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by Overseas Property Mall on Tuesday, September 13th, 2011 in Commercial Property, London Property, UK Property
Customers gathered outside the new Westfield Shopping Centre in Stratford City today eagerly waiting to explore this brand new mega-centre, which is now the largest shopping centre in Europe surpassing Westfield group’s Shepherd Bush Centre in West London.
by Overseas Property Mall on Saturday, March 12th, 2011 in Commercial Property, Spanish Property
Madrid office rents have fallen 30% since the crisis began, but still rents have risen, which shows just how much prices of commercial property have been eroded in Spain. But still the consensus indicates that investors should be waiting for a little while yet before pouncing on the bottomed market.
by Overseas Property Mall on Thursday, December 23rd, 2010 in Commercial Property
Google has agreed to buy its Manhattan Office Building for $1.8billion; the largest ever commercial property purchase by a tenant, and in fact one of the largest ever office building transactions, with only a handful of offices selling for more, including the General Motors building, which sold for $2.9 billion in 2008.
Google currently occupies 500,000 square feet of the three million square feet building at 111 Eighth Avenue. Doing the math, Google is paying $600 per square foot for its offices. Colliers International research shows that in the first half of 2010 the average sale price for office space was $400-$500 per square foot.
At this price the purchase looks expensive, but the value of real estate will always be — to a certain extent — in the eyes, hearts and minds of the buyer. For instance, when the consortium, including Boston Properties and Goldman Sachs bought the GM Building in 2008 they paid more than $1,500 per square foot.
It is not yet clear whether Google plans to run the leases for the rest of the building, or to use the purchase to increase its usage to the whole building.
by Overseas Property Mall on Wednesday, March 31st, 2010 in Commercial Property
Lipsey, the commercial real estate training company has just revealed its annual chart of the top 25 brands in the commercial real estate sector. Because of the mergers and acquisitions witnessed in the past year, it is highly anticipated to see what difference they have made to the various brands’ images. The 2010 chart of commercial real estate brands is as follows:
by Overseas Property Mall on Friday, March 26th, 2010 in Commercial Property, London Property
There is a gaping hole at the heart of London’s financial district. Since 2002 plans have been getting drawn up for a skyscraper to fill that hole. The initial plans were scrapped and in June 2005 plans for the Pinnacle, Bishopsgate tower, by architects Khor and Petersen were submitted for approval (planning permission).
by Overseas Property Mall on Monday, February 1st, 2010 in Commercial Property, UK Property
Investment Property Databank has revealed that the value of UK commercial property fell by 5.6% in 2009. This was the third consecutive annual decline; following a fall of 26% in 2008 and 7.7% in 2007 the London based research body said.
This means that commercial property in the UK has taken a far bigger bashing at the hands of the international downturn than the residential sector has.
by OP-Mall on Wednesday, September 30th, 2009 in Commercial Property, Florida
Commercial real estate is suffering in Florida thanks to the credit crunch. This is putting an increasing strain on Florida banks as a growing number of commercial property owners are forced to default on their loan payments. Driven by declining rental income, empty storefronts and a general lack of available funds to keep their investments afloat in dire times many investors of commercial property are now costing banks millions putting them at risk of failing in return.
by OP-Mall on Wednesday, August 26th, 2009 in Commercial Property, Property Industry News
More and more countries report an increase in distressed property sales in their commercial markets. Numbers have steadily gone up between April and June this year and chances are they will continue to do so well into the next.
by OP-Mall on Tuesday, August 18th, 2009 in Commercial Property, London Property, UK Property
The famous Millennium Dome of London, also called the O2 Arena is set to be bought by Cambridge’s Trinity College. Trinity College which is understood to be Oxbridge’s wealthiest college is in talks to acquire the O2 Arena for an estimated £20m+.
by OP-Mall on Tuesday, June 9th, 2009 in Commercial Property, United States Property
Starbucks, the world’s largest coffee shop operator is currently pushing its U.S.landlords to reduce their shop lease rates by a much as 25 percent according to Bloomberg news reports. They are obviously taking advantage of the weak real estate market to save money on rent.
Starbucks’ rent-reduction efforts were first seen earlier this year in January, as part of a plan to trim overall expenses. The company also announced the closure of 300 of their coffee stores and a cut of as many as 6,700 jobs. This is a direct result was a of 69 percent first-quarter profit loss.
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