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68-788: Westfield Corporation was an Australian commercial real estate company and operator of shopping centres . It was founded with the spin-off of the Westfield Group in 2014, where assets in Australia and New Zealand formed the Scentre Group , and assets in the United Kingdom and United States formed the Westfield Corporation. It was listed on the Australian Stock Exchange with the ticker symbol "WFD". Westfield accepted

136-501: A $ 32.8 billion takeover offer from Unibail-Rodamco , excluding Westfield Labs, on 12 December 2017. The takeover was completed, and the parent company was renamed Unibail-Rodamco-Westfield , in June 2018. Westfield undertook ownership, development, design, construction, funds/asset management, property management , leasing, and marketing activities for its centres. Its portfolio included investment interests in 40 shopping centres across

204-455: A PUD provides flexibility to create convenient ways for residents to access commercial and other amenities. In the US, residents of a PUD have an ongoing role in management of the development through a homeowner's association . Pattern zoning is a zoning technique in which a municipality provides licensed, pre-approved building designs, typically with an expedited permitting process. Pattern zoning

272-484: A UK‑based commercial property news provider. Additionally, the economic conditions surrounding future interest rate hikes; which could put renewed pressure on valuations , complicate loan refinancing, and impede debt servicing could cause major dislocation in commercial real estate markets. However, the contribution to Europe's economy in 2012 can be estimated at €285 billion according to EPRA and INREV , not to mention social benefits of an efficient real estate sector. It

340-400: A buyer. The PSA will usually require the seller to provide due diligence information to the seller in a timely manner and limit the buyer's time to terminate the deal based on its due diligence review findings. If the buyer terminates the transaction within the due diligence timeframe, the escrow deposit is commonly returned to the buyer. If the buyer has not terminated the agreement pursuant to

408-516: A combination of private and public planning. Other critics of zoning argue that zoning laws are a disincentive to provide housing which results in an increase in housing costs and a decrease in productive economic output. For example, A 2017 study showed that if all states deregulated their zoning laws only halfway to the level of Texas, a state known for low zoning regulations, their GDP would increase by 12 percent due to more productive workers and opportunity. Furthermore, critics note that it impedes

476-586: A compact geographic area. The mixing of land uses is common throughout the world. Mixed-use zoning has particular relevance in the United States, where it is proposed as a remedy to the problems caused by widespread single-use zoning. Form-based or intensity zoning regulates not the type of land use, but the form that land use may take. For instance, form-based zoning in a dense area may insist on low setbacks, high density, and pedestrian accessibility. Form-based codes (FBCs) are designed to directly respond to

544-404: A compatible group of uses are allowed to co-exist - or a combination of both single and mixed-use zones in one system. The main approaches include use-based, form-based, performance and incentive zoning. There are also several additional zoning provisions used in combination with the main approaches. Use-based or functional zoning systems can comprise single-use zones, mixed-use zones—where

612-400: A compatible group of uses are allowed to co-exist —or a combination of both single- and mixed-use zones in one system. The primary purpose of single-use zoning is to geographically separate uses that are thought to be incompatible. In practice, zoning is also used to prevent new development from interfering with existing uses and/or to preserve the character of a community. Single-use zoning

680-505: A free economy, as poor zoning restrictions hinder the more efficient usage of a given area. Even without zoning restrictions, a landfill, for example, would likely gravitate to cheaper land and not a residential area. Single-use zoning laws can get in the way of creative developments like mixed-use buildings and can even stop harmless activities like yard sales. The Houston example of non-zoning or private zoning with no restriction on particular land use but with other development code shows

748-584: A high degree of flexibility, but may be complex to administer. The more a proposed development takes advantage of incentive criteria, the more closely it has to be reviewed on a discretionary basis. The initial creation of the incentive structure in order to best serve planning priorities also may be challenging and often requires extensive ongoing revision to maintain balance between incentive magnitude and value given to developers. Incentive zoning may be most effective in communities with well-established standards and where demand for both land and for specific amenities

