Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
Issue link: http://cire.epubxp.com/i/897832
LESTONES Pivotal Events in CRE During the 1980s and 1990s 1980: ✦ Introduction of computers into the CCIM courses 1982: ✦ Debut of the Commercial Investment Journal, which became Commercial Investment Real Estate 1986: ✦ CCIM courses first licensed to be delivered in Canada by the Canadian Real Estate Association 1987: ✦ Expanded CCIM curriculum to include User Brokerage for designation courses 1988: ✦ First national CCIM Conference was held in San Francisco with 600 attendees. 1991: ✦ What is now CCIM Institute was renamed the Commercial Investment Real Estate Institute and became independent of RNMI and a direct institute affiliate of NAR. ✦ Authorization of licensed delivery courses by CCIM chapters ✦ The CIREI Education Foundation was established. ✦ First international offering of CCIM courses beyond North America held in Russia 1995: ✦ The Institute reached a record high number of 7,703 students. 1996: ✦ BK Allen, CCIM, was the first woman elected Institute president. ✦ First national website was created. 1999: ✦ Launch of Site To Do Business, which uses multiple technology tools to prepare CCIMs to be competitive in the digital space of commercial real estate 1980s: Commercial real estate was becoming out-of-control from the Savings and Loan Crisis and debt from junk bonds. It was a decade of excess. Analysis and careful deal writing were not in vogue. CCIMs were an exception and were calling for and conducting careful scrutiny of transactions to help minimize the risk. ✦ The community lending market contracted from $150 billion to $1 billion. ✦ 85% loan to value was not backed by real dollars. ✦ In the midst of bad practices, CCIMs yelled stop at the irrational exuberance. ✦ High leverage and bad analyses of demand were rampant. ✦ According to the Urban Land Institute, the office market doubled, and shopping centers were up 50%. 1990s: The beginning of the decade was a reckoning for the excesses of the 1980s. CCIMs were a stabilizing presence in the industry. U.S. government formed the Resolution Trust Corporation to handle the assets of the failed savings and loans that the FDIC could not manage on its own. These failed savings and loans had commercial properties on their books. ✦ RTC sold $456 billion of property — the most in history. Organized vulture funds and Sam Zell's Equity Group Investments picked up the pieces. It was a huge hit to U.S. taxpayers. ✦ From the ashes of the RTC, the modern REIT industry was born. ✦ Big companies were Kimco and Crescent Real Estate Equity. ✦ Wall Street demanded new accountability and rigor from the commercial real estate industry. ✦ The first clearinghouse for data opened. ✦ After the party of the 1980s, CCIMs added a new layer of analysis to commercial real estate deals. COMMERCIAL INVESTMENT REAL ESTATE / NOV.17 29 CCIM.COM Pivotal CRE Industry Events 1980s and 1990s Fitria Ramli / EyeEm; Maxiphoto