DGAP-News: Corporate Facility Advisors (CORFAC) Reports International Real Estate Trends
(firmenpresse) - CORFAC International
04.10.2012 13:00
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FALLS CHURCH, Va., 2012-10-04 13:00 CEST (GLOBE NEWSWIRE) --
CORFAC International (Corporate Facility Advisors) discussed commercial real
estate trends in five global markets at its International Panel held in
September at the CORFAC 2012 Fall Summit in Boston, MA.
The panel was moderated by Judy Shenefield, World President of The
International Real Estate Federation (FIABCI), based in Paris, France. The
panelists were representatives from five of CORFAC's International affiliates
-- in Germany, Ireland, Russia, Italy, and India.
Hans-Ulrich Berendes, Owner&CEO, Berendes&Partner Consulting GmbH/CORFAC
International, based in Hamburg, Germany, explained that the European
submarkets have been hit unevenly by the Eurozone financial crisis. 2011 sales
volume was 108 billion Euros (US$140 billion) and through the first half of
2012, it was 47 billion Euros ($61 billion), 7% down compared to the first half
of 2011.
Declan O'Reilly, HT Meagher O'Reilly Property Consultants/CORFAC International,
based in Dublin, Ireland reported that Ireland's property markets haven't
recovered much from the recession and are still down; land values are down 90%
from peak with an average price-per-acre of $10,924 while prime office rents
are down 60%, with CBD rates of $34.50/ sq. ft. 4.6% of U.S. Foreign Direct
Investment is invested in Ireland, more than the total invested in Brazil,
Russia, India and China combined.
Marina Kukharenko, Senior Consultant, Office Real Estate Department and Acting
Head of Foreign Markets Department, Bright Rich/CORFAC International, based in
St. Petersburg, Russia, also participated in the panel. Kukharenko discussed
the average selling price for Class A offices in St. Petersburg ($4,000-$4,600
per square meter), which is about 25-40% less than comparable space in Moscow
($6,000-$8,000). Thus, a 5,000 square meter (53,800 sq. ft.) Class A office
building in St. Petersburg could sell for $20 million ($371/sq. ft.).Warehouse
space trades for about the same in each market -- $1,100-$1,400 per square
meter.
Antonio Campagnoli, Principal, IL Punto Real Estate Advisor srl/CORFAC
International, based in Milan, Italy, detailed the moderate demand for
industrial space in Northern Italy. Landlords remain inclined to offer large
incentive packages to lure tenants. Vacancy rates in the Milan region are
12.5%, Turin region 14% and Verona region 13.8%, with Milan's average
industrial rental rates at $5.90/sq. ft. per year, $4.40 in Turin and $5.30 in
Verona.
Sanjeet Narain, Managing Director, NARAINS Corporation International
Properties/CORFAC International, based in Mumbai, the largest city in India,
reported a commercial property inventory of 66 million square feet (comparable
in size to San Francisco's) and current vacancy of 18%. U.S. companies are the
largest occupiers of leased office space in India (50%), followed by India
(30%), European Union (13 %) and others (7%).
CORFAC International (Corporate Facility Advisors) is comprised of privately
held entrepreneurial firms with expertise in office, industrial and retail real
estate leasing and investment sales, multifamily property acquisitions and
dispositions, property management and corporate services in 150 markets
worldwide. www.corfac.com.
GaryMarsh
(415) 453-7045
gary(at)marshmarketing.com
News Source: NASDAQ OMX
04.10.2012 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: CORFAC International
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US9901961642
WKN:
End of Announcement DGAP News-Service
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Datum: 04.10.2012 - 13:00 Uhr
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News-ID 189603
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