GM Appoints Sell-Off Team
GM has already announced that it’s trying to come up with no less than $5b in savings by the end of the calendar year. To assist these efforts, GM has put Jones Lang LaSalle in charge of 200m Euros worth of sell-offs and leasebacks. Together with its attempt to sell or lease its Renaissance Center headquarters, GM’s fire sale should bring in some $750m. Property Week reports that JLL’s portion of the sell-off will include non-manufacturing sites in Europe and the UK. On their selling block will be Saab’s properties in Gothenberg and Trollhatten, while Vauxhall’s Luton headquarters, GM’s headquarters in Dublin and other Chevy, GM, and Opel sites are said to be on the sale list. Including factories, GM is estimated to own some $43b in real estate around the globe.
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@SherbornSean, If we are referncing NYC, SF, and LA, you have a point. If you are looking pretty much anywhere else in the USA, in relative terms, commercial is swirling the bowl just like residential. Big commercial projects are being cancelled, or put on indefinate hiatus all over the country. Over the course of the next year (or three depending on your source) you'll be seeing commercial vacancies on extant properties continue to increase. Prices will continue to fall even in highly desirable neighborhoods. Yes, the Empire State Building was constructed during the last Great Depression. There will be things built during the coming years as well. But, between the fact that most developers are keenly aware that everything will be cheaper tomorrow (and the next day, and the next) for the forseeable future, and the fact that banks aren't loaning a damn red cent that they don't feel really safe about, good luck dumping any commercial property right now. For those of use old enough to remember the 70s and 80s, we've seen this movie before. And oh yeah. Property in DETROIT? Or anywhere else in Michigan? Valuable? Pass those 'shrooms, please. FWIW- I've lived in Grands Rapids and Coldwater. I like Michigan. In the summer anyway.
Dear mr Niedermayer: It's "Gothenburg", with 'u' as the last vowel, not 'e'. (Seeing how this is a frigging ENGLISH word -- it's Göteborg in the original Swedish -- you have NO excuse for spelling this wrong.) And "Trollhättan", with 'a' as the last vowel, also not 'e'. If you can't swing the umlaut
Okay, my post (again) didn't seem to take. I'll try again. f1guyus : Is that Jones Lang LaSalle III or Jones Lang LaSalle IV? Edward Niedermeyer : Neither. Hehe, I got it. It sure DOES seem like this selloff has been a multi-generational thing, doesn't it? Funny, when I first read the headline of the article, my mind played a trick on me. I thought I read "GM Appoints Self Off Team". Naturally, I thought, "Wow, that just might work!"