• Wed. May 29th, 2024

CoStar World News for April 13


Apr 12, 2023
In Agia Pelagia, on the Greek island of Crete, Omicron Hotels' ACRO Suites has fewer rooms compared to the adjacent Seaside resort. (Omicron Hotels)


With educational and career skills gained in such places as Miami, San Diego, Spain and Italy and across such disciplines as economics, management and design, Greek sisters Danae Orfanake and Konstantina Orfanaki returned to their native Crete to launch adult-only, wellness-oriented ACRO Suites and rebrand adjacent Seaside, a Lifestyle Resort.

They said they are filling a gap in the Greek hotel market for luxury hotels specializing in wellness, health and spa activities. Both of their family-owned and family-operated hotels are near Agia Pelagia in North Central Crete and fall under the umbrella of Omicron Hotels, named for the Greek letter “O” and a reference to their family name, Orfanaki.

Hotel News Now>>

Despite a volatile market, big tech is expected to remain buoyant in the United Kingdom. And that’s something the government is betting on.

Chancellor of the exchequer Jeremy Hunt has outlined the regime’s ambition to transform the UK into “the next Silicon Valley.” During a speech in London prepared with ChatGPT’s AI software, Hunt appealed to tech entrepreneurs, life science innovators and green tech companies to make the UK their next destination, hinting at financial incentives for those willing to accept his offer.

CoStar News>>

Two large national portfolios that include several warehouses are not at the same stage of progress in being marketed for sale, but both deals if completed could be strong sparks for French logistics investment in 2023.

The offerings have just arrived on the desks of several investors, with the potential to interest some. CBRE IM and Virtuo are looking for buyers for six warehouses in France, built on the Virtuo backbone and delivered between 2021 and 2023. These are new buildings between Lille, Lyon and Marseille, where land is becoming increasingly scarce.

Business Immo>>

BNP Paribas Real Estate brokered the most large commercial real estate sales in Germany in 2022, handling 21 major transactions on the seller side with a volume of around 4.2 billion euros, according to an annual list compiled by Thomas Daily.

CBRE followed in second place with 12 deals and a brokered volume of around 3.3 billion euros. The past year in Germany saw 60 large deals with a total volume of 22.7 billion euros in a volatile global environment. 

Thomas Daily>>

Canada’s national office vacancy rate has climbed to a record, an indicator of the continued softening demand for office space as work patterns and real estate needs shift.

The overall vacancy rate for the country reached 17.7% in the first quarter, CBRE said in a recent report, with data showing particularly high vacancies in downtown areas of big cities including Toronto and Montreal. Ten of the last 12 quarters produced negative absorption as more office space was put on the market than was leased to tenants.
CoStar News>>

Midwest apartment markets are leading the nation in rent growth while Florida sinks further under the weight of a massive new supply of units and slowing demand.

Indianapolis held the No. 1 spot with 6.6% rent growth in February, while Cincinnati remained in second place with a 6.1% gain, trailed by Columbus, Ohio, again coming in third, according to the latest data from CoStar’s Apartments.com. Miami fell from fourth to ninth place as some other Sun Belt cities also slid.

CoStar News>>

This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.

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