Commercial Firms Fight Back in a Post-Boom World

By JULIE SATOW

After taking a battering in the severest recession in modern memory, commercial real estate brokerage firms are trying different strategies to compete in a post-boom world. Some are weighing options for infusions of capital, while others are aggressively hiring or consolidating far-flung affiliates.

One of the biggest question marks is the future of Cushman & Wakefield, the world’s third-largest commercial real estate brokerage, according to National Real Estate Investor magazine. After losing $127 million in 2009, Cushman & Wakefield recently installed a new chief executive, Glenn Rufrano, whose specialty is turning around troubled real estate firms. The majority stakeholder in the company, the Italian firm Exor, is considering an initial public offering, according to Mr. Rufrano.
“Exor is an owner that looks longer term, but like any investor, liquidity is important to them,” he said. To increase the chance of obtaining this liquidity, either through an I.P.O. or from private financing, Mr. Rufrano is making the firm more financially open. He has a five-year time horizon — the term of his contract with Cushman.
Jones Lang LaSalle, based in Chicago and ranked fourth in the world, recently posted a profit after several losing quarters and began a four-year plan in January to increase its New York-area revenue by 50 percent, in part by hiring brokers away from other companies. Colliers International, which has a global presence but is less well known in the United States, is hoping that a recent move to consolidate its many separate franchises under a single name will help it gain market share and a reputation as a major player in New York.
At Cushman, Mr. Rufrano faces an uphill battle. While the slowdown in the economy has affected brokerage firms across the board, the firm has been hit particularly hard. In 2009, for example, when Cushman posted a loss — which it attributed partly to one-time charges like the relocation of its worldwide headquarters in New York — CB Richard Ellis, the largest global brokerage firm, posted a $33 million profit.
One main reason for Cushman’s troubles may be a lack of top-down management, those familiar with the firm said. Bruce E. Mosler, who stepped down as chief executive in January, was a powerful broker in his own right and the firm is largely organized into teams that are focused around successful deal makers. These teams may compete with one another for commissions.
In comparison, firms like CB Richard Ellis and Colliers International favor grouping brokers together on an ad hoc basis. While there are independent brokerage teams at Jones Lang LaSalle, employees there were compensated with salaries and bonuses instead of commissions until seven years ago, helping establish a more unified culture, the firm says.
“Having individual teams is constraining,” said Mitchell E. Rudin, president and chief executive officer of the tristate region of CB Richard Ellis. “Instead, we select teams for a particular assignment, mixing and matching to bring together the best resources.” While this model serves the clients, it also cuts down on friction between brokers, he said.
There is also the issue of Cushman’s ownership structure. While it is private, its majority stakeholder, Exor, the investment arm of the Italian Agnelli family, is public. Exor spent $563 million to acquire a 67.5 percent position in Cushman in December 2006, at the height of the market. It later increased its position to 72 percent, and is growing anxious to see its investment turn the corner.
The hiring of Mr. Rufrano in February indicates that Exor is preparing an exit strategy, some analysts said. Mr. Rufrano was most recently the chief executive of Centro Properties, one of Australia’s largest real estate firms, where he was credited with shoring up the public company’s abysmal balance sheet.
In addition to increasing transparency at Cushman by instituting the same financial disclosures as a public company, Mr. Rufrano is working to unify the firm’s management structure. This includes de-emphasizing geographic barriers so that the leasing team in London, for example, can coordinate more closely with colleagues in South America and New York.

http://www.nytimes.com/2010/06/16/realestate/commercial/16brokers.html?ref=commercial

Pop-Up Stores Become Popular for New York Landlords

“Four days ago this was nothing; that wall didn’t exist,” an ebullient Charles Gibb, the president of Belvedere Vodka, said on a recent night as he pointed to a pristine white wall in a meatpacking district space covered with images of a model wearing a citrus-pink caftan.

