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CoStar World News May 18

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Portugal-based Pestana Hotel Group celebrated its 50th anniversary last year and intends to stick to the model of its current position as a global player, with a recent major expansion amid a resurgence in international travel.

Chief development officer José Roquette said the strategy included operating only four- and five-star hotels, owning or leasing each property, and maintaining a strong balance sheet. Its growing lifestyle brands include CR7, which targets young travellers, in partnership with Portuguese soccer legend Cristiano Ronaldo, who wears his jersey number 7.

Immediate hotel news>>

CBRE is celebrating its 250th anniversary in the UK, a history that began as a small but diverse business, very different from the international real estate powerhouses of today.

Now based in Dallas, the company was founded in 1773 when William Ellis set up his own firm at 126 Fenchurch Street, London, as a maintainer (an upholsterer who also made cabinets) , appraisers and undertakers. His nephew Richard Ellis took over the company in 1809 and developed it into one of the UK’s leading property services companies. The company’s status as a global powerhouse began to take shape in 1906 in San Francisco.

Kexing News>>

According to the Ifo economic institute, 12.3 percent of on-site workplaces are underutilized on the average working day in Germany due to the growing popularity of remote work, up from 4.6 percent in 2019 before the pandemic.

Around a quarter of German office workers work from home on a regular basis, the researchers noted, with industries such as information technology, advertising and market research, management consulting and pharmaceuticals seeing particularly high numbers of empty offices. Some companies are converting empty offices into co-working spaces to allow for more face-to-face interactions on days when people are present, while others are reducing space requirements for cost reasons.

Thomas Daily >>

Co-living, which was off the radar just a few years ago, is now catching the attention of real estate investors, attracting almost €1 billion in investment in Europe over the past year, though sales in the category in France will fall slightly in 2022.

Driven by demographic and social trends, brokerage JLL reported that direct investment in co-living properties in Europe was 963 million euros last year, up 70% from the previous year and accounting for about 2015 to 2022. half of the total category investment. “This sudden increase reflects greater investor interest in the broader residential sector,” said Julia Martin, head of student housing at JLL’s International Capital Markets division covering Europe, Asia and the Middle East.

Business anti-theft>>

Nordstrom was added this year to a growing list of U.S. retailers failing to expand in Canada that also includes Target and Sears, but some real estate professionals say U.S. businesses can take steps to avoid the same cold reception north of the border.

Bradley Jones, senior vice president and Canadian head of leasing and operations at developer and investor Oxford Properties Group, said misunderstanding buyer preferences is likely the biggest reason U.S. chains have failed to establish a permanent foothold in the country. “They largely underestimate the Canadian consumer and the way we buy things, the research we do before we buy them and the products that fit our lifestyle,” Jones said.

Kexing News>>

Ride-sharing giant Uber initially quietly attempted to divest much of its San Francisco office space, but its voice has changed as the company officially lists nearly a third of its new corporate center in the city’s Mission Bay neighborhood. getting bigger and bigger.

The move is one of the latest among U.S. companies looking to shrink space, as executives shift priorities in an uncertain economy amid the rise of hybrid work models amid the pandemic. Uber is marketing the entirety of 286,548 square feet of sublease space in one of four buildings at its global headquarters, according to marketing materials shared with CoStar News.

Kexing News>>

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

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