Australia’s Big Deal
Delaware North, a Buffalo, N.Y.-based hospitality management and food service company, has signed an agreement to acquire SKYCITY Darwin in Darwin, Northern Territory, Australia, from SKYCITY Entertainment Group. The $188 million Australian purchase is a 30-acre resort that includes a casino, four
restaurants, a beachfront resort with a 152-room hotel, and conference space.
While Hong Kong leads the list of the most expensive office rents among 72 city submarkets surveyed by JLL, the following are the most affordable.
Source: JLL, “Global Premium Office Rent Tracker 2018”
Up-and-Coming European Sectors
Co-living developments offer the best prospects for investment and development in Europe, according to a recent PwC/Urban Land Institute survey. Respondents representing investors, fund managers, developers, and other real estate professionals ranked sectors on a 1 to 5
scale, with 5 being excellent.
Source: PwC and Urban Land Institute, “Emerging Trends in Real Estate, Europe 2019”
Main Street: Top
With average rents of $2,671 psf per year, Hong Kong’s Causeway Bay is the most expensive retail street in the world. New York tops the U.S. market.
Source: Cushman & Wakefield, “Main Streets Across the World 2018”
Global Markets to Watch
The top technology-occupier locations in Asia are Bangalore, India; Singapore; and Shenzhen, China, based on socioeconomic, property, and human factors, says Colliers International’s “Top Occupier Locations in Asia–Implications for Investors.” Colliers noted annual rent growth of 4 percent in Bangalore over five to 10
years and greater attention to South China, where investment in research and development has boosted Shenzhen’s tech base.