Opportunities for growth in the city center hospitality sector are increasing as developers in Mexico and other Latin American countries consider the cost of building new commercial real estate versus renovating existing commercial real estate, including unused office, retail and church properties.
Vacant downtown office space in several countries may be ripe for conversion, often requiring less time to obtain government permits and complete construction, industry leaders said at a Latin America-focused hospitality conference in Florida. . Brian Quinn, chief development officer at hotelier Sonesta, said it is possible to take over office buildings in the financial districts of Brazil, Argentina, Colombia and Peru.
London officials are considering easing strict planning requirements originally intended to preserve office space in the city’s Square Mile district, with the aim of encouraging alternative uses for Grade II listed buildings that are increasingly at risk of being phased out amid falling demand.
The review of these restrictions is part of a larger response to expected changes in the office market through 2040. Key options in the city-commissioning report include a “fast-track” planning approach to ensure more “diverse and inclusive spaces” are built, and more alternative uses by reducing the requirements needed to deal with loss of office space.
Demand for life sciences real estate is rising in France and across Europe as economic uncertainty shakes the outlook for many other traditional real estate categories.
The biotech category is relatively inactive in continental Europe, but that is now changing. The JLL brokerage cited a strong development pipeline, unmet medical needs and a “steady flow of venture capital,” although companies needing cutting-edge, specialist lab space still face challenges finding suitable assets in continental Europe, particularly France. challenge.
Investment firm Commerz Real is buying the remaining 80 percent of two Berlin office towers under construction in which Commerz previously held a 20 percent stake.
Sell-side investment firm Signa Prime will continue to develop the entire project, which is expected to be completed at Berlin’s Alexanderplatz in 2025 and includes more than 100,000 square meters of leased space, Commerzbank’s subsidiary in Wiesbaden, Germany, said. The sale price was not disclosed, but Thomas Daily research puts the market value of the project at about 1.1 billion euros, with the newly acquired 80% stake at about 900 million euros.
The Ottawa Senators of the National Hockey League have agreed to sell a 90 percent stake in the team to a group led by Toronto billionaire Michael Andlauer, a deal that could have major implications for the development of Canada’s capital and eventually lead to downtown stadium.
Published reports suggest the winning bid was conditional on not moving the team out of the Ottawa area, and the change of ownership has reignited discussions about the team’s possible relocation from its current arena in the suburbs of Kanata to downtown. “I believe the Senators fanbase is one of the most passionate in the league, and I’m excited to take the team’s success on and off the ice to the next level,” said the new owner, who is part of the In a statement from the Montreal Canadiens.
West Coast port and dockworkers are negotiating to avoid strikes that could slash demand for warehouses, North America’s hottest commercial real estate sector, as it faces the start of the holiday shipping season.
The International Longshoremen and Warehouse Union, which represents 22,000 longshore workers, and the Pacific Maritime Association, which represents ocean carriers and terminal operators, were without contracts for almost a year, leading to the longest labor-related disruption since 2015. The dispute has resulted in sporadic shutdowns for cargo handling at the West Coast’s biggest shipping gateways, including the U.S.’s busiest ports of Los Angeles and California’s Long Beach, as well as Washington’s Seattle and Tacoma, among other ports.
This report is compiled from CoStar’s news publications in the US, UK, Canada, France and Germany.