Commercial real estate developments by builders based in China are becoming more competitive with those by such overseas competitors as Tishman Speyer Properties LP, the company’s co-chief executive officer said today.
Larry Silverstein, redeveloper of towers at New York’s World Trade Center site, said he will expand investment in China and enter Israel for the first time to capture rising demand from wealth built on natural resources.
Frank Fudem, a San Francisco broker for office tenants, realized that rents in the city were about to spike as Twitter Inc. agreed to move to a gritty neighborhood and leasing by technology companies started to accelerate.
Tishman Speyer Properties LP plans to build a San Francisco office building without having a signed tenant, the city’s first speculative project since 2006, as demand for space surges amid growth at technology companies.
Tishman Speyer Properties LP, the owner of New York’s Rockefeller Center, wants more deals with China Vanke Co. after partnering with the nation’s biggest developer on its first foray into the U.S. real estate market.
Rising risks, including an eventual increase in interest rates, are leading commercial-property investors to borrow less and expect lower returns, said real estate executives including Rob Speyer and Richard J. Mack.