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Ireland Commercial Property Sector Enjoys $1.5 Billion of Investment in 2017

 

According to JLL, over $1.5 billion of Irish commercial properties have traded so far in 2017. While this is lower than 2016, last year was an exceptional year.

Commercial News » Dublin Edition | By Michael Gerrity | October 4, 2017

In Q3, $623 million of investment transactions closed. The largest transaction in Q3 was the sale of a $71 million off-market office transaction in Dublin. The second largest was retail unit at 100-101 Grafton Street, which was sold by GLL and purchased by Irish Life for $59 million, and the third largest was the sale of 4-5 Harcourt Centre. The office building was sold by Clancourt and purchased by Ares for over $55 million.

Hannah Dwyer, Head of Research at JLL Ireland commented, “2017 continues to perform steadily, and total volumes of $1.53 billion are where we expected them to be at this stage in the year. As with most years, Q4 is likely to be the strongest quarter, with a number of assets on the market which are due to close in the next 3 months. This includes The Square in Tallaght ($274 million guide) and The Gibson Hotel in Dublin 1 ($102 million guide). We are still of the view that total volumes for 2017 are likely to achieve between $2.3 and $3 billion, assuming these large assets close in time for the end of the year.”

John Moran, CEO and Head of Investment said, “It is encouraging to see that Ireland’s investment market continues to perform. The supply of assets coming on to the market remains robust and the demand we are seeing from investors continues to surprise, with more core buyers from Europe in particular. Whilst they are becoming more selective in terms of what they are bidding on, we are still seeing interest, particularly for prime assets, or those that have an asset management or refurbishment play. Offices continue to be the focus for some investors, whilst others are branching into ‘alternatives’ in search of value. In particular, this includes the Private Rented Sector for Residential, for which we dealing with a number of active enquiries from clients. Both new and existing domestic and overseas investors continue to be active”.

Commercial News » Dublin Edition | By Michael Gerrity |

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Yesterday, citizens of the U.K. voted in a referendum to leave the European Union (EU). The historic vote has now made the British exit from the EU (dubbed “Brexit”) a reality. So, what does this mean for Florida?

This past Monday, Dr. Jerry Parrish, Chief Economist for the Florida Chamber Foundation, taped a segment on the Florida Chamber’s monthly Florida by the Numbers about the vote and the potential effects on the Florida economy if the U.K. voted to leave. In that video, he noted that it would have effects on both Florida’s international trade and international visitors.

Overall, there were more than 2.4 million visitors from the rest of Europe – and expected decreases in the value of the Euro will increase their travel costs for trips to Florida. With the expected decrease in the value of the British Pound, travel to Florida will also become more expensive for U.K. residents.

“In 2015, more than 1.7 million U.K. visitors came to Florida- that’s about 40 percent of European vistors and about 15 percent of all of Florida’s overseas visitors. In fact, visitors from the U.K. make up the largest non-Canadian visitor group Florida has,” said Dr. Jerry Parrish, Chief Economist for the Florida Chamber Foundation. “International visitors spend more and stay longer, and leave more sales and other tax dollars in our state. With more than $89 billion spent by visitors in 2015 in taxable sales, this is a substantial contributor to Florida’s general revenue.”

The vote by the U.K. to leave the European Union will also have the immediate effect of increasing volatility in financial markets, and will likely lead to reduced foreign direct investment in Florida. We know from history that increases in uncertainty and volatility typically have a negative effect on investment and trade.

The silver lining for Florida? Imports from both the U.K. and Europe should now be cheaper. Currently, Florida imports twice as much as it exports from the U.K.

Florida’s imports from Europe made up 23 percent of the total imports – totaling $16.9 billion in 2015. Those imports should become less expensive as the Euro falls in value versus the U.S. dollar. 

Click here to watch Dr. Parrish’s full analysis from earlier this week on the potential impact of Brexit.

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On top of a hotel in downtown Havana July 2015

 

 

 

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The Capitol in downtown Havana. I took this in July 2015 while visiting with Cuban friends. 

 

Yesterday, President Obama and the first family arrived in Cuba. It’s the first time in 88 years that a U.S. President has visited Cuba and that president was Calvin Coolidge in 1928! It took President Coolidge 3 days by battleship to get to Havana but only took President Obama 3 hours to arrive on Air Force One. Upon arrival the First Lady, her daughters & her mother were given beautiful bunches of flowers.

