The world’s premier retail locations have rebounded in 2013 according to Colliers International’s annual Global Retail Highlights report. Whilst New York’s Fifth Avenue retained the top spot as the world’s most expensive shopping street, London’s Old Bond Street has slipped down from fourth to fifth place in the table due to monumental rental growth by New York’s Madison Avenue.
"2013 is an incredibly exciting year", said CEO Georg Muzicant MBA, MRICS, in this year’s market report from Colliers International."On the European continent, real estate trends move in totally different directions and since the beginning of our record-keeping, there has never been a greater divergence among the various countries."
Wave of selling by institutional investors triggers high investment volumes. The investment carousel will continue to turn cheerfully in 2014 as well, as Colliers predicts: "In 2014 various hotel projects scheduled for completion this year or next year will probably be sold to foreign investors."
New centres in Vienna's railway stations have so far made a rather poritive impact on nearby shopping streets, experts conclude. However, there may be just a bit too much retail area being produced.
Vienna's office space pipeline is almost empty: only 240,000 square metres of new space will come on the market by the end of 2014. At the same time, however, letting performance is increasing again.
Colliers has sold a Rental apartment building for around € 21,000/sqm. This beat the previous record by close to 100 Percent. Even with rapidly rising prices and increasing demand for real estate investment in Vienna’s first district, this is astonishing.
Viennas's office market is heading for a problem, thins Georg Muzicant, CEO of Colliers International in Austria. Businesses face costs for this location which are simply too high and one consequence is an exodus of corporate headquarters.
The most desirable region for heightened global investment in real estate in the coming year will be the United States, followed by Asia and Western Europe, in particular London, Paris and several of the major cities in Germany; according to the results of the Global Investor Sentiment Survey just published by Colliers International.
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