CB Richard Ellis discloses National Market performance
CB Richard Ellis Group closed the year 2008 with a good performance in different business areas.
In 2008, CB Richard Ellis Portugal consolidated its strategic leadership plan in the Portuguese real estate market, diversifying its area of activity through the merger in December with Predibisa, one of the most prestigious real estate property consultancy companies in the Greater Porto region – and Rota Verde, with headquarters in Caminha.
During 2008 CB Richard Ellis Office Agency Department leased 35 thousand sq m of offices, which represents a growth of 16%. The Industrial and Logistics Department was responsible for the lease of approximately 50,000 sq m of warehouses and the Residential Department was appointed to market several touristic and leisure market projects such as Douro 41, L’and Vineyards and Pinheirinho, a Hyatt Golf & Beach Resort.
CB Richard Ellis strength other activities areas such as the Research & Consultancy Department which increased its consultancy activity and launched its first report dedicated to property investment market in Portugal. We also point out a tourism report, the latter produced in association with Neoturis and an other regarding warehouses & logistics.
The Valuation Department has been named the best valuation department in Portugal in the 2008 Euromoney Liquid Real Estate Awards and it was responsible for the valuation of 5,6 million sq m of property in retail, office, industrial, residential and leisure sectors, with a total value of 4,2 billion Euros.
In 2008, the Property Management department was responsible for the management of 16 office buildings and 4 Shopping Centres – 2 of them are being marketed by the company - with approximately 225.000 sq m above ground. CB Richard Ellis has been very recently appointed to manage another Shopping Centre, due to open during the last semester of 2009.
The lack of stability in the economy witnessed during 2008 strongly penalised the Portuguese investment market, substantially reducing the number of closed deals. Despite the adverse scenario, CB Richard Ellis remained active and was involved in various transactions that were finalised in 2008. The Capital Market and Development Departments were involved in the transaction of more than 104.000 sq m of properties and 177.500 hectares of plots.
Pedro Seabra, President of CB Richard Ellis Group considers that “2008 was an interesting year in several areas of the company that has being diversifying itself. 2009 is going to be a challenging year and a number of deals which, as a result of the financing difficulties that marked the second half of the year were not concluded, are expected to be in 2009. It’s in difficult times that being part of a worldwide and effective network with diversified services makes the difference.”
