Amber Beat: Global Student Accommodation Market News - November 2023, Week 04

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Missed keeping track of all the latest happenings in the student accommodation market?

Amber Beat is a weekly snapshot of the key developments in top student accommodation markets.  This newsletter provides you with all the information you need to know, from new upcoming projects to current trends, news affecting students to government policies, we’ve got you covered!

Amber Beat | News from November 17- November 23, 2023

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United Kingdom

• UK universities set new record for international student recruitment expenditure, University of Greenwich spends £28.7 million on agent fees in AY 22-23 (1)
• Amber launches exclusive £5,000 Scholar Program for January intake in the UK and Australia, empowering students' academic dreams (2)
• McLaren Construction breaks ground on £160 million student accommodation project, in partnership with iQ, set to become the largest scheme delivering 1,209 beds near University of Warwick (3)  
• MRP appoints Savills to seek funding partner for 432-studio PBSA project at Broadway Central in Glasgow (4)
• Planning inspectors grant approval for 555-bed student village near Brighton & Hove Albion's Amex Stadium despite previous planning refusal by Lewes District Council planning officers (5)
• Investment firm ‘Abrdn’ seeks permission to convert West Nile Street building into 48 student studios, citing Glasgow's accommodation shortage (6)
• Student accommodation developer and manager ‘Downing’ acquires Nelson Street car park in Bristol city centre for future PBSA project in strategic South-West expansion (7)

United States of America

• San Jose State University collaborates with Throckmorton Partners to transform the south tower of the 'Signia' by Hilton Hotel into a 700-bed student housing facility, scheduled to open in August 2024 (8)
• Florida A&M University receives approval for a new $80 million student housing complex designed to house up to 700 students and is expected to commence in Fall, 2025 (9)
• Ascendant Development announces the completion of 'Haven at Elgin', a 16-storey luxury student housing residence with 649 beds, near the University of Houston (10)
• CRG completes ‘Chapter at Madison’, a 10-storey student housing development consisting of 534 beds near the University of Wisconsin, Madison (11)
• ‘Kapital Partners’ announces plans for a 39-unit student housing community near the Santa Clara University campus in California, expected to conclude by 2025 (12)

Australia

• Future Melbourne Council greenlights the $264 million RMIT Village project, featuring a 19-storey student housing tower with 644 apartments, and two mixed-use resident towers in North Melbourne (13)
• Rental prices experience a 50% surge in Sydney, Melbourne, and Brisbane, along with a significant 31% increase in international student numbers, CBRE reports studio rentals exceeding $500 per week (14)
• Australian economist calls for cap on international students as housing crisis escalates with soaring prices, rental rates, and 725,000 overseas students in 2023 (15)

Europe

• Lombardy secures €67.4M state funding boost for student housing projects in Italy, plan includes the construction of 20,000 new homes, with 17,000 specifically in the Milan area by 2026 (16)
• University of Warsaw is set to welcome 380 students in a modern, eco-friendly dormitory by mid-2024 in Służewo District, Poland (17)
• University of Lisbon unveils first building of new student residence in Portugal, adding 335 beds and expanding total capacity to 1480 beds, €10.2 million funded by Recovery and Recovery Plan (18)
• Dijon in France commits to accelerating housing development, aiming for 1,600 units annually, with a focus on student accommodation due to an expected to reach 43,000 students by 2026 (19)

Canada

• Nova Scotia province to add 270 beds across four new buildings in Cumberland campus in Springhill, Kingstec campus in Kentville, Lunenburg campus in Bridgewater and the Institute of Technology in Halifax at Nova Scotia Community College (NSCC) (20)
• Harrison Street’s Canada Alternative Real Estate Fund acquires two Kingston student housing properties on Division, and Garret Streets, providing 53 units and 145 beds catering to Queen’s University students (21)
• Canadian Federal Government allocates $21.6 million for the construction of 40 affordable student housing units at 11 Brock Avenue, Toronto, scheduled for completion in early 2025 (22)

Sources: (1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (16), (17), (18), (19), (20), (21), (22)

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