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The week in global real estate - 16 March 2021

The week in global real estate  16 March 2021

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

Office

  • Amazon has pre-leased a 25-storey tower in Seattle’s Bellevue to be completed in 2024. The company plans to have 25,000 employees in the city by 2025 and has leased 185,000 sqm of office space in new developments so far in the city. More info here.
  • Salesforce has cancelled a 30,200 sqm lease for the unbuilt Parcel F tower in San Francisco’s Transbay neighbourhood. The company is subleasing part of its existing office. Half of its workforce is working remotely or on a flexible schedule. More info here.
  • Mark & Spencer has proposed redevelopment of one of its largest retail stores in London. The scheme will include office space, which will unlock value due to the high rents in the West End. More info here.

Industrial

  • Marvel Studios is relocating its headquarters to Sydney for the next five years. The studios are bringing all SFX systems and green screens from Atlanta. More info here.
  • A 344-hectare parcel of land opposite the Western Sydney Airport has sold for $500M. The site was purchased by the vendor for $3.5M in 1996 and will be developed into a logistics and mixed-use precinct, servicing the wider aerotropolis region. More info here.

Retail

  • The owners of Saks Fifth Avenue has split the e-commerce business from its physical stores. They plan to raise US$500M to invest in the growth of online shopping. More info here.
  • Geraldton Homemaker Centre in Western Australia has been purchased by Harvey Norman for $28M. The large format retail shopping centre was sold by Sentinel Group who are refocussing capital on industrial assets. More info here.
  • UK shopping centre owner Hammerson has had a £1.6B reduction in asset values caused by rents falling during the pandemic. More info here.
  • Shopping centre owner Capital & Regional has signed an agreement to make better use of car parking spaces. REEF Technology will take on the management and may introduce alternative uses such as dark kitchens and urban farming in car park spaces. More info here.

Hotels and tourism

  • Hilton Hotels are bringing their Hilton brand back to Melbourne after five years. Hilton Melbourne Little Queen Street will open next week with 244 rooms in a heritage building. The property is owned by M&L Hospitality. More info here.
  • Craft beer brewer BrewDog are continuing with plans for Australia’s first beer hotel in inner-Brisbane. The hotel will include beer fridges in the showers and in-room beer taps. The company has plans to expand further in Australia and in New Zealand. More info here.
  • Meriton are converting an under-construction hotel near Sydney’s Olympic Park into residential apartments. The shift was driven by low levels of tourism impact the hotel sector. More info here.

Housing

  • 111 Varick Street in New York’s Hudson Square is now complete. The property offers 100 serviced apartments in a build-to-rent development with studio, one and two-bedroom layouts. Rents start at US$4000 per month. More info here.
  • Concert Properties have begun a 10-15-year master-planned development on the waterfront in North Vancouver. The master-plan features 17 mid-rise residential buildings, plus 27,000 sqm of commercial and retail space. More info here.
  • Godwin Developments have submitted plans for a build-to-rent scheme in Sheffield. The 336-unit development will have a mix of one, two and three-bedroom apartments within walking distance of a train station and the city centre. More info here.

Related Experts

William Silk

Analyst | Stategic Advisory

Auckland

William joined the Strategic Advisory team as an Analyst  in the Auckland CBD office in 2019, after completing studies at The University of Auckland. 

Specialising in research, reporting and analysis to support strategic commercial proprety decision making. 

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