Tangier, the storied Moroccan city beside one of the Pillars of Hercules that pinches the Mediterranean Sea at its western end, is being renewed with the help of hotels.

New hotel openings in the city include the Fairmont Tazi Palace Hotel, which opened this month under the leadership of General Manager Fabien Gastinel. While Tangier — among Morocco’s oldest cities with a history spanning 2,500 years — might not be as popular a destination as Fez and Marrakech, Gastinel said it is becoming increasingly popular with visitors and his hotel is working with vendors and those who run attractions in the city as international flight routes expand.

Hotel News Now>>

The average U.K. prime yield on commercial property began to steady in November for the first time in five months, at 5.63%, as the political backdrop steadied, according to real estate firm Savills.

Savills said year-to-date commercial investment exceeded its expectations, with alternative property and offices leading volumes to edge over the £50 billion mark by the end of the month, just 7% below 2019 and above its mid-year expectation that total 2022 volume would be about £46 billion. Savills said the number of commercial sectors with yields moving higher has halved since October, though some are still predicted to rise, as food stores were notable in seeing yields fall 25 basis points in November.

CoStar News>>

Faced with a difficult macroeconomic climate marked by inflation, rising interest rates and the specter of a recession, several major international commercial property brokerages have announced drops in transactions during the third quarter of 2022 and indicated in recent weeks their intention to reduce costs including payroll.

Brokers are monitoring the economy with a mix of ambition and caution. For now, executives of large brokerages doing business in France, including Avison Young, Colliers and Knight Frank, do not anticipate immediate major operational cutbacks in the region.

Business Immo>>

German commercial property transaction volumes will decline 37% from a year ago to €70 billion this year, falling short of the prior 10-year average of €72 billion, according to estimates by brokerage JLL.

The stalling of transactions, triggered by the sharp rise in interest rates, could ease in the middle of next year, the brokerage predicts, as inflation is likely to have peaked and the next interest rate hikes by the European Central Bank are expected to be smaller. Demand for office space is expected to rise 8% in the seven largest German cities this year, exceeding the 10-year average by more than 3%, though JLL expects a decline of 10% to 15% in 2023 because of an expected recession in Germany.

Thomas Daily>>

While some of Canada’s top apartment executives have differing views on where to build more housing, they agree the country needs more supply. 

“There is a tidal wave of demand that is almost alarming,” said Mark Kenney, president and chief executive of Canadian Apartment Properties REIT, during a panel at the Toronto Real Estate Forum. Similar themes were voiced by executives from other prominent firms including GWL Realty Advisors, Hazelview Investments, Killam Apartment REIT and Fengate.

CoStar News>>

Apartment sales could finish the final three months of the year on a down note thanks to economic uncertainty heading into next year.

The usual upswing in sales that occurs in the fourth quarter could be lower than the preceding third quarter for the first time in a decade if sales don't surge in the final weeks, and they could end the year with the smallest fourth-quarter sales total since 2014. Higher lending costs, rapidly slowing rent growth, persistent inflation and expert warnings that the economy is teetering on the brink of a recession have put a damper on apartment sales that may carry into next year.

CoStar News>>

This report was compiled from CoStar’s international news publications in the United States, United Kingdom, Canada, France and Germany.