Core Insights - Newmark Group, Inc. has arranged a $7.1 billion construction loan for Blue Owl Capital, Inc., Crusoe, and Primary Digital Infrastructure to fund the second phase of a $15 billion joint venture for a 1.2-gigawatt AI data center in Abilene, Texas [1][3] Group 1: Transaction Details - The loan is provided by a consortium led by J.P. Morgan and will support the construction of six new buildings, expanding the data center to a total of eight buildings upon completion [1][3] - The first phase of construction, which includes two buildings and over 200 megawatts, began in June 2024 and is expected to be energized in the first half of 2025 [3] - The second phase, consisting of six additional buildings and a total of 1.2 gigawatts, commenced in March 2025 and is anticipated to be energized by mid-2026 [3] Group 2: Company Roles and Statements - Newmark's Co-President of Global Debt & Structured Finance, Jordan Roeschlaub, emphasized the significance of this transaction in advancing sustainable digital infrastructure [3] - Brent Mayo, Head of Data Center Capital Markets at Newmark, stated that this funding solution is crucial for delivering next-generation digital infrastructure to meet AI innovation demands [3] - Newmark also acted as a strategic advisor for the first phase, securing both equity and debt financing [4] Group 3: Company Profiles - Crusoe focuses on aligning computing with climate goals, providing scalable and environmentally friendly AI infrastructure solutions [5] - Blue Owl, with $273 billion in assets under management, offers private capital solutions across various investment platforms [7] - Primary Digital Infrastructure accelerates the growth of hyperscale and AI-driven data centers, providing flexible capital solutions to data center operators [9]

CHICAGO, May 21, 2025 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) announced that Catherine Clay was elected as an independent, non-executive member of its Board of Directors effective May 21, 2025. She initially will serve as a member of the Audit and Risk, Compensation, and Nominating, Governance and Sustainability Committees. Catherine Clay, JLL Clay brings extensive experience in derivatives markets, digital assets, data analytics and financial technology to the JLL Board. Currently, ...

Core Insights - The U.S. commercial real estate market experienced a decline in transaction activity in Q1 2025, with total transactions valued at $69.3 billion, down from $89.2 billion in Q4 2024 and $85.5 billion in Q1 2024 [2] Transaction Activity Summary - The count of properties transacted decreased by 11.6% from Q4 2024 and by 8.0% year-over-year from Q1 2024 [2] - The total dollar value transacted fell by 22.3% sequentially and by 19.0% year-over-year [2] - Despite the overall subdued market, certain sectors showed resilience, with prices increasing and multifamily and office properties attracting more capital compared to the previous year [2] Price Trends - Twelve out of fifteen property subsectors reported quarter-over-quarter increases in price per square foot, particularly in consumer-facing categories such as big box retail, limited-service hotels, and full-service hotels [2] Data Analysis Approach - Altus Group's report provides a comprehensive overview of national commercial sale transactions, focusing on transaction volume, pricing, and pacing, with detailed insights by property subtype and metropolitan statistical area (MSA) [2]

Core Viewpoint - Newmark Group, Inc. is repurchasing shares from Howard W. Lutnick, complying with U.S. government ethics rules, which will divest his ownership and economic interests in the company [1][4]. Group 1: Share Repurchase Details - Newmark has agreed to repurchase 10,969,523 shares of Class A common stock from Howard W. Lutnick for an aggregate purchase price of $127,027,077, at a price of $11.58 per share [2]. - Following this transaction, Newmark will have $244.9 million remaining under its existing stock repurchase authorization [2]. Group 2: Financial Implications - Newmark's CFO, Michael Rispoli, indicated that this transaction allows the company to acquire a substantial number of shares at a favorable price, supporting the company's expected strong cash generation and future investments in growth [3]. - For the twelve months ending March 31, 2025, Newmark generated revenues exceeding $2.8 billion [6]. Group 3: Ownership and Governance Changes - Mr. Lutnick has agreed to transfer his ownership in Cantor Fitzgerald to trusts for the benefit of his children, with the closing of these transactions expected in the third quarter of 2025 [3]. - The sale of shares will comply with Mr. Lutnick's U.S. government ethics agreement, effectively divesting his ownership, voting, and economic interests in Newmark [4].