His first Tweet was, “President Obama@POTUS 19h19 hours ago

¿Que bolá Cuba? Just touched down here, looking forward to meeting and hearing directly from the Cuban people.”  ¿Que bolá Cuba? means “What’s up, Cuba?

 I visited Cuba this last summer with dear Cuban friends for 2 weeks and found all of the people I met to be so friendly, happy, caring & giving. I’m sure that Obama & his family will find the same. And I am sure that their visit will be quite different from mine, even though some of the same sites will be seen.

Cubans crowded the streets of Havana on Sunday to try to catch a glimpse of President Obama and his family. Credit Stephen Crowley/The New York Times

 

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This morning there was an official welcoming reception by President Raúl Castro at the Museo de la Revolucion (the former palace of Fulgenico Batista), where the military band played The Star Spangled Banner. Before he met with President Castro, Obama laid a wreath at the memorial to José Martí, a journalist and poet whose ideals are loved in both Miami and Havana. There are José Martí statues, banners & plaques everywhere in Cuba. Several times a week there were documentaries about him on the Cuban television.

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After some sightseeing & various meetings including with American & Cuban business leaders, the President & family will return to the Museo de la Revolucion for a formal dinner. Tomorrow President Obama will be giving a speech on live Cuban television and attending a baseball game between the Cuba National Team and the TAMPA BAY RAYS from St Petersburg, Florida!! I wonder if Raymond, the official mascot for the Rays will be there. ¿Que bolá Raymond?  #RaysinCuba

Rays, Tropicana Field, St Petersburg, Florida

No matter what your political views are or where you stand on the Cuban-American relationship, this is an historical event.

Panama Canal Expansion is Reshaping America's Ports

According to CBRE Group, the Panama Canal’s expansion, the first major renovation the canal has undergone since its opening in 1914, is a milestone that will have a major impact on the global trade industry, and specifically, the way cargo is handled and transported throughout North America.

By Michael Gerrity | See more at: http://www.worldpropertyjournal.com/

Scheduled to open in April 2016, the larger canal will be able to accommodate a new line of Post-Panamax vessels — supertankers, container and passenger ships too large to pass through the canal, pre-expansion. The $5.25 billion expansion project has already created a new set of locks that will accommodate these larger vessels, providing shippers easier access to North America.

Container-Ship-at-sea.jpg“Now you can have these massive ships go directly to the East Coast, and that is going to drastically change the way merchandise is distributed,” says Carla Lopez, head of research in Latin America for CBRE.

Ports on the East Coast are spending billions to deepen their harbors, increase their bridge heights and transform their infrastructure to accommodate larger vessels that bring with them more cargo and potentially more business. But how immediately this influx of new business — in the form of cargo shipped from Asia directly to the East Coast — will land in the reconfigured ports has yet to be determined.

The American Association of Port Authorities (AAPA) estimates that ports and their private sector partners are investing over $9 billion a year to modernize and expand port facilities.

These port renovations fall into three main categories: land-side connections (the roads and rail lines that lead into the ports); water-side connections (especially those that need to be deepened and widened to accommodate greater volumes in these Post-Panamax vessels); and the port facility infrastructure itself (often referred to as “inside the gate”).

The association estimates there are 125 port-related infrastructure projects underway or planned, cumulatively valued at $29 billion. Except for on-dock rail, these projects are mostly improvements outside of port facilities, including intermodal connectors, gateway and corridors and marine highways.

The Port Authority of New York and New Jersey has dedicated $1.3 billion for the Bayonne Bridge Navigational Clearance Project, which will raise the bridge to 215 feet from 151 feet for the passage of these larger ships. It has also spent over $2.7 billion for other improvements to its water-side and land-side connections, along with its port facility infrastructure.

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David Egan

“New York is always going to be huge, and it is best positioned in the short term,” says David Egan, CBRE’s head of industrial research in the Americas. “If you take the major ports from Miami, Fort Lauderdale, Charleston and Baltimore, they’ve all made a committed investment to receive these Post-Panamax ships.”

Ports in Savannah, Georgia, and Jacksonville, Florida, are currently undergoing costly dredging projects to deepen their harbors for these larger ships (Georgia has set aside $266 million for the Savannah Harbor).