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816-424: A menu of compliance options where a property developer can earn points or credits for limiting environmental impacts, including affordable housing units, or providing public amenities. In addition to the menu and points system, there may be additional discretionary criteria included in the review process. Performance zoning may be applied only to a specific type of development, such as housing, and may be combined with

884-431: A number of sub-categories, for example, within the commercial category there may be separate districts for small retail, large retail, office use, lodging and others, while industrial may be subdivided into heavy manufacturing, light assembly and warehouse uses. Special districts may also be created for purposes like public facilities, recreational amenities, and green space. The application of single-use zoning has led to

952-422: A property owner and a local government to rezone a property in exchange for a commitment from the developer. It typically involves loosening restrictions on how the property can be used. Contract zoning is controversial and sometimes prohibited because it deviates from the broader planning process and has been considered an illegal bargaining away of the government's police powers to enforce zoning. Fiscal zoning

1020-418: A quasi-judicial process that enables land uses that, because of their special nature, may be suitable only in certain locations, or when arranged or operated in a particular manner. Uses which might be disallowed under current zoning, such as a school or a community center, can be permitted via conditional-use permits. Contract zoning is a controversial practice in which there is a bilateral agreement between

1088-425: A reduction in lot sizes. The term planned unit development (PUD) can refer either to the regulatory process or to the development itself. A PUD groups multiple compatible land uses within a single unified development. A PUD can be residential, mixed-use, or a larger master-planned community. Rather than being governed by standard zoning ordinances, the developer negotiates terms with the local government. At best,

1156-593: A single space. Mixed-use zoning can be vertical, within a single building, or horizontal, involving multiple buildings. Planning and community activist Jane Jacobs wrote extensively on the connections between the separation of uses and the failure of urban renewal projects in New York City. She advocated dense mixed-use developments and walkable streets . In contrast to villages and towns, in which many residents know one another, and low-density outer suburbs that attract few visitors, cities and inner city areas have

1224-531: A system of use-based districts. Performance zoning is flexible, logical, and transparent while offering a form of accountability. These qualities are in contrast with the seemingly arbitrary nature of use-based zoning. Performance zoning can also fairly balance a region's environmental and housing needs across local jurisdictions. Performance zoning balances principles of markets and private property rights with environmental protection goals. However, performance zoning can be extremely difficult to implement due to

1292-434: Is a broad term that consists of several alternatives to use-based zoning that incorporate information and communication technologies. There are a number of different techniques to accomplish smart zoning. Floating zones, cluster zoning, and planned unit developments (PUDs) are possible—even as the conventional use-based code exists —or the conventional code may be completely replaced by a smart performance or form-based code, as

1360-425: Is a controversial practice in which a small part of a larger zoning district is rezoned in a way that is not consistent with the community's broader planning process. While a jurisdiction can rezone even a single parcel of land in some cases, spot zoning is often disallowed when the change would conflict with the policies and objectives of existing land-use plans. Other factors that may be considered in these cases are

1428-507: Is a controversial practice in which local governments use land use regulation, including zoning, to encourage land uses that generate high tax revenue and exclude uses that place a high demand on public services. Environmental activists argue that putting everyday uses out of walking distance of each other leads to an increase in traffic, since people have to own cars in order to live a normal life where their basic human needs are met, and get in their cars and drive to meet their needs throughout

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1496-616: Is a zoning district that overlaps one or more zoning districts to address a particular concern or feature of that area, such as wetlands, historic buildings or transit-oriented development . Overlay zoning has the advantage of providing targeted regulation to address a specific issue, such as a natural hazard, without having to significantly rewrite an existing zoning ordinance. However, development of overlay zoning regulation often requires significant technical expertise. Transferable development rights, also known as transfer of development credits and transferable development units, are based on

1564-482: Is estimated that commercial property is responsible for securing around 4 million jobs across Europe. Typically, a broker will market a property on behalf of the seller. Brokers representing buyers or buyers' representatives identify property meeting a set of criteria set out by the buyer. Types of buyers may include an owner-user, private investor, acquisitions , capital investment, or private equity firms . The buyer or its agents will perform an initial assessment of