Nearby, the comedian Chelsea Handler chatted with admirers while sipping a cocktail. Clusters of well-dressed young people raised camera-phones to snap photos of the occasional celebrity (Ashley Olsen and Kelly Osbourne, among others, stopped by).
The garment in the photos was created by the designer Matthew Williamson especially for the occasion: the introduction of Belvedere’s pink grapefruit flavor. (The caftan was for sale across the street, at the Williamson boutique, for $1,195.)
Three days later, the photographs, the stars and all traces of Belvedere were gone — one more pop-up shop that served its purpose.
The concept of a “now you see it, now you don’t” store is commonly tied to a holiday theme: the New York beauty store Ricky’s opens more than a dozen Halloween costume shops in September and October. And last winter Toys “R” Us opened 33 Holiday Express locations in the tristate area.
But in the last few years pop-ups have flourished in New York regardless of the holiday calendar. For building owners they are a way to fill vacant space and for sellers they offer a place to gauge the reception to their brand or introduce new products, without a long-term rental commitment.
“The great thing about a pop-up space is that it allows you to have one very consistent, very clear and very distinct message around the brand,” Mr. Gibb said. Belvedere negotiated a deal to lease the 6,500-square-foot second-floor space at 414 West 14th Street a few months in advance. Within a few days of the three-night event, a team of designers, painters and construction workers turned it into a softly lighted den of glamour.
David Sitt, vice president of operations at Sitt Asset Management, which owns the recently rehabbed building with the Carlyle Group, said attention-grabbing pop-ups, like the Belvedere Vodka event, could be a way to introduce prospective clients to the building.
“This is an open house that pays for itself,” he said. “You never know who’s connected with who. Someone could walk in and fall in love with the building or tell a potential client.”
Jeffrey Roseman, an executive vice president of Newmark Knight Frank Retail, said a recent pop-up store at 626 Broadway for Zumiez, an action-sports retailer based in Everett, Wash., was an effective way to advertise the space itself, as well as the Zumiez brand.
“When I was showing the space to prospective retailers,” Mr. Roseman said, “they were jamming out of that store, music was blasting and kids were running in and buying stuff. The retailer we brought in there really had an opportunity to see life in a prospective store.”
Occasionally, pop-up retailers may go on to negotiate a long-term lease. “It’s like taking the car out for a spin before you buy it,” Mr. Roseman said.
Generally, Mr. Roseman said, the per-square-foot prices for pop-ups are comparable to long-term leases on a pro-rated basis. “It’s a month’s rent for what it would rent for on a long-term basis,” he said. “It’s generally not a discount for the month.”
Whether or not the surge of pop-ups over the last few years is strictly a reaction to the recession is hard to say, as no one tracks their occurrence. Still, given the economic climate, there is no dearth of empty high-visibility retail space, and opportunities for pop-ups still seem strong. One wrench in the longevity of the concept is declining rents, which may attract more long-term tenants and quell landlords’ desire to deal with pop-ups.
The retail rental market “is starting to pick up,” Mr. Sitt said. “Starting in 2011, I don’t think you’ll see as many” pop-ups.
But judging by the swift business at Target’s Liberty of London pop-up shop in March at 42nd Street and Sixth Avenue across from Bryant Park (open for a few days, it sold out of merchandise and closed a day early), it appears that shoppers have not tired of them.
“I think they’re here to stay; it’s great advertising,” Mr. Roseman said.
Mark Helder, the architect and owner of Metropolitan Green, a recently completed condominium in Williamsburg, Brooklyn, said he wasn’t actually looking for a long-term leasing client; he preferred the flexibility offered by revolving pop-ups.
Metropolitan Green was completed in December and took on its first retail pop-up client in the cozy 660-square foot storefront.
“My original idea was to provide a space that could be used by local artisans,” said Mr. Helder. People can use the space anywhere from a long weekend to a maximum of two months. The monthly rate is just under $4,000, which includes utilities, insurance and Wi-Fi.
For some building owners, the choice of offering a temporary lease may have little to do with cash flow. In April, the Architectural League of New York signed a two-month agreement for a 3,100-square-foot storefront at 250 Hudson Street, and mounted a photo-driven exhibit called “The City We Imagined/The City We Made: New New York 2001-2010.”
“We are not making any money on the deal but we thought it might be good to show a little life on the street,” said Dennis P. Brady, the managing director at Jack Resnick & Sons, the company that owns the building. “We figured it’s good for the neighborhood, good for the store and good for the building.”
“It’s only two months, so even if I do get someone who comes along and wants the store, by the time you put a deal together it’s going to be two months anyway,” Mr. Brady said.
Ellen Baer, president of the Hudson Square Business Improvement District, said she could not be happier. Late last fall, after taking stock of vacant retail space, Ms. Baer said she began gauging building owners’ interest in doing pop-ups, whether retail or gallery shows.
“It helps to showcase available spaces, it brings foot traffic here that might not otherwise come to this neighborhood, and it provides people with activities that are consistent with the theme and vibe of the neighborhood,” Ms. Baer said.
Similar pop-ups by other neighborhood business improvement groups are happening throughout the city. The Port Authority currently has a month-to-month lease agreement with the Fashion Center business improvement district and the Times Square Alliance. The retail space, a storefront at the Port Authority Bus Terminal at 41st Street and Eighth Avenue, has been called Blank SL8. In April and May it was home to TerraCycle, a New Jersey-based store that sells products made from waste materials. In downtown Brooklyn, at 177 Livingston Street, a 5,000-square-foot retail space is a temporary home to two arts and one education organization that are hosting monthly events.
“Using vacant retail space for temporary shops or exhibits is brilliant,” said Bill Chororos, who was visiting the Architectural League’s exhibit on Hudson Street on a recent weekend. “Anything is better than dead space.”
“To people not in the real estate business, the notion that landlords can leave empty retail space for years is mind-boggling,” Mr. Chororos said.
http://www.nytimes.com/2010/06/23/realestate/commercial/23popup.html?_r=1&ref=commercial

