Real Estate Roundtable Spent $780K Lobbying In 2Q

WASHINGTON (AP) — The Real Estate Roundtable, which represents commercial property owners, spent $780,000 in the second quarter lobbying on federal assistance for the troubled industry, according to a recent disclosure form.

The group lobbied on the Federal Reserve's lending program for the commercial real estate industry and other issues dealing with the credit crunch and federal rescues of the financial sector, according to a July 20 filing with the Senate's public records office. It also lobbied on terrorism insurance, eminent domain and endangered species regulations.

The trade group counts Regency Centers Corp., Vornado Realty Trust, ProLogis and Taubman Centers Inc. among its members. It has spent $1.5 million on lobbying so far this year.

The U.S. commercial real estate market is facing its worst crisis in nearly two decades. The weak economy and rising unemployment have forced businesses to cut back on rental space, resulting in declining revenue for many landlords.

The delinquency rate on commercial property loans pooled together into investments, estimated at around $750 billion, hit nearly 3 percent in the second quarter, nearly tripling from where it was at the end of last year, according to Reis Inc.

Besides lawmakers, the roundtable lobbied the Fed, departments of Energy, Labor, Commerce and Treasury, Office of the Comptroller of the Currency, Environmental Protection Agency and the Securities and Exchange Commission.