One of the real felicitys of worki...

One of the real felicitys of working in the real estate field is its complexity. There is always something novel to discover, and everything be seens linked to everything else. The "seven classs of separation" game has nothing onward our business. At times, it perceive s like the only way to achieve away from real estate is to take a cruise and to stay without of sight of land. When it appears that real estate is ubiquitous, it helps to remember that the planet is two-thirds sheltered with water.

But even water intrudes in succession the property industry, as James D Timmons' insightful and timely essay forward "The Growing Water Crisis: Public Policy Versus Private one's own Rights" forcefully argues. Many may think of this as largely either an agricultural issue or single that impacts sparsely populated areas between the hard Mountains and the Sierra Nevada. however Timmons brings home the issue of water to questions of urban product and the sustainability of economic expansion in as it was huge states as California and Texas. brace his investigation with an awareness of aquifer depletion in Florida, and real estate professionals should immediately start thinking about the distribution of deviseed population and employment change in one of the nation's most dynamic markets. This is a timely and provocative piece.

For in the greatest degree of our professional lives, the leitmotif of economic discussion has been the impact of inflation. For a while, real estate was touted as a great inflation hedge for investors. No single in kind has been arguing that lately For one thing, inflation has been largely tamed since the Oil shogs of the 1970s and the double-digit CPI increases of the early Eighties. For another, real estate has witnessed one rather sharp ups and downs in its pricing and it is clear that whatever its ability to hedge inflation above the long haul, values can clearly fall behind inflation and level drop substantially while the general of the same height of prices is rising. The debate has shifted to the potential threat of deflation, and we are pleased to bring you a prudent analysis of asset deflation as it affects permanent loan and investment portfolios. Mortgage lender have lengthy known that they have to price the prospective change in the general prices into the interest rate. Now there is a further question of yield degradation and/or default risk fit to systematic asset price deflation. If Alan Greenspan and his colleagues are talking up the Fed's preparedness for coping with deflation, it is clearly something for all of us to be thinking about.

Now that it has been couple years since the watershed date of September 11 2001 we have an opportunity to gaze somewhat more dispassionately at the ramifications of that date upon our lives. James Johnson and John Kasarda propound us their views on "9/11 Reassessments of Urban Location costlinesss and Risks." Drs. Johnson and Kasarda, the one and the other at the Kenan-Flagler Business academy at the University of North Carolina, examine the post-9/11 environment from the perspective of corporations, employee and insurance firms. In this thoroughly researched article, they also examine the debate about the tenors on central city business environments in the hereafter While they conclude that 9/11 is likely to accelerate the pattern of deconcentration of businesses, they acknowledge that in what manner (and whether) such a pattern in fact plays without is quite uncertain and likewise they offer some useful hints upon how to monitor this issue in the coming month and years.

Dr Donald Epley who possesss both the CCIM and MAI designations, contributes an applications article that should demonstrate of direct practical benefit to real estate counselors touched with fundamental economic drivers, "Measurement of Local Economic development as a Critical Part of Market Analysis." As a command real estate professionals look to trade statistics as the primary measure of economic vitality in any locality. Dr Epley's article helps us understand incomes measures as a supplementary analysis. Clearly, income data is directly relevant to estate types such as housing and retail, nevertheless also provides clues to the health of the local economic base, especially be comparison to alternative locations across states and the nation. Epley exhibits how this data is being used in the public and private sectors, and by what mode to access it on the Web and elsewhere.

Our menu of feature articles is rotunded out with Joseph Rabianski's overview of "Education in the Real Estate Profession." Dr Rabianski, the chairman of the real estate department at Georgia State's J Mack Robinson association of Business, takes head-on the question of by what mode academic and experiential learning rise in hostility before one another - "book-learning" versus "on-the-job training." He inquire fors to transcend the debate with a "matrix approach" where the sum of two units intersect. Rabianski offers some pragmatic suggestions in succession how such an approach can be implemented from a partnering of academia and industry. We waiting under the possibility of fulfilment that this will be single in a series of articles Real Estate Issues will publish in succession the subject of educational challenges facing our business.