With business conducted differently among global cities, local expertise and knowledge of customs are essential to completing successful international real estate transactions.
Chicago, Illinois (PRWEB) April 28, 2011
“With business conducted differently among global cities, whether in Hong Kong, Seoul, Melbourne, Sao Paulo, London, Stockholm, Hamburg or points in between, local expertise and knowledge of customs are essential to completing successful international real estate transactions," says Debra Stracke Anderson, CCIM, SIOR, Chairman of the board of directors for ITRA Global. This was one of the many topics discussed at the ITRA Global recent corporate real estate conference held in Atlanta, Georgia, USA.
“For our many ITRA Global office locations around the world, becoming more educated in helping our clients understand the challenges and opportunities of doing business and establishing office and/or distribution facilities in foreign countries is of vital importance,” says Stuart Holcombe, ITRA Global’s Vice Chairman and city host for the Atlanta conference.
In addition to representatives from major markets within the United States, the ITRA conference attracted principals from ITRA offices in Canada, Sweden, Germany, France, England, Asia, and Australia. ITRA Global’s European offices presented round table discussions on issues important to U.S. companies considering establishing facilities outside the United States. Some of the important topics discussed were: the difficulty of attaining market information, lack of information transparency, rates and costs, types of properties and landlords, lease language and terms. Language and cultural issues were also important topics, as well as the costs and opportunities of leasing or buying properties, retrofitting and maintaining facilities. Also discussed was the fact that lease documents can be subject to termination based on simple changes that are considered non-material changes in the United States. These complex issues underscored the importance of having professional representation by seasoned consultants familiar with the culture and market.
ITRA Global’s Conference Guest Speaker was Mr. Lee R. Utke, Senior Director of Global Real Estate for Whirlpool Corporation and the 2010 Chairman of CoreNet. In the year 2011, as Whirlpool celebrates its 100th year of business with products sold in more than 130 countries, Mr. Utke elaborated on the fact that when opportunities are identified in today’s global market, corporations must accelerate execution plans, with real estate delivery time being a huge hurdle. In an interactive discussion, many in the audience agreed that understanding the mindset of institutional money can vary widely, depending on country, product type (warehousing vs. office), type of fund, and timing. In addition, the new proposed FASB lease accounting rules will affect both tenants and landlords with significant changes to internal reviews and approvals for many companies.
In addition to discussions related to other business development and strategies, ITRA announced that it has added office locations in Northern New Jersey and Houston, Texas. In the past year, ITRA has continued its expansion by adding over 20 new offices in North America and Europe.
ITRA Global is the largest commercial real estate organization devoted to representing corporate tenants and buyers of office space, industrial space and retail space. With global coverage in over 90 markets across North America, Latin America, Europe, Asia, Australia and Africa, ITRA Global consists of seasoned professionals with an average of 20 years experience and is differentiated by its focus on advocacy for the corporate tenant and buyer. Clients benefit by having an experienced professional as their trusted advisor -- conflict-free representation with total objectivity.
For more information, please visit the ITRA Global web site or contact Beth Wade, Executive Director, at 1.888.925.4872 (Canada and United States.) or 1.706.654.3201 (International).
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