Brixmor Property Group has bought a Publix-anchored shopping complex in Roswell, Ga., for $39 million. The transaction is illustrative of strong investor interest in the market and in grocery-anchored retail.
SL Green Realty has signed on One Medical as a tenant at its building at 919 Third Ave. in New York City. It is taking 4,615 square feet of retail space at the 1.4 million-square-foot tower.
Despite the pandemic's continued impact on room bookings in New York City, 53 hotels are set to open this year, adding an estimated 9,000 rooms to the city's inventory, according to Lodging Econometrics. That tally would be the second-highest growth rate in the country. While some observers point to ongoing disruptions, other hoteliers believe that demand from tourists and business travelers will eventually recover.
Apartment tenants have been banding together in parts of the country to form unions to press for change on issues such as rents, evictions and building repairs. While these groups have little legal recognition now, some San Francisco lawmakers have indicated they intend to consider legislation that would force landlords to meet with these groups.
Efforts to reduce carbon emissions and other ESG issues could have a growing impact on the financial value of real estate, according to a JLL report. In addition, owners could take early steps to evaluate their exposure to climate-related risks such as wildfires.
Treasury Secretary Janet Yellen says forthcoming steps to be taken by the Biden administration and Federal Reserve will bring the currently high inflation rate under control in 2022. "Inflation rose by more than most economists, including me, expected and of course it's our responsibility with the Fed to address that," Yellen said.
Starwood Capital Group and Blackstone have formed an agreement to acquire 111 extended-stay hotel properties from Brookfield Asset Management for about $1.5 billion, according to sources. The properties are part of the WoodSpring Suites brand, and the deal could reportedly close as soon as February.
The pandemic has spurred significant growth in the percentage of sales conducted through e-commerce channels, and the trend is likely to continue, says Prologis CEO Hamid Moghadam. Moghadam also discusses the difficulty that many businesses are having in finding labor and how this is driving interest in technology.
Supply chain issues are creating challenges for commercial construction projects and, in some cases, contributing to delays. "It may be into next year to see the ability to do non-residential construction unhindered," notes Nareit's Calvin Schnure.