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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 Property Week

  1. Unibail buys Westfield for £18.5bn to create global shopping mall giant
    Unibail-Rodamco has agreed to buy Australia’s Westfield for £18.5bn to create the world’s largest shopping mall operator.
  2. Swedish coffee chain confirms UK debut
    Eco-friendly Swedish coffee shop Wayne’s Coffee has secured its first two UK sites, and plans to roll out the concept across the country.
  3. UK property total returns break 10% for 2017
    UK commercial property total returns hit 10.2% at the end of November, to already sit ahead of the IPF’s consensus forecast of 8.5% for 2017 as a whole.
  4. Green light for Crest Nicholson's £90m mixed use dev in MK
    Milton Keynes Council has granted planning permission for Crest Nicholson’s £90m mixed-use development at Campbell Park.
  5. Round Hill makes double Nordic appointment
    Investment manager Round Hill Capital has appointed Jacob Goldmann and Jakob Paljak as local asset managers dedicated to strengthening their $200m Nordic industrial and logistics portfolio.
  6. Peabody partners with Berkeley and Redrow for housing delivery
    Peabody has partnered with housebuilders Berkeley Homes and Redrow to deliver thousands of new homes in east London.
  7. Multiyork begins wind-down
    Retailer Multiyork Furniture has begun the process of an orderly wind-down, as attempts by administrators to sell the entire business have not yet proved successful.
  8. CBRE buys into Stowga
    CBRE will begin transacting its client’s short-term logistics requirements through Stowga’s online marketplace for unused warehouse space after making an equity investment into the platform.
  9. Hadaway served notice to leave Empiric with immediate effect
    Paul Hadaway, chief executive of Empiric Student Property, has been ejected from the company, after being served notice by the group’s board.
  10. Regional REIT strikes £165m refinancing deal
    Regional REIT has secured a £165m, 10-year debt facility from Scottish Widows and Aviva Investors Real Estate Finance.