This morning I remembered why I gave up smoking

Nick Jopling, Head of Residential at CB Richard Ellis

When did you last get invited to a 'Smoker'? Yes, I thought so.......never.

I ask because Chris and I were invited to two Smokers last night, which is essentially an invitation to come and sit or stand around after supper and smoke a cigar. These are hugely popular events and very social despite all the cigar smoke, and makes an ideal networking opportunity after a good dinner.

Waking up this morning, I remembered why I gave up smoking. It was extremely difficult to keep to my January 'on the wagon' pledge, but as they say what happens on tour stays on tour! The Americans don’t slack, so yet again I found myself back in the CBRE suite at 8am for two meetings; one with a huge developer manager that has been restructured after going into administration, and another with a public (non-traded REIT) that is investing Dutch money alongside retail funds. Both meetings are as energetic as those earlier in the week, despite everyone 'smoking' till midnight.

We then dashed to the conference hall to sit in on an hour long debate chaired by CBRE’s Peter Donovan between Republican Karl Rove and Democrat Governor Howard Dean. Peter took over as Chair of the National Multi Housing Council yesterday and is Head of CBRE's Multi Family business, which is the second largest CBRE capital market business in the world.

Peter has become a friend over the last 18 months, as I have zigzagged across the US exploring the sector. He has been instrumental in organising our introductions this week and is hugely supportive of our efforts to bring the model across the water to the UK.

The debate was impressive and very lively with a little bit of posturing from both sides. The political chasm between the two politicians was obvious and Peter had to intervene a number of times to make sure they didn't speak over each other.

The debate covered many subjects, including the healthcare reform and the future of Fannie and Freddie. It’s difficult to say what would happen if either left the market; every deal and valuation is underwritten (another term that has a different meaning in the US) by their terms and essentially their presence in the market.

Our final afternoon will be spent having lunch by the beach at the home of a client who understands the UK story; a great way to end a fascinating, hugely informative and enjoyable week before heading back to Miami International airport for the Red Eye home.