Inca El pleno aprueba el plan parcial para construir el nuevo polígono

PEP CÓRCOLES. INCA. El tercer polígono de Inca tendrá con luz verde dentro de 45 días. Ese es el período de exposición pública aprobado ayer durante el pleno para el plan parcial de dicha zona industrial. Si no hay alegaciones se podrá convocar de inmediato el concurso para desarrollarlo.
El PSOE (en la oposición) solicitó que se expusiera sólo durante 30 días para acelerar los trámites, aunque el secretario de la corporación indicó que la ley establece los mencionados 45 días. Xavier Ramis, portavoz socialista manifestó que "se trata de una herramienta imprescindible para el desarrollo económico de la ciudad".
Los demás grupos no se opusieron al plan parcial pero criticaron que el polígono hubiera tardado 15 años en ser una realidad.
El concejal de Urbanismo, Bartomeu Seguí, explicó las características del polígono; alguna de ellas bastante novedosa como es la inclusión de una ciudad deportiva, de 19.359 metros cuadrados, que se ubicará junto al estado del Constància y el del Sallista. Se habilitará también un espacio comercial de 3.365 metros cuadrados y una amplia zona de suelo para empresas de ocio de un total de 34.396 metros cuadrados. En ese lugar es donde se pretende erigir un complejo de salas de cine.
El suelo industrial de nueva creación será de 156.524 metros cuadrados. Hay 31.460 metros de zonas verdes. Seguí explica que "existe superficie de sobra como para intentar construir también un pequeño parque de placas fotovoltaicas para suministrar energía eléctrica", aunque especificó que "aún está en estudio".

Tensión

Donde los ánimos se encresparon y el debate se torno muy polémico fue ante la propuesta del PSM para establecer un reglamento de préstamo de bienes materiales. Dicha propuesta es consecuencia de que el Ayuntamiento cediese 800 sillas a una empresa y que ésta las realquilase con fines lucrativos.
El alcalde, Rafel Torres, se alteró visiblemente en varias ocasiones al ser interrumpido por miembros de la oposición. Hubo veladas acusaciones como las de Antoni Rodríguez, del PSM, quien dijo que sospechaba que algún responsable hubiera obtenido beneficio del préstamo.

http://www.diariodemallorca.es/part-forana/2010/09/25/pleno-aprueba-plan-parcial-construir-nuevo-poligono/605858.html

La crisis comienza a vaciar las naves de los polígonos industriales

Muchas de las empresas que abandonan no encuentran sustitutas debido a los elevados precios de venta y alquiler

