Real Estate and Financial - News

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CBRE launches auction service

LOS ANGELES—CB Richard Ellis Group, Inc. (CBRE) announced the launch of a real estate auction service in the United States. This new service expands the company's capabilities for assisting lenders, investors, and users in the disposition of commercial real estate assets. The service will offer a full spectrum of auction services, ranging from the traditional "open-outcry" method to sealed bids to online auctions.

For more information, see www.cbre.com

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Rental declines are slowing

LOS ANGELES—Increased demand, together with more relocation activity, is slowing rental declines in the majority of global office markets, with growth beginning to accelerate in three major markets, according to the latest Global Office Rental Cycle report from CB Richard Ellis Group, Inc. (CBRE).

Overall, a tentative recovery of property markets is emerging, reflecting the improved economic activity globally. London's West-End and Hong Kong joined London City in the first quarter of 2010 as the first markets to begin to see rents recover, with rents leveling off in Sydney and Shanghai. Rental decline is slowing in Washington, D.C. and Mexico City.

For more information, see www.cbre.com

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Livable communities require tax code revamp

WASHINGTON, D.C.—The challenge to making livable communities a reality lies in convincing policy makers to revamp a complex tax code that encourages sprawl and traffic congestion at the expense of “walkable,” mixed-use development and mass transit.

That is the primary conclusion of a report issued by the American Institute of Architects and partnering organizations at the Transit-Oriented Development (TOD) Financing Forum.

For more information, see www.aia.org

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London rents stabilize

LONDON—Prime retail rents in the world’s leading shopping destinations stabilized in the majority of markets, and grew in a number of major cities, in the first quarter of 2010, according to CB Richard Ellis (CBRE).

As the global economic recovery begins to gather momentum, consumer and retailer confidence have started to improve. While this has still not translated into retail sales growth in most markets, demand for prime retail space remains healthy and vacancy in the best locations is low. As a result, there are some markets globally where prime rents are rising, and many more where the rate of decline has slowed or rents are now stable. 

For more information, see www.cbre.com

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Manhattan vacancy rates decline

NEW YORK—Cushman & Wakefield has released statistics for the Manhattan commercial real estate market that show the vacancy rate declined to 11.3% in May from 11.5% at the end of April.

The decline in vacancy coincided with the strongest month for new leasing activity in Manhattan since September 2006, as more companies have sought opportunities to relocate while rents are favorable. For the month of May, 2.6 million sq.ft. of new office leases were signed, a 221% increase compared to May 2009.

For more information, see www.cushwake.com

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