The Geraci-Chenoweth-Gutierrez-Wood Team, or GCGW, of Voit Real Estate Services, has announced the completed $18.1 million sale of 45 acres of industrial land in Riverside, Calif. on behalf of LNR Property Corporation of Newport Beach, Calif.
Voit Real Estate Services, a commercial real estate firm with 38 years of expertise in commercial brokerage, asset and property management, construction and development, is expanding its operations based on client demand with the opening of a commercial real estate office in Southern California’s Inland Empire, according to Kurt Strasmann, Managing Director of Voit’s Orange County region.
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Voit Real Estate Services’ San Diego office is reporting an increase in leasing and sales activity across all commercial property types, having completed more than 30 transactions encompassing upwards of 240,000 square-feet for the month of February alone. “Buyers, sellers, landlords and tenants are all gaining confidence that there are good deals to be made right now,” says Chris Wood, Managing Director of Voit Real Estate Services’ San Diego region. “Our team is actively pursuing opportunities for our clients, often representing both sides of transactions. We are seeing the result of rising confidence in the economy and that it is fueling activity for industrial, office and even retail properties.”
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To listen to some of the headlines produced around the latest CB Richard Ellis report on Singapore’s property investment market, you could be forgiven for thinking the second coming had arrived.
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Investment in property construction in Europe collapsed in the first quarter of 2009, declining 74% from the same period last year.. Construction investment came to 11.4 billion euros compared with 43.3 billion euros in the same quarter of last year, said a report issued by Cushman and Wakefield.
Thailand’s property market is unlikely to recover from the current slowdown until 2011, according to Aliwassa Pathnadabutr, managing director of real estate advisers CB Richard Ellis Thailand. According to CBRE, prices and transactions across all segments were down Q4 2008, and the market may retreat another 20%, the biggest fall since the 1997 financial crisis.
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Singapore’s official private home price index slid 5.7% in Q4 2008 over the preceding quarter. For full-year 2008, the index fell 4.3%, reversing a 31.2% increase during 2007. This is the Singapore real estate market‘s worst performance since Q4 1998 and property consultants are predicting a further decline of 10-20% in 2009, with luxury homes continuing to be the worst hit, as in 2008, this sector having seen the biggest increases over 2006/7..
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A recent land sale on Sukhumvit Soi 6, (Bangkok) has set a record at $7,500 per square meter, according to real estate agents, CB Richard Ellis Thailand (CBRE).
The price of the 4,800 square meter site in front of Jaisamarn Full Gospel Church beat the earlier record set by Central Retail Corp for a plot on Phloen Chit Road owned by the British Embassy in mid-2006.
CB Richard Ellis’ semi-annual Global Market Rents survey puts Dubai in the top ten most expensive office markets for the first time. Mumbai has slipped down to fourth place. London, of course take the top slot.