Investment Rating - The report does not explicitly provide an investment rating for the office market in Bangkok Core Insights - Bangkok's total office supply increased to 6.314 million sq m, marking a 3.1% annual growth, with green-certified office space reaching approximately 2.1 million sq m, representing 33% of the total supply [4][10][33] - Net absorption for Q1 2025 was 31,000 sq m, leading to a 1% increase in total occupied space to 4.89 million sq m, driven primarily by demand for green buildings [6][16][33] - The overall occupancy rate improved by 0.5 percentage points to 77.5%, with Grade A buildings showing the strongest recovery [21][33] - Average asking rent increased by 0.3% quarter-on-quarter to THB 845 per sq m per month, with Grade A rents reaching a new high of THB 1,248 [24][33] Supply Overview - Total office supply in Bangkok rose to 6.314 million sq m, with over 800,000 sq m currently under construction [4][5][10] - The future supply pipeline is projected to add 1.1 million sq m, with 524,000 sq m expected to enter the market in 2025 [14][34] Demand Dynamics - Leasing activity remained positive, with net absorption of 31,000 sq m, while green buildings recorded a net absorption of 51,000 sq m [16][33] - Demand in the Central Business District (CBD) remained strong, with 35,000 sq m of net absorption, while non-CBD areas saw a slight contraction [16][32] Market Segmentation - The overall market occupancy rate rose to 77.5%, with Grade A buildings experiencing a 2.1 percentage point increase [21][33] - Grade B buildings had an occupancy rate of 76%, while Grade C buildings remained steady at 80% [21] Rental Trends - The average asking rent across all grades increased, with Grade C leading the quarterly growth at 0.4% [24][26] - The CBD office market saw a moderate rental increase, with average asking rents rising to THB 966 per sq m per month [27][31] Future Outlook - 2025 is anticipated to be a pivotal year for Bangkok's office market, with significant new supply entering the market [34] - Rising competition will challenge all asset classes, particularly for aging buildings that may need upgrades to meet tenant expectations [34][35]

Investment Rating - The report indicates a muted investment activity in the office market, with prime office yields remaining stable at 6.50% across the UK cities [6][18]. Core Insights - The leasing market remains resilient, with occupier activity reaching 1.4 million sq ft in Q1 2025, reflecting a 27% increase compared to the same period in 2024 [9][10]. - Larger requirements are driving occupier demand, with three leasing transactions exceeding 100,000 sq ft, the highest since Q4 2020 [11][12]. - The technology, media, and telecommunications (TMT) sector accounted for 20% of space leased, representing the highest proportion of occupier demand [13]. - A 'fight for quality' is evident, with 52% of total space leased being new and grade A, and a vacancy rate of just 3.0% for this segment [14]. - Investment volumes fell significantly, reaching £151.8 million, a 71% decline quarter-on-quarter and 38% below the 5-year Q1 average [15][16]. - The absence of high-value sales is noted, with 95% of transactions below £20 million, indicating limited liquidity at the upper end of the market [17]. - Prime pricing has stabilized, with yields remaining at 6.50%, reflecting a 25 basis points compression year-on-year [18][19]. Summary by Sections Aberdeen - Occupier take-up increased by 94% year-on-year to 61,942 sq ft, although 16% below the 5-year average [26]. - Grade A availability fell by 6% quarter-on-quarter to 122,134 sq ft, reflecting a 32% decline over the past year [26]. - Investment activity reached £7.7 million, 37% below the 5-year average [26]. Birmingham - Occupier take-up totaled 75,522 sq ft, a 45% fall quarter-on-quarter and 60% below the 10-year average [34]. - New and grade A space accounted for 81% of leasing activity [34]. - Investment activity reached £27.1 million, 40% less than the previous quarter [34]. Bristol - Occupier take-up was 92,995 sq ft, reflecting an 8% fall from the previous quarter [42]. - Grade A availability stood at 304,347 sq ft, stable quarter-on-quarter but 142% above the 5-year average [42]. - Investment activity totaled £35.8 million, 52% below the 10-year average [42]. Cardiff - Take-up reached 94,068 sq ft, 5% above the 5-year average [50]. - Grade A availability dipped to 291,760 sq ft, a 7% fall from the previous quarter [50]. - Investment activity reached £24.6 million, 77% above the equivalent period in 2024 [50]. Edinburgh - Leasing volumes reached 99,373 sq ft, 12% above the 5-year Q1 average [58]. - Grade A availability increased to 700,435 sq ft, 19% above the equivalent point in 2024 [58]. - Investment activity was £3.3 million, following the sale of 48-50 Melville Street [58]. Glasgow - Occupier take-up totaled 158,567 sq ft, 79% above the equivalent period in 2024 [66]. - The total market vacancy rate stood at 9.3%, down from 10.3% a year earlier [64]. - No office investment transactions occurred in Q1 2025 [66]. Leeds - Take-up reached 241,282 sq ft, a 53% increase quarter-on-quarter [73]. - Grade A availability fell to 140,362 sq ft, 48% below the 5-year average [73]. - Investment activity was £16 million, solely from the sale of the Mint Building [73]. Manchester - Leasing activity totaled 319,995 sq ft, a 14% increase from the previous quarter [81]. - Grade A availability fell by 9% quarter-on-quarter to 549,245 sq ft [81]. - Investment activity was £13.6 million, reflecting a 66% year-on-year fall [81]. Newcastle - Occupier take-up rose to 257,476 sq ft, 292% above the 10-year quarterly average [88]. - Grade A availability stood at 221,528 sq ft, a 17% fall compared to the previous quarter [86]. - Prime rents remained stable at £32.00 per sq ft, with a 31% increase since the pandemic [88]. Sheffield - Take-up reached 39,992 sq ft, 51% below the previous quarter [95]. - Grade A availability rose to 307,300 sq ft, 121% above the 5-year average [95]. - Investment activity reached £23.8 million, 76% above the 10-year quarterly average [96].

