Realcast: shocking logistics, energy crisis latest and beware of Christmas decorations
Real Asset Media’s last three briefings of the year looked ahead to the outlook for 2023 in three key markets. Logistics is still seeing rental growth that is described as “shocking” in today’s economic climate and prospects are still positive. Logistics, driven by e-commerce growth, is also a positive story for Italy, with speculative developments being fully let before completion and after a bidding war. The return of international tourists is also boosting hospitality and there’s a lot of activity in the hotels sector.
The Infrastructure Outlook briefing put a positive spin on the energy crisis, because it has focused minds, leading to faster and better use of renewables and also speeding up planning permits, which have been a big stumbling block to delivering infrastructure permits. Companies are also realising they have to plan ahead to ensure their future energy supply.
UK developer Zetland is building flats in three locations in Berlin, while in Paris Ikea has started making deliveries by boat to its customers, using the Seine to reduce emissions. The massive Ellinikon urban renewal project in Greece has unveiled plans for the Riviera Galleria arcade, that will have resi units and two luxury hotels as well as 237,000 m2 of shopping, dining and entertainment on the coast near Athens.
Central London seems to be in demand again as pharma giant GlaxoSmithKline has announced its decision to move its headquarters to a new building near Tottenham Court Road. As far as resi goes, UK estate agents are warning home owners not to go over the top with Christmas decorations as they may put off potential buyers. Merry Christmas! RealCast will be back in early January 2023.
Click on the video to see the full discussion or listen to the podcast below.