January 26, 2012
Global Real Estate Investment Report by Jones Lang LaSalle
The “A New World of Cities” report by Jones Lang LaSalle reveals that more than half of all global real estate investment resides in 30 cities. A quarter of the total investment is in five top-tier cities: London, Tokyo, New York, Hong Kong and Paris. This is set to change by the turn of the decade, however, when newer destinations such as Beijing, Shanghai, Moscow and Sao Paulo will become serious contenders for real estate dollars.
Jones Lang LaSalle is a financial and professional services firm specializing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide.
“We are already seeing a shift in where real estate investors are sending their capital,” said Peter Roberts, CEO, Americas, Jones Lang LaSalle. “The top 30 cities for real estate investment will become the top 50 as investors diversify their portfolios and corporate occupiers expand their geographic footprints to include emerging cities. Advances in digital communications contribute to this expansion because companies will no longer have to physically cluster in some of the world’s largest cities.”
According to LaSalle, cities in China are being transformed by an unprecedented programme of development and modernization.
While much global attention has been paid to the growth of Asian cities, U.S. cities provide a strong counter-balance. Nearly half of the world’s office stock is located in the U.S., and more than one third of all commercial real estate investment takes place in U.S. cities. Eleven of those cities are expected to feature among the world’s top 30 largest cities by GDP by 2020. Six of the top 30 fastest growing cities in terms of absolute GDP will be in the U.S., including New York, Los Angeles, Chicago, Washington DC, Dallas and Houston, says the report.
Despite European economic turmoil, London has remained the top real estate investment pick with more than $43 billion invested in 2010 and the first three quarters of 2011, a third higher than the world’s second most popular destination, Tokyo.
We believe that this will be the ‘decade of change’ as investors widen their horizons across a much broader range of 300+ cities, not only in new emerging markets but also in secondary and tertiary cities in mature economies. Deepening real estate transparency, faster economic growth rates and the improving quality of the real estate stock in emerging and middle-weight cities will act as compelling pull factors; so too will investors’ active pursuit of major corporate occupiers, who are extending deeper into new geographies. Conversely, the potential decline in the global economic weight of high-order cities - as the digital world erodes the need for physical clustering and their business cycles become increasingly synchronized - could act as a critical push factor and reduce the relative attraction of high-order cities for real estate investors over the longer term. By 2020, the ‘top 30’ is more likely to be the ‘top 50’ as cities such as Mexico City, Delhi and Istanbul join the top echelons of investible cities, the report concludes.
“What is the city but the people?”
— WILLIAM SHAKESPEARE, Coriolanus.
October 4, 2008
Realtors, Accountants Applaud House Passage of Financial Stability Bill
"The National Association of Realtors(R) is truly relieved that members of the U.S. House of Representatives, like their counterparts in the Senate, were able to come together in a bipartisan effort to pass the Emergency Economic Stability Act of 2008. As we have been saying, this legislation is critical to stopping the economic turmoil that millions of Americans are facing. Today's action will go a long way toward ending the current economic crisis crippling the housing and financial markets.
This legislation would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners. Mortgages as well as personal and small business loans would become more available and less costly. Protecting Main Street not only benefits individuals, families and communities, but also supports the larger U.S. economy.
We expect that the president will act quickly to sign and enact this bill. We thank President Bush for his steadfast leadership on this issue, commend all parties that worked on this legislation, and look forward to working together toward a strengthened economy for the benefit of all Americans."
- Richard F. Gaylord, President, National Association of Realtors. [National Association of Realtors, 430 North Michigan Avenue, Chicago, IL 60611, USA.]
"The House of Representatives' historic vote demonstrated leadership in difficult times. Americans and businesses, small and large, are already suffering financial challenges as a result of this crisis. This legislation is the first step in restoring liquidity in our economy. CPAs will roll-up our sleeves to do our part to help individuals and businesses move forward. The profession has already been actively reaching out through extensive financial literacy efforts to help Americans cope with the personal financial challenges they face.
The AICPA is pleased Congress avoided calls by some for an immediate suspension of fair value accounting rules. The bill includes a call for an objective study of mark-to-market accounting. We look forward to participating with the Securities and Exchange Commission and the Financial Accounting Standards Board in a thoughtful review.
Accounting standards are the keystone of our financial reporting system and are designed to provide investors and management with timely signals about the financial condition of our publicly-traded companies. Our longstanding position is that accounting standards ultimately should be set by the private sector."
- Barry Melancon, President, American Institute of Certified Public Accountants (AICPA). [HQ: AICPA, 1211 Avenue of the Americas, New York, NY 10036, USA. The American Institute of Certified Public Accountants is the national, professional association of CPAs, with more than 350,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.]
