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Global Develo Pm Ent Re Po Rt 201506-11 GLOBAL DEVELOPMENT REPORT 2015 PRIME RESIDENTIAL DEVELOPMENT TRENDS & INSIGHT 06-11 DEVELOPMENTS OF INFLUENCE 16 10 STEPS TO MAXIMISING RETURNS 24-25 MARKET SIZE & PERFORMANCE GLOBAL DEVELOPMENT REPORT 2015 03 05 07 09 WELCOME 11 13 15 Welcome to the third edition of Knight 17 Frank’s Global Development Report. 19 The luxury residential development 21 industry has become an increasingly 23 exciting arena over the past decade as architectural and design standards have 25 continued to break new ground. 27 Economic and business connectivity between the world’s key cities, combined with unprecedented levels of wealth creation across the developing world, has created global demand for the finest properties. Knight Frank has been at the forefront of this process, helping to share development skills and research, and forecasting the new markets and opportunities around the world. Within our report we consider the developments that are influencing trends in design, facilities and services; highlighting London and New York, but casting an eye over the best from around the rest of the world. We focus on the challenge faced by many developers who are looking to add value, and assess how the integrated approach of our teams, in locations like Mumbai, Dubai, Sydney, the Caribbean, Hong Kong and Madrid, adds real value to the developer’s decision making process. The report also reviews key development hotspots in six leading cities, shares insight from Robert Lyle, the leading luxury lifestyle and branding expert, and Marc Kushner, an eminent New York-based architect. As competition intensifies in many centres, ECONOMIC AND BUSINESS“ CONNECTIVITY it is crucial to understand occupier needs and emerging demand trends. To facilitate BETWEEN THE WORLD’S KEY CITIES, this, our research teams continuously review COMBINED WITH UNPRECEDENTED LEVELS the performance of rents, prices and sales volumes in key markets across the world in OF WEALTH CREATION ACROSS THE order to ensure our clients and their portfolios DEVELOPING WORLD, HAS CREATED GLOBAL are in the strongest position possible. DEMAND FOR THE FINEST PROPERTIES I hope you enjoy reading this report and it helps to demonstrate the depth of our understanding and knowledge. We are able to commission specific market analysis on ” local market trends and the forecasting of new wealth flows that will influence forthcoming ANDREW HAY projects. If we can be of any further help then * Please refer to the important notice GLOBAL HEAD OF RESIDENTIAL please do contact me, or one of our global team at the end of this report [email protected] whose details are at the back of the report. GLOBAL DEVELOPMENT REPORT 2015 02 03 04 05 06 07 08 09 10 11 12 13 14 OVERVIEW 15 16 17 THE PLIMSOLL BUILDING, 18 KINGS CROSS 19 20 21 22 06 12 22 24 23 24 25 GLOBAL ADDING VALUE TO THE TREND MARKET SIZE 26 27 INFLUENCERS DEVELOPMENT CHAIN SETTER & PERFORMANCE Our first annual survey of Knight Frank’s experts Two influential figures We compare the size and key global developments explain how their in the development recent performance of focussing on London, New integrated approach helps world discuss the latest luxury residential markets York and some of the best developers to build the design influences to help developers and developments worldwide most desirable homes, shaping the sector investors make informed while maximising returns decisions as to where future opportunities lie 16 17 07 26 27 THE 10 STEPS TO OCCUPATIONAL LAST CONTACTS MAXIMISING RETURNS DEMAND & INVESTMENT WORD & DEFINITIONS Knight Frank’s A city-by-city look at Two leading property Contact our global development pathway key performance developers in New York residential development highlights the 10 key stages indicators, capital growth, and London share their team to discuss your development consultancy levels of occupancy and views on the key trends and requirements and explore and marketing experts will rental income opportunities in development potential new opportunities split a project into 111 MURRAY STREET, 09 18 NEW YORK FUTURE SUPPLY HOTSPOTS Future gazing: Knight Frank casts light on shifting city development opportunities and highlights those sub- markets that are set to see AT 138% LONDON HAS SEEN THE 138%STRONGEST INCREASE IN PRIME PRICES the largest volume of new OVER A 10-YEAR PERIOD homes delivered AT 6.1% MIAMI BOASTS THE HIGHEST GROSS RESIDENTIAL YIELD OF ALL EIGHT 6.1% CITIES WE ARE COMPARING IN THIS REPORT GLOBAL DEVELOPMENT REPORT 2015 02 04 06 08 10 GLOBAL 12 14 16 18 INFLUENCERS 20 22 24 Our first annual survey of key global developments focusses 26 on London and New York, two cities where trends are still set and which act as bellwethers for developers around the world. We also round up