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Real estate investors in Asia Pacific are steeling themselves for impacts stemming from the coronavirus, the threat of which would add to existing economic headwinds in the region.
While it’s too early to know exactly how commercial real estate markets could be affected, the increasingly important position of China on the world stage means economic repercussions are likely, according to a JLL report on the topic.
“The virus is untimely for China given that it’s the start of a new calendar year and the spread escalated during the country’s most important holiday of Chinese New Year in late January,” says Roddy Allan, chief research officer, JLL Asia Pacific. “This has made it more difficult for the Chinese economy to reopen fully.”
The coronavirus virus – which originated in Wuhan, China, in December late last year – has spread globally, with cases reported in Southeast Asia, Europe and United States. In China, factories, malls and tour…
The questions of who owns the air above buildings has long been a hotly contested issue in metropolises like London, New York and Hong Kong.
But as rapid urbanisation takes hold, and the amount of available space shrinks, more cities are waking up to the value of their air.
Air rights – which allow for the control, use or occupation of the space above a property – are increasingly being explored as an option to unlock equity or expand development potential, says Tom Aylward, a manager in Melbourne sales and investments at JLL.
“With land values surging, developers are thinking more creatively about how they maximise value,” he says.
In Melbourne, Australia, where the rate of population growth is among the highest in the world, recent negotiations in the city indicate developers are increasingly turning their eyes to the sky.
Property group Golden Age struck a deal with retail specialist Vicinity …