Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
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Private equity firm 3G Capital Partners discloses that it sold 25.1 million shares of Kraft Heinz, bringing its stake down by about 9%.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
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In major cities across America, commercial real estate is seeing a rebirth. After crashing hard during the recent recession, sales and development are soaring again, and financing is finally following through.
"There is a lot of momentum in commercial real estate," said Sam Chandan of Chandan Economics. "The banks are re-engaged. In the second quarter of this year, we saw a net increase in lending on construction projects for the first time since the financial crisis."
Commercial property sales volume is on track to surpass $300 billion this year. That is an increase of 380 percent from the low in 2009, according to Chandan. Sales spiked in the final quarter of 2012 on speculation of higher tax rates. Imagine what would happen in the reverse if a debt default caused a spike in interest rates.
"Commercial real estate is very interest rate sensitive and credit dependent and long term. Those are not good formulas if you have a high interest rate environment or an environment in which credit is volatile," said Stephen Renna president of the Commercial Real Estate Finance Council.
(Read more: Shutdown costs rural family $10,000)