1632-493: Is high. However, hidden costs may still offset its benefits. Incentive zoning has also been criticized for increasing traffic, reducing natural light, and offering developers larger rewards than those reaped by the public. Additional zoning provisions exist that are not their own distinct types of zoning but seek to improve existing varieties through the incorporation of flexible practices and other elements such as information and communication technologies (ICTs). Smart zoning

1700-413: Is important to know in order to project periods of positive and negative cash flows. Risk is dependent on market conditions, current tenants, and the likelihood that they will renew their leases year-over-year. It is important to be able to predict the probability that the cash inflows and outflows will be in the amounts predicted, what is the probability that the timing of them will be as predicted, and what

1768-419: Is key in providing services to investors in commercial real estate. Cash inflows and outflows are the money that is put into, or received from, the property including the original purchase cost and sale revenue over the entire life of the investment. An example of this sort of investment is a real estate fund. Cash inflows include the following: Cash outflows include: The timing of cash inflows and outflows

1836-646: Is significant, these buildings can be called multi-use. Local authorities commonly maintain strict regulations on commercial zoning , and have the authority to designate any zoned area as such; a business must be located in a commercial area or area zoned at least partially for commerce. Commercial real estate is commonly divided into five categories: Of these, only the first five are classified as being commercial buildings . Residential income property may also signify multifamily apartments. The basic elements of an investment are cash inflows, outflows, timing of cash flows, and risk. The ability to analyze these elements

1904-450: Is the ability to create flexible zoning districts for smoother transitions between adjacent properties with different uses. Inclusionary zoning refers to policies to increase the number of housing units within a development that are affordable to low and middle-income households. These policies can be mandatory as part of performance zoning or based on voluntary incentives, such as allowing greater density of development. An overlay zone

1972-428: Is used to reduce barriers to housing development, create more affordable housing, reduce burdens on permit-review staff, and create quality housing designs within a certain neighborhood or jurisdiction. Pattern zoning may also be used to promote certain building types such as missing middle housing and affordable small-scale commercial properties. In some cases, a municipality purchases design patterns and constructs

2040-723: Is where only one kind of use is allowed per zone, or district. It is also known as exclusionary zoning or, in the United States, as Euclidean zoning because of a court case in Euclid, Ohio , Village of Euclid, Ohio v. Ambler Realty Co. 272 U.S. 365 (1926), which established its constitutionality. It has been the dominant system of zoning in North America, especially the United States , since its first implementation. Commonly defined single-use districts include: residential, commercial, and industrial. Each category can have

2108-621: The New Urbanism movement. To accommodate the New Urbanist vision of walkable communities combining cafés , restaurants , offices and residential development in a single area, mixed-use zones have been created within some zoning systems. These still use the basic regulatory mechanisms of zoning, excluding incompatible uses such as heavy industry or sewage farms , while allowing compatible uses such as residential, commercial and retail activities so that people can live, work and socialise within

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2176-551: The Roman Empire (31 BC – 476 AD). Throughout the Age of Enlightenment and Industrial Revolution , cultural and socio-economic shifts led to the rapid increase in the enforcement and invention of urban regulations. The shifts were informed by a new scientific rationality, the advent of mass production and complex manufacturing, and the subsequent onset of urbanisation. Industry leaving the home reshaped modern cities. The definition of home

2244-564: The United States with the Los Angeles zoning ordinances of 1904 and the New York City 1916 Zoning Resolution . There are a great variety of zoning types, some of which focus on regulating building form and the relation of buildings to the street with mixed uses, known as form-based, others with separating land uses, known as use-based, or a combination thereof. Use-based zoning systems can comprise single-use zones, mixed-use zones - where

2312-741: The West-Sydney location, and "field", due to having been located on subdivided farmland. The centre was opened by John Saunders and Frank Lowy. The company was floated on the Australian Stock Exchange in 1960 and built another five centres in New South Wales before expanding into Victoria and Queensland in 1966–67. The expansion into the United States began with the purchase of the Trumbull Shopping Park in Connecticut in 1977, and