F. GUIJARRO. PALMA. La crisis económica está dejando sin inquilinos a muchas de las naves existentes en los polígonos industriales de la isla. Los malos resultados de muchos negocios están obligando a colocar carteles de ´se alquila´ o ´se vende´ en unos espacios que años atrás registraban una fuerte demanda, y que en este momento se quedan en muchos casos sin nuevos ocupantes a causa de los elevados precios que se reclaman por ellos. Tal y como reconocen el director de la asociación de polígonos de Mallorca (Asima), Alejandro Sáenz, y el presidente de Pimem-Industria, Salvador Canudas, "en este momento sobra suelo industrial en la isla, pero sigue siendo demasiado caro para la mayoría".
Polígonos ´estrella´, como Son Castelló y Can Valero son los primeros que están sufriendo el aumento de los espacios que se quedan desocupados, y que incluyen tanto naves como locales de restauración. Alejandro Sáenz destaca que está situación está arrastrando los precios a la baja, un hecho que confirma también Salvador Canudas, y que cifra en descensos que se mueven en la mayoría de los casos entre un 10% y un 20%, aunque subraya que pese a ello los costes siguen siendo demasiado elevados para muchas empresas. En cualquier caso, Sáenz apunta que este fenómeno está haciendo que los problemas de tráfico y de estacionamiento que se daban en esta zona se han reducido considerablemente.
La imagen de esta situación la marca la torre Asima, que en este momento sólo cuenta con dos plantas ocupadas por la Televisió de Mallorca y otra por Acciona. Pero durante los últimos meses se han ido sumando otras muchas instalaciones a esta lista de espacios desocupados.
El director del Instituto de Innovación Empresarial (IDI) del Govern, Ángel Pujol, reconoce también la existencia de ese problema, y no oculta su esperanza de que los precios sigan bajando hasta convertirlos en asumibles para las pequeñas y medianas industrias de las islas, pese a no ocultar que ello no va a resultar fácil.
Sobre este punto, Canudas y la directora de Estudios Económicos de la Cámara de Comercio, Catalina Barceló, coinciden en que el suelo industrial disponible cuenta con dos grandes trabas para que su valor alcance unos niveles adecuados. Para empezar, los principales polígonos se han convertido en zonas de servicios y muchos de sus espacios han sido ocupados por concesionarios de vehículos, dependencias bancarias o comercios, mucho más rentables y que se pueden permitir desembolsos más elevados. Este hecho hace, según apunta también Ángel Pujol, que el precio de un terreno pueda superar ampliamente los 1.000 euros por metro cuadrado en puntos como Palma, cuando una carpintería, ferretería o similares dificilmente puede superar los 400 o los 500, valor este último con que están saliendo al mercado los terrenos del nuevo polígono de Sóller, según destacó.
Pero además, todas las personas consultadas señalan que buena parte del suelo industrial existente ha sido adquirido por promotores y empresas con el objetivo "lícito de especular con él y obtener beneficios", lo que está haciendo que los valores de estas instalaciones se mantengan altos pese a la caída de la demanda.
Evidentemente, todos apuntan igualmente un tercer factor. La crisis económica está teniendo sobre los industriales un durísimo impacto, lo que impide que en este momento puedan acceder a la financiación necesaria para poner en marcha su traslado desde su actual emplazamiento en zonas urbanas o en terrenos rústicos.
Según destaca Salvador Canudas, el problema alcanza unos niveles especialmente graves porque está provocando que muchas industrias de las islas opten finalmente por trasladar su actividad productiva a otras comunidades autónomas en las que el precio del suelo industrial es "infinitamente más bajo", dejando sólo en Mallorca sus departamentos de diseño, algo a lo que contribuye también el sobrecoste que conlleva el tener que afrontar el transporte hasta la península.

http://www.diariodemallorca.es/mallorca/2010/08/23/crisis-comienza-vaciar-naves-poligonos-industriales/597060.html

At Empire State Building, a 40th Floor Squatter

By MANNY FERNANDEZ

Published: September 21, 2010

Daniel K. Perlman had the quietest, cheapest and strangest office in New York City. It was quiet because he had a deserted six-room suite to himself; cheap because he paid zero in rent; and strange because he had all of this on the 40th floor of one of the most famous skyscrapers in the world.

For about seven months, he was a squatter at the Empire State Building.

Mr. Perlman, 47, is a family-law and criminal defense lawyer. In a city of fame and power, he has neither. He used to be a school teacher in Pennsylvania. Now he lives on the Upper West Side, enjoys crossword puzzles and runs in marathons.

In 2006, Mr. Perlman moved his one-man law practice to Suite 4010 of the Empire State Building. A few other companies occupied the suite, a narrow cluster of rooms in the southwest corner of the building with stunning views. His desk and chair were tucked into a little alcove near the break room.

