Pacific Elm Properties’ Post

Commercial real estate is a dynamic and multifaceted industry that plays a crucial role in the global economy. From towering office buildings and bustling retail spaces to industrial warehouses and apartment complexes, commercial real estate encompasses a vast array of property types. Read our latest blog on the link below, where we will demystify the world of commercial real estate, providing a comprehensive overview of its key aspects, including its various property types, investment opportunities, and market dynamics. #QLC #CommercialSpecialists #Malta #CommercialPropertySpecialists #CommercialProperty #CommercialRealEstate #PropTech #RealEstate #Property

Dream Office REIT has put a modernized class A downtown Toronto tower up for sale amid the Bank of Canada’s softer stance on interest-rate hikes, reported Connect CRE. "The REIT is effectively wagering that it can sell the 32-year-old property as Canada’s office market grapples with high office vacancy and investors anticipate better times ahead with interest-rate cuts expected at some point this year. The BoC held its overnight rate at 5% in December and has signalled that cuts are coming this year after officials had stated that more increases could occur to help curb inflation." "CBRE and TD Securities’ commercial real estate investment banking group are marketing the 322,835-square-foot property at 438 University Avenue near the financial core. In a marketing booklet, TD and CBRE team expressed confidence that the property can withstand tenants’ preference for newer office space." https://lnkd.in/g5EQ8JyZ #toronto #office #sales

Knowing the status of the central London development pipeline is essential for businesses looking to stay ahead in one of the world’s most dynamic real estate markets. In our newly published article, we take a look into upcoming developments and what they mean for the Central London office market. #londongrowth #propertydevelopment  https://lnkd.in/gKQdP7ct

🌟 Celebrating a Major Win at Solitaire on Cecil! 🌟 I’m thrilled to share that Savills Capital Markets Team has successfully closed 7 out of 15 floors (47%) in Solitaire on Cecil! This remarkable achievement is a testament to the hard work and dedication that we pride ourselves on. Here’s what makes this accomplishment stand out: (1) Final Floors Sold: The last 3 floors were sold for approx. S$165 mil within 3 months! (2) Biggest Transaction: We completed the largest single transaction with 3 floors sold to 1 buyer. 🏆 (3) Record-Breaking Price: Set a new record with a price $psf of S$4,325, marking a historic moment in Singapore office sales. 📊 (4) Remarkable Volume: Achieved a total transaction volume of S$371.8 mil. 🏢 In a swift and decisive move, we managed to sell the last 3 floors within just 3 months. Recognizing the opportunity when the floors returned to market, we seized the opportunity swiftly, closing all 3 floors at an impressive S$4,130 to S$4,200 psf, or circa S$55 mil per floor. A big shout-out to clients who trusted me with their vision and supported us throughout the journey. Here’s to continuing to exceed expectations! #RealEstate #SingaporeCommercialRealEstate #SingaporeCBD #OfficeSpace #StrataOffice #RealEstateAchievement https://lnkd.in/ggaYFFhx

The City of San Francisco leasing 157,000 SqFt at 1455 Market Street is a big win for 1400 block of Market Street and building owner Hudson Pacific Properties. This building was once home to Uber & Square HQ. It has been largely vacant since the pandemic but this lease will bring life to the building and neighborhood. Pre-pandemic 1455 Market commanded high rents in the $70s-$80s/SF/YR. Now, it offers a totally different value proposition - high quality built & furnished space with panoramic views at cheap rents The building is close to Hayes Valley and Civic Center BART. Mid-Market has had it's challenges but this particular block does seem cleaner and calmer than 600-1200 blocks. Could be a good option for companies looking to invest in a nice office close to transit but wanting to preserve capital for their business. Raise Commercial Real Estate Hudson Pacific Properties #CRE #officeleasing #SanFrancisco City and County of San Francisco https://lnkd.in/dBEE_Zap

Knowing the status of the central London development pipeline is essential for businesses looking to stay ahead in one of the world’s most dynamic real estate markets. In our newly published article, we take a look into upcoming developments and what they mean for the Central London office market. #londongrowth #propertydevelopment  https://lnkd.in/gfns6HcR

