New York, NY, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Joe Sitt, Chairman of leading global real estate firm, Thor Equities Group, spoke with Fox Business’ Stuart Varney on October 5th to discuss the latest in commercial real estate, and which asset classes he considers to be most favorable in today’s market.
On Varney & Co., Joe Sitt reiterated his conviction in industrial real estate, referring to the sector as a "bright spot" compared to the struggling office sector. He surmised that “the world going from unipolar to multipolar”, and fear of military conflict from one country to the next, has contributed to an “explosive demand for industrial real estate.” With concerns about conflict circulating, countries have been bringing jobs home, and the biggest beneficiary in the conflict with China has been Mexico. Thor Equities has been a major investor in Mexico for years and Thor has built a robust portfolio of assets throughout Latin America. Thor’s industrial portfolio includes warehouses, development sites, and facilities in key markets across the United States in New York, New Jersey, Illinois, California, Florida, Texas, and other parts of the Southeast.
Mr. Sitt also spoke to the declining office sector and deemed the current situation to be “worse than the great depression for investors”. Between working from home and interest rates, he surmises that damage to the industry is worsening and investors are losing value rapidly. To illustrate, Sitt’s firm sold 27 of its 30 office properties over the past three years.
Furthermore, Sitt touched on Thor Equities’ assets in the data center class which are benefitting from AI and demand for speed. Thor is busy developing a state-of-the-art €600M data center facility in Madrid, ‘Madrid One’. The facility will deliver over 60,000 m2 of technical space with a total IT load exceeding 100MW.
Mr. Sitt’s full interview can be found on Fox Business.
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About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
