International

International Beat

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.

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Affordable Offices

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”

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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”

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Main Street: Top Retail Rents

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”

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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.

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