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We’re only halfway up the mountain.
In January, Integra Realty Resources released Viewpoint 2014, reflecting our national assessment of real estate market cycles throughout 63 primary, secondary, and tertiary U.S. markets. These preliminary results of our midyear update highlight forecasts for markets with solid investment fundamentals for the balance of 2014.
Key Trends
Prior to assessing the midyear market, first consider some key trends that affect the national commercial investment market.
Changes to the financial services industry will reduce near-term commercial leverage. The U.S. real estate markets are tightly coupled with one another due to underlying structural changes in banking and finance. It began with the forced bank consolidation during the savings and loan bailouts of the 1990s and has now reached a critical mass with “too big to fail” institutions resulting from the massive federal bailout of the U.S. banking system in 2008 and 2009. According to the most recent FDIC report, 21 banks out of the total 6,812 U.S. banking institutions hold $7.8 trillion in assets of the total $12.7 trillion asset base. In other words, a mere 0.3 percent of the banks manage 61.7 percent of the assets. Another 86 banks hold an additional 18 percent of assets and make up only 1.2 percent of the total institutions. Thus, 80 percent of the total U.S. asset base is held by fewer than 107 banks out of 6,812 total institutions. The balance of the banks have assets of less than $10 billion and represent about 20 percent of the total asset base.
Due to regulatory changes, small and midsize institutions remain under extreme cost pressure to consolidate. While the number of institutions continues to decline quarterly, FDIC analytics indicate continued strengthening of bank balance sheets. The number of banks will decrease for the balance of 2014 primarily due to consolidation, not bank failure, because core asset values (residential and commercial investment real estate) continue to improve.
Our survey of IRR offices indicate that the close of first quarter 2014 demonstrated much weaker lending pipelines and increased competition by banks for viable commercial deals. The bulk of the refinancing activity from 2012 and early 2013, which fueled the banking recovery, now appears to be slowing. This will likely have negative implications for lending volumes (and hence bank profitability) for the balance of 2014.
Some of this is a healthy correction as asset values have recovered from the recessionary trough in all U.S. markets. The reality is that we’ve climbed the mountain and have celebrated our ascent from the bottom, only to realize the climb is only half over. Now we must keep from falling off the path to the top of the mountain.
Global cash seeks security in U.S.-based assets. All of the IRR offices in major markets (populations greater than 3 million) report an increasing presence of foreign investment capital. Major cities such as San Francisco, Los Angeles, Boston, Philadelphia, Miami, Atlanta, New York, Washington, D.C., as well as Houston, Dallas-Fort Worth, Chicago, and Salt Lake City are experiencing a significant influx of direct foreign investment from China, Europe, and South America. Trophy properties in almost all major American cities are being competitively bid up with strong doses of foreign capital seeking refuge from emerging market volatility. This leads to large portfolio transactions reaching the investment thresholds of sovereign wealth funds and major institutional pools.
There is no formal tracking mechanism for true foreign investment totals. Private equity funds can be U.S.-based but internationally backed. The public real estate investment trust market is agnostic as to where its investment capital originates. While the lack of formal foreign tracking makes true foreign inflows less transparent, IRR believes the amount of capital originating from outside the U.S. is buoying the market.
Private and REIT capital will favor the major markets to the exclusion of tertiary metros. This competition for major assets and portfolios will fuel investment migration toward secondary metros with strong fundamentals, such as Denver; Phoenix; San Antonio; Detroit; Charlotte, N.C.; Atlanta; Tampa, Fla.; Indianapolis; and Seattle.
Baby boomer retirement is knocking. IRR’s senior and healthcare specialty practice group reports continued strong transaction activity and demand throughout the U.S. Some of these fundamental improvements reflect a maturing industry model and increased operating capabilities of the large platform operators. But this market is affected by a core demographic shift for which this industry has been waiting and planning for more than a decade. This asset class continues to grow across all U.S. markets.
Tertiary market investment in new development is a strong value play with fewer competitors in addition to equally strong fundamentals, since boomers older than 70 years will tend to migrate back to where their children live. The key metric here is markets with high-wealth, high-value employment, since working children often provide funding for extended healthcare, assisted living facilities, and continuing care retirement communities.
But the extended life expectancy of the baby boomer generation favors Sun Belt markets in 2014–15, never more so than following the brutal winter of 2013–14. The Carolinas, Savannah and southern Georgia, Florida, Southern California, Arizona, South Texas, and now Tennessee will be strong in-migration markets, with fundamental improvements in second-home residential housing, and by extension, retail investment to serve the growing population base. Continued improvements in core housing values will favor migrating boomers with proper equity leverage, facilitating relocation to warmer climates before the winter of 2014–15.
The Big Picture
Asset pricing peak to trough is well over, and many markets report a return toward prior peaks. Some of this asset appreciation is being driven by too much cheap capital chasing real estate deals, but it is mostly big capital such as REITs, private equity, and pension and sovereign wealth funds. Opportunities still abound in the tertiary markets where the long tail of recovery will favor under-the-radar investing.
The coastal cities emerged from recession quickly, and the major U.S. markets were aided by foreign and domestic investment capital that did little to assist inland tertiary economies. Texas, Oklahoma, the Dakotas, western New York, eastern Ohio, and Pennsylvania are the oil and gas extraction/production engine of the U.S. Extraction and speculation pushed their local economies through recession more quickly. Most if not all of the major coastal and energy-producing regions are getting expensive again because observers can see a clear path to wage, employment, and housing growth.
However, the balance of 2014 and early 2015 will be punctuated by new start-ups and internal business growth as entrepreneurs and small businesses catch up. This favors the inland tertiary markets.
The 2014 deal flow will very likely continue an average upward trajectory, but pricing will be more volatile. Major portfolio transactions and triple net lease transactions will accelerate as investors will demand security and diversity in exchange for higher asset pricing. The tertiary capitalization rates have been compressed due to financing availability, but we expect to see strong transaction activity at the local level in tertiary markets as local investment boomers cash out in 2014–15.
Investment Opportunities
Real estate value — and value growth — is a residual product of the local economy. As economic activity expands, so will real estate values. Here are key trends and markets to watch by property type.

