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The voyage was a test of an autonomous ship under AUTOSHIP, an EU-funded program to develop new technologies for navigating large vessels. The consortium brought together entities from academia and industry, including Kongsberg Maritime, the Norwegian giant that has been conducting deep research and development (R&D) on autonomous shipping. The trip marked a pivotal advancement in developing autonomous technology for shipping, which still faces many hurdles before it is ready for primetime. "Uniquely for autonomous technology, the hazards are hidden for the mariner by the sea. "Learning via mistake in a cargo ship environment can be costly, it can be dangerous," said J.C. Renshaw, head of supply chain consulting at Savills North America.
Persons: Markus Laurinen, Laurinen, Ville, SHI, Denmark's DNV, Leo McLeman, McLeman, J.C, Renshaw Organizations: Kongsberg Maritime, CNBC, Kongsberg Maritime's VP, Korea's Samsung Heavy Industry, Samsung, International Maritime Organization, Hydrographic Office, Savills Locations: Norway, EU, Norwegian, Kongsberg, America, Africa
Modern tech-enabled versions of modular housing promise a faster, more sustainable solution to housing crises, according to experts. The fact that modular housing is also made in a controlled factory environment means less waste is generated, while also resulting in more energy-efficient homes. A 2022 report from industry group Make UK Modular highlighted that 80% fewer vehicle movements were needed to development sites with modular building. In the U.K. last year, Ilke Homes collapsed, while Legal & General moved to wind down its modular housing factory. By comparison, a Make UK Modular report published last year said more than 3,000 modular homes were being built in the U.K. annually, though there was capacity to build five times that number.
Persons: Prefabrication, William the Conqueror, Andrew Shepherd, Shepherd, Modulous, Jonatan Pinkse, Pinkse, Suzanne Peters, Daniel Paterson, prefabrication, Richard Valentine, Valentine, Selsey Organizations: Bloomberg, Getty, Sears, CNBC, University of Cambridge, Edinburgh Napier University, Ilke, Legal, King's College, Alliance Manchester Business School, Savills Research, McKinsey, Company, Ikea, Vonovia Locations: Foston, Derby, housebuilding, England, U.S, King's College London, Wales, Selsey, Sweden, Japan, prefabrication, Berlin, Germany
Richard Newstead | Moment | Getty ImagesThe U.K. looks poised to lead a European real estate resurgence this year as international investors return capital to the region's strained property market. U.S., Israeli, Japanese and Taiwanese investors are set to lead that charge, spearheading a 20% rebound in real estate investment activity in 2024 as they pump cash into Britain, Germany, Spain and the Netherlands, according to the research. European real estate revivalBritain ranked as the top European destination for cross-border investment in CBRE's 2024 European Investor Intentions Survey, with investors pointing to its discounted rates and high return potential. Busà Photography | Moment | Getty ImagesIt follows a tough year for real estate in 2023, as higher interest rates pushed up borrowing costs and weighed on investor sentiment. Global cross-border real estate investment totalled 196.3 billion euros ($212.9 billion) over the year, down 40% on the five-year average, according to Real Capital Analytics data cited by Savills.
Persons: Richard Newstead, Rasheed Hassan, Savills, Chris Brett, Knight Frank Organizations: CNBC, European Central Bank, Bank of England Locations: Kings Cross, London, European, Britain, Germany, Spain, Netherlands, Poland, Paris, Madrid, Amsterdam, Berlin, Europe, East, Africa, Americas, Asia Pacific, France
China Evergrande Center sign seen on the front of their building. A second mansion in Hong Kong that once belonged to China Evergrande Group's chairman has been put up for sale by its receivers, according to property agent Savills. A second mansion in Hong Kong that once belonged to China Evergrande Group's chairman has been put up for sale by its receivers, according to property agent Savills. Evergrande, the world's most indebted property developer which defaulted its offshore debt in late 2021, was liquidated by a Hong Kong court in January. Hui owned three mansions in the same residential development on the Peak in Hong Kong.
Persons: China Evergrande, Savills, Hui Ka Yan, Hui Locations: China, Hong Kong
CNN —Armani… Bulgari… Versace…The list reads like the directory of a designer shopping mall. It has more luxury branded residences than anywhere else in the world, knocking South Florida, the sector’s longstanding leader, off the top spot last year. On average, branded residences command a 30% premium compared to similar-quality properties in the same location. The deposits for off-plan purchases can often amount to more than $1 million for prime real estate. “There is a big appetite from both buyers as well as the developers, to continue with branded residences,” said Piro.
