The Real Deal - New York Real Estate News

Western financial firms still want a piece of Shanghai’s office market

Posted: 02 May 2020 11:00 AM PDT

Shanghai’s office market stands to benefit from strong appetite from foreign financial firms. Financial institutions from around the globe moved to grab office spaces and expand their operations when the Chinese government announced last year it would ease restrictions on foreign involvement in the country’s financial system. Many are staying the course, according to Bloomberg. “Foreign financial tenants are undeterred by the outbreak. We haven’t really seen anyone winding back expansion plans like some other

Half of mall-anchored department stores could close within a year

Posted: 02 May 2020 09:00 AM PDT

If you’re looking for some post-lockdown retail therapy, your choices may be limited. More than 50 percent of department stores anchoring shopping malls could permanently close within the next 12 months, according to a Green Street Advisors report cited by CNBC. Anchor department stores are themselves key to the financial viability of mall properties, but closures could also trigger problems with smaller mall tenants. Not only do anchor tenants bring in foot traffic to other

About $1 billion in resi broker fees are on ice in the UK

Posted: 02 May 2020 06:00 AM PDT

The coronavirus pandemic and government mitigation measures have put a hold on around $102 billion worth of home sales set to close in April and June in the United Kingdom. Around 373,000 deals were put on hold during that period, according to a Zoopla report cited by Bloomberg. That translates to about $1 billion worth of brokers fees tied to those sales that are on hold. Many prospective buyers stopped searching for homes in March