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The week in global real estate - 15 June 2020

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A weekly update of the biggest real estate news from around the globe.

Institutional investors / REITs

  • Swedish private equity firm EQT is looking to increase its investment in France after setting up a base in Paris. More info here.

Office

  • A Unispace survey of 237 global companies showed mixed reviews about future office footprints. Key findings were perceptions that office footprints would decrease, that staff will work more from home, and employees will use more collaboration spaces in the office. More info here.

Retail

  • Starbucks plans to close 400 of its 15,000 stores in the US as it intends to focus on to-go orders in the wake of the pandemic. To-go orders made up 80% of sales before the pandemic and they expect this market to continue to grow. More info here.
  • Simon Property Group, the largest mall owner in the US, has terminated its deal to acquire high-end mall owner Taubman Centers for $3.6B due to the impacts of COVID-19 on retail landlords. More info here.
  • US department store chain Macy’s has raised $4.5B, which included $3.15B against its real estate assets to improve its liquidity after the pandemic. More info here.

Residential

  • The 100-storey, Australia 108 apartment building in Melbourne has been topped out after five years of construction. The 319-metre tall building will have over 1,100 apartments when completed by the end of the year. More info here.

Industrial

  • Amazon will establish a new fulfilment centre in Queensland, Australia after a deal with Goodman. More info here.
  • Amazon has also leased an 18,500 sqm warehouse in the Bronx, New York. The site was previously used by rival Jet.com. It will be used as a last-mile delivery hub. More info here.
  • SpaceX has pulled out of a deal to lease 12.5 acres in the Port of Los Angeles. The site was to be used for manufacturing spacecraft. It is the second time they have pulled out a deal for a site on the waterfront. More info here.

Colliers global research

  • Colliers' research teams in the United States released their USA Industrial Market Outlook report for Q1 2020. The research showed a year-on-year improvement relative to 2019. Despite the COVID19 pandemic, demand for distribution space is likely to continue to grow due to strong demand from e-commerce and 3PL providers. More info here.