In the Spotlight this week:
Expo Real figures reveal attendance 60% up on 2021 with almost 45,000 visitors from 73 countries, and close to 2019 figures of 46,747 from 76 countries.
Urban Land Institute warns of a “carbon bubble” in European real estate pricing and said the cost of doing nothing to reach net zero is currently not factored in to property valuations, which are therefore too high.
In London, Blackstone is to occupy a purpose-built, 226,000 sq ft European headquarters on Berkeley Square by 2028 which the company said reflects its commitment to growth in Europe.
US company Simon Property Group has bought a 50% stake in company Jamestown whose projects have included One Times Square and Chelsea Market in New York
There was further confirmation of M&S’s radical turnaround and restructuring plan first mooted in May 2018 and the company has hit the headlines again because it’s going to be closing a quarter of its stores that sell clothing and homeware due to increased pressure from online. But it will open 100 new Simply Food outlets.
Sephora is returning to the UK with a new London store in Spring 2023. And, Apple is taking more space at 22 Bishopsgate in the City of London where it is taking a further 76 000 sq ft in addition to its new campus at Battersea Power Station redevelopment.
That £9 billion project opened in the last few days and is now a major mixed-used neighbourhood. The Malaysian consortium that has developed the building is expecting to receive about £100 million pounds a year in commercial rents. There is also a residential component with some apartments priced at £7 million each.
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