International Report

France 2Q08 Office Rent Overview

Source: Cushman & Wakefield

Tokyo Hotel Changes Hands

In late February, the government investment unit of Singapore’s sovereign wealth fund, Government of Singapore Investment Corp., purchased the Westin Tokyo from Starwood Capital Group and Morgan Stanley for $741 million, according to MarketWatch. Located in the Ebisu neighborhood and adjacent to the Yebisu Garden Place complex, the 438-room, five-star hotel will continue to be operated by Starwood.

Hong Kong’s Industrial Stays Strong

Even in the midst of a challenging global economy, Hong Kong’s industrial market continued to do well in 2Q08, according to CB Richard Ellis. Demand for industrial space from expanding logistics operators remained strong as did continued competition for prime locations. This led to a warehouse vacancy rate of 1.3 percent, the lowest rate since 2000. In addition, Container Port Road submarket’s dropped to 0.3 percent. Rental growth for industrial properties ranged from 0.4 percent to 4 percent, quarter over quarter. Recent government figures show the city’s total value of goods exported increased 10.3 percent year over year to more than $238.9 billion.

Germany’s New Resort

Northeast Schleswig-Holstein, Germany, is getting a new holiday resort –- the largest in northern Europe, according to Commercial Property News. The more than $700 million, 425-acre Port Olpenitz is located on the site of the former Olpenitz naval base between the mouth of the River Schlei and the Baltic Sea. Dallas-based Prime Income Asset Management and Port Olpenitz GmbH plan to start work on the development this fall and are slated to complete the project in late 2012. The project will be built in phases and when complete will include vacation homes, hotels, retail space, an 18-hole golf course, and a marina.

China’s Multifamily 2Q08 Rent Overview

Source: CB Richard Ellis