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Demand for office space in Asia Pacific subdued

Posted on 15 May 2013 by Laxman  |  Email |Print

Leasing activity in Asia Pacific’s Tier 1 office markets remained generally subdued in the first quarter of 2013, according to real estate advisory firm Jones Lang LaSalle, in its latest Asia Pacific Office Index.
Whilst take-up of grade A office space contracted in Singapore, Hong Kong, Australian cities and Beijing, it was steady in Japan, South Korea and emerging Southeast Asia; strong demand in Manila and Jakarta was actually constrained by a lack of available space……………………………………Full Article: Source

UK commercial property total return increases to 0.6pct

Posted on 14 May 2013 by Laxman  |  Email |Print

UK commercial property performance remained largely unchanged at the All Property level in April, according to the latest CBRE UK Monthly Index. Total return increased from 0.5% in March to 0.6% in April, with the annual return also picking up to 3.1% for the year to April 2013. However, capital values remained flat, and have declined by -2.8% over the course of the last twelve months.
All offices total return increased to 0.5% in April, while capital values remained at the level recorded in March. Overall sector returns were boosted by offices in Central London, returning 0.6% over the month………………………………………..Full Article: Source

Moody’s: US commercial property market outlook broadly stable in 1Q 2013

Posted on 09 May 2013 by Laxman  |  Email |Print

The outlook for the major US property markets was broadly stable in the first quarter, consistent with the generally slow pace of both construction and absorption, the supply and demand components of real estate, according to Moody’s Investors Service’s Red-Yellow-Green quarterly property assessment.
“While overall levels of construction and absorption remained modest, strong revenue per available room or RevPAR growth from the hotel sectors pushed the overall composite score up to Green 68, a one-point increase over the prior quarter,” said Moody’s Vice President - Senior Credit Officer Keith Banhazl………………………………….Full Article: Source

JLL: European logistics markets remain stable despite subdued Eurozone outlook

Posted on 09 May 2013 by Laxman  |  Email |Print

The Q1 2013 European logistics real estate take-up market continued to demonstrate steady performance, according to the latest analysis from Jones Lang LaSalle. Germany was once again the most active European market, whilst Spain was the only other market to demonstrate growth. Completions have fallen, but six million sq m of space under construction is the highest amount since 2008, demonstrating the confidence in the sector.
Occupier demand remained stable year-on-year in the first quarter of 2013 thanks to continued global supply chain realignment, largely based on a growing e-commerce sector. A total of 2.9 million m² of logistics units over 5,000 m² in size were taken-up in Q1 2013………………………………….Full Article: Source

London hotel real estate more attractive than New York

Posted on 09 May 2013 by Laxman  |  Email |Print

London is outpacing New York in the real estate market - especially with wealthy buyers from overseas, analysts say. InterContinental Hotels Group PLC is still waiting to sell the InterContinental New York Barclay hotel, one of its limited number of trophy properties, but it had no problem marketing another of its key assets in London recently.
The world’s biggest hotelier by number of rooms flagged the sale of the 87-year-old Barclay in early 2011 to take advantage of its location in the heart of midtown Manhattan’s exclusive East Side. It found an exclusive buyer, but the talks then broke down. Analysts said the property was “tired” and IHG was forced fund a renovation………………………………….Full Article: Source

Record prices for US commercial property

Posted on 08 May 2013 by Laxman  |  Email |Print

U.S. commercial property prices hit record levels last month, a new report suggests. Green Streets Advisors’ commercial property index moved one percent higher than the record achieved in August, 2007, fueled by low interest rates and “modest economic growth.” The index rose one percent in April, after a two percent increase the month before, Bloomberg reports.
“It’s likely we’ll see more gains,” Green Street analyst Peter Rothemund said in the statement. “Real estate continues to be attractively priced relative to the returns on offer in the bond market.”……………………………………….Full Article: Source

S.Africa: Commercial property values reach new highs

Posted on 08 May 2013 by Laxman  |  Email |Print

Property values have fully recovered the ground that was lost during the last downturn and values are now one percentage point above their ‘07 highs. Commercial real estate values continue to benefit from a backdrop of low interest rates coupled with modest economic growth and it’s likely the upward momentum in values witnessed so far will be sustained.
Green Street’s Commercial Property Price Index is a time series of unleveraged U.S. commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted………………………………………..Full Article: Source

