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Friday, September 22, 2023

CoStar World News for June 1


Hotels across Japan are performing at their highest level since 2019, with demand driven by events such as this spring’s cherry blossom season and the G7 leaders’ summit in Hiroshima.

Hoteliers say the outlook for the rest of the year is good. Carlos Tarrero, general manager of The Ritz-Carlton, Kyoto, said visitor numbers during the cherry blossom season are at pre-pandemic levels, and Kyoto is a popular destination for both domestic and international tourists in Japan.

Immediate hotel news>>

The main discussions at the Commercial Real Estate Finance Council’s European Spring Conference in London were the potential for poor commercial property sales from a refinancing “cliff”, the potential for US banking contagion to spread to European and UK real estate, and “anti-leveraging” return to improve loan returns.

The main talking point is how banks will cope with the massive amount of refinancing they will need next year amid rising interest rates and collapsing values. The latest Bayes Commercial Real Estate Lending Report found that the interest rate environment led to a rapid increase in refinancing activity in the final quarter of last year, with borrowers refinancing earlier rather than waiting longer into 2023 or extending loans into 2024.

Kexing News>>

Deutsche Bundesbank, part of the European Central Banking System, has largely abandoned plans for a massive construction in Frankfurt, which is expected to take 5,000 sqm of the planned 100,000 sqm in three office buildings as the Bundesbank shifts to mixed working arrangements. Rice will be finished.

Bank officials said the main reason was an agreement between the Federal Governing Council and the Works Council to allow up to 60% of working time to be spent at home from this month. Add to that high construction costs and supply bottlenecks. Commonwealth Bank’s remaining space needs are now expected to be met through retrofitting the existing building and building just one new building.

Thomas Daily >>

Global developer and shopping center operator Unibail-Rodamco-Westfield has sold its prestigious Versailles office building for around 95 million euros as part of an ongoing debt reduction strategy that includes the sale of its retail center in the US.

According to sources, Atland Voisin is the buyer of the office property called Building V, which was built in 2019 and covers an area of ​​more than 15,000 square meters. In addition to the recent sale of Florida’s Westfield Brandon, the latest deal brings Paris-based Unibail’s total proceeds from the disposals to about 4.7 billion euros in a sell-off of several U.S. malls over the past year.

Business anti-theft>>

Investors in the Toronto condo market are the main drivers of rental supply but are under increasing pressure due to negative cash flow due to rising costs, according to a report by a major Canadian bank and a leading research firm.

Even today’s demand-rental market is increasingly failing to cover holding costs, according to a report by CIBC World Markets deputy chief economist Benjamin Tal and research firm Urbanation Inc.’s Shaun Hildebrand. 2022 “marks a cash-negative tipping point Liquidity is expected to deteriorate over the next few years as increasingly expensive new condominiums pre-sold to investors at the peak of the market over the past few years are completed in a higher interest rate environment ,” the report said.

Kexing News>>

One of the largest apartment owners and managers in the U.S. has launched a brand aimed at addressing the country’s labor housing shortage that includes modular construction to keep costs down.

Ltd. by Greystar will provide new construction housing for workers such as teachers, first responders and nurses who would not normally be able to afford such apartments, officials at Charleston, S.C.-based Greystar said. The brand has relied heavily on integrating technology that has accelerated during the pandemic to lower operating costs for properties and, therefore, lower rents.

Kexing News>>

This report is compiled from CoStar’s news publications in the US, UK, Canada, France and Germany.


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