INTERNATIONAL
BE AT
RomeÕsÄ
Big Deal
Low-cost clothing brand H&M; is taking over Italianborn Benetton's fagship store in on Via Tomacelli in
central Rome. Te Swedish company purchased the
former Unione Militare landmark building for $235
million. Te 1901 landmark building was recently
renovated with the addition of a glass dome designed
by well-known Rome architect Massimiliano Fuksas. When the store opens this year, it will be H&M;'s
108th location in Italy, joining such well-known global
brands as Zara and the Gap.
"There is good reason to be optimistic about leasing activity in 2014, as
the world economy regains some vigour, business confidence improves and
strong corporate balance sheets encourage increasing capital expenditure."
— Jones Lang LaSalle, Global Market Perspective, 3Q13
Direct Commercial Real Estate
Volumes, 1H12–1H13
Largest percentage gain YOY
1H12 (IN U.S.
$BILLIONS)
1H13 (IN U.S.
$BILLIONS)
%CHANGE
Belgium
0.4
1.7
374
Japan
13.9
20.8
50
Italy
1.3
2.0
48
COUNTRY
Source: Jones Lang LaSalle
Top Global Rent Growth
Markets, 1H13
Largest percentage gain in prime ofce rents
Jakarta, Indonesia
Shenzhen, China
Düsseldorf, Germany
Moscow
Frankfurt, Germany
Source: DTZ Research
Markets to ¬
Watch
Ofce rents in China decreased substantially during the frst half of 2013, according to DTZ Research. A weaker
economy and tenants nervous about spending have pushed landlords to lower rents. Te exception is Shenzhen,
China, which saw an 8 percent rent increase in 1H13, due mainly to a strong fnance company market and a fight
to quality by major tenants.
Mexico recorded $1.5 billion in transactions in the frst half of 2013, an increase of 18 percent over 1H12, according to Jones
Lang LaSalle. New sources of domestic capital, a strong leasing market, and a solid economic performance pushed it past Brazil, Latin
America's former hot spot. Brazil's transaction volume shrank to $800 million in 1H13, down from $2 billion in 1H12.
¬
44
November | December | 2013
Commercial Investment Real Estate