India: Distressed office space assets to go up

Posted on 08 May 2013 by Laxman  |  Email |Print

Supply of office properties from developers struggling to fund, complete or sell their projects is likely to increase further in the April-June quarter, according to the latest RICS India Commercial Property Survey.
This continues from a marked pick-up in the supply of such distressed office properties in the January-March period, the property consultancy said in a report released Tuesday, without giving specific numbers or estimates. While distressed properties would be available at prices lower than market rates, the rise in their supply could dampen the capital values of office spaces, say experts………………………………………..Full Article: Source

Stamp duty chokes sales of Hong Kong commercial property

Posted on 08 May 2013 by Laxman  |  Email |Print

Commercial property deals in the city fell sharply over the past three months as short-term investors shied away after the doubling of stamp duty on the purchase of both residential and non-residential properties.
“Buyers held off in the hope that vendors would cut their asking prices to compensate for the increased investment cost caused by the doubled stamp duty,” the executive director of Asia investment services at agency Colliers International, Antonio Wu, said. “But vendors were reluctant to cut the prices as they are still enjoying high rental yields.”……………………………………….Full Article: Source

U.S. commercial-property prices rise above their ’07 peak

Posted on 07 May 2013 by Laxman  |  Email |Print

Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.
The Green Street all-property index climbed 1 percent from the previous month and is 1 percent higher than the previous record, from August 2007, the Newport Beach, California-based company said today in a statement. Green Street’s index is based on its estimate of the value of portfolios of real estate investment trusts, which tend to own high-quality properties………………………………………..Full Article: Source

Mumbai: Realtors turn office space into homes

Posted on 03 May 2013 by Laxman  |  Email |Print

A number of builders in Mumbai are converting their office projects into residential ones amid poor sales and falling rentals in the commercial space. In the backdrop of tight liquidity, builders are also finding it easier to work on housing projects, given the self-financing ability of residential projects through customer advances as against back-ended commercial developments.
Among major developers, Oberoi Realty is now contemplating to convert its office space project Oberoi Splendor Commercial on Jogeshwari-Vikhroli Link Road in Andheri , a suburb of Mumbai, into a residential project. Brokerages like Motilal OswalBSE -0.23 % and IDFC Securities have termed Oberoi Realty’s decision as a positive trigger, given the possibility of better sales volume………………………………………..Full Article: Source

London commercial property deals jump on foreign buyers

Posted on 02 May 2013 by Laxman  |  Email |Print

Investors bought more commercial real estate in central London last year than in the rest of Britain for the first time as buyers from the U.S. to Malaysia favored the U.K. capital, according to broker DTZ (UGL).
Investors purchased a record 16.1 billion pounds ($25 billion) of income-producing office buildings, stores, and warehouses in London last year, a 48 percent increase, compared with an 18 percent drop to 15.9 billion pounds in the rest of the U.K., according to DTZ………………………………………..Full Article: Source

Big funds see commercial property opportunity

Posted on 30 April 2013 by Laxman  |  Email |Print

The big investments funds are not always smarter or better than smaller investors. But every once in a while they spot opportunities that others miss. A prime example can be found in Europe, where funds are scooping up office projects that have been undervalued by the market.
The key is looking for offices that have tenants with short term leases. Offices with tenants with long term leases are typically valued as much as 30 percent more than similar buildings with tenants with less than five years remaining on their leases………………………………………..Full Article: Source

International property investors should beware London traps, says Riverside Capital’s Dominic Wright

Posted on 26 April 2013 by Laxman  |  Email |Print

Overseas investors looking to buy into the UK commercial property market are entering an extremely popular market and without proper knowledge and guidance they can find their investments have not been best placed.
Considered a safe haven, the London property market in particular has seen massive levels of investment in 2012 - around £16bn. Compare that to less than £4bn going into the New York property market in the same time frame and it provides a clear indication of just how attractive a location London is for overseas investors………………………………………..Full Article: Source

China is poised to top Japan, Australia among international commercial property investors in Asia

Posted on 26 April 2013 by Laxman  |  Email |Print

When it comes to commercial real estate investment flows China still takes a back seat in Asia to Japan and Australia, whose markets have better transparency, more experienced investors and deeper inventory. Yet China is also poised to surpass both in the next few years as its economy becomes more service-driven and the investable supply rises, especially in Beijing and the country’s other big top-tier markets, Shanghai and Guangzhou.
So says Anthony Couse, a managing director in Shanghai for global real estate consultancy Jones Lang LaSalle of Chicago. His enthusiasm is apparently shared by the Blackstone Group, reported in April to be planning to raise up to $4 billion for a real estate fund focused on China and Asia………………………………………..Full Article: Source

