Good morning,
Commercial real estate could face the same fate as Credit Suisse, the boss of JPMorgan Asset Management has warned. “When the Federal Reserve hits the brakes, something goes through the windshield,” George Gatch said. “What is the next impact?” he asked, before concluding that “commercial real estate is an area of concern”.
And will the shine come off the golden triangle as other areas catch up? That’s the puzzler posed by new figures from Carter Jonas, which show life sciences rents across the regions continuing to rise, and clusters in Birmingham catching up to levels seen in the Ox-Cam Arc.
Tenant demand for build-to-rent has more than quadrupled since February 2019, as more stock becomes available and more people become more aware of the sector.
Vistry has boosted pretax profit by 21% as its takeover of Countryside yields results. Full-year results for 2022, published this morning, show pretax profit rising to £418.4m, as revenue rose 14% to £3.07bn.
Manchester is set to approve the Strategic Regeneration Framework for its 10.5-acre former Central Retail Park site. The Government Property Agency has shown interest in taking space if and when it is redeveloped as a sustainable office district.
B&Q plans to open “at least 50” smaller stores in the UK this year despite a sharp decline in profit.
Ousted Persimmon boss Jeff Fairburn has set up an investment company with his wife, as he seeks something to do with that £82m bonus.
The owner of NoMad hotels is suing the entrepreneur behind the rival Hoxton hotel chain, accusing him of trying to “sabotage” efforts to find a buyer for half of its business in 2018.
And finally, humankind has added more than 2,500 sq km of land to coastlines since 2000. That’s the equivalent to a country the side of Luxembourg.