Persons: CNN — Armani, Bulgari … Versace, Savills, , Patricia Viel, ” ACPV, Bulgari, Viel, Faisal Durrani, Knight Frank Middle, Knight Frank’s, Knight Frank, it’s, Durrani, Rosa Piro, Tadao Ando, Arada, Piro, Armani, Giorgio Armani, Arada Durrani Organizations: CNN, Villa, ACPV, Neverending, Bulgari, Michelin, Resorts, Knight, United Arab, , Armani, Jumeirah Locations: Dubai, South Florida, Milan, there’s, Aspen, Miami, Algarve, Bahamas, United Arab Emirates
So when the opportunity came to move into a two-bedroom apartment in December 2019, she jumped at the chance. Now Ms. Budway lives at Gilliam Place, an affordable housing complex built on property that Arlington Presbyterian Church owns. “My world has gotten so much larger,” she said. Ms. Budway is the beneficiary of a growing real estate trend: Across the nation, faith-based organizations are redeveloping unused or derelict facilities to help rectify a housing affordability crisis while also fulfilling their mission to do good in the world. With the exception of a few well-heeled churches or synagogues, most religious organizations tend to be land rich and cash poor, said Geoffrey Newman, an executive managing director at Savills, a real estate services company.
Persons: Emma Budway, Budway, Geoffrey Newman Organizations: Arlington Presbyterian Church Locations: Arlington , Va, Gilliam, Arlington
The Aeternitas Tower, officially unveiled at a launch event last week, will be the world’s tallest residential clocktower at a staggering 450 meters (1,476 feet) tall — more than four times the height of London’s Big Ben, and just 22 meters (72 feet) short of the world’s tallest residential building, the Central Park Tower in New York City. Set to become the world’s second-tallest clock tower (after the Makkah Clock Royal Tower in Mecca, Saudi Arabia), Aeternitas Tower is the result of a partnership between Dubai-based real estate developer London Gate and Swiss luxury watch manufacturer Franck Muller. The Aeternitas Tower will have amenities for residents such as gym, yoga studio, cinema, and swimming pool, pictured in this digital rendering. London GateA booming marketThe Aeternitas Tower is part of a growing trend in Dubai. The design for Aeternitas Tower was officially unveiled at a launch event on January 9 2024, at the Ritz-Carlton Dubai (pictured).
Persons: Big Ben, Franck Muller, Tom Hill, , Franck Muller Aeternitas, Erol Baliyan, Franck Muller’s, Karl Lagerfeld, “ We’ve, Carlton Dubai Organizations: CNN, CNN —, London Gate, Marina, Research, Benz, London, Ritz, Carlton Locations: CNN — Dubai, New York City, Makkah, Mecca, Saudi Arabia, Dubai, Dubai Marina, East, Africa, Swiss, London, Emirate,
The Aeternitas Tower, officially unveiled at a launch event last week, will be the world’s tallest residential clock tower at a staggering 450 meters (1,476 feet) tall — more than four times the height of London’s Big Ben, and just 22 meters (72 feet) short of the world’s tallest residential building, the Central Park Tower in New York City. Set to become the world’s second-tallest clock tower (after the Makkah Clock Royal Tower in Mecca, Saudi Arabia), Aeternitas Tower is the result of a partnership between Dubai-based real estate developer London Gate and Swiss luxury watch manufacturer Franck Muller. The Aeternitas Tower will have amenities for residents such as gym, yoga studio, cinema, and swimming pool, pictured in this digital rendering. London GateA booming marketThe Aeternitas Tower is part of a growing trend in Dubai. The design for Aeternitas Tower was officially unveiled at a launch event on January 9 2024, at the Ritz-Carlton Dubai (pictured).
Persons: Big Ben, Franck Muller, Tom Hill, , Franck Muller Aeternitas, Erol Baliyan, Franck Muller’s, Karl Lagerfeld, “ We’ve, Carlton Dubai Organizations: CNN, CNN —, London Gate, Marina, Research, Benz, London, Ritz, Carlton Locations: CNN — Dubai, New York City, Makkah, Mecca, Saudi Arabia, Dubai, Dubai Marina, East, Africa, Swiss, London, Emirate,
Backed by Japan's SoftBank, WeWork aimed to revolutionise the office market by taking long leases on large properties and renting the space to multiple smaller businesses on more flexible, shorter arrangements. Some leveraged property investors could struggle to earn enough rental income to service rising debt costs, they said. The number and volume of real estate loans due for refinancing in 2024 is unclear because many deals are struck privately between borrower and lender, Ed Daubeney, co-head, debt and structured finance, EMEA, at real estate services firm Jones Lang LaSalle, told Reuters. U.S. industrial and office real estate investment trusts (REITs) were seen 35.8% more likely to default, versus expectations a year ago. "We're at a massive turning point in the real estate investment market globally," Jose Pellicer, head of real estate strategy at M&G Real Estate, said.