Moscow: Q1 2013 saw record volume of new office space delivered to the market since 2011

Posted on 25 April 2013 by Laxman  |  Email |Print

According to CBRE’s latest office market report, the Moscow market was stable in Q1 2013 with the exception of the largest volume of new office space delivered to the market in Q1 2013 since 2011. New delivery in Q1 2013 was 259,544 m².
In Q1 2013 the total Moscow office market take was 221,458 m² which is comparable to the volume of deals closed in Q1 2011 (219,000 m²), but is lower than the figure for Q1 2012 (about 274,000 m²) were leased in Q1 2012………………………………………..Full Article: Source

Calgary industrial real estate market active

Posted on 23 April 2013 by Laxman  |  Email |Print

All signs are indicating that the Calgary industrial real estate market will continue to thrive and grow this year, says a new report by Cushman & Wakefield.
The company said overall vacancy in the sector was 6.6 per cent in the first quarter of this year, up from 6.2 per cent in the first quarter of 2012. Net asking rents have jumped to $8.63 per square foot per year from $7.89 last year………………………………………..Full Article: Source

German Q1 investment figures hit five-year high

Posted on 23 April 2013 by Laxman  |  Email |Print

Total investment volumes in the German commercial property market have risen 21% year-on-year, according to first quarter figures releasedby property advisor Savills.
The German market saw total investment hit €6.65 bn during the first three months of 2013 - representing the highest first quarter levels for five years. The strong first quarter showing was fuelled by a number of significant portfolio deals, including the purchase of an IVG open-ended special fund for some €500 mln and Dundee’s purchase of a portfolio of eleven office properties for € 420 mln from SEB………………………………………..Full Article: Source

Bahrain real estate sector continues to wait for upward stimulus

Posted on 22 April 2013 by Laxman  |  Email |Print

The commercial office and retail sectors have seen little movement in occupancy or rate as the Kingdom waits for political tensions to ease. The supply pipeline of premium office space in prime locations continues to slow.
Office space requirements continue to be focused on smaller spaces with low rental rates, parking and access remaining the key issues. Land prices, particularly for residential plots have started to edge up again in a number of locations across the Kingdom………………………………………..Full Article: Source

HK: Investors bullish on commercial assets

Posted on 22 April 2013 by Laxman  |  Email |Print

Despite measures to cool commercial property speculation, a leading insurance company recently entered into a HK$4.5 billion agreement to purchase a Kowloon Bay office building.
The acquisition of the West Tower at One Bay East at 83 Hoi Bun Road - being built by Wheelock Properties - by Manulife shows that long-term investors still favor rent- generating properties………………………………………..Full Article: Source

CBRE: Global shopping center development grows 15pct in 2013

Posted on 19 April 2013 by Laxman  |  Email |Print

An unprecedented 32 million m² of shopping center space is currently under construction across the world, representing a 15% increase year-on-year (28 million m² in 2012), according to the latest research from global property advisor CBRE.
Shopping center development activity is heavily concentrated in emerging markets, with China home to more than half of all the space under construction (16.8 million m²). Seven of the 10 most active development markets globally are in China. These include Chengdu (2.9 million m²) and Tianjin (2.1 million m²), with Shenyang, Chongqing, Wuhan, Guangzhou and Hangzhou due to deliver over one million m² over the next three years………………………………………Full Article: Source

Abu Dhabi home, office rents to fall on supply, CBRE says

Posted on 18 April 2013 by Laxman  |  Email |Print

Residential and commercial rents in Abu Dhabi are expected to drop further as homes and offices are built four years after the credit crisis roiled the United Arab Emirates’ real estate market, according to CBRE Group Inc. (CBG)
“The impact of sustained growth in overall housing stock is reflected in the continued decline of lease rates and reduced tenant loyalty amidst abundant and more affordable options,” Matthew Green, the Los Angeles-based broker’s head of U.A.E. research, wrote in a report………………………………….Full Article: Source

