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MARKETS
Source: European Economic Forecast: The Storm Clouds Gather Over European Housing Markets, Standard & Poors, December 2006
New York office market A record high average asking rent for Manhattan was set in October as the class A figure hit $63.26 per ft2 besting the previous high of $61.48 per ft2 in April 2001. In addition, it was the largest month over month jump going back to 1991 with a 4.8 per cent spike from September’s $60.35 per ft2. The class A vacancy rate for Manhattan continued to fall, slipping to 6.5 per cent from 6.8 per cent in September, its lowest figure since the 6.2 per cent of July 2001.
EMPIRE STATE BUILDING The Empire State building is to undergo a $200m revamp that will halve the number of tenants and see the 5,000 visitors a day separated from the 15,000 workers. In January, owner W&M Properties will announce to the New York market a five-year plan to clear and refurbish much of the 2.2 million ft2 of space on 76 floors. There will be a push to increase the lease lengths and raise the rents from the current average of $32–$33 to closer to $50 per ft2.
Source: Colliers, 13th November, 2006 Source: Estates Gazette, 11th November, 2006
US economic forecast The economic data have become very confusing. The weaker-than-expected third-quarter GDP growth rate of 1.6 per cent has to be judged against the upward revisions in the employment data and the five-year low of 4.4 per cent in the unemployment rate. The weakness is believed by some to be temporary and that there will be a soft landing similar to the 1995 experience. The risk that the landing will turn hard, however, remains high. Source: David Wyss, The Property Investors Association of Australia Inc, 14th November, 2006
DILAPIDATIONS Suggested declaration required under the Pre Action Protocol This claim has been prepared by XYZ being the surveyor appointed/employed by the Landlord in this matter. It contains my true views and the overall figure claimed is a fair assessment of the Landlord’s loss. I confirm that in making this assessment I have had regard to the principles laid down in the Royal Institution of Chartered Surveyors’ Guidance Note on Dilapidations, the common law principles of how that loss should be calculated and, in relation to repairing covenants, Section 18(1) of the Landlord and Tenant Act 1927
European housing markets Over the past year, residential property markets across Europe have continued to be active, as reflected by both real increases in house prices and the continuous growth in mortgage loans. For the EU as a whole, mortgage debt reached 47.5 per cent of GDP in 2005, up from 44.5 per cent in 2004.
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AGENCY Dishonest estate agents could face prosecution Estate agents who knowingly inflate the value of houses or send out bogus mailshots could face prosecution under a bill to be proposed in this
© 2007 PALGRAVE MACMILLAN LTD 1742–8262/07 $30.00 www.palgrave-Journals.com/jba
Journal of Building Appraisal
VOL.2 NO.4
PP 270–274
News stories
week’s Queen’s Speech. Alistair Darling, the secretary of state
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