Commercial Investment Real Estate

NOV-DEC 2013

Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.

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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

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