Commercial Investment Real Estate

JUL-AUG 2017

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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Page 48 of 54

COMMERCIAL INVESTMENT REAL ESTATE 44 July | August 2017 B E A T INTERNATIONAL Dublin's Big Deal Irish Life has purchased the City Quay development in Dublin, for $156 million from the City Development Fund, which is a subsidiary of Targeted Investment Opportunities. One of the world's leading business advisory firms, Grant Thornton, is the major tenant for the 118,000-sf office build- ing, which is slated for completion in May 2018. Dublin is experiencing strong office market growth as investors look for alternatives to London. During the past four years, Irish Life has invested $1.25 billion of its com- mercial property portfolio in Ireland, according to Irish Building Magazine. Global Markets to Watch Tech startup firms are fueling an office boom in Berlin. The space crunch is so tight that leases for central locations have been auctioned off to aspiring tenants, according to The Wall Street Journal. Often six or seven applicants vie for the same space and have to demonstrate their creditworthiness. Berlin's office vacancy has declined by 66 percent in less than 10 years to 2.7 percent — the lowest in 17 major cities analyzed, including London and Paris. China Tops Cross- Border Investors in the U.S. for 2016 christobolo/Thinkstock Sources: CBRE Research, Real Capital Analytics, Q4 2016. Includes pending sales. * These cities are taking the lead in transformation and change. Source: JLL Mapping the City Momentum Index 2017*: Global Top 10 Cities Canada 19% All Others 20% China 24% Singapore 4% Germany 9% Norway 1% Switzerland 5% South Korea 6% Japan 4% Hong Kong 4% Israel 4% London Austin, Texas Hanoi, Vietnam Boston Nairobi, Kenya 1 6 2 7 3 8 4 9 5 10 Bangalore, India Ho Chi Minh City, Vietnam Silicon Valley, Calif. Shanghai Hyderabad, India

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