Cushman & Wakefield Steps Up Focus on Latin America
- Apr 16, 2008
Real estate services firm Cushman & Wakefield has initiated a more aggressive campaign to further penetrate the Latin American market with the appointment of industry expert Miles Glascock to the role of senior managing director for Strategic Planning and Business Development for Latin America. Glascock spoke to CPN about the firm’s goals in the region: CPN: What areas of Latin America are the hottest for real estate development right now and why? Glascock: Brazil and Mexico. Brazil has the largest GDP in the region with $1.3 trillion, and Mexico has a GDP of $800 billion. Everything else is dwarfed by those countries, as they’re much larger than the others. There area 190 million people in Brazil and 120 million in Mexico. CPN: What is spurring demand for commercial real estate in Brazil and Mexico? Glascock: With economic expansion has come the need for more products and services, which has generated demand in real estate. We’re seeing the service sector demand more and more space. There is so much demand that we still have great upside opportunities. CPN: What are the strongest real estate sectors in these regions? Glascock: There is a large need for more real estate across all sectors. In Mexico’s hospitality market, for example, the growth is unbelievable. Mexico has always been a favored destination for American sand Canadians and that hasn’t changed. But the country has also done a great job of catering to Europe and has done well with foreign tourism; there have been great gains in tourism from different parts of the world. In Brazil, there has been a great deal of demand for timeshare products from European buyers and tourists. We’re going to be seeing incredible expansion driven by Europeans looking for resort destinations; they’re looking for product that the Brazilian market didn’t have previously. CPN: Just how big a role will activities in Latin America play in Cushman & Wakefield’s corporate endeavors? Glascock: We really feel this area will be an incredible opportunity for the next five or so years. It is one of our key growth markets and there will be significant expansion that will affect the company as a whole.