OFFSHORE INVESTMENTS
Global Cities
Unexpected and Underrated
K
night Frank ’ s recently published Global Cities 2018 report offers a glimpse into what could be expected in the year to come . With the global landscape seemingly constantly dodging a crisis , and local prospects appearing uncertain at best , you ’ d be forgiven for being hesitant to invest . Below , we look at some cities highlighted by the report .
While these may not be the typical locations you ’ d think of when imagining up-and-coming cities , each offers a distinct opportunity . The key takeaway ? Look where the technology is heading , chances are people will follow .
Pittsburgh
“ Pittsburgh has seen more than 70 IT--focused firms headquartered in Silicon Valley and elsewhere open local offices over the past 10 years . Amazon , Apple , Facebook , Google and Uber are among the users that have caused rents and property values to surge . The city ’ s status as a growing technology hub , and hotbed for AI and autonomous vehicle development is triggering unprecedented revitalisation ” says Pamela Lowery , VP of Research Pittsburgh at Newmark Knight Frank .
Manila
Jan Paul D . Custodio , Senior Director for Research and Consultancy for Santos Knight Frank explains that Manila lies at the centre for growth in the Philippines ’ real estate market : “ Opportunities to invest in property development are amplified by the country ’ s attractive investment grade rating , high GDP growth rate , and strong macro-economic fundamentals .”
Amsterdam
An attractive alternative to pricier European markets , Amsterdam offers investors a real opportunity , states the report : “ Combined with the strong demand from the city ’ s vibrant and expanding technology sector , tight [ office ] supply will drive rental growth , and create opportunities for new development , particularly in central areas .”
Seattle
This one may not be so overrated after all . Amazon ’ s presence in the city has made it a beehive of activity for those looking gain access to some of the brightest minds in technology . The report also points out that other companies ’ presence is proving the city ’ s longevity : “ Thanks to Amazon and other titans including Microsoft , Costco , and Boeing , the region has supported and sustained growth through all economic cycles .”
NAMIBIAN RETAIL TAKES OFF
Over 30,000 excited shoppers welcomed the new 27,500m2 Dunes Mall in Walvis Bay , Namibia , on its opening day of 26 October 2017 .
Developed by leading South African property developer and investor Atterbury , and in partnership with local developers Collins Group , a wholly owned subsidiary of JSE listed Tradehold Limited , the new R600 million mall has become the very first regional shopping centre in the key Namibian port city of Walvis Bay .
Bengaluru
With a bustling IT sector and recent inclusion onto the Smart City list , Bengaluru offers investors an excellent opportunity : “ It ’ s transformed the city ’ s character , turning the pensioner ’ s paradise into a bustling cosmopolitan hub . This has stirred up its real estate market , which has become a major global office destination ,” explains Vivek Rathi , VP of Research at Knight Frank India .
SOURCES Newman Knight Frank , Knight Frank .
58 DECEMBER 2017 / JANUARY 2018 SA Real Estate Investor Magazine