Multifamily. Fannie Mae and Freddie Mac are mindful of our current conundrum. A lack of available new multifamily product places upward pressure on rents, which in turn affects the costs of subsidized housing. With more than five times as many tenant vouchers compared to project-based Section 8 units under contract — both totaling more than 300,000 units nationwide according to HUD.gov — most projects are receiving some level of government-backed rental payment.
The multifamily market activity has slowed in the larger institutional sector due to compressing cap rates, as well as new construction and rehabilitation in most markets. However, smaller assets under 50 units are now recovering and provide the small investor a value-add opportunity. Markets to investigate include:

• Detroit: Automotive industry is back and producing under new cost structure.
• Memphis, Tenn., Savannah, Ga., Virginia: These hubs of emerging intermodal transport will drive rental demand during a global shipping expansion.
• Indianapolis: The CBD and suburban north submarkets have a projected growth of 4,000 units, twice the reported growth from 2013.
• San Antonio: This strong university market will drive employment as Sun Belt recruiting and Texas lifestyle continue to attract employers.
• Orlando to South Florida: Private entity All Aboard Florida plans to run a high-speed train from Miami to Orlando, with stops in Fort Lauderdale and West Palm Beach. This could have a dramatic positive effect on Treasure Coast market if and when it nears realization.
• Chicago suburbs: The metro area remains the corporate headquarters for many nonprofit organizations and the insurance industry.

Office. The office market has been essentially flat on real rent growth in most domestic markets. Of all of the asset types, nine of the 63 primary, secondary, and tertiary markets remained in recession as of the close of 2013, according to IRR local reports. Despite this reality, the office investment class stands alone as the primary asset class with sufficient scale for major one-off investments. Sixteen of the top 25 commercial investment transactions in 2013 were office properties.
Markets that are in the early stages of recovery will provide the best risk-adjusted returns. Those in land-constrained markets with solid local fundamentals will perform well. Markets with no clear path to breaking sub-15 percent vacancies will produce pricing efficiencies. Markets to reconsider include:

• Northern New Jersey: Asset prices in New York City will drive collateral demand and core assets will be difficult to replace given New Jersey’s current land pricing.
• Tulsa, Okla.: The Texas energy boom is migrating northward.
• Atlanta: Recession effects aside, this market has excellent core fundamentals.
• Philadelphia: With Comcast as a major driver, office rental rates are beginning to rise.
• Richmond, Va.: This southern sister to Washington, D.C., will track similar to Northern New Jersey.
• Pittsburgh, western Pennsylvania: Shale gas exploration is driving corporate office needs and collateral services demand.
• Detroit: Recessionary asset prices were so low and employment growth will be robust in the coming 12 to 18 months.
• Providence, R.I.: Employment growth is slow, but downtown office conversions will reduce inventory.
• Kansas City, Mo.: This steady market delivers sub-15 percent vacancy with modest absorption and good fundamentals.
• Boise, Idaho: Value plays abound as new class A office is being well received.
• Seattle: Below 10 percent vacancy and anticipated strong absorption makes this a metro to watch.

