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Commercial Real Estate News

Commercial Real Estate News from the Wall Street Journal

  1. NYC Council Stops Midtown Tower Construction
    Work on an 800-foot-tall tower in East Midtown that has been under construction for six months was halted last week following a vote by the New York City Council to limit skyscrapers in the area,.
  2. Malls Never Wanted Gyms. Now They Court Them
    Mall owners long treated gyms, massage parlors, and billiards halls as unwanted tenants that attracted lower-rent visitors who were unlikely to shop. Now they’re giving health clubs some of their best real estate.
  3. New Jersey Office Rents Near Records
    Asking rents for New Jersey office space are nearing records as landlords undertake extensive renovations and fill older properties with top-notch amenities.
  4. Brookfield Property Makes $14.8 Billion Offer to Acquire Rest of GGP
    Brookfield Property Partners LP has made a $14.8 billion offer to acquire the shares of mall owner GGP Inc. that it doesn’t already own, according to people familiar with the matter.
  5. 'Little India' Thrives in Central New Jersey
    Oak Tree Road, known as “Little India,” has been transformed from a rundown and desolate area to a booming ethnic business district that attracts South Asian customers from Maine to Maryland.
  6. NYC's Pearl River Mart Will Expand to Chelsea Market
    Pearl River Mart, once a casualty of skyrocketing retail rents, is planning to open another 3,500 square-foot store at Chelsea Market in Manhattan.
  7. Office Spaces Focusing More on Communal Areas
    Businesses are beginning to design offices spaces that are increasing the amount of square footage per employee when shared work settings are taken into account.
  8. Chocolate Giant Ferrero to Look for Innovation at Cornell Tech
    Ferrero, Italian manufacturer of sweets and chocolates, is setting up an innovation outpost at Cornell University’s technology campus on Roosevelt Island in New York City.
  9. Shortage of Industrial Space on Long Island Squeezes Tenants
    Long Island’s shrinking industrial space has placed expanding tenants in a tough spot, forcing them to look east to Suffolk County and off the island entirely, according to real-estate services firm JLL.
  10. Supermarkets Face a Growing Problem: Too Much Space
    A massive build-out by retailers has left the country piled up with grocery shelves as consumers shift from big weekly shopping trips to more snacking and to-go meals.

Commercial Property News from the Financial Times

  1. Skanska warns on profits and looks to axe 3,000 jobs
    New chief announces shake-up to tackle troubles at Swedish construction group
  2. Opening Quote: Outsourcing concerns spread to Interserve
  3. Interserve under government watch over financial health fears
    Collapse of Carillion raises concerns on UK outsourcing industry
  4. Carillion’s sins of omission on pay and debt were a warning sign
    Too much crucial information remained buried and was missed for too long
  5. Carillion held just £29m in cash when it collapsed
    Document shows construction group owed £1.3bn to banks as government demands fast-track probe of directors
  6. Ministers seek fast-tracking of Carillion investigation
    Probe to be extended to include current and former board members of collapsed outsourcer
  7. Business secretary calls for “fast-track” investigation into Carillion directors
  8. Opening Quote: Carillion – counting the cost, and the jobs
  9. UK’s PPF reassures over its financial strength
    Pension Protection Fund prepares to take on thousands of members from Carillion
  10. Scramble to contain fallout of Carillion collapse
    Only 48 hrs support for private contracts as public works get priority

Commercial Property News from Property Week

  1. Peers quits Gerald Eve
    Stephen Peers has quit Gerald Eve just 18 months after leading the move of the Deloitte Real Estate team to the property advisor.
  2. Wanda sells Nine Elms scheme as it continues global sell-off
    Wanda Hotel Development, the Hong Kong listed unit of Dalian Wanda Group, has sold its 60% interest in a luxury hotel development at Nine Elms in London for £35.6m, as it continues a programme of asset sales around the world.
  3. Lendlease and CPPIB launch £1.5bn BTR joint venture
    Lendlease, and Canada Pension Plan Investment Board (CPPIB) have launched a build-to-rent (BTR) investment partnership, with an initial target to invest £1.5bn in the sector.
  4. Southwark Council votes against Delancey’s Elephant & Castle plans
    Southwark Council’s planning committee has voted against approving Delancey’s proposed 979-home redevelopment of the Elephant & Castle shopping centre.
  5. Guy Taylor appointed as Savills great estates director
    Savills has appointed Guy Taylor to head up a newly formed great estates team in London.
  6. Parabola acquires Frasers department store
    Parabola Property Group has acquired the iconic Frasers department store on Edinburgh’s Princes Street.
  7. UBS buys Southwark office building for £75.7m
    UBS Asset Management has bought the 42 Southwark Bridge Road office building in London for £75.7m, reflecting a net initial yield of 5.31%.
  8. Investors set to increase allocations to real estate in 2018
    More than half of global investors (56%) plan to increase their exposure to real estate over the next 24 months, targeting an average 10.2% of total capital allocation.
  9. Helical signs string of lettings at The Loom
    App developer Project M is among several new tenants to take space from Helical at The Loom office development in London’s Whitechapel.
  10. Whitbread to open hotel and restaurant at Durham’s Milburngate
    The developers of Milburngate in Durham have struck a deal with Whitbread to bring a Premier Inn hotel and a steak restaurant to the scheme.