International
International Beat
Nov.Dec.19
Ireland's Big Deal
Union Investment acquired 5 Hanover Quay, a LEED-gold certified office building in Dublin's South Docklands district, for $213 million (190 million euros). The seven-story building, built in 2018, offers more than 161,000 sf of rental space and is fully leased to two technology companies. The acquisition was made on behalf of open-ended real estate fund Unilmmo: Europa. The building is Union Investment's fifth commercial property in Dublin; the seller was TIO South Docks Fund Limited, and A&L Goodbody assisted in the transaction.
Source: Union Investment
Hong Kong Tops for Office Rents
The most expensive prime office rates in the world can be found in Hong Kong, with two submarkets within its MSA in the top-10 most expensive markets.
|
|
Price psf/year
|
|
Hong Kong (Central)
|
$322.00 |
|
London (West End)
|
$222.70 |
|
Hong Kong (Kowloon)
|
$208.67 |
|
New York (Midtown)
|
$196.89 |
|
Beijing (Finance Street)
|
$187.77 |
|
Beijing (CBD)
|
$177.05 |
|
New York (Midtown/South Manhattan)
|
$169.86 |
|
Tokyo
|
$167.82 |
|
New Delhi (Connaught Place/CBD)
|
$143.97 |
|
London (City)
|
$139.75 |
Industrial Booming North of the Border
Canada's industrial vacancy ended 1Q2019 at a historic low of 3 percent, down 0.7 percent from 1Q2018. Four markets posted rates below the national average:
| |
Vacancy Rate 1Q2019 |
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Winnipeg
|
2.8% |
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Ottawa
|
1.6% |
|
Toronto
|
1.5% |
|
Vancouver
|
1.2$ |
Source: Avison Young
Global Markets to Watch
Global Markets to Watch In an October report, Colliers International cited the U.S.-China trade war for declines in American manufacturing when compared to the last five years. The U.S. Purchasing Managers Index dropped to 47.8 percent, the lowest score in more than 10 years.
For more on this topic, check out CCIM Institute's “Global Commercial Real Estate Bootcamp” course.