Persons: Kate Munsch, Japan's SoftBank, WeWork, Jeffrey Havsy, Ed Daubeney, Jones Lang LaSalle, Savills, refinancings, What's, MSCI, Jefferies, Jose Pellicer, Sinead Cruise, Elisa Martinuzzi, Mark Potter Organizations: REUTERS, Media, Real Estate, Reuters, Analysts, Europe, Flex, BNP, G, Thomson Locations: San Francisco , California, U.S, York, New York, London, United States, Europe, Britain, Germany, California
Backed by Japan's SoftBank, WeWork aimed to revolutionise the office market by taking long leases on large properties and renting the space to multiple smaller businesses on more flexible, shorter arrangements. Some leveraged property investors could struggle to earn enough rental income to service rising debt costs, they said. The number and volume of real estate loans due for refinancing in 2024 is unclear because many deals are struck privately between borrower and lender, Ed Daubeney, co-head, debt and structured finance, EMEA, at real estate services firm Jones Lang LaSalle, told Reuters. U.S. industrial and office real estate investment trusts (REITs) were seen 35.8% more likely to default, versus expectations a year ago. "We're at a massive turning point in the real estate investment market globally," Jose Pellicer, head of real estate strategy at M&G Real Estate, said.
Persons: Kate Munsch, Japan's SoftBank, WeWork, Jeffrey Havsy, Ed Daubeney, Jones Lang LaSalle, Savills, refinancings, What's, MSCI, Jefferies, Jose Pellicer, Sinead Cruise, Elisa Martinuzzi, Mark Potter Organizations: REUTERS, Media, Real Estate, Reuters, Analysts, Europe, Flex, BNP, G, Thomson Locations: San Francisco , California, U.S, York, New York, London, United States, Europe, Britain, Germany, California
China’s leaders speed towards Japanisation
  + stars: | 2023-10-20 | by ( Edward Chancellor | ) www.reuters.com   time to read: +8 min
LONDON, Oct 20 (Reuters Breakingviews) - China’s real estate market is in decline. The trouble is that China’s economic imbalances are far worse than Japan’s in 1990. Yet China’s GDP per capita has reached only half of Japan’s level in 1990. China’s economic misdirection is catalogued in Yasheng Huang’s “The Rise and Fall of the East”. After 1978 the authorities gave provincial governments substantial freedom to promote economic growth and rewarded them for meeting a growth target.
Persons: Xi, Xi Jinping, Huang, , Xi’s, Beijing’s, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Monetary Fund, South, Asian, IMF, Reuters Graphics Reuters, Bank for International, MIT Sloan School of Management, HK, Communist, Huawei, Washington, Thomson Locations: Marrakech, People’s Republic, China, South Korea, Japan, deflate, Tokyo, California, Beijing, Taiwan, Communist
If you're not shopping for a new office right now, you might be missing out. With vacancies rising, many office landlords are doing whatever it takes to get leases signed, including dropping rents. Risa Letowsky, the co-chair of Adler & Stachenfeld LLP leasing practice group, told Insider that flexibility is the difference between successful and struggling landlords right now. See below for a list of the 10 top perks that office landlords are offering. Flexible lease lengthsThe traditional office lease is eight to ten years.
Persons: Risa Letowsky, aren't, Letowsky, Mike Watts, Andrew Lustgarten, Michael T, Cohen, Franklin Wallach, Carlos Avila Gonzalez, they're, Lustgarten, Watts, Matt Petit, Michael Lirtzman, Lirtzman Organizations: Adler, Stachenfeld, it's, Colliers, San Francisco, Getty, Silverstein Locations: Los Angeles, New York City, San Francisco , California, LA, Chicago
Now may be the time to shop for an office lease. As office vacancies soar to record highs in some markets, office landlords often have no choice but to find new and creative ways to attract new clients. "When you have 55-year-old managing partners of a law firm looking for office space, and they see the golf simulator, they get pretty excited," he said. Long-term leases, which usually feature landlord-financed renovations to the office space, are now being offered with lease-termination options. Office landlords without access to this capital level are often left with only one lever: renting below market price.
