Age has its beauty

Is it better to live in an old stately home or a modern building with all the mod cons? The answer to this question depends entirely on who you ask. The same is true with firms. Not every company wants to have the top floor of the tallest skyscraper. Some seem content to settle for smaller premises in beautiful locations in older buildings. However, generally speaking, for core investors the more a building ages, the less attractive an investment it becomes - but there are exceptions to this rule. As James Chapman, the head of capital markets for the Czech Republic and Slovakia at Cushman & Wakefield, explains: "We are seeing that many core investors will not buy buildings that are older than ten or even five years in some cases. This clearly has an impact on the value of such a building on the open market. However, a well-refurbished historic building will be considered by such core investors." He defines an historic building as "one of historical importance - either architectural