Borrok: real estate part of global village.The world is becoming a "global village, and in real estate, we have to serve our clients across the street and throughout the global village, now and into the next century," said Cushman & Wakefield Vice Chairman Charles Borrok in a speech before the New York University New York University, mainly in New York City; coeducational; chartered 1831, opened 1832 as the Univ. of the City of New York, renamed 1896. It comprises 13 schools and colleges, maintaining 4 main centers (including the Medical Center) in the city, as well as the Real Estate Institute in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. recently. "With the advent of the fax machine and swifter telecommunications and computer technology, the world is becoming a smaller place," said Borrok. "More and more, the role of the broker is full service, from finding the site, assisting in clearing the title, to helping with the zoning, to finding the tenants, to project development and managing the property." Borrok then stated Cushman & Wakefield's philosophy toward serving its clients on an international basis. The firm has "long recognized that real estate is an international business. Several years ago we formed a strategic alliance with the London based property company Healey & Baker. We have more recently formed similar alliances with Royal Lo Page of Canada and Grupo Comercial Inmobiliario of Mexico." Borrok then outlined the real estate market conditions in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. . The highlights of his comments follow: * Canada: "The anticipated signing of NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Mexico will open significant new opportunities for investment." * Mexico: "Multinational companies are now looking at Mexico as a friendly climate for business. There is no professional brokerage industry or real estate talent in Mexico on an institutional basis, however." * Chile: "Because of the limited size of the country, and therefore limited opportunities for further investment, this year has seen considerable activity by Chilean companies investing outside their own country." * Argentina: "Very little development has occurred over the last 12 years in Argentina. The unsteady political situation has affected economic development. A number of multinationals such as IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Shell are located in Buenos Aires. However, it is very difficult to locate quality office space." * Brazil: "Inflation is running at 30 percent, and as a result, lenders and looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. four year leases with frequent indexing with a trigger mechanism that every time inflation goes over 25 percent, the rent is adjusted." * Eastern Europe: "Unlike in Western Europe, where leases generally run five to 10 years, Eastern Europe has no recognized pattern of lease duration. Companies are generally taking one week and one month license agreements. They go month to month and see how their business develops." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion