Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 20

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 20
---
 institutions fell to $90.8 billion, an 8.4% year-over-year drop. 

The Office sector faced ongoing challenges as hybrid work models continued. There continued to be a divide between high-quality, well located assets and lower quality, older assets. However, the office market is expected to shift into 2025, as the lack of new supply, greater corporate confidence, and the potential for increasing office usage is expected to drive demand for higher quality office assets (similar to the office assets within the Company’s office portfolio).

Hawaii

Hawaii’s real estate market remains consistent in 2024 driven by tourism. Hawaii saw similar levels of visitors as compared to 2023 with more than 8.7 million visitors in the first 11 months of 2024, a 0.2% decrease year over year. However, during that same period, total visitor spending was $2.9 billion a 6.1% increase over 2023. The median sale price of single family homes increased 8% year over year to $975,000, reaffirming Hawaii’s enduring appeal despite economic headwinds. 

Ireland 

Ireland’s economy is estimated to have had nominal GDP growth of 1.4% in 2024, and the Organization for Economic Co-operation and Development is forecasting Ireland to have progressively higher GDP growth over the next two years reach 

11

5.4% by year-end 2026.  Real estate investment volumes were 30% higher year over year comparing 2024 with 2024 with €2.4 billion of investment during 2024. 

Dublin office take-up was more than 2.26 million square feet in 2024 with prime headline city center rents remained unchanged at €62.50 per square foot but are expected to increase to €65.00 per square foot over 2025.  The multifamily investment market still remains quiet, however, the rental market remains strong with a significant structural undersupply of rental accommodation and continued growing employment and wage inflation.

United Kingdom

In the United Kingdom, total investment volumes of £53.6 billion during 2024 represents a 20% increase year over year in comparison to 2023. Top sectors for trades were industrial, retail and office. Office take up increased in Central London with a total of 9.6 million sq ft for 2024 but still remains 3% below the 10 year average.  Total industrial take up in 2024 ended