Retail. No real estate class is more closely tied to economic recovery than the retail sector. While facing other headwinds such as the loss of major shopping center tenants, migration of retail users to pad sites, lack of new-format retailers, and competing Internet sales, the next six months will see continued recovery of gross retail sales as consumers increase household debt and feel more financially secure with restructured housing payments and more retirement equity. This extends to automotive and other durable goods. Continued housing market stability remains the key metric in the fate of local retail growth. Markets to watch include:

• Miami, South Florida: Foreign capital is a transfer payment on the back of a strong dollar as international residents buy disposable items at a domestic discount.
• Long Island, N.Y.: Wage growth in the New York region will benefit this bedroom island of New York City.
• Phoenix: Sun Belt migration and retirement housing growth will transfer retirement wealth into this market and the pricing is appropriate for long-term growth.
• Naples, Southwest Florida: These markets have nearly the same drivers as Phoenix with the added benefit of no state income tax, which is driving in-migration.
• Columbus, central Ohio: Demand for new construction in prime locations is being prompted by unemployment rates back to pre-recession levels.
• Minneapolis/St. Paul: The Twin Cities are in the retail recovery stage, which lends itself to stronger buying opportunities, and major grocery anchors are responding.
• Greater Boston area: Concentrated regional wealth and improving wage growth and employment will drive demand.
• Dallas: Toyota recently announced its relocation to Plano, Texas, adding more than 1,300 jobs to the Dallas area.

Industrial. Demand continues its shift away from core manufacturing to global supply chain logistics. On the global import/export demand side, the major port cities are driving industrial warehousing and logistics demand. Those key markets with the most active ports include Los Angeles, Long Beach, and Oakland, Calif.; Northern New Jersey; Savannah, Ga.; Norfolk, Va.; Houston; Tacoma, Wash.; Charleston, S.C.; Miami-Ft. Lauderdale; Baltimore; Philadelphia; and Wilmington, Del.
However, tertiary markets with a large manufacturing employer base are important to services and retail business growth, and serve to generate new industrial space demand. In the markets listed below, manufacturing components comprise 80 to 95 percent of all exports and 15 to 20 percent of local gross domestic product, indicating external dollars are feeding these economies. These areas should perform well in housing, wage growth, and general real estate demand. These manufacturing markets are also part of the global export-supply side:

• Charleston-Summerville, S.C.: Boeing Aviation and related exports;
• Cleveland: chemical manufacturing;
• Ogden, Utah: aviation manufacturing;
• Columbia, S.C.: transportation equipment industry;
• Louisville-Jefferson County, Ky.: GE appliance and Ford machinery;
• Northeast Ohio: NEO exports have recovered quicker than U.S. exports; manufacturing gross product is projected to grow about 6 percent more than the U.S. average between now and 2020;
• Grand Rapids, Mich.: transportation and machinery manufacturing; and
• Greenville, S.C.: BMW, Michelin, textiles, and research and development.