“I still think there are some limitations, like the Port of Savannah, which only has a certain depth that can be achieved there,” adds Egan.

Perceived limitations aside, the Port of Savannah has seen a bump in total TEU volume from March 2014 to March 2015, according to CBRE Research. This volume helped the Port of Savannah surpass the Northwest Seaport Alliance, a newly formed alliance between the ports of Seattle and Tacoma, as the fourth-largest port in total TEU volume.

More cargo also means a growing demand for speedy distribution services, and that can also lead to substantial real estate benefits for East Coast ports. For instance, the increased cargo traffic at the Port of Virginia helped fill warehouse space in Hampton Roads with imported goods. As of 2014, about 91 percent of the 108 million square feet of leasable industrial space there was leased, and the total amount of vacant square feet of warehouse space in the area dropped to 1.9 million from 3.6 million in 2012.

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Scott Marshall

There is also the question of how those along the supply chain–from existing shippers to retailers–are going to change their methodology based on these new access points for larger ships.

“If you’re looking at an Asia-to-North America shipping lane and you’re an existing retailer, how quickly can you turn on a dime and change your supply chain in order to take into consideration this new opportunity?” asks Scott Marshall, executive managing director, industrial services in the Americas for CBRE. “By changing that, what happens to your turn time?” ~~~~~~~
– By Michael Gerrity | See more at: http://www.worldpropertyjournal.com/

Below is a brief overview of what you might find if you decide to own a vacation or primary home in Costa Rica. The original article is quite long so I’m going to break it up into several distinctive subject posts. Just a taste so you will want more & more…

International Living

 

Costa Rica Beach

 

Join the 20,000 American expats already living
“la pura vida” in Costa Rica

Costa Rica’s fame as a retiree destination is richly deserved. You’ll find the tropics along the Pacific and Caribbean Coasts, while most of the Central Valley is cool and breezy. If you find it difficult to choose which climate you prefer, you will be glad to know that the mild temperatures of the Central Valley are just two hours by car from the tropical beaches of the Pacific Coast.

Expats are attracted to Costa Rica for numerous reasons, which include the low cost of living, excellent health care, modern telecommunications structure, beautiful beaches, rainforests, lush valleys, and cool mountains…not to mention the theaters, art galleries, and fine dining. There are more than 20,000 expats living in Costa Rica and many well-established expat communities.

Tucked between Nicaragua to the north, Panama to the south, the Pacific Ocean to the west, and the Caribbean Sea to the east, Costa Rica may truly have it all: a year-round tropical climate, modern cities, Caribbean beaches, Pacific coastline, rainforests, lush valleys, and mountains.

In March 1997 we took Costa Rica off our recommended list. Twelve years later, in 2009, Costa Rica was back on our list of Top Retirement Havens and remains there still. Yes, after 12 years off our list of affordable opportunities for profit, IL has discovered that there is an unknown—and still affordable—side to one of the world’s most coveted overseas retirement destinations.

Long stretches of deserted and undeveloped beaches on the Caribbean and Pacific Coasts…dense jungles teeming with exotic wildlife…towering volcanoes, lush green valleys, and hundreds of crystal-clear lakes, rivers, streams, and waterfalls…mesmerizing sunrises, sunsets, and star-filled evening skies…all these things, and much more, are drawing people back to Costa Rica.

Whether expats live in this beautiful country full- or part-time, they relish the climate, neighborly atmosphere, low cost of living, excellent health care, stable democracy, and countless ways to have fun. This is a middle-income, developing economy, with a tradition of democracy. The life expectancy at birth here is one of the highest in the world—outstripping both the U.S. and the UK. Tourist facilities are extensive, and because English is a second language for many Costa Ricans, the country feels very visitor-friendly.

In Costa Rica, the good life is called “pura vida.” For those who retire in Costa Rica, pura vida is a daily fact of life in this beautiful, exotic, and surprisingly affordable country.

There are no restrictions on foreign property ownership as such, although no one can own property within 50 meters of the ocean, and for the next 150 meters real estate comes under Maritime Zone laws. These laws permit development only under government “concession.” This means that anyone shopping for property should be doubly cautious about buying oceanfront real estate, including condos. Before entering into a transaction, insist that your attorney verify that the title is legally consistent with Maritime Zone regulations.

Annalisa Weller, Realtor®, Certified International Property Specialist

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