August 28, 2008
Shanghai World Financial Center Opens to the Public
Photo: Journalists enjoy a spectacular bird's eye view across Shanghai from the observatory deck on the 100th floor of Shanghai World Financial Centre. The observatory deck, the highest in the world, offers sweeping vistas right across the city and features a special 50m-long glass floor that provides a unique perspective on the city, and the thriving district of Pudong below. It opens to the public on August 30th, 2008.
Photo: Mr. Minoru Mori (middle in the front), President and CEO of Mori Building, shows a scale model to the VIPs at the opening press conference of this landmark building. Shanghai World Financial Centre measures 492 meters and boasts 101 floors. Mr. Minoru Mori described the building as a "global magnet for finance, information and talent".
August 4, 2007
CHICAGO SPIRE : GlobalGiants.com
Chicago, IL -- The first caisson sleeve was drilled into the ground on The Chicago Spire site, marking a historical moment as construction on the world's tallest residential building is now officially underway in Chicago, IL. Santiago Calatrava's twisting tower, will rise 2,000-feet on the shores of Lake Michigan and is expected to be complete in late 2010. (Shelbourne, Brian Kersey)
February 19, 2007
Leading South Florida Developer Builds Two Tower Architectural Icon Inspired by New York's Chrysler And Empire State Buildings : GlobalGiants.com
Capital at Brickell to rise 53 and 57 stories in Miami Skyline.
MIAMI, Feb. 19 -- Cabi Developers, a leading South Florida developer led by Jacobo Cababie, and the US subsidiary of GICSA, Mexico's foremost development company, is taking inspiration from two New York landmarks to build an architectural masterpiece in Brickell, Miami's prestigious financial district. Capital at Brickell, born from the shared vision of Cabi Developers and the internationally renowned architectural firm of Fullerton-Diaz, is a luxury mixed-use development comprising two towers that will soar 53 and 57 stories above the city skyline. The towers pay homage to the Chrysler and Empire State Buildings in their architectural style and urban ethos. |GlobalGiants.com|
February 17, 2007
Donald J. Trump Announces His Latest International Real Estate Development at Cap Cana, Dominican Republic
Photo: Cap Cana's Board of Directors President, Dr. Ricardo Hazoury and Donald J. Trump, CEO and President of The Trump Organization, shake hands after signing the agreement for Trump at Cap Cana.
NEW YORK, Feb. 16 -- Donald J. Trump has signed a partnership agreement with Cap Cana, S.A. in the Dominican Republic to develop an enchanting luxury resort that will include a golf course, golf villas and golf lots, estate lots, a beach club, a condo hotel, and residences with ocean views that together will be called Trump at Cap Cana.
The real estate luxury products to be developed represent an estimated value of over two billion dollars. The agreement was signed today by Cap Cana's Board of Directors President, Dr. Ricardo Hazoury and Donald J. Trump, CEO and President of The Trump Organization.
Cap Cana, one of the most important real estate and tourism destinations in the Caribbean, is blessed with extraordinary natural beauty and is ideally located adjacent to the Punta Cana International Airport, making it supremely desirable and easily accessible. |GlobalGiants.com|
December 7, 2006
THE CHICAGO SPIRE
PHOTO: On Dec. 8, 2006, Shelbourne Development Group, Inc. will file for final design approval with the City of Chicago to build "The Chicago Spire," a 2,000-foot tall tower designed by Santiago Calatrava. The Chicago Spire will be the tallest residential building in the world.
November 19, 2006
Ground Zero work continues.
PHOTO: Constructions workers continue their work at Ground Zero, November 18, 2006, as work on the Freedom Tower continues in New York. (Photo: Richard B. Levine)
October 12, 2006
Record Wins for Otis in India
FARMINGTON, Conn., Oct. 11 -- Otis Elevator Company, a unit of United Technologies Corp. (NYSE:UTX) , won two contracts to supply and install 174 elevators and escalators for a new super mall in Mumbai and a major IT complex in Pune. The awards are the largest to date for Otis in India.
"We are proud to be the undisputed leader in one of the world's fastest growing markets," said Otis President Ari Bousbib. "India's service and IT sectors have spawned unprecedented infrastructure development."
Picture: Upcoming Dreams Residential Towers, Mumbai, India
In Mumbai, India's commercial and entertainment capital and most populous city, Otis will install 62 elevators and 28 escalators at the 1.1-million-square-foot (102,190-square-meter) Dreams mall. The mall incorporates 15 20-story residential buildings.
Picture: Upcoming Eon Free Zone, Pune, India
In Pune, a thriving center for India's software and IT industries, Otis will provide 84 elevators for the Eon Free Zone. This 45-acre complex will feature technology "clusters" comprised of software development, business process outsourcing (BPO) and 24/7 call center businesses.
Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products including elevators, escalators and moving walkways. With headquarters in Farmington, Connecticut, Otis employs 60,000 people, offers products and services in more than 200 countries and territories and maintains 1.5 million elevators and escalators worldwide.