For all property types, strong activity in the tertiary markets will be aided by stronger economic growth at the local level. We remain halfway through our mountain-climbing expedition. Careful due diligence is required to ensure we stay on the upward path.
By: Anthony M. Graziano, MAI, CRE, FRICS and Matthew S. Krauser, CRE, FRICS (Commercial Investment Real Estate)
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A recessionary mindset is squeezing the office market.
The national office leasing market that emerged from the recession was a vastly different animal than the one that entered it in 2008. The years of downturn transformed how corporate tenants around the country define their use of space, and that fact has contributed to a leasing recovery that, while progressing, has to date been slower than other areas of commercial real estate. For comparison, just look at the capital markets, which by most accounts are fully back on track.
Make no mistake. Leasing has stabilized, to the point that some regions even boast construction starts to absorb the demand. What’s more, as the recovery continues to take hold, corporate America is beginning to move beyond its doing-more-with-less mentality to start doing more with, well, more. That means expansion.
Recessionary Thinking
“The job numbers have been disappointing,” says Hessam Nadji, senior vice president and chief strategy officer for Calabasas, Calif.-based Marcus & Millichap. “But the No. 1 job-creating structure in the U.S. since the recession has been professional and business services.” In fact, Nadji points out there have been nearly 700,000 jobs added in this sector during the past 12 months. Nevertheless, the office vacancy decline has been minimal. Why?
“Every recession leaves a permanent mark,” Nadji says. “Leasing was very aggressive during the growth cycle. The permanent mark from this recession is a reversal of that — an ultra-­conservatism about space utilization — and it is here to stay. Tenants are completely rethinking their use of office space with the goal of consuming less space and becoming more efficient.”
The squeeze is definitely on. According to CoreNet Global research, the average square foot per person dropped from 225 square feet to 176 sf between 2010 and 2012. That is expected to shrink to 100 sf by 2017.
Matt Eckert, a CBRE vice president in Kansas City, Mo., sees that dynamic playing out daily. “Our clients are looking very closely at how much space they use,” he reports. “Some of the larger law-firm tenant improvement projects currently underway here reflect a reduction in office sizes of roughly 33 percent.”
But Nadji believes that many corporate offices have reached capacity. “The worst of this disconnect between job growth and space consumption is over,” he notes. “More companies are looking at the need to grow.”

Eckert is seeing that as well in Kansas City, reporting that CBD vacancies are whittling down, due both to a hike in leasing and a conversion of older office assets to residential use. “The CBD/Crown Center market is at 21.6 percent vacancy with little differential between class A and B product,” he reports. The vacant inventory got a big boost when the General Services Administration selected Two Pershing for its 150,000-sf requirement late last year, “as well as from a handful of long-standing office buildings that have announced a residential conversion.”
A Bipolar Market?
As we stand at the tipping point between stabilization and full-bore recovery, the leasing market seems almost bipolar. CCIMs we talked with express both post-recession highs and, if not lows, at least concern about what the next months will bring, sometimes both in the same market.
“It’s getting better, but it’s slow and we’re moving at glacial speed,” says Thomas C. Aguer, CCIM, SIOR, president of NAI Aguer Havelock in Sacramento, Calif. Ironically, that’s a vastly different picture than the one taking place in white-hot San Francisco, just 90 miles to the west, or even the suburb of Roseville, Calif., a mere 20 miles to the east.

In Sacramento, “We’re seeing the private sector generally squeezing more people into less space, creating extremely high headcounts,” he says. “Sacramento rents are running at $21 psf to just over $22 psf per year with the CBD topping out at $24 psf.” By comparison, along Roseville’s Douglas Boulevard, rents can match the Sacramento CBD.
Phoenix is another metro area with one foot in stabilization and another in growth. Andrew Cheney, CCIM, SIOR, a principal at Lee & Associates, reports that in the Chandler and Tempe, Ariz., submarkets, there is actually office construction taking place, to the tune of nearly 2 million sf, 18 percent of which is spec. And yet, the overall vacancy “is still 22 percent, causing downward pressure on rents.”
He predicts that if the market can absorb at least 2 million sf this year, “we’ll break into the 19 percent vacancy range and begin to see a different Phoenix office market.” That’s highly doable if the market can continue to attract deals such as the one forged with Rural Metro, a national provider of private ambulance and fire-protection services. Rural took 90,000 sf in the Pima Office Pavilion in Scottsdale, Ariz., making it the largest lease of the first quarter. “We have some wind at our backs. Let’s see how strong it stays,” Cheney says.
Capital vs. Leasing
Interestingly, despite such mixed reviews, building values have continued to increase. But that’s not likely to continue until leasing catches up. (See Investment sidebar.) Happily, that time is near at hand.
“There are two market cycles that don’t necessarily speak to each other,” says Dan Fasulo, managing director of New York City-based Real Capital Analytics. “There are the leasing markets, and then there are the capital markets. The capital markets have basically seen a full recovery from the downturn. The space markets have not.” However, Fasulo is quick to acknowledge that rents are starting to rise and vacancies dip. He says that this is due in part to the fact that “we haven’t built anything in five years.” (see below)
Secondary Cities Take the Investment
Spotlight
Hungry investors searching for yield are starting to look beyond the country’s top-tier cities. Real Capital Analytics managing director Dan Fasulo describes the pull of capital away from gateway cities such as New York and San Francisco as “almost like gravity” to the opportunities found in Atlanta (which ranked No. 6 in RCA’s 2013 list of Top 40 markets with $10.6 billion in sales); San Jose, Calif. (No. 10 with $7.3 billion); or Denver (No. 12 with $6.8 billion).

