US retail sales dipped by a seasonally adjusted 0.7% in December, according to the Commerce Department, as consumers pulled back amid a rise in COVID-19 cases. Consumers spent more on home improvement items, clothing and personal care products, and less on online purchases, groceries and bar and restaurant tabs.
Petco Health and Wellness Co. brought in $864 million in its initial public offering. The offering returned the retailer to the public markets, but it will continue to be controlled by CVC Capital Partners and Canada Pension Plan Investment Board.
Digital Realty is moving its headquarters from San Francisco to Austin, Texas, joining a number of other businesses that are relocating to the state. The REIT says it intends to "maintain a significant presence" in the San Francisco Bay Area.
Kimco Realty has restarted a program designed to aid tenants in accessing assistance through the Paycheck Protection Program. Tenants who use the program will be able to benefit from the services of Asset Enhancement Solutions and BlueVine.
Climate change should be a high or very high priority for Congress and the president, according to 53% of voters in a survey by the Yale Program on Climate Change Communication and the George Mason University Center for Climate Change Communication. In addition, two-thirds of respondents indicated that creating clean energy sources should be a high or very high priority.
The 2020 holiday shopping season was the "most environmentally friendly holiday season yet," according to a Prologis and MIT report that highlighted the lower carbon emissions associated with online shopping. "As more companies build out their logistics networks and add distribution centers closer to urban centers, we expect that the carbon footprint per package will drop even further," says Prologis' Melinda McLaughlin.
Alexandria Real Estate Equities will lease 40,000 square feet of space to the Massachusetts Center for Advanced Biological Innovation and Manufacturing (CABIM) at The Arsenal on the Charles in Watertown, Mass. The project could address the area's need for more biomanufacturing facilities, according to CABIM.
Amid coronavirus-induced uncertainty, some students are reluctant to sign leases for off-campus housing for the school year that starts this fall. In addition, some students are less willing to pay rent premiums for housing near campus given that student activities have been curtailed with the pandemic, according to Carl Whitaker of RealPage.
New Manhattan apartment leases rose 94% last month on a year-over-year basis to reach 5,459, according to Miller Samuel Inc. and Douglas Elliman Real Estate. It was the largest yearly increase since April 2011, and more than half of the leases included move-in incentives.
New York City tenants have accumulated more than $1 billion in debt from missed rent payments since the start of the pandemic, according to a landlord trade group known as the Community Housing Improvement Program. Its survey of landlords estimated that up to 185,000 households are more than two months behind on rent and owe an average of more than $6,000.
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