CBRE is targeting Hong Kong's mid-range market with its new sub-brand, Value Properties, to serve customers seeking properties outside prime areas. This initiative aims to capture a trend where tenants opt for smaller spaces amid a sluggish economy and high interest rates. "We have seen a lot more smaller size deals, and the launch of Value Properties focuses on this segment to expand our market share," said Ada Fung, head of advisory and transaction services at CBRE Hong Kong. CBRE has 88 million sq ft of grade A stock and 48 million sq ft of non-grade A office stock. Value Properties will initially target office spaces and later expand to retail and industrial spaces. "In the last three years, 80 percent of office leasing deals were for spaces under 5,000 sq ft," noted Fung. "No other property agencies have a dedicated platform for this segment, giving CBRE an edge." Michael Wong, senior director at Value Properties, emphasized the focus on mid-size occupiers: "We are talking about 3,000 to 5,000 sq ft for office tenants, especially SMEs, start-ups, or potential tenants from mainland China or overseas." The website, valueproperties.com.hk, will feature non-premium office spaces and short video clips for prospective tenants. "Occupiers can search for property online, anytime, anywhere," Wong added. Value Properties plans to expand its broker force from three to eight or ten by year-end. "We are leveraging our expertise to develop this platform as the best of its kind," said Ada Fung. "Even local SMEs and start-ups can access our market intelligence and service at Value Properties." #CBRE #Growth #CRE #Rightsizing #Efficiency #RealEstate #Occupiers #FlexibleSpace #Investment #HongKong I South China Morning Post SCMP I Cheryl Arcibal l CBRE Asia Pacific

Downtown Toronto saw an upswing in leasing activity in the third quarter despite economic headwinds, Jones Lang LaSalle (JLL) has reported, reported ConstructConnect. "JLL’s Office Insight report for Q3 found the total vacancy rate in Downtown Toronto hit a peak of 15 per cent in the quarter. This was primarily due to significant amounts of Class C vacant space added to both the downtown east and west markets." "Despite an annual 3.8 per cent increase, Toronto Downtown saw a second quarterly dip in average direct asking net rents, sitting at $37.67 as of Q3. The region saw two new completions in Q3 2023, totalling 304,876 square feet, with a 16.5 per cent average pre-leased rate." "JLL found that office occupiers continue to weigh their capital expenditure on real estate amidst overall economic uncertainty. The finance, insurance and real estate (FIRE) sector continues to lead in demand for premium office spaces. Notable examples include Northleaf Capital and Pacific Life, who leased up to 52,000 square feet and 23,000 square feet at Scotia Plaza, respectively; both are relocations." https://lnkd.in/gFdtcm8h #toronto #office #leasing

The dynamism of New York City's commercial real estate market has never been more evident than in the recent developments at 9 West 57th Street. The lease signing by Tikehau Capital marks not just a significant milestone for the Soloviev Group but a vibrant affirmation of New York City's enduring appeal and adaptability.   This leasing success is a clear indicator that, despite the challenges, New York City remains a magnet for leading global firms seeking not just office space but a statement of their brand's values and aspirations. The iconic 50-story structure, with its unparalleled views and strategic location, continues to attract a diverse mix of tenants, from financial services to luxury retail, demonstrating the unmatched potential of investing in our city.   The efforts to modernize 9 West 57th Street, with SOM's beautifully designed upgrades and the introduction of world-class amenities, illustrate a forward-thinking approach to commercial real estate. It's about creating spaces that are not only functional but also catalysts for innovation, wellness, and community. The vision to create an 11.000-square-foot state-of-the-art fitness center, golf simulator, spa-quality locker rooms, and bike storage are initiatives that breathe new life into the building and its surroundings.   This development serves as a potent reminder of the importance of adaptability and the need to continuously evolve to meet the demands of an ever-changing business landscape. It's a narrative that resonates deeply with me and should inspire all of us in the real estate sector. Our role is not just to fill spaces but to create environments that empower businesses, enrich communities, and contribute to the city's tapestry.   As NYC continues to navigate the complexities of today’s world, let the story of 9 West 57th Street serve as a beacon of progress, innovation, and unwavering confidence in the future. Take a moment to reflect on the limitless possibilities that lie ahead for NYC’s commercial real estate. Let’s continue to push boundaries, innovate, and create spaces that reflect the city’s status as a global commercial powerhouse and its spirit of relentless progress. It’s a challenging time to be part of the city’s commercial real estate industry, and I am eager to see what new heights we will reach together.