Russia: Commercial real estate investment hits record high

Posted on 16 April 2013 by Laxman  |  Email |Print

First quarter investment in the Russian commercial real estate market soared to a record high of $2.4 billion, a figure nearly 25 times higher than the first quarter of 2012 and almost three times higher than the previous record in 2006.
Investments in commercial real estate reached a new all-time high of $2.4 billion in the first quarter of 2013, according to a report by the CBRE Group. By comparison, the first quarter of 2012 saw investments at $101 million, a figure almost 25 times lower than that of this year. The previous record was set in 2006, when investors channeled $843 million into commercial property during the first quarter………………………………………..Full Article: Source

Prime office rents rise in Dubai

Posted on 15 April 2013 by Laxman  |  Email |Print

Property brokers have called the bottom of the Dubai office market as rents in the best-quality buildings began to rise for the first time in more than four years. Rents for prime offices in the city rose 10 per cent during the first three months of the year after falling in some areas by as much as half during the downturn, according to Jones Lang LaSalle.
The upturn marked the first time since the survey started in 2009 that all sectors of the Dubai property market have shown signs of recovery. Rents in Dubai’s top office districts such as Sheikh Zayed Road, Burj Khalifa Downtown, Jumeirah Lakes Towers and Tecom rose by 4 per cent over the quarter to an average of Dh1,690 (US$460) per square metre………………………………………..Full Article: Source

Commercial real estate market shows signs of stability for investors

Posted on 11 April 2013 by Laxman  |  Email |Print

The commercial real estate industry continues to show robust and consistent growth, despite a sluggish economy and the indecision of governmental sequestration, according to the latest CCIM Quarterly Market Trends report. The report shows that in 2012, commercial real estate investment sales increased for the fourth consecutive year, with an uptick of 18 percent year-over-year in sales of properties less than $2.5 million. In fact, the year ended with a deal frenzy of $98 billion in total 4Q12 sales, setting a post-2007 record for the greatest amount of fourth-quarter investment activity.
“The numbers speak clearly, particularly the figures besting recession-era data, demonstrating dependable progress that investors can act upon, and fundamentals are expected to steadily improve,” said George Ratiu , manager of the National Association of REALTORS qualitative and commercial research. “With moderate gains in employment and consumer spending, absorption for office, industrial, and retail spaces will continue to grow, driving availability rates lower.” (Press Relese)

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Canadian commercial property market heading into another strong year: CIBC

Posted on 11 April 2013 by Laxman  |  Email |Print

Canada’s commercial real estate sector and REIT investment market appear set to outperform for a fifth-straight year, according to CIBC World Markets Inc. “All of the fundamentals seem to be supporting [the] continuation of [an] extended recovery” from the market lows of 2008, says Allan Kimberley, Vice-Chairman, Real Estate Investment Banking at CIBC.
In a series of notes released today at the bank’s 18th annual real estate conference in Toronto, CIBC says low interest rates, the continued availability of equity and debt, and healthy supply-demand fundamentals have set up Canada’s real estate capital markets for another strong year. These conditions are relatively unchanged from 2012 which saw “record levels of new issuance, total returns exceeding those of the broader S&P/TSX Composite index, a growing list of IPO and M&A activity, against a backdrop of declining volatility,” says Mr. Kimberley. (Press Release)

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European commercial property at best value for 10 years

Posted on 11 April 2013 by Laxman  |  Email |Print

European commercial property pricing has reached its most attractive level for investment in almost 10 years, according to research from DTZ. DTZ’s Fair Value Index offers quarterly insight into the relative attractiveness of current pricing in European property markets by grading them with a score out of 100. The most recent figures show that in Q4 2012 the overall index score for Europe rose to 78 from 62 in the previous quarter – recording its highest score since September 2003.
Individual property markets across Europe are also ranked as HOT, WARM or COLD. Of 105 markets covered, 69 were rated as HOT and 25 as WARM – making them attractive to investors. Significantly, 33 markets were upgraded between Q3 and Q4, with 24 improving from WARM to HOT and nine moving from COLD to WARM………………………………………..Full Article: Source

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CBRE: Property investment in CEE achieves second highest Q1 result since 2007

Posted on 11 April 2013 by Laxman  |  Email |Print

Total commercial real estate investment volume in Central & Eastern Europe (CEE) reached €2.6 billion in the first quarter of 2013 (Q1 2013), three times the level achieved during Q1 2012 and the highest first quarter result since 2008, according to the latest research from global property advisor CBRE.
The most active markets were Russia (€1.8 billion) and Poland (€400 million), although the smaller economies within the CEE have also seen an increase. The largest transactions were in Moscow: Metropolis shopping centre was acquired for around €900 million by Morgan Stanley Real Estate Investing and AFI Development’s completion of its acquisition of the remaining 50% in Aquamarine BC III, a project close to the Kremlin………………………………………..Full Article: Source