2380-605: The Australian Stock Exchange as WRT. This trust was folded into the Scentre Group during the 2014 split. In December 2017, the Westfield Board announced that it was recommending a takeover of the company by Unibail-Rodamco , one of the largest real estate companies in Europe, for a reported $ 24.8 billion USD. The takeover was completed, and the parent company was renamed Unibail-Rodamco-Westfield , in June 2018. Westfield had interests in over 100 shopping malls worldwide, including

2448-605: The Fletchers company and progressively rebranded them. In 2007, with Westfield Albany , the company opened a new centre in the country. On 9 May 2006, Westfield announced the sale of eight United States shopping centres which it deemed to fit outside its strategic plan, to Centro Properties Group . In 2010, the Westfield Group split 50% of its Australian and New Zealand assets into the Westfield Retail Trust, trading on

2516-524: The PSA contingencies, the escrow deposit becomes non-refundable and failure to complete the purchase will result in the escrow deposit funds to be transferred to the seller as a fee for failure to close. The parties will proceed to close the transaction in which funds and title are exchanged. When a deal closes, post-closing processes may begin, including notifying tenants of an ownership change, transferring vendor relationships, and handing over relevant information to

2584-592: The United States and Europe, encompassing around 7,500 retail outlets and total assets under management in excess of $ 28.5 billion. It also operated Westfield Labs, a technology and design arm based inside the Westfield San Francisco Centre . The first development of the Westfield Corporation was named "Westfield Place", and opened in July 1959 in Blacktown . The name Westfield is derived from "west", related to

2652-410: The United States are now in default , foreclosure , or bankruptcy . In 2024, office leasing volume rose to its highest level since 2020, but roughly 60% of active office leases went into effect prior to the pandemic. In Europe, approximately half of the €960 billion of debt backed by European commercial real estate is expected to require refinancing in the next three years, according to PropertyMall,

2720-525: The United States, the United Kingdom, France, Spain, Germany, Poland, Sweden, The Netherlands and Italy. Commercial property Commercial buildings are buildings that are used for commercial purposes, and include office buildings , warehouses , and retail buildings (e.g. convenience stores , ' big box ' stores, and shopping malls ). In urban locations, a commercial building may combine functions , such as offices on levels 2–10, with retail on floor 1. When space allocated to multiple functions

2788-624: The ability of those that wish to provide charitable housing from doing so. For example, in 2022, Gloversville's Free Methodist Church in New York wished to provide 40 beds for the homeless population in -4 degree weather and were inhibited from doing so. Corruption is a challenge for zoning. Some have argued that zoning laws increase economic inequality . Empirical effectiveness estimates show some zoning approaches can contribute to housing crisis . The legal framework for land use zoning in Australia

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2856-409: The asset management team. Commercial zoning In urban planning , zoning is a method in which a municipality or other tier of government divides land into "zones", each of which has a set of regulations for new development that differs from other zones. Zones may be defined for a single use (e.g. residential , industrial ), they may combine several compatible activities by use, or in

2924-428: The buyer and seller. A PSA may be a highly negotiated document with customized terms or may be a standardized contract similar to those used in residential transactions. Once a PSA is executed, the buyer is commonly required to submit an escrow deposit, which may be refundable under certain conditions, to a title company office or held by a brokerage in escrow. The transaction moves to the due diligence phase, where

2992-429: The buyer makes a more detailed assessment of the property. Purchase and sale agreements will generally include clauses which require the seller to disclose certain information for buyer's review to determine if the terms of the agreement are still acceptable. The buyer may have the right to terminate the transaction and/or renegotiate the terms, often referred to as "contingencies". Many purchase agreements are contingent on

3060-490: The buyer's ability to obtain mortgage financing and buyer's satisfactory review of specific due diligence items. Common due diligence items include property financial statements , rent rolls, vendor contracts, zoning and legal uses, physical and environmental condition, traffic patterns and other relevant information to the buyer's purchase decision specified in the PSA. In competitive real estate markets, buyers may waive contingencies in order to make an offer more appealing to

3128-624: The case in London or New York. The construction of the Montparnasse Tower in 1973 led to an outcry. As a result, two years after its completion the construction of buildings over seven storeys high in the city centre was banned. Performance zoning, also known as flexible or impact zoning or effects-based planning, was first advocated by Lane Kendig in 1973. It uses performance-based or goal-oriented criteria to establish review parameters for proposed development projects. Performance zoning may use

