April 30, 2013
Dubai developers switch unwanted commercial property projects to other uses
The UK isn’t the only country looking to convert its unwanted office space into other uses. According to a new report from CBRE, the oversupply of new commercial property in Dubai is leading developers to switch the use of projects in the Emirate before they have even finished building them. With occupancy levels already at less than 50 percent in some areas and swathes of new developments coming online thanks to Dubai’s ongoing commitment to a policy of ‘build it and they will come’, developers are taking the decision to convert construction projects to homes or hotels.
Construction business activity fell by the third month running in January, with new orders at slowest pace since October 2012 according to the latest Markit/CIPS UK Construction Purchasing Managers’ Index (PMI). There were some reports that snowfall had contributed to reduced output volumes, but the majority of respondents cited weak underlying client demand and a lack of new projects. However commercial activity was the only sub-sector to buck the wider downward trend in output during January with the latest data indicating unchanged volumes of commercial activity, ending five months of contraction. 
German cities dominate the investment prospects for Europe’s commercial real estate sector as investors favour safe havens according to a new report – 
The Bullitt Center, proclaimed as the greenest, most energy efficient commercial building in the world, is opening in Seattle. The goal of the Bullitt Center is to change the way buildings are designed, built and operated to improve long-term environmental performance and promote broader implementation of energy efficiency, renewable energy and other green building technologies. Tenant are now moving into the six-storey, 50,000 square-foot building located at the intersection of Capitol Hill and the Central District in Seattle, Washington. 
Investors have almost doubled the value of commercial property transactions in Yorkshire, according to property consultants Lambert Smith Hampton.However, the level of deals is still slightly below the level at the same time last year. LSH says the total value of Yorkshire investment deals in the third quarter of 2012 rose to £303 million from £172 million in the previous quarter, but was below the £306.5 million total for the third quarter of 2011.
Global architecture and design firm 
In a significant redevelopment move, 8 Canada Square, currently the headquarters of HSBC, is set to be transformed into a modern multi-use skyscraper once the bank vacates its 
