#image_title
A major property investor, LaSalle Investment Management, is reducing its European office holdings. Their reasoning? They believe a significant portion, between 20% and 30%, of current office space in Europe could become obsolete.
“Is there redundant space in areas where it shouldn’t have been in the first place? I think maybe 20 to 30% of office stock is probably obsolete,” Philip La Pierre, head of Europe at LaSalle, told Reuters at the MIPIM real estate conference in Cannes.
La Pierre said the commercial real estate market remained “fickle”, although there were signs that investors were slowing redemption requests and becoming used to lower prices.
“Everyone has to accept the fact that pricing is down 30 to 40% and they might want to liquidate their position … Now they’re willing to do it. But it takes a year or two psychologically to adapt to the fact that you’re making a loss,” he said.
Former Hellenic Train CEO Maurizio Capotorto is under investigation by the Greek Prosecutor’s Office for…
The Hellenic Police played a key role in an international operation coordinated by Europol to…
Giannis Kostakis was born in Athens, Greece, and is a distinguished Paralympic swimmer known for…
Princess Beatrice and her husband, Edoardo Mapelli Mozzi, have joyfully announced a Greek name for…
Prince Nikolaos, the third child of Greece’s last King and Queen, Constantine II and Anne-Marie,…
Hidden forces shaping human behaviour: 20 fascinating psychological phenomena