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UK: Commercial property sector boosted by private activity

Posted on 11 April 2013 by Laxman  |  Email |Print

A spike in private activity in the commercial property sector has partly offset a dip in projects funded by the government, upmarket estate agent Savills said. The firm’s latest commercial development activity index saw its public sector measure drop from 1.4 in February to minus 1.3 in March.
However, the private sector number has climbed from 10.9 at the start of the year to 17.8 last month. The index numbers show the percentage of surveyed developers that report an improvement in activity, minus the percentage that tell Savills that activity has dropped………………………………………..Full Article: Source

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Austrian real estate underperforms stocks and bonds

Posted on 11 April 2013 by Laxman  |  Email |Print

Austrian commercial real estate generated far lower returns relative to stocks and bonds in 2012. Property underperformed equities, which delivered 25.1% (MSCI Austria) and bonds with 13.7% (Austrian bond index) in 2012. But IPD noted that real estate ’strongly and consistently’ outperformed stocks over a three-, five- and nine-year period.
The IPD Austria Annual Property Index generated a total return on all property of 6.2% in 2012, only 10 basis points lower than the performance for 2011. Capital growth amounted to 1.2%, 0.3% lower than the 2011 figure, while income return increased by 0.1% to 4.9%………………………………………..Full Article: Source

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Russian investment volumes jump 116pct in Q1

Posted on 11 April 2013 by Laxman  |  Email |Print

Total investment in Russian commercial real estate reached $2.1 bn (€1.6 bn) in the first quarter of 2013, up 116% on the year-earlier period, according to Jones Lang LaSalle. The spike in volumes for the first three months of 2013 was mainly due to the closure of Morgan Stanley Real Estate’s acquisition of the Metropolis shopping centre in Moscow for an estimated $1 bn.
In March, Russian investor 01 Properties announced the acquisition of the White Square business centre in Moscow for a reported $1 bn (€774 mln). However this deal was actually closed in 2012. ……………………………………….Full Article: Source

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Europe, Asia Pacific and the Americas commercial real estate investment volumes to US$94 bln

Posted on 10 April 2013 by Laxman  |  Email |Print

Commercial real estate continues to rank high on the list of acquisitions for investors around the world as preliminary global real estate investment volumes in the first quarter of 2013 reached R838 billion (US$94 billion).
That’s according to Jones Lang LaSalle capital markets research from 60 countries. The real estate investment volumes in Q1 2013 represented an 8 percent increase over the same quarter in 2012. Improving confidence in the global economic recovery and a continued demand for direct real estate exposure continue to push volumes higher with Germany, Japan, and the United States all finishing the quarter strong………………………………………..Full Article: Source

C&W: Robust first quarter for London commercial property investment

Posted on 10 April 2013 by Laxman  |  Email |Print

The attractiveness of Central London commercial property as a safe haven for international investors was evidenced again in the first quarter of 2013, with a total of £2.75 billion (approx. € 3.22 billion) deals transacted, according to Cushman & Wakefield.
Of this total value of transactions, 71% was accounted for by acquisitions from overseas investors. The total was down significantly on previous quarter reflecting the lack of available stock which has restrained investment volumes particularly in the West End………………………………………..Full Article: Source

Boom goes on for London’s commercial property deals

Posted on 09 April 2013 by Laxman  |  Email |Print

London’s commercial property market continued to boom in the first three months of the year but is becoming restrained because of a lack of both new and older buildings coming onto the market, a leading estate agent said.
According to Cushman & Wakefield deals worth £2.75 billion took place in the first quarter of 2013, down from the £3.98 billion of deals in the final quarter of 2013. The attractions of the capital as a safe haven for international investors was emphasised by the fact that overseas investors accounted for 71% of the value of all transactions………………………………………..Full Article: Source

Indian real estate offers some of the best investment options

Posted on 09 April 2013 by Laxman  |  Email |Print

The ongoing slowdown has had a mixed impact on property markets in India. In the commercial office sector, we have seen that though companies are still committed to their expansion plans, they are in a wait-and-see mode and are progressing very slowly on executing these.
In the retail sector, national and international retailers are still keen on expanding their presence and have been taking up spaces in both high streets and malls. The difference is that the sector, on the whole, is becoming more mature and retailers are keen on taking up only quality spaces. In the residential markets, we saw that capital values in many micro markets across cities had already crossed their previous peak levels of 2008……………………………………….Full Article: Source

