Hong Kong has replaced London’s West End as the most expensive office market in which to accommodate staff, according to new research from Cushman & Wakefield. The annual Office Space Across The World report surveys occupancy costs across 215 office markets in 58 countries worldwide. Using proprietary data, it ranks occupancy costs per workstation and workplace densities for newly developed or refurbished office space globally.
Soaring rents have seen London’s New Bond Street rise to become the world’s third most expensive retail street, while New York’s Upper 5th Avenue and Hong Kong’s Causeway Bay retain their first and second place rankings, according to Cushman & Wakefield. Warsaw Nowy Świat classified on 38th position.
Technology, Advertising, Media, and Information (TAMI) companies have long led the way in creation of modern, innovative offices. They introduced activity based working before it was ready for ‘prime time’ and found ways to use offices to display their brand and values. While their creative goals haven’t changed, other industries have clearly caught-up. Particularly the fast-learners in the technology industry with their amazing success have brought some key differences.
Shopping centre development activity in the first half of 2017 increased total floorspace across Europe to 160.8 million sq m at the midpoint of the year, according to Cushman & Wakefield. In the first half of the year 825,000 sq m was delivered to the market in Central & Eastern Europe (CEE), compared with 344,000 sq m in Western Europe – although Western Europe still accounts for more than two-thirds (68%) of total built shopping centre space. In total, 34 new shopping centre projects were completed (representing 84% of new space added in H1), while 21 existing schemes were extended.
Warehouse supply hit a record high at the end of Q3 2017. Poland’s industrial stock totalled 12.86 million sq m, which represented an 18% rise year-on-year. Tenant demand remained robust on the country’s core warehouse markets, driven largely by logistics operators whose share in total take-up amounted to 45%. The vacancy rate slipped down by 0.8 percentage points year-on-year while headline and effective rents remained largely unchanged, reveals global real estate services firm Cushman & Wakefield in its latest report Marketbeat – Polish Industrial Market Q1-Q3 2017.
The Polish Ministry of Economic Development announced plans to amend SEZ legislation long ago. At the Krynica Economic Forum in September its representatives said that the new regulations would come into force in mid-2018. Indeed, the changes could have revolutionary consequences for entrepreneurs intending to operate in a SEZ and apply for state aid.
A huge increase in urban logistics property space is required across key centres across Europe in the next few years to meet the exponential growth of eCommerce and the resultant need for last mile delivery in cities, according to a new research report from Cushman & Wakefield.