“If you are REIT or a pension fund,” says Fasulo, “you need a certain going-in yield to return what you promised your capital providers. And you can’t do that in Manhattan anymore.”

But don’t fret for the major markets. Manhattan still ranked first on the list, with $36.3 billion; Los Angeles came in second at $24.5 billion; and Chicago third at $14.5 billion.

On an overall basis, sales of what RCA terms “significant” office properties totaled $22.6 billion in the first three months of 2014, a 31 percent jump year-over-year. In addition, “Prices continued to strengthen and cap rates trended lower,” the report revealed.

Nationally, sales volume was up significantly for the nation’s CBDs, but not so much for the suburbs. CBD volume was up 60 percent in 1Q14, RCA reports, while in the suburbs it increased 10 percent. “Nationally, average cap rates moved sharply lower for CBD properties while the suburban average was relatively unchanged,” the report states. “Top quartile cap rates declined 25 basis points for both and currently average 4.8 percent for CBD and 6.3 percent for suburban.”

Investors, hungry for higher yield, are going to be challenged to wring more from their assets. “That game is over,” Fasulo says. “The capital is already here, and interest rates are at an all-time low. You can’t get any more money from that part of the equation. So the space markets are going to become an increasingly important factor in the increase of prices. You’re going to have to get higher rents and you’re going to have to have fully leased office buildings.”
The statistics reveal the slow transition of leasing from stabilization to growth. Reis reports that the national vacancy rate fell to 16.8 percent in first quarter 2014, a 10 basis-point decline from 4Q13. Since vacancies peaked at 17.6 percent in 2010, there hasn’t been a decline larger than that.
Of Reis’s top 82 markets, only 24 had a 1Q14 vacancy rate below 16 percent. For the most part, these were the obvious choices, the major gateway cities, such as Washington, D.C., at 9.7 percent; New York City, which logged in at 9.9 percent; and San Francisco at 12.8 percent.
However, 32 of the markets, many of them secondary and smaller, showed a 20 bp to 90 bp drop in vacancy rates from 4Q13 to 1Q14, and several had significant YOY vacancy rate drops, including Charleston, S.C. (-140 bp), Colorado Springs (-160 bp), Palm Beach, Fla. (-200 bp), and Portland, Ore. (-110 bp), indicating a broadening of the recovery.
The same dynamic holds true in rental rates. Rents have risen now for 14 consecutive quarters, totaling a 1.6 percent increase in 2011, 1.8 percent in 2012, and 2.1 percent last year. Asking and effective rents on a national basis grew by 0.7 percent and 0.8 percent respectively in 1Q14, Reis reports. The top three cities in 1Q14 rates were, again, New York at $62.30, which edged out Washington, D.C., at $50.58, and San Francisco at $44.68.
Who’s driving the uptick in leasing? Technology and energy companies were the prime drivers of these reductions in “eight of the top 10 markets ranked by effective rent growth,” says Reis vice president of research and economics Victor Calanog in the firm’s 1Q14 First Glance report. These include San Jose, Calif.; San Francisco; Dallas; New York; Austin, Texas; Seattle; and Oklahoma City.
Real Capital Analytics is located in Manhattan’s Midtown South, a traditionally lackluster submarket hidden in the shadow of always-hot Midtown. Today Midtown South is a tech hub and one of a couple of Big Apple neighborhoods that calls itself Silicon Alley. Fasulo reports that “Prices are maybe 50 percent above peak levels. It’s really gotten very hot very quickly.”
Indeed, Google, which helped establish New York’s tech hub in 2010 by buying 111 Eighth Ave. for $1.8 billion, is reported to be looking for as much as 600,000 sf of additional space in Midtown South.
Simons R. Johnson, SIOR, MCR, CCIM, a principal in the Charleston, S.C., office of Colliers International, reports that tech-related groups indeed dominate. Tech firms and defense contractors, he says, have been signing the larger deals, between 20,000 sf and 40,000 sf.
But on a national basis the after-effects of the recession still linger, even as markets pick up. “Landlords appear to have little leverage over tenants,” Calanog writes. “With concession packages being pulled back very slowly, effective rent growth is not much faster than asking rent growth.”
The good news here is that, if Nadji’s theory proves true (and barring any surprises in the economic picture), more office-filling jobs are on the horizon. At some point the firms stuffing workers into available space will have to call their brokers once again.
Calanog says that’s a possibility this year. “If the predicted monthly average of 200,000 to 250,000 jobs for the year does come to fruition,” he writes, “we fully expect to record the first meaningful acceleration in vacancy declines and rent growth this year.”
As a result, he’s predicting a 3.0 percent jump in asking rents and a 3.5 percent hike in effective rents. And no economic surprises — so far — “have caused us to alter our outlook significantly.”

