1. Greece: Weather, global conflicts test hotels’ resilience
After a few years full of challenges, including an economic crisis, a global pandemic and wildfires, Greece has reclaimed its status among Europe’s top tourist destinations. But hoteliers and industry experts throughout the Greek islands are wary that the nation’s recovery could be jeopardized by the latest Middle East refugee crisis, among other global conflicts.
Climate change also has taken its toll on the hospitality industry of the Greek islands. “There is an increased number of heatwave days every year, with the number reaching 43 days in 2024,” said Nikos Voulgaridis, owner of the Kókkini Porta Rossa, a luxury hotel on Rhodes. “This makes months like July and August quite slow for us.”
2. UK: London offices capitalize on rising demand
A series of large London office leasings and announced space requirements point to continued improvement in regional demand, as analysts expect second-quarter gains in take-up to extend well into this year’s second half.
Among other transactions, sources said German energy company RWE is in negotiations to lease around 60,000 square feet at landlord DWS’s redevelopment of the former home of the Daily Mail newspaper. It would follow a leasing to New York law firm Debevoise & Plimpton for around 70,000 square feet, and another for 30,000 square feet to law firm Irwin Mitchell.
3. France: Seine River area emerges as potential logistics hub
Development in river-adjacent neighborhoods is gaining traction in the Paris region, as logistics operators seek to better integrate into urban environments. Major operators such as Haropa Port and logistics developer Sogaris, in partnership with trade associations like Afilog, are working to bring projects to fruition along the Seine River corridor.
“Tomorrow’s urban logistics is built on dialogue and understanding between the various stakeholders: political players, real estate players, carriers, logistics providers, shippers and, of course, local residents, whose integration is essential for successful projects,” said Christophe Ripert, vice chairman of Afilog and managing director for urban logistics at development services firm Quartus.
4. Germany: Goldman Sachs, pension funds partner on residential investments
Canada’s Public Sector Pension Investment Board, also known as PSP Investments, is partnering with Goldman Sachs Alternatives to invest a total of €1.2 billion in up to 3,000 homes in Germany.
With an initial €550 million in equity, the investment groups said they are planning to acquire the single-family rental homes from developers. PSP, among Canada’s largest pension funds with about $300 billion in assets under management, is contributing 90% of the money, with 10% to come from Goldman Sachs, which will also take over investment management for the portfolio.
5. Canada: Proposed tallest green building project faces uncertainty
A proposed Vancouver tower marketed for years as the world’s tallest ultra energy-efficient building faces uncertainty after lenders foreclosed on the developer’s $91 million construction loan. Royal Bank of Canada filed receivership proceedings against Brivia Group, the Montreal-based developer of the planned 60-story Curv condominium project, according to documents filed with the Supreme Court of British Columbia.
Brivia purchased the Curv project, originally planned for 480 condominium, rental and social housing units, from Vancouver-based Henson Developments in 2021. Condo presales stalled in early 2023 before Brivia could break ground, just as high inflation and rising interest rates forced many builders to cancel or delay projects across North America.
6. US: Tesla diner features ‘The Jetsons’ and rollerblading servers
At Tesla’s newest electric vehicle charging station in Los Angeles, hundreds lined up to order diner fare delivered by roller-skating staff, grab popcorn from a humanoid robot and watch a movie from inside their cars.
The UFO-shaped drive-in diner, years in the making and billed as the first of many, serves as a test of how Tesla might extend its brand beyond vehicles and integrate Superchargers into community-centered destinations. Founder Elon Musk first teased the concept in 2018 as part of a vision to merge entertainment and convenience as developers race to add charging stations in and outside of California as more consumers switch to electric vehicles.
This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.