Real estate · Industry brief

Diafa, an Abu Dhabi-based luxury hospitality investment platform, acquired a majority stake in the hospitality portfolio of Richard Caring in one of the most significant UK hospitality deals in recent years. The transaction includes the Ivy Collection featuring Scott's, Sexy Fish and Noema, and Caprice Holdings' private members' clubs including Annabel's, George, Harry's Bar and Mark's Club. Richard Caring remains Executive Chairman. Norton Rose Fulbright advised Diafa on the cross-border acquisition through a team of more than 75 lawyers across eight offices, handling corporate, finance, competition, tax, real estate, planning, employment, pensions, intellectual property, data protection, cyber, and environmental matters, with the core team led by senior partner Zubair Mir.

Industrial real estate markets are experiencing divergent trends across segments and geographies. Chicago's big-box industrial sector turned negative in Q1 2025 with net absorption reversing after eight years of growth, vacancy climbing to 9.44%, driven by second-generation space returning from major exits including Home Depot's 990K SF facility and Wilton Industries' 825K SF building. The Inland Empire industrial market tightened to 6.3% vacancy (down 50 basis points), with rents down 33% from peak to $1.10/SF, while Las Vegas and Phoenix both stabilized at $1.12/SF, though Phoenix faces oversupply with 12.6M SF under construction and 13.2% availability. National flex industrial vacancy reached 7.9%—highest since 2016—with over 1,500 properties under construction, though bulk facilities (700K–1.2M SF) are tightening as vacancy fell 190 basis points while smaller assets under 100K SF face headwinds. Canadian industrial markets show national availability at 6.2% with net absorption turning negative again due to rising sublet space in Toronto and delayed tenant decisions, though 70% of 18.3M sq. ft. under construction remains unleashed. Manufacturing buildings in Ohio are experiencing historically tight vacancy rivaling modern warehouse space, with deals over 500K SF occurring in secondary markets like Newcomerstown and Lancaster, prompting consideration of new speculative manufacturing construction.