China: Bubble forming in commercial property market

Posted on 09 April 2013 by Laxman  |  Email |Print

Head of industry association says cities such as Shenyang, Chengdu and Tianjin lack the businesses to move into new spaces. A bubble is forming in the commercial property markets of some of the country’s major cities, the head of an industry association warns.
Wang Yongping, secretary general of the China Commercial Real Estate Association, cited as examples Shenyang, Chengdu and Tianjin. “The supply is huge in these cities, but it is difficult for developers to find enough retailers and other businesses to lease to in the short term,” he said………………………………………..Full Article: Source

India: Demand for office space to increase to 30 mln sq ft this year: DTZ

Posted on 08 April 2013 by Laxman  |  Email |Print

The demand for office space is likely to increase to 30.5 million sq ft this year, global real estate advisor DTZ said. “Fears of downside risks for the global economy have started to fade, which combined with local economic policy amendments including the opening of 51 per cent FDI in multi- brand retail, climb-down of repo rates by the Reserve Bank of India (RBI) and stronger economic outlook, have resulted in improved market sentiment,” DTZ India CEO Anshul Jain said.
These emerging positive indicators are expected to help stimulate the real estate sector. “Consequently, demand for office space is expected to increase and reach to around 30.5 million sq ft this year, representing an increase of nearly 12 per cent year-on-year,” he said………………………………………..Full Article: Source

Four top tips on playing the UK commercial property game

Posted on 05 April 2013 by Laxman  |  Email |Print

UK commercial property, with its attractive yield profile, continues to provide investors with solid levels of rental income and steady returns. It has historically performed differently from other asset classes, such as equities and bonds, and brings diversification benefits. Below are four tips for effective property investment.
A strong tenant base is vital. Favour prime tenants on long leases. Established names offer confidence in terms of income security. Prime tenants include B&Q, Centrica, Co-Op and Tesco. Bear in mind economic growth will be strongest in the South East of England………………………………………..Full Article: Source

Israel’s commercial property market – Mogul domination suppressing scope for retail investment?

Posted on 05 April 2013 by Laxman  |  Email |Print

In contrast to the case with residential property, Israel’s commercial real estate inventory is very much the domain of tightly-held conglomerates and listed entities firmly under the control of their founders or key investors.
While the widespread Israeli penchant for apartment ownership as an investment is seen, by regulators and commentators, as a contributing factor in the continuing rise in house prices, mainstream ‘retail’ investment in housing is not mirrored in the commercial sector. In this piece, we look at the existing state of investment in commercial property in Israel, specifically the publicly-traded sector, and at the role played, or which could be played, by the REIT - real estate investment trust………………………………………..Full Article: Source

Demand for U.S. office space improves – barely

Posted on 04 April 2013 by Laxman  |  Email |Print

The U.S. office vacancy rate fell only slightly during the first quarter, as a lack of significant job growth continued to impede demand for space, according to a quarterly report released this week.
At the same time, U.S. office construction during the first quarter reached a 14-year low as developers remain spooked by soft demand and meager rent growth, according to real estate research firm Reis Inc………………………………………..Full Article: Source

Downtown NYC office vacancies fall on technology demand

Posted on 04 April 2013 by Laxman  |  Email |Print

Lower Manhattan office vacancies fell in the first quarter to the lowest since 2008 as technology and creative firms priced out of the midtown south area spilled into the market, Cushman & Wakefield said,
The vacancy rate downtown, home to the city’s financial district, declined to 8 percent from 9.2 percent a year earlier, the New York-based real estate services firm said in a report today. More than 20 percent of leasing below Canal Street in the first quarter was by technology and media firms, Cushman said………………………………………..Full Article: Source

Commercial property markets ‘positive’ in Scotland

Posted on 04 April 2013 by Laxman  |  Email |Print

The commercial property markets in Edinburgh and Scotland are performing well, according to recent research from Deloitte Real Estate. The report found that the two cities in Scotland could outperform the UK as a whole, with a notable increase in the take-up of office space in the cities over the course of 2012.
According to Deloitte’s UK Key Cities report, Edinburgh enjoyed its strongest lettings performance in four years, while rent in the capital was also healthy. Year-on-year investment volumes in Glasgow were also revealed to be on the rise, with completed deals in the city worth £152 million over the course of the year………………………………………..Full Article: Source

