INLAND EMPIRE
Medical Office
Facilities Open
In Riverside
Turner Development announced completion of the final phase of the Medical Park
at Riverwalk, which is part of Turner Riverwalk, a one-million-sf, master-planned business park in the Inland Empire.
The two new medical office buildings
have access to hundreds of thousands of
residents and more than 3,000 daytime
workers on-site, and the new medical park
will satisfy a need for modern medical office facilities in Riverside, developers say.
Medical Park at Riverwalk is located near
four neighborhood hospitals.
The class A medical office buildings, totaling approximately 66,000 sf, are located
at 4234 and 4244 Riverwalk Parkway in
Riverside.—SOCAL
AdIndex
Birtcher Development, 38
Bond Buyer, 36
Buchanan Street Challenge for Children, 55
Buchanan Street Partners, 11
Centerline Capital, 9
CIBC World Markets, 41
City of Hesperia, 25
Cohen Financial, 19
Dwyer Curlett, 24
First Federal Bank of California, 33
Goodwin Procter, 1
Imperial Capital Bank, 3
Hanley Investment Group, 32
High Desert Opportunity, 6
Inland Mortgage Capital, 23
Key Bank Real Estate Capital, 42
Marcus & Millichap, 5
McKenna Long & Aldridge, 37
Meridian Capital Group, 43
Mike Rovner Construction, 29
NAI Capital, 16
NAIOP, 22, 34
PCCP, 13
PCG Exchange, 40
Reznick Group, 15
Sares Regis, 18
Security Pacific Bank, 45
Thompson National Properties, 46
UCLA Extension, Cover III
Union Bank of California, Cover IV
Verizon SmartPark, 7
Washington Mutual, Cover II
This advertising index is provided as an additional
service. While every attempt has been made to make
this index as complete as possible, the accuracy of
all listings cannot be guaranteed.
Economic Perceptions
Bleaker Than Realty, Says Webinar
The prevailing view of the current market is grim. Conservative lending practices, the government’s bailout of troubled lending institutions and a real estate market scrambling for a foothold
add to an already dismal environment. But for some experts, today’s difficulties are just the
necessary result of a market shifting from high gear into a more normalized state.
These were some of the issues addressed in a recent webinar entitled “US Economy: Crisis
and Cures,” held last month on GlobeSt.com. Hosted by editorial director John Salustri, the
session featured panelists Hessam Nadji, managing director of research services at Marcus
& Millichap Real Estate Investment Services; Howard Roth, global and Americas real estate
leader of Ernst & Young; Raymond Torto, global chief economist of CB Richard Ellis; Ed Friedman, senior economist at Moody’s Economy.com; and Gary Zimmerman, senior economist of
the Federal Reserve Bank of San Francisco. (Areplayofthesessionisavailablethrough October 24 at www.globest.com/webinars.)
The discussion began with an effort to define the current crisis. While Friedman said that we
are in a recession, pointing to evidence that the economy has been contracting, others panelists, such as Torto, noted that it should simply be called a downturn. “I don’t think it is anything
less than what we expected a year ago,” Torto observed. “It is a relatively mild downturn, compared to what we have seen in the last two cycles. But no matter what you call it, it all stinks
compared to the past few years.”
Industrial will fare this downturn the best, Torto said. “It will probably be the least worst,” he
said. “Office is probably second in terms in weathering the storm.”
He added that retail will be third, and that things look bad for the hotel sector, “one area
where there has been a lot of supply. We have every expectation to see some negative rent in
the hotel sector.”
Regarding Southern California, Torto noted that, “Orange County office will probably be the
poster child for all the ills we’ve been talking about.”
Roth agreed that “things are pretty brutal,” specifically pointing to the real estate industry and
frozen credit market. “We are at a point where there will be significant recalibration of values,”
and “everyone, for the most part, is staring at each other.”
However, Nadji noted that there is a lot of uncertainty on the horizon, which is creating
more of a psychological recession than a structural one. “That uncertainty is causing CEOs
to stop corporate investment and consumers to stop spending,” he said. “Risk factors are
still highly elevated.”
Zimmerman pointed out that payroll employment numbers have deteriorated a bit, primarily
in the goods-production sector. “The declines we have seen in employment aren’t nearly as
large as in prior recessions, which is the good news so far.” With the credit crunch resulting in
tighter lending standards and higher risk premiums, and with the housing price index futures
continuing to plunge, there are a lot of factors that have the potential to keep things slow for a
while, Zimmerman said. “2009 is going to be better, but still, there are uncertainties.”
Torto and Roth agreed that it is nice
to see some direct leadership making
an attempt to improve the situation. “It
is helpful to see the Housing Stimulus
We’re in long-term trouble package in terms of stepping in and
The end of the year providing credit,” Roth said. “You can
19.0% really see some immediate actions
6.3 pretty quickly, which is a positive sign.”
15.8% Torto said, given what happened in
58.7% The start 2006 and 2007 with the over-exuber-
of Q2 ’09 ance in the financial markets, “We
should have expected this,” he noted.
“What we have now is a period of correction.”—NatalieDolce, GlobeSt.com
AUDIENCE POLL
When Will The General Economy Right Itself?