Persons: Michael Cohen, Michael Lirtzman, Anthony Tahlier, Andrew Lustgarten, Lirtzman, Sterling, Lustgarten, it's, Matt Petit, Goldman Sachs, Risa Letowsky, Letowsky, Watts, Tishman Speyer, aren't, That's, Cohen, they've, he's, hasn't Organizations: Colliers, Kastle Systems, West Chicago, Sterling Bay's, Century, El, New, Palm, Chase, Wall, JPMorgan, Deutsche Bank, Adler, Stachenfeld, Silverstein, Lawyer Locations: Chicago, Bian, Sterling, Los Angeles, New York, Miami, Liberty, Chase Manhattan, Alamo, CBRE, Los Angeles and New York, LA, United States
Scotland's most expensive apartment in St. Andrews is on the market for $2.9 million. The two-bedroom property overlooks the world-renowned Old Course and has a butler service. The two-bedroom property next to St. Andrews' Old Course is on the market for £2.3 million, or around $2.9 million, the listing states. The building is owned by Kohler & Co, an American company that also owns the nearby five-star Old Course Hotel. However, the future buyer should keep in mind that they legally wouldn't be able to live in the property full-time.
Persons: Andrews, Savills Organizations: Service, Kohler & Co Locations: St, Wall, Silicon, Scotland, American
Cobstone Mill, a 4-bedroom house in Buckinghamshire, England, is on the market for $11.4 million — and it comes with its own windmill. Ed Kingsford PhotographyCobstone Mill comes with an outdoor pool and windmill that was converted into a guest house, according to the Savills online listing. It is on the market for £9 million, or around $11.4 million, and overlooks the village of Turville in Buckinghamshire, England, the listing states. The property is most famously known for being a filming location for the 1968 film "Chitty Chitty Bang Bang," a spokesperson for Savills told Insider. Turville is known as a popular movie location because of its natural beauty and because it's in close distance to major London film studios, the spokesperson added.
Persons: Ed Kingsford, Chitty Chitty Bang Bang, Savills Locations: Buckinghamshire, England, Turville, London
A historic windmill in the English countryside that appeared alongside Dick Van Dyke and a magical flying car in the 1968 movie “Chitty Chitty Bang Bang” has gone up for sale. The black-and-white Cobstone Mill, in Buckinghamshire, England, just outside London, is part of a property that also includes a main house, about 37 acres of land and a swimming pool. The mill is thought to have been built around 1816 and was used to grind cereal until 1873, according to Savills, the real estate firm selling the property. Before the windmill could be used as a movie location it needed substantial renovations. The property had been damaged by a fire and, according to local media reports at the time, squatters had been living in it.
Persons: Dick Van Dyke, Chitty Chitty, Locations: Buckinghamshire, England, London
LONDON/SYDNEY, July 31 (Reuters) - Commercial real estate investors and lenders are slowly confronting an ugly question - if people never again shop in malls or work in offices the way they did before the pandemic, how safe are the fortunes they piled into bricks and mortar? WALL OF DEBTGlobal banks hold about half of the $6 trillion outstanding commercial real estate debt, Moody's Investors Service said in June, with the largest share maturing in 2023-2026. U.S. banks revealed spiralling losses from property in their first half figures and warned of more to come. Borrowers in the UK real estate holding & development category were 4% more likely to default. But the whale could be commercial real estate in the U.S.".
Persons: Richard Murphy, Jeffrey Sherman, Charles, Henry Monchau, Bank Syz, Jones Lang LaSalle, Savills, JLL, Dhara Ranasinghe, Huw Jones, Clare Jim, Kirsten Donovan Organizations: Employers, UK's Sheffield University, Reuters, Investors, Moody's Investors Service, Fed, Federal, Bank, Suisse, Washington D.C, HSBC, Capital Economics, Thomson Locations: SYDNEY, London, Los Angeles and New York, U.S, New York, Beijing, San Francisco, Tokyo, Washington, Shanghai, North America, Hong Kong
Private apartments are seen against the backdrop of the Marina Bay Sands hotel and the Singapore Flyer observatory wheel in Singapore on March 23, 2022. Rents in prime residential areas increased the most in Singapore, Lisbon and Berlin in the first half of the year, according to a new research report by real estate services company Savills. Data from the British company showed prime rents in Lisbon surged the most by 13.9% from Dec 2022 to June 2023, followed by Singapore at 13.6% and 9.2% for Berlin during the same period. The increase in Berlin's prime rents was, however, due to an influx of rich residents, the research said. The significant hike in Singapore's prime rents was due to construction delays during the Covid-19 pandemic.
Persons: Savills, Alan Cheong, Cheong Organizations: Singapore Flyer, Savills Research, Consultancy Locations: Marina, Sands, Singapore, Lisbon, Berlin, British
[1/2] The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Opportunistic investors who could clear the market of unneeded office space and help lift values are biding their time, sitting on the sidelines, Lim said. The increase in negative absorption comes despite the number of office jobs in Manhattan now exceeds pre-pandemic levels. And Savills Plc (SVS.L) said direct available office space in Manhattan now measures 70.4 million square feet, the highest in history.
