{"id":77420,"date":"2024-03-12T10:58:51","date_gmt":"2024-03-12T15:58:51","guid":{"rendered":"https:\/\/equitynewsreport.com\/property-investor-lasalle-says-30-of-european-office-space-may-be-obsolete\/"},"modified":"2024-03-12T10:58:51","modified_gmt":"2024-03-12T15:58:51","slug":"property-investor-lasalle-says-30-of-european-office-space-may-be-obsolete","status":"publish","type":"post","link":"https:\/\/equitynewsreport.com\/h\/property-investor-lasalle-says-30-of-european-office-space-may-be-obsolete\/","title":{"rendered":"Property investor LaSalle says 30% of European office space may be &#8216;obsolete&#8217;"},"content":{"rendered":"<div readability=\"62\">\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<img decoding=\"async\" alt=\"Property investor LaSalle says 30% of European office space may be 'obsolete'\" id=\"carouselImage\" src=\"https:\/\/i-invdn-com.investing.com\/trkd-images\/LYNXNPEK2B0KZ_L.jpg\"><br \/>\n<span class=\"text\">\u00a9 Reuters. FILE PHOTO: An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS\/Stephanie Lecocq\/File Photo<\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>By Iain Withers<\/p>\n<p>CANNES, France (Reuters) &#8211; LaSalle Investment Management is reducing its exposure to offices in Europe and believes between 20% and 30% of office space in the region could be &#8220;obsolete&#8221;, the firm&#8217;s head of Europe said on Tuesday.<\/p>\n<p>&#8220;Is there redundant space in areas where it shouldn&#8217;t have been in the first place? I think maybe 20 to 30% of office stock is probably obsolete,&#8221; Philip La Pierre, head of Europe at LaSalle, told Reuters at the MIPIM real estate conference in Cannes.<\/p>\n<p>La Pierre said the commercial real estate market remained &#8220;fickle&#8221;, although there were signs that investors were slowing redemption requests and becoming used to lower prices.<\/p>\n<p>&#8220;Everyone has to accept the fact that pricing is down 30 to 40% and they might want to liquidate their position &#8230; Now they&#8217;re willing to do it. But it takes a year or two psychologically to adapt to the fact that you&#8217;re making a loss,&#8221; he said.<\/p>\n<p>Despite the tough conditions, LaSalle is targeting growing its overall property acquisitions in Europe to $2 billion in 2024, up from $1.8 billion last year, and sees growth opportunities in real estate debt, La Pierre said.<\/p>\n<p>LaSalle is an independent part of global property services firm Jones Lang LaSalle. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. FILE PHOTO: An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS\/Stephanie Lecocq\/File Photo By Iain Withers CANNES, France (Reuters) &#8211; LaSalle Investment Management is reducing its exposure to offices in Europe and believes between 20% and 30% of office space in the region could be &#8220;obsolete&#8221;, the firm&#8217;s head of Europe said on Tuesday. &#8220;Is there redundant space in areas where it shouldn&#8217;t have been in the first place? I think maybe 20 to 30% of office stock is probably obsolete,&#8221; Philip La [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":77421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50,48,49,3],"tags":[],"_links":{"self":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77420"}],"collection":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/comments?post=77420"}],"version-history":[{"count":0,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media\/77421"}],"wp:attachment":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media?parent=77420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/categories?post=77420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/tags?post=77420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}