some of the best developments in the rest of the world To gain a global perspective of the new As an island, Manhattan’s key development market we collated the development form has, unsurprisingly, views of Knight Frank’s residential headed upwards, with a number of development teams across our iconic towers on our list. While new global network. development in London has a bias With so many developments coming towards heritage-led or regeneration through that are worthy of inclusion, schemes, it too has a number of high- we have restricted our analysis rise schemes of note. New York is to those developments where not ignoring its heritage either, with construction has only recently been a number of low-rise developments completed, or where completion is sensitively placed in Chelsea and due within the next two years. surrounding districts. Our benchmark was to select In terms of delivery of new product, developments that have been Manhattan has stepped up a gear recognised as “influencers”, whether following a lull in prime development in terms of architecture, design, urban activity at the start of the global planning or service offering. financial crisis in 2008 and 2012. LIAM BAILEY With so many developments from The city currently has 6,500 new GLOBAL HEAD OF RESEARCH New York and London jostling for condo units for sale in more than position, we have dedicated our main 100 buildings across Manhattan. four page spread (overleaf) to these Although this represents a staggering two cities. Fittingly in March this $30bn in inventory it is still 39% year, research in The Wealth Report, below that seen in 2007. produced by Knight Frank, confirmed London is struggling to meet that London is ranked as the leading housing requirements. Official city for the global wealthy, with New forecasts point to a requirement for York set to supplant it by 2024. 50,000 new housing units each year These two cities continue to lead for the coming decade, but current development trends, in terms of delivery is struggling to move above design, pricing and iconic architecture. 30,000 units. For this reason, we have highlighted The quality of development seen key ‘developments of influence’ in Asia and the Middle East is for each and added a number of improving, and future editions of The developments of note from elsewhere Global Development Report will focus around the world. on the key markets in these regions. GLOBALGLOBAL DEVELOPMENT DEVELOPMENT REPORT REPORT 2016 2015 GLOBAL DEVELOPMENT REPORT 2016 G J M P NAME: NAME: NAME: NAME: 03 MARBLE ARCH PLACE CLARGES MAYFAIR ROYAL WHARF 20 GROSVENOR SQUARE 05 DEVELOPER: DEVELOPER: DEVELOPER: DEVELOPER: ALMACANTAR BRITISH LAND OXLEY & BALLYMORE FINCHATTON 07 LONDON YEAR OF COMPLETION: YEAR OF COMPLETION: YEAR OF COMPLETION: YEAR OF COMPLETION: 09 2018 2017 / 2018 2018 2017 / 2018 11 13 DEVELOPMENTS CIRCA 50 RESIDENCES 34 RESIDENCES 2,500 RESIDENCES 36 RESIDENCES 15 H K Q 17 N 19 OF INFLUENCE NAME: NAME: NAME: NAME: 21 CANARY WHARF RESIDENTIAL CAMPDEN HILL THE NOVA BUILDING ONE GROSVENOR SQUARE DEVELOPER: DEVELOPER: DEVELOPER: DEVELOPER: 23 CANARY WHARF GROUP GC CAMPDEN HILL LAND SECURITIES GROSVENOR SQUARE LIMITED 25 The range of current development activity in New areas such as South Bank are now YEAR OF COMPLETION: YEAR OF COMPLETION: YEAR OF COMPLETION: YEAR OF COMPLETION: 27 2020+ 2016 / 2017 2016 2019 central London is extraordinary. In several considered part of the prime central areas surrounding the city’s prime locations, London market, due in part to schemes new urban districts are being created, with of the calibre of NEO Bankside and One 2,500+ RESIDENCES 72 RESIDENCES 170 RESIDENCES 41 RESIDENCES the King’s Cross scheme providing a case Tower Bridge; while established markets study in urbanism. Similar hopes are being like Mayfair are being revitalised by I L O R placed on the developments around Nine schemes like Clarges Mayfair and One Elms and Earl’s Court. Grosvenor Square. NAME: NAME: NAME: NAME: ONE BLACKFRIARS CHELSEA BARRACKS NO. 1 PALACE STREET ST. JOHN’S WOOD SQUARE Historic buildings are providing a London’s ability to reinvent itself DEVELOPER: DEVELOPER: DEVELOPER: DEVELOPER: backdrop for sensitive conversions and appears limitless. ST. GEORGE QATARI DIAR NORTHACRE ST. JOHN’S WOOD SQUARE restorations, with The War Office on YEAR OF COMPLETION: YEAR OF COMPLETION: YEAR OF COMPLETION: LTD.*** Whitehall a leading example. 2017 / 2018 2018 2018 YEAR OF COMPLETION: 2019 274 RESIDENCES CIRCA 275 RESIDENCES 72 RESIDENCES 104 RESIDENCES A D S NAME: NAME: NAME: EARLS COURT KING’S CROSS SOUTH QUAY PLAZA DEVELOPER: DEVELOPER: DEVELOPER: CAPITAL AND COUNTIES THE KING’S CROSS CENTRAL BERKELEY YEAR OF COMPLETION: LIMITED PARTNERSHIP* YEAR OF COMPLETION: 2016 – 2035 YEAR OF COMPLETION: 2019
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