3196-407: The case of form-based zoning, the differing regulations may govern the density, size and shape of allowed buildings whatever their use. The planning rules for each zone determine whether planning permission for a given development may be granted. Zoning may specify a variety of outright and conditional uses of land. It may indicate the size and dimensions of lots that land may be subdivided into, or

3264-482: The city of Miami did in 2019. The incorporation of ICTs to measure metrics such as walkability , and the flexibility and adaptability that smart zoning can provide, have been cited as advantages of smart zoning over "non-smart" performance or form-based codes. Floating zones describe a zoning district's characteristics and codify requirements for its establishment, but its location remains unspecified until conditions exist to implement that type of zoning district. When

3332-452: The community's desired character and intensity of development. The French planning system is mostly form-based; zones in French cities generally allow many types of uses. The city of Paris has used its zoning system to concentrate high-density office buildings in the district of La Défense rather than allow heritage buildings across the city to be demolished to make way for them, as is often

3400-634: The complexity of preparing an impact study for each project, and can require the supervising authority to exercise a lot of discretion. Performance zoning has not been adopted widely in the US. Incentive zoning allows property developers to develop land more intensively, such as with greater density or taller buildings, in exchange for providing some public benefits, such as environmental amenities or affordable housing units. The public benefits most often incentivised by US cities are "mixed-use development, open space conservation, walkability, affordable housing, and public parks." Incentive zoning allows for

3468-427: The concept that with land ownership comes the right of use of land, or land development . These land-based development rights can, in some jurisdictions, be used, unused, sold, or otherwise transferred by the owner of a parcel. These are typically used to transfer development rights from rural areas (sending sites) to urban areas (receiving sites) with more demand and infrastructure to support development. Spot zoning

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3536-514: The criteria for implementation of a floating zone are met, the floating zone ceases "to float" and its location is established by a zoning amendment. Cluster zoning permits residential uses to be clustered more closely together than normally allowed, thereby leaving substantial land area to be devoted to open space. Cluster zoning has been favored for its preservation of open space and reduction in construction and utility costs via consolidation, although existing residents may often disapprove due to

3604-538: The day. Single-use zoning and urban sprawl have also been criticized as making work–family balance more difficult to achieve, as greater distances need to be covered in order to integrate the different life domains. These issues are especially acute in the United States, with its high level of car usage combined with insufficient or poorly maintained urban rail and metro systems. Some economists claim that zoning laws work against economic efficiency, reduce responsiveness to consumer demands and hinder development in

3672-452: The distinctive form of many cities in the United States , Canada , Australia , and New Zealand , in which a very dense urban core , often containing skyscrapers , is surrounded by low density residential suburbs , characterised by large gardens and leafy streets . Some metropolitan areas such as Minneapolis–Saint Paul and Sydney have several such cores. Mixed-use zoning combines residential, commercial, office, and public uses into

3740-400: The event the parties do not agree to the terms as drafted. Once a Letter of Intent is signed by both parties, a purchase and sale agreement (PSA) is drafted. Not all commercial property transactions utilize a Letter of Intent although it is common. A PSA is a legal agreement between the seller and a single interested buyer which establishes the terms, conditions and timeline of the sale between

3808-551: The form and scale of buildings. These guidelines are set in order to guide urban growth and development. Zoning is the most common regulatory urban planning method used by local governments in developed countries. Exceptions include the United Kingdom and the City of Houston , Texas . Most zoning systems have a procedure for granting variances (exceptions to the zoning rules), usually because of some perceived hardship caused by

3876-458: The particular nature of the property in question. The origins of zoning districts can be traced back to antiquity . The ancient walled city was the predecessor for classifying and regulating land, based on use. Outside the city walls were the undesirable functions, which were usually based on noise and smell. The space between the walls is where unsanitary and dangerous activities occurred such as butchering, waste disposal, and brick-firing. Within