The tenant of Suite 4010 was a mortgage broker, which rented out rooms to other businesses, including a law firm, which in turn rented the space to Mr. Perlman. He had no lease with the mortgage broker and no lease with the building’s owners, operators or leasing agent. In fact, Mr. Perlman said he did not have a lease with the law firm, but had an informal agreement. Because he had done work for the law firm, he was allowed to use the alcove for little or no rent. He said he was initially charged no rent and later paid $500 a month.

As the housing market collapsed, the mortgage broker struggled and left the suite in July 2009. The other businesses departed around the same time. Mr. Perlman looked into moving to a new office. He said he waited for one of the eviction notices that management taped to the doors of other vacant suites, but one never came.

“I was prepared to leave, but nothing happened,” Mr. Perlman said. “There was no green notice on the door. At the same time, nobody from the Empire State Building hassled me about it. The maintenance people knew I was there.”

Hundreds of feet above Manhattan, Mr. Perlman had slipped through the real-estate cracks of New York, working on his legal cases in his very own 3,000-square-foot suite in the Empire State Building, free of rent and office colleagues. He spread out, taking over one of the vacant rooms. When his original identification card was deactivated, he got a second one with the help of a friend in the building, using an ID for the 59th floor, where he intended to relocate, to gain access to the 40th floor.

One afternoon last November, Mr. Perlman stepped into what used to be the conference room. The room was empty, except for a photocopy machine upon which someone had taped a note: “Copier is trash.”

It was a ghost of a suite. Most of the rooms were barren, but fragments of office life remained — unplugged fax machines, a pouch of Fairway French roast coffee on a shelf. The digital clock on the microwave in the break room was 1 hour 28 minutes off.

“I still get mail,” he said at the time. “It’s odd.”

Mr. Perlman said he did not consider himself a squatter or law-breaker. Yet he had no sympathy for the building’s management, which he complained had been trying to push out small tenants to make way for larger tenants. The mortgage broker was one of several small tenants that sued the Empire State Building over their electricity bills. “I didn’t think of it as a scam,” Mr. Perlman said. “If I’m guilty of anything, I’m guilty of procrastinating.”

In February, Mr. Perlman walked into the suite to find his desk and the rest of the furniture had been removed. The locks were changed soon after.

A spokesman for the Empire State Building said Mr. Perlman was an illegal subtenant who found a way to gain access to the building unlawfully after his ID card was deactivated, and that management had been delayed in taking possession of Suite 4010 because their eviction case against the mortgage broker for nonpayment of rent was tied up in court. The spokesman said that illegal subtenancies were once common, when the building was under different management, but that steps had been taken to put an end to the practice.

After working from home for several months, Mr. Perlman found a new office on West 37th Street and began moving in this week. Suite 4010 remains vacant.

Jim Dwyer is on leave.

http://www.nytimes.com/2010/09/22/nyregion/22about.html?_r=1

Los constructores prevén la destrucción de otros 2.000 empleos en su sector

La patronal afirma que la caída en la obra pública y la vivienda llevan "del hambre a la miseria"

