Posts tagged In the News
You may have already read the Foreign Direct Investment figures that came out earlier this year, however, I got around to reviewing them over the weekend – FDI to Latin America decreased in 2009 compared to the previous year 2008. No big surprise, right? But, what caught my attention initially is that the drop was just a bit less than half of the amount in 2008 – an almost 50% decline! However, upon further reflection of the depth of the economic crisis and seeing what countries are the top investors in the region, it was not such a revelation. First, let’s take a look at the numbers. More >
The Chancellor of the new UK government, George Osborne, produced his much heralded ‘emergency budget’ yesterday. The task was to prevent a loss of confidence by reducing the deficit in the public finances and to rebalance the British economy away from its dependence on the public sector by stimulating the private sector. With the exception of Ireland, the UK has the largest budget deficit in Europe. The Chancellor elected to redress the balance, which amounts to £113 billion in cuts and tax rises, by 2014 – 2015, using an 80:20 ratio – 80% by reduction in spending and 20% by increased taxation. More >
Gulf Coast Commercial Property Experts See No Long-Term Effect on Supply or Demand
The BP oil spill that has continued for more than 60 days has caused widespread environmental damage and is already affecting shipping, fishing and tourism, but commercial property experts in the region do not believe the accident will have a significant impact on Gulf Coast real estate markets, according to a special report released today by NAI Global.
Commercial real estate leaders from markets bordering the Gulf of Mexico and renowned economist Dr. Peter Linneman weigh in on how experts are quantifying the impact of the oil spill, and provide regional on-the-ground observations of how property markets are faring today. While some markets may see a temporary up-tick resulting from the cleanup efforts, most do not expect any long-term impact, positive or negative, on supply or demand, the primary factors influencing rental rates and property values. More >
I have attended RealComm off an on for many years; seen many promises of technology magic to come, hints of what may be possible in the future and heard about new developments across the world that would soon impact the real estate industry. While this year’s conference was smaller due to the recession, it was much more dramatic in new technology and business practices actually being used today! There was real content with emerging metrics produced by real practitioners with real projects this time… more than any time I have ever seen. In some cases I was almost knocked off my chair in seeing and hearing what is going on throughout the world in real estate technology. Jim Young and Howard Berger and their staff are to be commended for their perseverance, now beginning to pay off with outstanding results! More >
Following a year of historical economic struggles, 2010 is showing slow, yet promising signs of recovery. After years of delays, the new World Trade Center is moving forward quickly, breathing new life into the investment and office markets in New York City. The construction of the Freedom Tower at One World Trade Center is progressing rapidly, already at the 26th floor. The structure is expected to reach the 50th floor by the end of the year and will hit its target of 104 stories by 2013.
The tower’s 2.9 million square feet of Class A office space are the focus of many firms that are already leasing space in the building. Confirmed tenants include the New York State Office of General Services, the U.S. General Services Administration and the China Center New York, LLC. The premier global financial services firm Morgan Stanley has visited the site as part of its search for a large block, possibly as much as 500,000 square feet. The building is part of the larger development project which, besides other office towers, also features 500,000 square feet of retail space, a 9/11 memorial and the WTC transportation center. As for right now, the building’s owners are looking to sell a minority interest, with the two candidates being Durst and Related Properties, for a $100 million stake. More >