Yesterday
Vibrant CBD retail sector outperforms floundering office towers
New research shows core retail precincts in most CBDs have much lower vacancy rates than their corresponding office markets.
- Larry Schlesinger
Dexus, CPPIB in advanced talks to sell Sydney’s $550m Tiffany building
The tower’s book value was about $622 million as of December 31, but this was slashed to about $550 million during Dexus’ revaluation of its portfolio in June.
- Sarah Thompson, Kanika Sood and Emma Rapaport
This Month
Developer cashes in as investors spend $38m on fast food
A vacant Bunnings purchased for $35m in 2020 and redeveloped into a homemaker centre with fast food outlets has generated $95m in total real estate sales.
- Larry Schlesinger
Sydney’s tallest tower to test battered office market
The Japanese property giant is seeking around $600 million for its 30 per cent stake, which would value the entire Salesforce Tower at $2 billion.
- Campbell Kwan and Nick Lenaghan
NSW to lease more offices for public servants ordered back
NSW is ready to lease extra office space after declaring it was time to end pandemic work-from-home conditions for its 80,000 public servants.
- Tom Burton
What a cash rate hold means for REITs
Office landlords face further asset write-downs this earnings season, but there may be little pain after that as interest rates stabilise, says Barrenjoey.
- Campbell Kwan
X to close flagship San Francisco office
Elon Musk will move X to Texas, after California banned schools from requiring teachers to notify parents if children change their gender identification.
- Kate Conger and Ryan Mac
NSW public servants ordered to return to office
Updated guidelines call for more than 400,000 public servants to be in offices “across the whole working week”.
- Campbell Kwan
This 23-floor Manhattan office building just sold at a 97.5pc discount
It is the latest and perhaps most surprising sign of how the pandemic has upended the state of office buildings in New York, the largest CBD in the US.
- Matthew Haag
Centuria buys into Nvidia boom with office-friendly data play
It has acquired a half stake in data centre operator ResetData for $21 million, to repurpose its underperforming offices and jump on the AI bandwagon.
- Campbell Kwan
The big switch: tenants take up more space in top towers
The demand for better-quality space is helping make the business case for a new generation of office landmarks.
- Nick Lenaghan
DWS sells Brisbane CBD office for $24m less than it paid for it
The property fund manager’s acquisition of 120 Edward Street is yet another sign that office values have dropped at least 20 per cent due to WFH headwinds.
- Campbell Kwan
July
US office loan pain is only starting to ramp up
More than $145 billion of US commercial real estate is distressed. A further $418 billion at risk of slipping into that category.
- Neil Callanan
Construction, labour woes force developer to offload $200m of sites
APH Holding, which has a multibillion-dollar pipeline of Melbourne projects, has put more than $200m worth of sites on the market, including many with permits
- Larry Schlesinger
Melbourne ‘a proper basket case’ as office vacancy hits 20pc
As tenants shift into new towers, older and emptier office blocks will be deemed functionally obsolete.
- Nick Lenaghan
The Hong Kong tower that symbolises China’s credit bubble bust
The woes at the building symbolise a credit bust that hit the city after the Chinese government’s crackdown on excessive leverage ended a property frenzy.
- Lorretta Chen and Pearl Liu
- Analysis
- Commercial real estate
Tourism gimmicks won’t save the office wastelands of Canary Wharf
The landlords who own the old business districts need to be far bolder, and come up with some genuinely radical solutions as major firms head for the exits.
- Matthew Lynn
- Exclusive
- Flexible working
The 19 corporate giants behind Sydney’s tumbling office values
Australia’s biggest companies have cut close to 200,000 square metres from their Sydney CBD office footprints. And so far, only Westpac is considering expanding again.
- Campbell Kwan
Just 7pc of British bosses say they go into the office full-time
The findings could open employers up to accusations of hypocrisy from angry staff who have been forced back to their desks.
- Lucy Burton
- Exclusive
- Commercial real estate
Consolidation coming to co-working as Melbourne rivals merge
CreativeCubes, backed by Flight Centre co-founder Geoff Harris, has bought five Melbourne hubs from Workspace365 as it prepares for an offshore assault.
- Larry Schlesinger