3944-433: The physical property, location and potential profitability (if for investment) or adequacy of property for its intended use (if for owner-user). If it is determined the prospective investment meets the buyer's criteria, they may signal their intent to move forward with a letter of intent (LOI) . Letters of Intent are used to outline the major terms of an offer in order to avoid unnecessary costs of drafting legal documents in

4012-427: The physical structure of a community in order to create more walkable and adaptable environments. Form-based zoning codes have five main elements: a regulating plan, public standards, building standards, and precise definitions of technical terms. Form-based codes recognize the interrelated nature of all components of land-use planning—zoning, subdivision, and public works—and integrate them to define districts based on

4080-559: The probability is that there may be unexpected cash flows, and in what amounts they might occur. The total value of commercial property in the United States was approximately $ 6 trillion in 2018. The relative strength of the market is measured by the US Commercial Real Estate Index which is composed of eight economic drivers and is calculated weekly. According to Real Capital Analytics, a New York real estate research firm, more than $ 160 billion of commercial properties in

4148-423: The problem of maintaining order between strangers. This order is maintained when, throughout the day and evening, there are sufficient people present with eyes on the street . This can be accomplished in successful urban districts that have a great diversity of uses, creating interest and attracting visitors. Jacobs' writings, along with increasing concerns about urban sprawl, are often credited with inspiring

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4216-513: The properties themselves while in other cases the municipality offers the patterns for private development. A hybrid zoning code combines two or more approaches, often use-based and form-based zoning. Hybrid zoning can be used to introduce form and design considerations into an existing community's zoning without completely rewriting the zoning ordinance. Composite zoning is a particular type of hybrid zoning that combines use, form, and site design components: An advantage of composite zoning

4284-621: The size of the parcel, the zoning categories involved, how adjacent properties are zoned and used, and expected benefits and harms to the landowner, neighbors, and community. Conditional zoning is a legislative process in which site-specific standards and conditions become part of the zoning ordinance at the request of the property owner. The conditions may be more or less restrictive than the standard zoning. Conditional zoning can be considered spot zoning and can be challenged on those grounds. Conditional zoning should not be confused with conditional-use permits (also called special-use permits ),

4352-634: The walls were civic and religious places, and where the majority of people lived. Beyond distinguishing between urban and non-urban land, most ancient cities further classified land types and uses inside their walls. This was practiced in many regions of the world – for example, in China during the Zhou Dynasty (1046 – 256 BC), in India during the Vedic Era (1500 – 500 BC), and in the military camps that spread throughout

4420-724: Was designed by Colonel William Light in 1836 in order to physically separate the city centre from its suburbs. Low density residential areas surround the park, providing a pleasant walk between work in the city within and the family homes outside. Sir Ebenezer Howard , founder of the garden city movement , cited Adelaide as an example of how green open space could be used to prevent cities from expanding beyond their boundaries and coalescing. His design for an ideal city, published in his 1902 book Garden Cities of To-morrow , envisaged separate concentric rings of public buildings, parks, retail space, residential areas and industrial areas, all surrounded by open space and farmland. All retail activity

4488-505: Was followed by three centres in California, Michigan, and Connecticut in 1980 and three centres in California, New Jersey, and Long Island, New York, in 1986. In 1994, Westfield collaborated with General Growth and Whitehall Real Estate to purchase 19 centres for US$ 1 billion. By 2005, the company owned centres in 15 US states. In the 1990s, Westfield began a major expansion to New Zealand , where they mostly bought existing shopping centres of

4556-535: Was tied to the definition of economy, which caused a much greater mixing of uses within the residential quarters of cities. Separation between uses is a feature of many planned cities designed before the advent of zoning. A notable example is Adelaide in South Australia , whose city centre, along with the suburb of North Adelaide , is surrounded on all sides by a park, the Adelaide Park Lands . The park

4624-516: Was to be conducted within a single glass-roofed building, an early concept for the modern shopping centre inspired by the Crystal Palace . However, these planned or ideal cities were static designs embodied in a single masterplan . What was lacking was a regulatory mechanism to allow the city to develop over time, setting guidelines to developers and private citizens over what could be built where. The first modern zoning systems were applied in

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