Skip to main content Skip to footer

The week in global real estate - 9 March 2021

The week in global real estate  9 March 2021

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

Office

  • The Council on Tall Buildings and Urban Habitats announced a list of the world’s best skyscraper renovations and interior space projects. More info here.
  • Charter Hall and Cbus have commenced the construction of two large office projects in Adelaide CBD. The developments have pre-committed tenants. More info here.
  • Oxford Properties have gained approval for a 39-storey office tower above Sydney Metro’s future Pitt Street station. Construction of the 55,743 sqm over-station development is expected to begin later in the year. More info here.
  • JPMorgan Chase & Co is looking for 74,300 sqm of office space in Manhattan. The office space is across two buildings with the move prompted by reassessment on its real estate requirements due to the pandemic. More info here.
  • TikTok UK has leased the 8,200 sqm to-be-completed Kaleidoscope building in Farringdon. The lease is for 15 years. More info here.

Industrial

  • Frasers Property Industrial has begun construction of a $1B logistics estate in Western Sydney. The 850 ha site south-east of Penrith was rezoned as one of ten key precincts of the wider Western Sydney Aerotropolis development area. More info here.

Retail

  • Mall owner Washington Prime Group is preparing for bankruptcy after failing to make an interest payment on its debt. The USA company owns more than 100 malls that have been severely impacted by the pandemic. More info here.
  • Amazon has leased 232 sqm in London’s Ealing for its first physical supermarket offering in the UK. The deal with British Land for an Amazon Fresh store bucks the trend of retailers leaving physical spaces. More info here.

Hotels and tourism

  • Pro-invest Group has begun construction of the Holiday Inn Express and Suites Sunshine Coast. The hotel will have 181-rooms, a rooftop bar, and a restaurant. It is expected to open in May 2022. More info here.
  • IHG Hotels has opened its first Hotel Indigo branded hotel in Adelaide Markets. It is the first of four to be opened in the Australian market. The hotel has 145 rooms. More info here.
  • Marriott International has opened its first Courtyard by Marriott hotel in Brisbane. The 134-room hotel has opened in a converted building under a franchise agreement with The Horan Group. More info here.
  • Las Vegas Sands Corporation has sold the Venetian Resort and the Sands Expo Convention Centre to Apollo Global Management. The US$6.25B deal includes more than 7,000 guest rooms, 21,000 sqm of gaming space and 210,000 sqm of conference space. More info here.
  • Universal Orlando has resumed construction of its Epic Universal theme park in Florida. The 303-hectare site will double Universal’s total portfolio in Central Florida. More info here.

Housing

  • Walker Corp has begun work on a master-planned development north of Adelaide that will provide 12,000 housing lots across 1,300 hectares. The $3B community called Riverlea will be South Australia’s biggest master-planned community and will likely take 20 years to complete. More info here.
  • Federated Hermes will grow its build-to-rent portfolio by acquiring a residential development in Brighton, England. The development will have 229 apartments with ground floor office space. It will be operated under the Hestia brand. More info here.

Related Experts

Chris Farhi

Director | Strategic Advisory

Auckland CBD

Chris is a Director within the Strategic Advisory team. The team helps you with your big property decisions and complex transactions.

Chris' advisory work focuses on:

  • Decision making processes (eg property strategy, business cases, feasibilities, etc)
  • Tenant representation for large lease transactions (office,  industrial and specialist-use)
  • Multi-site networks (eg consolidation strategies, optimisation, etc)

Chris’ background in brief:

  • Property strategy advisor for some of New Zealand’s most successful private sector, public sector and non-for-profit organisations.
  • Tenant representative (tenant-paid lease negotiator) for organisations ranging from small-to-medium enterprises through to major listed companies and government agencies.
  • Specialist skills in commercial leasing, financial analysis and market research.
  • Part-time lecturer at the University of Auckland Business School and commercial leasing trainer for the Royal Institution of Chartered Surveyors.

Chris’ qualifications include Honours degrees in both Civil Engineering and Property from the University of Auckland, and a Master of Philosophy from the University of Cambridge, UK. He is a Chartered Member of the Royal Institution of Chartered Surveyors.

Outside of work, Chris is a combat engineer in the NZ Army Reserve and a keen baker.

View expert

William Silk

Analyst | Stategic Advisory

Auckland CBD

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 reseasrch, reporting and analysis to support strategic commercial proprety decision making. 

View expert