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Entrepreneurial German architect Joachim Hauser has proposed the construction of an extraordinary 106,000m 2underwater hotel off the coast of Dubai. The £350 million complex would contain 220 hotel rooms, a tunnel to the mainland and a submarine facility.

l Gensler's new shopping centre in Birmingham city centre, the Bullring, has created 8,000 retail jobs for the local population. At the peak of its construction, some 1,500 workers were employed onsite each day.

lForeign investment in Central and Eastern Europe reached an all-time high of £29 billion last year, representing a 16 per cent jump from 2001. According to the UN's World Investment Report, this should trigger concerns in Western Europe about the future of inward investment.

lProperty group Hammerson has predicted that the recession in commercial office space has come to an end. It believes the 15 per cent drop in office rent in the first six months of this year to a 10-year low of £45 a square foot represents the market's nadir.

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