Panama Soaks Up the Luxury
Set to become the world’s premier five-star resort development, the Viveros Resort and properties, located on an uninhabited island 50 miles off Panama, plans to maintain, respect, and care for the island’s natural environment. The development includes 200 residential estates, a 140-room boutique hotel opening next year, and a 250-room hotel located on a golf course. The island also will feature a private runway, 300-slip marina and yacht club, fine dining, retail, and spa facilities.
Top 5 Most Expensive Office Markets
1. Hong Kong
5. Dubai, UAE
Source: Cushman & Wakefield
Retail Update: Poland
So far this year, Poland’s total volume of modern retail space is approaching 6.7 million sm, according to Colliers International. And despite the global economic crisis, experts believe that the Polish retail sector will continue with steady growth. Street rents remain high with Warsaw’s rates between €70–€100 ($90–$129 USD) and the rates in Kraków’s Main Square between €65–€80 ($84–$103 USD).
Industrial Update: France
With about 25 million sm of built industrial product, the Ile de France region, which contains metropolitan Paris, has the largest concentration of industrial stock in the country, according to King Sturge. Overall, France’s warehouse market is one of the most mature in Europe, boasting high levels of leasing rather than owner-occupied use. In 1Q09, Ile de France’s prime rents slipped to €52.20 ($67.81 USD) from €55 ($71 USD) in 2007. Currently, new construction still is coming on line with ProLogis’ 44,100-sm warehouse facility in Presles, 45 kilometers outside of Paris.
Office Markets to Watch
Barcelona, Spain — Barcelona’s office market absorbed 31,814 square meters in 1Q09, proving the market still is active, according to CB Richard Ellis. During the same period, 46,786 sm of new office product came on line, and prime rent levels decreased from €25 ($32.35 USD) psm per month to €23.50 ($30.32 USD) psm per month.
Jakarta, Indonesia — Jakarta’s CBD office space recorded positive absoprtion of 28,500 sm in 1Q09 despite a six-month downward trend of leasing activity, reports Cushman & Wakefield. Class A buildings remain the biggest source of demand growth, posting positive net absorption of 34,100 sm in 1Q09, while class B and C both recorded negative absorption.
Stay in Singapore’s All-Inclusive City Hotel
Hoping to make life easier for business travelers, the 108-room Quincy, a boutique hotel located on Orchard Road in Singapore, is an all-inclusive, recession-friendly alternative, reports Reuters. Developed by Singapore-based Far East Organization, the hotel charges a flat daily rate of about 245 Singapore dollars ($162 USD) for meals, beverages, mini-bar usage, laundry, and local calls. Made of steel and glass, the hotel also features a pool, a gym, and free Internet access.
Vancouver’s Notable Industrial Sales Transactions, 1Q09
Price ($ millions)
Source: Colliers International