By: John Salustri (Commercial Investment Real Estate)
Source article unavailable.
 

LAS CRUCES – Come 2016, New Mexico State University will host a private medical school backed by Santa Fe real estate mogul Dan Burrell.
The $85 million Burrell College of Osteopathic Medicine has secured a three-pronged agreement with NMSU that involves a seven-acre land lease; a provision to give students access to NMSU housing, services and activities; and an annual “brand-sharing” payment that will rise over four years to $500,000 annually.
NMSU President Garrey Carruthers and Burrell call it a historic public-private partnership and an important investment for a state suffering a shortage of primary care physicians.
It will be New Mexico’s first private medical school and only the second after the University of New Mexico School of Medicine. There will be no taxpayer money or state assistance contributed to the project, said Burrell, who also founded New Mexico’s Leadership Institute, which provides training and scholarships to UNM and NMSU.
The state ranks 31st in its physician-population ratio, according to the Association of American Medical Colleges, with 232 active physicians per 100,000 people. A third of those are 60 or older and may soon be retiring.
“We have an older population than the national average, a poorer population than the national average, more patients will come through (the Affordable Care Act) than in any other state on a per-population basis,” Burrell said. “And we are one of the states with the least number of physicians to serve them. The trends on the demand side are going way up, whereas the supply (of physicians) is flat to declining.”
The four-year Burrell College will initially admit 150 students per class, with that number growing to 300 per class over time, Burrell said. Tuition is set at $45,000 per year, and the applications to the first class will be accepted in fall 2015. About 2.5 percent of revenue will go toward scholarships.
UNM School of Medicine in-state tuition is $16,170 per year, while students coming from out of state pay $46,347 annually.
Carruthers, a former New Mexico governor, said he believes the agreement will make NMSU a “much more comprehensive university” and will complement existing programs in nursing and pre-med.
“We also think it’s very important, given our service to rural areas, that we produce more physicians for primary care in rural areas, and osteopathic physicians tend to be principally primary care doctors,” he said.
Nationwide, medical schools produce either medical doctors (MDs) or osteopathic doctors (DOs). The American Osteopathic Association currently accredits 30 osteopathic medical schools in the U.S., and the Burrell College will seek AOA accreditation.
The AOA describes osteopathic medicine as a “whole person” approach to health that, in preventing and diagnosing disease, looks at how the body’s systems are interrelated and how each one affects the others. That underlying philosophy leads about 60 percent of osteopathic physicians to practice in primary care fields including family medicine, general internal medicine and pediatrics, according to the AOA.
“Most of the new schools that have been starting have been in areas that have been traditionally underserved, that have experienced shortages in primary care physicians,” said Boyd Buser, a member of the AOA Board of Trustees and dean of the University of Pikeville-Kentucky College of Osteopathic Medicine. “It’s really not surprising, because when you look at the history of osteopathic medicine, we’ve always had an emphasis on producing primary care physicians.”
Burrell’s holdings through Santa Fe-based Rosemont Realty include numerous commercial properties in Albuquerque and cities across more than 20 states, as well as an industrial garnet mine in Otero County. But the medical college is a privately financed endeavor separate from Rosemont, he said.
He describes his investment philosophy as “very focused on solving situations and problems.”
One issue that has stymied medical school expansions over the past two decades is a cap on federal funding for residencies, a required part of training before a medical student can become a licensed practitioner. However, a provision of the law allows hospitals that weren’t in existence when the cap was passed in the mid-1990s to apply for new Medicare-funded residencies.
Burrell said the college has established relationships with a Las Cruces hospital, Mountainview Regional, and two El Paso hospitals to apply for Medicare-funded residency slots.
By: Lauren Villagran (Albuquerque Journal)
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Expert tips in 15 minutes! Steve Mullin, commercial real estate investor, practitioner, and active member of his REALTOR® association, shares how being prepared and doing due diligence can boost your credibility and create value for your clients and your business.
Posted: July 11, 2014 Runtime: 15:35 Size: 14.3MB Format: Download
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By: Steve Smullin (National Association of REALTORS®)