News

Silicon Valley is beset by the biggest office property glut since the dot-com bust, leaving the U.S. technology hub with empty high-rises and office parks that make it impossible for landlords to sustain average rents / Source: Bloomberg
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Invesco Real Estate has bought an office building on Avenue des Champs-Elysées in Paris for ?37m for its pan-European fund / Source: Property Week
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Older office buildings in Abu Dhabi are facing rising vacancy rates as new, higher quality options become available and businesses downsize because of the economic downturn / Source: The National
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These days the news is better for renters than for landlords of residential and commercial properties in Abu Dhabi and Dubai. According to reports issued this week by Asteco, the largest property services company in the country, rents in both of the UAE's biggest cities are either stable or only slightly down / Source: Real Estate Channel
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The Manhattan property sales market finished 2009 with $3.5 billion in transaction volume, an 82 percent decline from $19.6 billion in 2008 and a 93 percent decline from $47.7 billion in 2007 / Source: Real Estate Channel
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Whitbread is to open a second ‘green’ hotel, and its first low-carbon restaurant in Burgess Hill Premier West Sussex / Source: Property Week
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According to Cushman & Wakefield newly released 2009 year-end statistics for the Manhattan commercial real estate market, office vacancy rates declined to 11.1 percent at the end of December, the second consecutive monthly decline and an important sign of stability / Source: Real Estate Channel
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South Korea’s National Pension Service (NPS) has invested A$685m (£393m) in a Sydney office building, in what is thought to be one of the largest Australian property deals in two years / Source: Property Week
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Barclays Bank has acquired a 6.98% stake in Spanish property giant Metrovacesa after exercising options on shares held by the group’s former owners, the Sanahuja family / Source: Property Week
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Vacancies at the largest U.S. shopping centers reached a record 8.8 percent in the fourth quarter as unemployment rose and consumers spent less, Reis Inc. said / Source: Bloomberg
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Henderson Global Investors’ ?850m pan-European retail property fund, Herald, has bought Centre Sud shopping centre in Le Mans in France for ?64.4m / Source: Property Week
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FirstService Real Estate Advisors, which bought a major stake in Colliers CRE in the autumn, has merged with Colliers International to become the world’s third largest property services firm / Source: Property Week
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Less than a third of the office space in the Burj Khalifa will be ready for tenants to move in by the time the world’s tallest tower opens to tenants in March / Source: The National
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British Land has bought Segro's 50% interest in a joint venture with Tesco in the Surrey Quays Shopping Centre in south east London and the Clifton Moor Retail Park in York / Source: Property Week
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Buying Prime Outlets Inc. in 2003 was one of the best investments that New York investor David Lichtenstein ever made. Now selling the chain of outlet centers is giving him the cash to bail himself out of his worst deal ever / Source: Wall Street Journal
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Midtown Manhattan office rents fell 33 percent in 2009 as New York’s financial industry cut staff and relinquished space, commercial property broker FirstService Williams said in a report / Source: Bloomberg
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UBS AG, Switzerland’s biggest bank, is searching for as much as 800,000 square feet of New York-area office space, making it the biggest tenant shopping the market as rents fall, two people familiar with the plans said / Source: Bloomberg
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Followers of the Maharishi Mahesh Yogi have cut the asking price for their Wall Street Center for transcendental meditation by 33 percent, offering the landmark building for $30 million as sales of Manhattan commercial real estate plummet / Source: Bloomberg
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THE trend of small deals dominating property investment sales deals in Singapore seen in the first three quarters of this year is reversing, according to DTZ Research / Source: DTZ
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Dubai Properties Group, owned by the ruler, Sheikh Mohammed Rashid Al Maktoum, replaced several executives, including its chief financial officer, yesterday. The company also pledged better corporate governance to improve operations / Source: Business Times
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