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Hotels in Greece and its surrounding islands have recovered considerably from the pandemic, fueled by a surge in tourism, although the development stays uneven throughout the area as some hoteliers expertise labor shortages and different challenges.
Greek accommodations seem to have outperformed trade forecasts up to now this yr, although some in Cyprus and different resort markets are seeing a slower bounce-back for tourism that depends on guests from post-Soviet Union nations. A survey by the Bank of Greece confirmed the nation had a 74.7% enhance in first quarter worldwide guests in contrast with the yr earlier, with income rising 28.6%.
Investor sentiment towards retail property remained largely constructive within the first half of 2023 regardless of financial challenges, with funding reaching £2.89 billion because of growing demand for meals shops and a robust urge for food for prime retail warehousing, in line with brokerage Knight Frank.
Food retailer property offers totaled £1.07 billion within the first half, buoyed by two trades of a Sainsbury’s portfolio, with exercise predicted to be sustained within the remaining six months of 2023 by main sale and leaseback packages from retailers Morrisons and Asda below new possession. Knight Frank knowledge confirmed a possible return of lease progress within the meals retailer class, with grocery store tenants committing to increased rents on new build-to-suit amenities to assist growth viability.
Disillusionment is spreading throughout the German business funding market after the primary half of the yr noticed property gross sales complete about 10 billion euros, a decline of about two-thirds from the year-earlier interval and the bottom half-year complete since 2012.
In addition to pricing points, a number of brokerages stated there’s nonetheless uncertainty about the way forward for workplaces. Sales of workplace properties shrank by round 75% within the first half from a yr earlier to simply 3.2 billion euros, and there have been solely seven offers within the triple-digit million value vary. Total gross sales forecasts for full-year 2023, protecting all property classes, at the moment are beneath 30 billion euros, in line with JLL.
French business property funding took an extra nosedive within the second quarter after comparable struggles within the first quarter, with transaction volumes hitting lows not seen since 2010.
“Activity continues to be slowed by the wait-and-see attitude of investors in the face of rising interest rates and further monetary tightening by central banks,” said Antoine Grignon, head of investment at brokerage Knight Frank France, which reported the country had a total of about 2.4 billion euros in second-quarter investment. The quarter brought France’s total since the start of 2023 to almost 6.2 billion euros, a fall of 40% compared to the 10-year average and a drop of 51% from the first half of 2022.
Canada’s largest province is capping increases for rent-controlled apartments at 2.5% for 2024, well below Ontario’s average inflation rate of 5.9%.
Economists said the move prevents landlords from keeping up with rising operating costs including property taxes, utilities and maintenance, but the ruling Conservative government appears to be sending an olive branch to inflation-weary consumers. The decision affects about 1.4 million Ontario rental households but does not apply to rental units occupied for the first time after Nov. 15, 2018, or vacant residential units.
UCLA is buying a mostly vacant office building in downtown Los Angeles, the latest university in the United States to shift into workspaces that have been underused since the pandemic struck.
University officials said UCLA bought the 334,000-square-foot Trust Building for an undisclosed price after prior owners struggled to lure tenants since COVID-19 cut office demand with the rise of remote work. From New York to Atlanta to Los Angeles, universities are transforming cubicles into classrooms as demand weakens for office space, reducing offering prices and attracting nonprofits and other untraditional buyers.
This report was compiled from CoStar’s information publications within the United States, United Kingdom, Canada, France and Germany.
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