F GUIJARRO. PALMA. El recorte que las Administraciones van a aplicar en la obra pública y el estancamiento que se mantiene en la edificación de viviendas van a provocar que durante el último tramo de este año y la primera parte de 2011 las constructoras isleñas vayan a pasar "del hambre a la miseria", con la desaparición de más de 2.000 empleos durante este periodo, según ha pronosticado el director de la patronal balear de este sector, Manuel Gómez.En concreto, desde esta organización empresarial se recuerda que en abril de 2007 trabajaban en la construcción balear más de 55.000 personas, cifra que en abril de este ejercicio había bajado ya hasta situarse ligeramente por encima de las 34.000. Las previsiones apuntan a que en abril del próximo año este colectivo se habrá situado por debajo de los 32.000 individuos.Igualmente, se reconoció que algunas empresas constructoras pueden ver agravados sus actuales problemas durante los próximos meses, lo que deja la puerta abierta a futuros expedientes de regulación de empleo o concursos de acreedores.Los datos facilitados por el propio Govern balear ya señalan que sus inversiones para 2011 podrían recortarse alrededor de un 35% respecto a las de este año, aunque se espera mantener el paquete previsto en inversiones estatutarias procedentes del Estado. Dentro del citado recorte, todo apunta a que la conselleria de Vivienda y el Ibavi estarán entre los departamentos más afectados.En opinión de Manuel Gómez, los resultados de la denominada Ley Carbonero, que permitió a la Comunitat Autònoma contar con nuevas reservas de suelo para la edificación de inmuebles protegidos, no se van a ver a lo largo de este año e incluso podrían ser mínimos de cara a 2011.Además, el director de la patronal isleña subraya que la construcción de vivienda libre se mantiene prácticamente paralizada, y también admitió sus serias dudas respecto al anunció de que el stock de inmuebles sin vender existente en el archipiélago pueda que dar prácticamente agotado a finales del próximo año y de que en esas fechas podría reactivarse la ejecución de nuevos proyectos.De este modo, los principales pilares sobre los que se sustenta la actividad constructora aparecen notablemente debilitados a la hora de afrontar los próximos meses.La única noticia positiva ha llegado de la mano del sector turístico mallorquín, ante el aumento en el número de proyectos tramitados ante el Colegio de Arquitectos durante los primeros ocho meses de este año respecto al mismo periodo de 2009.Manuel Gómez coincidió con hoteleros y arquitectos en que parte de este impulso viene de la mano de la nueva Ley Barcelo, que ha mejorado el anterior Decreto Nadal y que facilita la ejecución de reformas en los establecimientos de alojamiento.Pero la evolución de estos proyectos esta siendo negativa en Menorca y las Pitiüses respecto al pasado año, lo que limita el alcance de la mejoría anterior.Otro aspecto que se lamenta es que la adjudicación a grandes compañías nacionales de muchos proyectos públicos no está beneficiando a las constructoras isleñas, ya que en lugar de subcontratar parte de los trabajos con éstas se hace con empresas peninsulares, según se aseguró.

http://www.diariodemallorca.es/mallorca/2010/09/22/constructores-preven-destruccion-2000-empleos-sector/604907.html

La actividad hipotecaria cae por primera vez en la historia

En julio alcanzó los 1,093 millones de euros, un 0,32% menos que hace un año

EP El saldo total del crédito hipotecario de las entidades financieras alcanzó en julio los 1,093 billones de euros, lo que supone un descenso del 0,32% en tasa interanual y la primera caída desde que existen los registros de la Asociación Hipotecaria Española (AHE).

Este descenso contrasta con el incremento del 1,1% que experimentaba el saldo hipotecario en julio de 2009 respecto al mismo mes de 2008, pero sobre todo con las tasas de aumento interanuales de hasta el 20% que que llegó a experimentar en la fase más aguda del 'boom' inmobiliario.

La gerente de la AHE, Lorena Mullor, indicó a Europa Press que, aunque hay creditos nuevos, su volumen es inferior a las amortizaciones que se producen en los balances. Según la AHE, es poco probable que en 2010 el nivel de actividad crediticia arroje crecimientos significativos de los balances hipotecarios.

Por tipos de entidades financieras, las cajas de ahorros gestionaron en julio 600.487 millones, lo que significa un retroceso del 1,17% en tasa interanual, mientras que la cifra en el caso de los bancos se sitúa en 404.829 millones, lo que significa un crecimiento del 0,74% en relación al mismo mes de 2009.

Estas datos reflejan que aunque las cajas de ahorros aglutinan la mayor parte del saldo hipotecario, en estas entidades se ha reducido después de que hace un año se estancara (+0,2%) su evolución. En el caso de los bancos, hace un año el saldo hipotecario crecía a un ritmo del 2,3%.

El sector financiero en su conjunto cerró el mes de julio con un total de 2.562 millones de euros menos de saldo hipotecario respecto a junio (-0,23%) y de 6.316 millones en lo que va de año (-0,57%). No obstante, si se compara con el mes de julio de 2009, el saldo hipotecario menguó en 3.545 millones.

Por su parte, el saldo vivo total de los activos hipotecarios titulizados --conversión de los créditos en bonos para su posterior venta-- alcanzó en julio los 218.292 millones de euros, un 3,44% menos que en el mismo mes del ejercicio anterior.

Del total, 99.208 millones correspondieron a bancos (-5,89%), 93.546 millones a cajas de ahorro (+0,62%), mientras que el resto se reparte entre cooperativas de crédito, con 16.732 millones (-3,91%) y entidades financieras de crédito, con 8.807 (-14,34%).

http://www.diariodemallorca.es/economia/2010/09/21/actividad-hipotecaria-cae-primera-vez-historia/604550.html