publications Access to 15 years of GlobeSt archives Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications 1 free article* every 30 days across the ALM subscription network Exclusive discounts on ALM events and publications Register Now *May exclude premium content Already have an account? Sign In Now NOT FOR REPRINT © 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing. share on facebook share on twitter Trending Stories CRE Pricing Forecast Is Down, Down, Down Multifamily Capital Markets Continue to Struggle Nashville Joins List of Top Migration Destinations Fed: CRE Activity Keeps Slowing and Loan Demand Down Our Best Guess for 2024   Recommended Stories CRE Discovers a New Capital Partner: Their Solar Provider Nicki Howell | November 30, 2023 Commercial real estate owners look to solar to stabilize NOI, create an additional source of revenue, and even to generate capital. Sale-Leaseback Due Diligence: What to Know Amanda Horan | November 30, 2023 Properly scoped, well-executed due diligence can benefit sellers and buyers alike. Resource Center Report Sponsored by Building Engines The ROI of HVAC Optimization in Commercial Office Buildings HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability. Browse More Resources › White Paper Sponsored by TheGuarantors Addressing the Surge of Renter Fraud in Multifamily Housing This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape. Browse More Resources › Interactive Resource Center Sponsored by Building Engines How Prism helps CRE Managers Exceed Goals What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants. Browse More Resources › GlobeSt Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now! Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. Exclusive discounts on ALM and GlobeSt events. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. Already have an account? Sign In Now Follow Us On About GlobeSt Contact Us Site Map Advertise With Us Asset & Logo Licensing Terms of Service Privacy Policy Terms of Service Privacy Policy Copyright © 2023 ALM Global, LLC. All Rights Reserved.