Central Europe's property market is hobbled by a lack of top-quality buildings and by unclear or extremely dispersed ownership rights: outstanding claims for restitution by pre-communist owners have been a perennial irritant for developers.
So rents have not budged, while they have risen for top-quality buildings, said Tony Bonitati, director of the multifamily division of NAI Earle Furman in Greenville, a commercial real estate services firm.
"It was top quality, building up well, great creativity with the three attacking players behind Fernando [Torres] - [Juan ] Mata Willian and Eden [Hazard].
In March it made an all-cash acquisition of a top-quality office building in Portland, Ore .leased mainly to government agencies.
Top-quality commercial buildings are faring better than older buildings.
And even if they sell for $200 a square foot, she said, top-quality office buildings will still be traded for prices considerably below the costs of building new ones.
That is significantly more than the 14 top-quality office buildings holding 8 million square feet in Downtown Brooklyn, another business district within easy reach of Wall Street.
"In order to achieve the rental rates that we see in Greenwich, we felt we needed a top-quality, Class A building to attract tenants," said Frank Saphire, a group manager at Hines Interests, which owns the building through its National Office Partners joint venture with the California Public Employees Retirement System.
Rents in the top-quality Class A buildings rose 29percentto to $64.54.
Dell has always been successful, but hasn't always been known for building top-quality products.
Chicago is grit, top-quality butchers, glorious modernist buildings and government blight; Toronto is clean jobs and artisanal ice-creameries, identical condos, excellent public schools and free healthcare for all.