Investment Rating - The report indicates a positive outlook for the Australian office market, with prime yields stabilizing and an expectation of continued recovery, particularly in Sydney and Brisbane [1][20]. Core Insights - There is a notable improvement in sentiment within the office investment market, with significant transactions occurring primarily in Sydney, leading to stabilized prime yields for core assets [1][20]. - Net absorption across all CBD markets returned to positive territory in 2024, with a total of 81,000 sqm recorded nationally, indicating strong tenant demand, especially for high-quality assets with strong ESG credentials [2][30]. - Rental performance is improving, with Brisbane experiencing an 18.3% increase in net effective rents year-over-year, while Adelaide saw a 10.5% increase [3][48]. - The report highlights a divergence in performance by location, with major CBDs outperforming non-CBD markets, and a focus on high-quality, well-located premises [30][48]. Summary by Sections Leasing and Capital Markets - Prime yields have stabilized, particularly in Sydney, with significant deal volumes indicating a recovery in the market [1][20]. - The average prime yields remained unchanged in Sydney and Brisbane, confirming the stabilization of core asset values [20]. Demand and Absorption - Net absorption returned to growth, with all capital cities recording positive absorption except for Melbourne CBD [30]. - The demand for newly built products remains high, driven by occupiers focusing on high productivity and employee well-being [30]. Rental Performance - Brisbane led the rental growth with a 14.2% increase in net face rents, while Adelaide followed with a 9.1% increase [48]. - Sydney's average incentives decreased for the first time since 2019, indicating a shift in the rental market dynamics [48]. Vacancy Rates - The overall vacancy rate across Australian capital cities was 13.7% at the end of 2024, with Canberra and Brisbane having the lowest rates at 9.2% and 10.2%, respectively [39]. - The development pipeline in major CBDs is forecasted to deliver approximately 970,000 sqm of new supply over the next three years, which is expected to tighten leasing markets and drive rental growth [39].

Core Insights - Newmark facilitated the largest new office lease in Silicon Valley since 2023, representing Zscaler in a 301,163-square-foot sublease for its new global headquarters [1][2][3] - The new headquarters, located at 4301 and 4401 Great America Parkway in Santa Clara, California, is set to open in summer 2026 and aims to support Zscaler's rapid growth in the zero trust cybersecurity sector [1][2][3] Company Overview - Zscaler is a leader in zero trust cybersecurity, providing AI-powered solutions to protect enterprises [1] - The new facility will enhance Zscaler's innovative environment and accommodate its expanding workforce, reflecting the company's commitment to collaboration and community impact [2][3] Newmark's Role - Newmark's Vice Chairman Mike Saign and Senior Managing Director Rich Hoyt led the team that advised Zscaler on this significant transaction [2] - Newmark Group, Inc. reported revenues exceeding $2.8 billion for the twelve months ending March 31, 2025, and operates approximately 165 offices globally with around 8,100 professionals [4]

Core Insights - European commercial property values have increased for the third consecutive quarter, with a 0.8% rise from Q4 2024 and a 2% increase year-over-year [3]. Summary by Sector - **Residential Sector**: The residential sector led with a 1.5% value increase over Q4 2024, driven by strong cash flow fundamentals and above-average rent growth. The Netherlands showed the strongest market performance [7]. - **Industrial Sector**: The industrial sector experienced a modest growth of 0.8% over Q4 2024, with steady yields and improved cash flows. Italy and Spain recorded the largest gains in this sector [7]. - **Office Sector**: Office values rose by 0.8% in Q1 2025 compared to Q4 2024, supported by yield improvement and strengthening cash flows. France had the largest valuation gains, while Germany and the U.K. saw declines [7]. - **Retail Sector**: Retail values increased by 0.5% over Q4 2024, with rising yields affecting shopping centers negatively, but benefiting high street shops and supermarkets. Retail warehouses were the top performers in this sector over the past year [7]. - **Other Sectors**: Student accommodation assets outperformed hotels, with a 3.0% value increase over Q4 2024 [7].

Core Points - Altus Group Limited announced a cash dividend of $0.15 per common share for Q2 ending June 30, 2025, to be paid on July 15, 2025 [1] - The Dividend Reinvestment Plan (DRIP) allows eligible shareholders to reinvest their cash dividends in additional common shares at 96% of the weighted average closing price for the five trading days preceding the payment date [2] - All dividends paid to common shareholders qualify as "eligible dividends" under Canadian tax legislation [3] Company Overview - Altus Group is a leading provider of commercial real estate intelligence, connecting data, analytics, and expertise to enhance CRE performance [4] - The company employs approximately 2,000 experts who contribute to shaping urban environments and communities [4]