C&W to open Mexican office.Cushman & Wakefield is heading south" the border. On the heels of 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. signing a free trade agreement with Mexico and in anticipation of increased growth, the New York-based commercial real estate services firm has entered into a joint venture brokerage agreement with a Mexican real The real was a currency of Mexico, issued until 1897. There were 16 silver reales to 1 gold escudo, with 8 tlacos to the real. The peso, which circulated alongside the real and eventually replaced it, was equal to 8 reales. estate concern. Cushman & Wakefield/GCI, a collaboration of Mexico City-based Grupo Comercial Inmobiliario (GCI GCI Ground Circuit Interrupter GCI Getty Conservation Institute GCI Global Commerce Initiative GCI Green Cross International (non-profit international environmental organization) GCI Growth Competitiveness Index GCI Great Cities Institute ) and the New York-based Cushman & Wakefield, is already representing a number of American corporate tenants in Mexican markets and handling a number of exclusive agencies for Fondo Opcion, a major Mexican developer and investment fund. In addition to Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , the firm will also represent the commercial and industrial needs of clients in Monterrey, Guadalajara and along the U.S.-Mexican border. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Gialanella, Cushman & Wakefield managing director: "U. S. corporations are clearly positioning themselves with the opportunities [presented by] a country that has made major inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ economically and is poised to increase that growth." Mexico City, for one, Gialanella said, is a financial capital with an office market of approximately 70 million square feet and a vacancy rate around 6 percent. There is a lot of building activity and considerable demand, especially with tenants trading up to Class-A space, he said. "One sees a market more well balanced than many U.S. markets and more well balanced than many European markets," he said. The country's office market, he said, is relatively new and strong market that is experiencing a boon, much to the credit of its president, Carlos Salinas Salinas, city, United States Salinas (səlē`nəs), city (1990 pop. 108,777), seat of Monterey co., W Calif.; inc. 1874. It is the shipping and processing center of a fertile valley famous for its grain and lettuce. . "It's one," he said, "being buoyed by very attractive stock market. It's being buoyed by a president that has the foresight to know you're not going to grow a country by isolating it. "Mexico is not a third-world country. It's not a secondary country. It's a primary financial market. We can't ignore 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. any longer." The venture will be staffed with a managing director - candidates from within Cushman & Wakefield are currently being reviewed, and seven office and industrial brokers. In addition to Mexican nationals, several Cushman & Wakefield brokers will relocate to Mexico City. A board of directors or managers will be comprised of three Cushman & Wakefield executives and three from GCI. According to Gialanella, Cushman & Wakefield will "nnnnnnnnnnnnnnfill a void" by bringing the sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. that American corporations "are used to and demand." Cushman & Wakefield/GCI will set up a market research data base to provide statistics on the Mexican market. Gialanella said the Mexican operation will function with the same principles as other Cushman & Wakefield branches. Since 1990, Cushman & Wakefield has had a similar arrangement with Healey & Baker, a London-based real estate consultancy, with the aim of providing services for its clients throughout Europe. The company reports it is exploring other relationships in Canada, Japan and South America. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion