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. <br />Now Online <br />All members can now access the complete <br />U LI Leadership Audio Llbrary and listen <br />online or download to an MPB player. Go to <br />leadership.ulli.org and log on to access the <br />ULI Leadership Audio Library archive. <br />More than 50,000 visitors did just that this year. <br />Tyr it out. All you need is your ULl Akmber I.D. <br />and enter your last name as tle password. <br />The Member ZD03 edition of Coaching Ior <br />Execudves lets you catch up on your leadership <br />book reading,_ without turning a page. Fear: <br />ftw <br />Strategic 6usiness Futurist <br />Competing for scarce resources—talent <br />new cCr <br />Author, The Other 90% <br />Flow star performers achieve their goals <br />WINCIM! Scully <br />2003 Laureate, Ut if J.C. Nichols Prize fof <br />Visionary Urban DevelopInval <br />The value of community in architecture <br />John Wiceralft <br />Author, You Don't I-tave to Be Born Brilliant <br />Success is a state of mind, <br />kAM Lang <br />A01hor, Re: Life <br />Making life less stressful. <br />arm Nell Flanvu <br />Author The Mangermnt Bible <br />Seven sirts of highly irieffecfive people. <br />September 2003 edition <br />Coaching for ExeculiveS <br />Now Online <br />a+ <br />I��� <br />Joe �! <br />l��l 111 <br />:II, �„ �I�Y a 7.. <br />`rs <br />" <br />rf��Jy'r <br />�l <br />Urban Land .October 2003 <br />One in thm urbm mark!U will coati iut t"O C-X- <br />perience negative revenue growth into 2004. <br />Some markets, including Detroit Raleigh - <br />SurhaFm , M�anohi% MustDnj Ada7ta6 <br />New Orleans, Cincinnati, Ind ianapoli% Austin, <br />and Denver, are not pro*ted to witn i- <br />tive growth u=& until sometime is 2005. <br />In some urban area the market drivers are <br />primary on the deed side, such as Denver <br />and San Francisco, which are experiencing con- <br />tinuing declines in population, employment, <br />and per- capita income. Other markets are more <br />supply -side drivers, such as Houston, where <br />mas- <br />identW permits increased by 25 percent in 2002 <br />as compared with declines in permitting activ- <br />ity in Austin and Lea s, although the dedines <br />were not significant in relation to the exerting <br />excess supply and a declining employment base. <br />One element that needs to be considered <br />in addition to the normal drivers that dictate <br />supply and denund is the affordabdity ratio <br />between single - family homeowners' ' -aid <br />multifamily rental costs, especially u _ of <br />the current historically lour interest rates foi <br />single - family mortgages. Some mukets, ever <br />with different economics and demographiii <br />influences -- Indianapolis, Las Vegas, and Dal <br />las, for example --have seen affordable single <br />family development negatively affect the de <br />mand for apartments. <br />In the lending arena, underwriting standard <br />have clearly tightened as lenders balance core <br />cermahkout economic deterioration in varioL <br />markets with demand for financing on projeo <br />that are moving forward, and seek approprias <br />financing formulas for those urban projects. <br />With interest rates at historically low le -, <br />eis, cash flows on newly originated loans cot <br />tinue to male finanang deals feasile. As mei <br />tioned previously, the key here has been th <br />interest rates fell faster then occupancy lev6 <br />helping property owners maintain adecle <br />cash flows to service their mortgages dap) <br />rising vacancies. <br />By keeping 1mrage ratios down and co <br />erage ratios up, and by adding in some strut <br />tares like escrows to insulate new deals, toda <br />tightened underwriting standards 7,, hi <br />the urban market weather this dog, _ <br />