Czech Republic commercial property delivers a 4.7pct return

Posted on 04 April 2013 by Laxman  |  Email |Print

The IPD Czech Republic Annual Property Index, delivered a total return on Czech all property of 4.7% in 2012, 310 basis points lower than 2011.
Dr. Nassos Manginas, Managing Director of IPD DACH, said, “A reduction in capital growth by 0.9% was the primary driver of lower performance, however income return at 6.6% was also weaker in 2012 compared with the 3-year average trend of 6.9%pa………………………………………..Full Article: Source

Taiwan: Commercial real estate sales triple year-on-year: local brokerage provider

Posted on 04 April 2013 by Laxman  |  Email |Print

The trade volume of domestic commercial real estate increased by 3.2 times in the first quarter on a year-on-year basis, according to statistics released by local brokerage service providers.
The NT$27.3 billion in sales is a new high for the past four years, and a 35-percent increase from the last quarter. The average transaction price per ping for office buildings in Taipei City also hit a record high of NT$774,000, according to the latest figures from BNP Paribas Investment Partners………………………………………..Full Article: Source

Boston office market shows signs of recovery

Posted on 03 April 2013 by Laxman  |  Email |Print

Office space vacancies in downtown Boston fell below 10 percent in the first months of 2013 for the first time since 2009. High employment in the high-tech sector and life sciences are the industry’s major drivers in the region’s recovery, growing at 9.8 percent and 5.0 percent year-over-year, respectively, according to new data from Jones Lang LaSalle.
Businesses are increasingly making the move into the downtown area, creating a shortage of space, the consultancy said. The vacancy rate is evidence that the market is “officially in full recovery,” the firm announced in its latest report………………………………………..Full Article: Source

Italian property market records positive returns during H2 of 2012

Posted on 03 April 2013 by Laxman  |  Email |Print

IPD, a measurement group based in the United Kingdom, reports that commercial real estate in Italy delivered an overall return of only 0.5 per cent during the second half of 2012, marking a decrease of 1.3 per cent in comparison with the first six months of the year.
The total returns for 2012 stood at 1.8 per cent, and IPD believes that it is a positive outcome considering the crisis that currently engulfs the Eurozone………………………………………..Full Article: Source

Hong Kong businesses vanish as rents soar: Real estate

Posted on 03 April 2013 by Laxman  |  Email |Print

Over the past decade, car-repair shop owner Benny Chan has seen more than 70 percent of his small-business peers disappear as his Hong Kong neighborhood fills up with high-end Western bars and Japanese restaurants.
“Rents here are going up multiple times,” said Chan, who’s been in business since 1985 in the Tai Hang area, just east of the ritzy Causeway Bay shopping district. “We’ll all be out of here in the next four to five years.”……………………………………….Full Article: Source

UK: Commercial property: Turning a corner?

Posted on 02 April 2013 by Laxman  |  Email |Print

Investors seeking income are looking again at commercial property as returns from cash and bonds continue to fall. But experts are divided over whether now is the right time to get back into bricks and mortar.
While commercial property funds used to be a popular option for a stocks and shares individual savings account (Isa), investors have largely steered clear of the sector following the big price falls seen in the aftermath of the credit crisis. Many funds were forced to close in 2008 as savers flocked to withdraw their money………………………………………..Full Article: Source

Office market in Asia Pacific likely to see more activity in 2013, says Knight Frank

Posted on 02 April 2013 by Laxman  |  Email |Print

Concerns surrounding the world economy continued to have an influence on the office occupier property markets in Asia Pacific in the final months of last year, according to the latest index.
The Knight Frank Asia Pacific Prime Office Index rose 2% in the fourth quarter of 2012, up from a 0.8% increase in the previous quarter and the firm says that with some of the constraints holding back international corporates dissipating, a less uncertain outlook is expected to lead to more leasing activity in 2013………………………………………..Full Article: Source

Europe’s CMBS pipeline begins to flow

Posted on 28 March 2013 by Laxman  |  Email |Print

Unloved and tarnished – Europe’s crisis-hit market for assets backed by commercial mortgages is now only a fraction of its 2006 peak.
Only a handful of new borrowers have issued commercial mortgage-backed securities since the US subprime crisis and the picture in Europe painted by some bankers is of a product in terminal decline – penalised by regulators and hated by politicians………………………………………..Full Article: Source

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