Latest Real Estate News
I was not able to write these real estate news roundups on a weekly basis as initially planned. I was busy with various product development for this site. But this is no excuse. Apologies. Now I have resumed real estate news posts and I promise to continue it.
Very interesting stuff has happened on the real estate front internationally during this gap. But I will not be going to cover all of these, as there are just too much interesting news. So I will cover the latest news with a commitment to continue this.
AXA Real Estate Launches Long Lease Property Fund in the UK
AXA Real Estate Investment Managers launched the UK Long Lease Property Fund, aiming to provide UK institutional investors, pension schemes, and investment consultants with a new property-based, liability-matching solution that generates long and secure income streams.
Sam Zells Equity Residential Sells Property Portfolio for $1.5 Billion
Sam Zell's Equity Residential said that it would sell 27 properties to a joint venture including Goldman Sachs and Greystar Real Estate Partners, in a $1.5 billion deal. The two-part deal is set to close this quarter. The deal includes roughly 8,000 apartment units.
Dubai Built on Sand with Borrowed Cash
The Economist reports that the Gulf Emirate is as flashy as ever, but it still has structural problems to solve. The government seems to recognize this, and is pushing its credentials as an entrepreneurial hub. In December, for instance, it hosted a Global Entrepreneurship Summit.
CBRE Reports That Hong Kong and New York are World's Most Expensive Retail Destinations
According to CBRE's third quarter 2012 MarketView report, global retail prime rents remain high in key gateway markets due to strong flows of international tourists seeking luxury products. Hong Kong and New York City recorded significant rises in prime retail rents during the third quarter of 2012, while the next tier - Tokyo, Sydney, and London - held steady, according to the research.
Mall occupancy in India drops to 50% as retailers lose money
According to a survey conducted by the Associated Chamber of Commerce and Industry of India (Assocham) over 52% of malls in Mumbai are vacant partly due to economic slowdown, poor design, lack of robust revenue generation model, and located in unattractive locations. It estimates the total rate of vacancy in malls in Delhi-NCR is 55%, while in Mumbai it is 52% followed by Ahmedabad (51%), Chennai (50%), Hyderabad (48%), and Bangalore (45%). The position in the nearby town of these locations is much disturbing.
Decline in Availability of U.S. Industrial Space to Continue In 2013, CBRE Reports
The two-plus-year-old recovery of U.S. industrial real estate markets will extend into 2013, CBRE forecasts, as modest economic growth and increased global trade through the U.S. will help sustain demand improvements for warehouse and distribution space. CBRE expects the national industrial availability rate to fall to 12.2% in 2013 and 11.3% by the end of 2014. These rates will decline from 13.1% in Q3 2012. The national industrial availability rate peaked at 14.6% in Q2 2010.
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