Existing-home sales increased 0.7% to a seasonally adjusted annual rate of 5.39 million units in September, an unexpected bump as the disruption caused by hurricanes Harvey and Irma lessens, according to the National Association of Realtors. Economists polled by Reuters had expected sales to drop 1%.
A regulatory filing by BGC Partners indicated that
one of the two equity analysts that covers it has suspended its research, a move that is "consistent with such financial institution receiving information regarding potential participation in an initial public offering." BGC's proposed spinoff of Newmark Knight Frank has been a closely watched development in the CRE industry, along with an IPO expected by Cushman & Wakefield.
The value of sovereign wealth funds' deals for the third quarter dropped to $14.1 billion, down from a revised $28.3 billion in the second quarter, according to Thomson Reuters data. China Investment Corp. and Singapore's GIC have been the most active, with CIC's $13.7 billion acquisition of warehouse firm Logicor inflating Q2's total.
The availability and affordability of housing could become an issue in the city that lands Amazon's second quarters, if Seattle's experiences are any guide. "People who will feel left out will be those forced out by higher rents, and pushed out further into outer suburbs, the one negative side-effect of major high-paying jobs coming in," Lawrence Yun, chief economist with the National Association of Realtors, says.
Apartment renters are older than in previous years and better educated, according to a report by RentCafé that uses Census Bureau data. The number of people aged 55 and older who were renting between 2009 and 2015 rose by 2.5 million, or 28%, compared to the increase of 1.95 million of renters aged 35-54 and 0.5 million of renters aged 34 or younger.
A range of technology is affecting commercial real estate, including Wi-Fi ads and self-driving cars, according to a report by the Massachusetts Institute of Technology's Urban Economics Lab at the Center for Real Estate. Other examples include technology usage by brick-and-mortar stores and sophisticated sustainability technology.
US retailers are finding it harder to fill seasonal positions due in part to low pay and limited incentives for lower-level positions. Other contributing factors include the 16-year low in unemployment and the rise in gig workers, both of which have reduced the talent pool.
Park Central Mall, a retail center that was the first in Phoenix when it opened in 1957, will receive a $57 million transformation, per new owners Plaza Cos. and Holualoa Cos. The 337,000-square-foot retail center will change from the current setup -- office buildings and data centers -- to become a mixed-use space with shops and restaurants.
The developer of The Haven, a new, upscale waterfront retail center in West Haven, Conn., began demolition of the first of more than 50 properties recently. The shopping center will feature 65 luxury retailers and seven restaurants while creating 1,200 jobs for the area.
Walmart is in the midst of striking a deal to give Lord & Taylor dedicated selling space on the retail giant's e-commerce site, a source said. The deal is part of a bigger possible plan to create a mall-like space online that could eventually include other retailers such as Bonobos and Jet.com, the source said.
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