US Apartment Rents Increase while Vacancy Rates Fall
According to a data survey by Reis Inc, a property research firm, it was revealed that in the fourth quarter of 2012, the average monthly apartment rent was $1048, which was 3.8 percent more than what it was a year earlier. Vacancy rates also recorded a sharp decline. The apartment vacancy rates went down by 0.2 percent between the last two quarters making it the lowest rate in the past 12 years, reports Realty Today
BNP Paribas report 10% growth in London office take-up over Q4-2012
Take-up in London’s office sector increased by 10% during Q4-2012, according to the latest figures released by BNP Paribas, the UK based property firm.
In all of London’s office submarkets, growth in take-up was especially prominent within the City, which rose by 45% during Q4 2012, up to 1.4m sq ft.
Sony puts Tokyo building up for sale in $1.1 bn deal
Sony is trying to sell the 25-storey Sony City Osaki building, in what would likely be the biggest office property deal in more than three years in Japan’s property market, which has been in the doldrums in the wake of the global financial crisis.
Supervalu sells five supermarket chains to landlords for $3.2 billion
Supermarket chain Supervalu will sell its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to a group of investors including landlords Kimco Realty, Klaff Realty, Lubert-Adler Partners and Schottenstein Real Estate Group and led by private equity firm Cerberus Capital Management, for $3.3 billion.
JLL reports improving Dubai real estate market
Dubai Real Estate Market Overview shows that improving confidence has resulted in a selective recovery in certain prime hotel, residential and retail projects, but this improvement is not yet being experienced across the broader market. While the office sector continues to lag other parts of the market, rents and occupancies have now stabilised in prime projects and some projects are likely to experience an improvement in headline rents in 2013.
Home prices up the most since 2006
Home prices nationwide, including distressed sales, rose 7.4% year-over-year in November, according to the latest home price index from CoreLogic ($27.84 0.05%). This change represents the ninth consecutive month of year-over-year price gains and the largest increase since May 2006. Distressed sales excluded, home prices jumped 6.7% from last year in November 2012.
UK construction to turn a corner in 2013
The UK construction market is expected to turn a corner this year, albeit only in first gear, with chartered surveyors predicting output to increase in 2013, says the latest RICS construction market survey.
CBS Turning Billboard-Ad Business Into a REIT
CBS Corp. said it would convert its outdoor advertising division into a real estate investment trust and seek a buyer for the European and Asian parts of that business. The conversion could be finished in the 2014 tax year, New York-based CBS said. The European and Asian businesses will be classified as discontinued operations as of Dec. 31, 2012.