Core Insights - The U.S. office market has reached an inflection point, with office conversions and demolitions surpassing new construction for the first time in at least 25 years [1][2] Market Dynamics - More office space is being removed than added, leading to a reduction in the overall office footprint [2] - In the largest 58 U.S. markets, 23.3 million square feet of office space is set for demolition or conversion, while only 12.7 million square feet is projected to be completed in new construction [3] Vacancy and Demand Trends - The net reduction in office space is expected to lower the vacancy rate, which currently stands at around 19%, benefiting building owners [4] - There is a growing trend of employers requiring staff to return to the office full-time, contributing to a tightening job market [5] Absorption and Leasing Activity - Net absorption has been positive for the past four quarters after a previous six-quarter decline, with office-leasing activity increasing by 18% in Q1 compared to the previous year [6] Rental Market Outlook - With reduced supply and increasing demand, office rents are expected to stabilize, particularly in prime locations and Class A spaces [7] Conversion and Development Trends - Developers are preparing an additional 85 million square feet of office space for conversion in the coming years, with historical conversions yielding about 170 units per project [9] - The conversion trend is seen as beneficial for commercial real estate, although it faces challenges such as dwindling ideal buildings for conversion and high construction costs [10]

New AI solution, powered by JLL Falcon, empowers real estate owners to enhance their property's performance and returnsCHICAGO, May 28, 2025 /PRNewswire/ -- JLL (NYSE: JLL) today announced JLL Property Assistant, the artificial intelligence (AI) assistant designed for real estate owners spanning retail, industrial and office properties. Leveraging the power of JLL Falcon, the industry's first comprehensive AI platform, JLL Property Assistant offers actionable insights and AI-derived recommendations to optim ...

华夏时报（www.chinatimes.net.cn）记者 李贝贝 上海报道 公开数据显示，今年全国主要一、二线城市办公楼市场将迎来约640万平米的新增供应集中放量，同比增长近七 成，这也带来了重点城市商办市场租金下行、空置率持续走高的情况。 根据观点指数的调研，短期内，写字楼市场仍将处于调整阶段，租金下行和空置率波动或成常态。世邦魏理仕中 国区研究部负责人谢晨也向《华夏时报》记者表示，据该行监测，2024年办公楼市场需求处于底部区间，过去三 年的年均净吸纳量仅200万平米，是疫情前一半水平。 不过，"尽管2024年市场总体艰难，但2025年一季度市场有所反弹，显现出底部复苏迹象"。谢晨指出，可以看到 一些新质生产力企业，以及消费企业特别是服务型的消费企业需求动能强。同时，"从长期来看，办公楼供应的水 线已经开始往下走了"，供应层面"最严峻的时刻已经过去了"，市场有望逐渐好转。 市场供需失衡成租金下降主因 过去一年，尽管部分城市写字楼租赁需求显现复苏迹象，但受高供应压力、企业降本增效等因素影响，市场租金 与空置率仍未企稳。 观点指数近日于2025观点商办暨资管大会发布的《2025商办资产运营报告》显示，截至2 ...

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].

Australian office indicators Key leasing and capital markets metrics across the Australian office market Improving sentiment driving greater liquidity RECENT DEALS INDICATE THAT PRIME YIELDS HAVE STABILISED Markets have shown improving sentiment resulting with momentum in office investment continuing in Q1 2025. Several large deals occurred in Q1, with almost all activity located in Sydney. We consider that prime yields have stabilised for core assets, led by Sydney which has seen higher deal volumes and he ...