Persons: Mike Segar, There's, Andrew Nelson, Andrew Lim, Lim, JLL, Nelson, Mark Berry, Kroll, Herbert Lash, Nick Zieminski Organizations: Empire, Vanderbilt, REUTERS, Reuters, Nelson Economics, Jones Lang LaSalle Inc, SOAR, Kroll Bond, Agency, Thomson Locations: Manhattan, New York City, U.S, Washington, New York
Pricey property is a pointy dilemma for Singapore
  + stars: | 2023-06-28 | by ( Anshuman Daga | ) www.reuters.com   time to read: +4 min
It’s a pointy problem however for a country that traditionally has managed housing for the masses well. In June, Prime Minister Lee Hsien Loong’s government said it would redevelop the city’s only horse racecourse for housing, including public homes. It notes some 40,000 public and private housing units are due to be completed this year, the highest level in five years. Singapore also hiked taxes on private second-home purchases. The government insists they have hardly had any impact on housing demand.
Persons: Lee Hsien Loong’s, It’s, Una Galani, Katrina Hamlin, Thomas Shum Organizations: Reuters, OrangeTee, Thomson Locations: SINGAPORE, Singapore, United States, China, Dubai, Hong Kong
It's the first time the property has been on the open market for over a quarter of a century, Savills said. The previous owner purchased it through a private sale in 2013.
Persons: Savills
REUTERS/Hannah BeierLONDON, June 6 (Reuters) - Half of large multinational companies plan to reduce office space as they adjust to hybrid working patterns, although the cuts are likely to be modest as few plan to go fully remote, a survey from real estate agents Knight Frank showed on Tuesday. Knight Frank said 50% of employers with more than 50,000 staff intended to reduce office space, typically by 10% to 20% in the next three years, as they reassess their needs following the introduction of remote working during the COVID-19 pandemic. But at companies with up to 10,000 staff split across different countries, most expected to increase office space. Mat Oakley, head of commercial research at Savills said demand for office space in London had increased, and flexible working appeared less of a challenge than previously thought. "There are definitely challenges for office demand but these have been largely overstated particularly when you take into consideration employment growth," Oakley said.
Persons: Hannah Beier LONDON, Knight Frank, Tim Armstrong, Antony Antoniou, Robert Irving Burns, Mat Oakley, Savills, Oakley, Suban Abdulla, David Milliken Organizations: FMC Corporation, REUTERS, Bank of England, British, Land Securities, P, Thomson Locations: Philadelphia , Pennsylvania, U.S, Britain, Mat, London
There are fears that a rise in delinquencies as a result of the downturn could cause significant losses at banks, which finance many commercial real estate deals. Office space in the United States was also much more generous per person than in Europe and Asia, he said. London, Berlin, Madrid and Hong Kong were also forecast to have a large amount of excess office space. Before the pandemic, the Californian city was one of the hardest places in the United States to find office space, with a vacancy rate of only 9.5%. Now, 30% of its office space is either vacant or due to return to the market in the next year — a 30-year high.
Persons: , Knight Frank, ” Lee Elliott, Elliott, “ We’re, ” Elliott, Savills, , Kelcie Sellers, Organizations: London CNN —, San, CNN, Companies, , Washington DC Locations: San Francisco, homeworking, delinquencies, Francisco, United States, Europe, Asia, San Francisco , New York, Los Angeles, Chicago, Houston, Washington, London, Berlin, Madrid, Hong Kong, Pacific, America,
Summary poll dataBENGALURU, June 5 (Reuters) - Home prices in India are set to hold above consumer inflation, even though interest rates are expected to stay higher for longer than previously thought, a Reuters poll of property analysts found. The May 16-June 1 poll of 12 property analysts predicted national home prices would reach a median 6.0% this year, a modest upgrade from the 5.5% expected in a March survey. "The interest rate cycle is near its end," Arvind Nandan, managing director of research at Savills India, said. Rates are set to stay at 6.50% for the rest of 2023 and start falling early next year. All analysts who answered an additional question said they were bullish about the housing market outlook.
Persons: Arvind Nandan, Anuj Puri, Rohan Sharma, Vivek Mishra, Veronica Khongwir, Madhumita Gokhale, Hari Kishan, Ross Finley, Barbara Lewis Organizations: Reserve Bank of, JLL Research, Thomson Locations: BENGALURU, India, Reserve Bank of India
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