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...Explaining his vision today, Djukanovic says: "We are a small country. We have no space for mass tourism. We want to use every inch of territory that we have to attract the highest-paying guests. We have the frame; now we want to fill it with a beautiful picture." The development at Tivat is the centerpiece of these ambitions. The plan includes an 800-berth marina, a golf course, a resort village and several hotels. Where an old corrugated-iron warehouse stood, the Four Seasons is building its first resort on the Mediterranean, to open...
...point. Net job losses among banking and insurance businesses in the City will hit 10,000 before 2011, according to Experian, the credit services company. Hardly a good time to be marketing empty office space; commercial real estate firm Atisreal says banking and finance firms are currently taking just 110,000 sq ft (10,200 sq m) of City space in a three-month quarter. Throughout 2005 and 2006, the take-up rate averaged more than four times the current level. The flatter demand will drive down rents in the City by 16% this year, Atisreal estimates, and a further...
...Worse still: the slump comes just as a rash of new office developments hit the market. With more than 7 million sq ft (650,000 sq m) of speculative office space coming online in the City this year and next, according to Atisreal, British Land may not be the only developer to take a time out. Rival Land Securities, Britain's largest property firm, will decide next March whether to go ahead with construction of a planned 509 ft (155-m) tower around the corner from Leadenhall Building; it too was originally planned for completion in 2011. "It seems...
...long view. "We've seen falls of this scale many times before," says Davidson, recalling "big crashes in [City] rents in the early '90s and around the turn of this decade." Further proof of property's fast-changing fortunes: when the Wall Street crash wiped out demand for space in a newly built Empire State Building in the '30s, locals dubbed the iconic skyscraper the "Empty State Building." London developers can be forgiven for aiming high...
...authenticity. "Occasionally, I go, 'Oh, there's a kind of joke I don't do anymore.' I used to not care if a joke could be misinterpreted. Now I do care if a joke can be misunderstood," he says. "But that doesn't take up a lot of brain space to figure that out." He won't, for instance, appear on Saturday Night Live this season. "We have to do everything so people understand that this is a real campaign and not just a conceptual-art piece," he says...