Property Types Retail
Dollar Retailing Seeing Good Times
Jan. 08, 2009
The Dow Jones index took something of a dive yesterday, possibly because of ill tidings from the likes of Time Warner and Intel, or the anticipation of bad job market numbers, or maybe because it was time to yo-yo back to roughly where the market started at the beginning of the year. In any case, the Dow was down 245.40 points, or 2.72 percent, while the S&P 500 lost 3 percent exactly and the Nasdaq lost 3.23 percent.
Cushman Report: Even Manhattan Humbled in 2008
Jan. 06, 2009
After a steep decline in office rents and leasing activity at the end of 2008, many owners are attempting to lure tenants with aggressive deals, according to Cushman & Wakefield Inc.’s year-end report on the Manhattan office market.
The News: Holiday Fallout, Public Confidence, Debt Loom
Jan. 06, 2009
Now that 2008 is mercifully behind the retail sector, the question of what should be on the radar for 2009 is front and center. Conversations with industry veterans and research suggest that consumer spending, the economic policies of the new president and Congress, and fallout from the holiday shopping season will shape the retail sector for at least the early part of the year.
The Expert: Structural Shift on the Way
Jan. 06, 2009
Projections that fourth-quarter-2008 holiday retail sales would usher in despair not seen since the Great Depression had everyone on pins and needles. Although November reports indicated that seasonally-adjusted retail sales, excluding automobiles, were down slightly more than 4 percent from year-ago sales, recent figures from the International Council of Shopping Centers show December comparable store sales to have declined by only 1 to 1.8 percent. From some of the pre-December sales-report jitters, I would not have been surprised to see retail spending fall 10 percent as 2008 came to a close!
No Bottom Yet for Residential Market
Dec. 31, 2008
Despite poor consumer confidence and sour housing numbers, U.S. equity markets had a fairly positive day Tuesday, with the Dow Jones index ending up 184.46 points, or about 2.17 percent, and the S&P 500 and Nasdaq up 2.44 percent and 2.67 percent, respectively.
The News: Survey Details Retailers’ Cost-Cutting Strategy
Dec. 23, 2008
Retailers’ strategy today involves far more than layoffs and store closings. Almost two-thirds of national retail chains are taking a comprehensive look at their real estate needs, according to a recent survey by Karabus Management, a Toronto-based affiliate of PricewaterhouseCoopers L.L.C. The decisions those retailers make will go a long way toward shaping development and leasing through 2009.
A Bailout for Commercial Real Estate?
Dec. 22, 2008
"Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans," reads a letter from a dozen commercial real estate trade groups to Treasury Sec. Henry Paulson, according to the Wall Street Journal this morning. In other words, the commercial side of the business, long perceived as relatively healthy compared with the residential side, is warning of dire straits ahead unless refinancing money is available in the near future.
General Growth Gets Extensions from Lenders
Dec. 18, 2008
General Growth Properties Inc. has reached a forbearance and waiver agreement with its syndicate of lenders on its Fashion Show and Palazzo mortgage loans totaling $900 million. The agreement, in connection with loans that originally had a Nov. 28 maturity date, extends until Feb. 12, 2009.
Centro Staves Off Liquidation
Dec. 18, 2008
Australia-based shopping center owner Centro Properties Group has avoided liquidation by agreeing to give lenders 90 percent of the company’s stock in exchange for extensions on billions of dollars in debts.
Cole REIT Announces $2.5B Offering
Dec. 17, 2008
Cole Credit Property Trust III has kicked off a public offering of up to 250 million shares of common stock valued at approximately $2.5 billion. Net proceeds from the offering will be primarily earmarked for the acquisition of net leased retail properties.
Penn REIT Nails $173M in New Financing
Dec. 16, 2008
Pennsylvania Real Estate Investment Trust has closed three new deals, securing a total of $173 million in new financing. Part of the proceeds have been used to repay the $93 million mortgage on Exton Square Mall in Pennsylvania, and another portion will go toward paying off outstanding debts under the company's credit facility.
Lynd Breaks Ground on First Chicago Property
Dec. 16, 2008
San Antonio, Texas-based developer Lynd Development Partners is making its first move into the Chicago market with a 300,000-square-foot, 249-unit apartment tower.
Except for Auto Dealers, Retail Sales Rise Slightly
Dec. 12, 2008
Retail sales were down in November, according to the U.S. Department of Commerce, but not as much as in October. The November drop was 1.8 percent, compared with an October drop of 2.9 percent, the worst drop on record. Still, there was a meager bright spot for retailers, except for auto dealers: take out cars and car parts, sales of which fell 1.6 percent in November, and retail sales actually rose in November by 0.3 percent.
Silverstein Wins Arbiter’s Nod in WTC Construction Dispute
Dec. 12, 2008
Settling a dispute over construction conditions at Manhattan’s World Trade Center, an arbitration panel has ruled that the public agency that owns the site has not finished preparatory work necessary for construction of two office towers. The decision will require the Port Authority of New York and New Jersey to pay developer Silverstein Properties Inc. millions of dollars in additional penalties because progress on the towers is being hampered. But both the agency and the developer also won high marks from the panel for their willingness to work together.
The Trends: Retail Markets Form Barbell
Dec. 09, 2008
New York City remains the world’s priciest retail destination as rental rates hit $2,200 per square foot per year, according to CB Richard Ellis Inc.’s latest “Global Retail Rents Survey.” Hong Kong bumped its ranking from third in the first quarter to second, but its $1,236 rental rate still falls significantly behind New York’s. Moscow fell from second to third with $1,047. London, up from sixth to fourth with $824, and Tokyo, down from fourth to fifth with $829, round out the top five.
The News: Pause May Refresh Green Movement
Dec. 09, 2008
As in many commercial property sectors, the green movement enjoyed a watershed year among retailers in 2007, noted Marc Heisterkamp, director of commercial real estate for the U.S. Green Building Council. But last year is now ancient history.
The Expert: Bearish Consequences
Dec. 09, 2008
Although the holiday shopping season started strong—2008 Black Friday sales increased 3 percent from 2007 figures, according to preliminary results released by ShopperTrak RCT Corp.—such sales activity is not expected to continue throughout December.
Morgan Stanley Ups Stake in Struggling General Growth
Dec. 03, 2008
Morgan Stanley has become the second investor to take a large stake in General Growth Properties Inc., the struggling mall operator headquartered in Chicago. Morgan Stanley bought more than 13.6 million shares, upping its stake in the company from 3 percent to 5.1 percent.
China's Tallest Tower Breaks Ground in Shanghai
Dec. 02, 2008
Ground has broken on Shanghai Tower, planned to be China's tallest building at 2,074 feet high. The project, being developed by Shanghai Tower Construction & Development Co. and designed by Gensler, is slated for completion in 2014.
San Fran Approves $2B Housing, Stadium Plan
Dec. 02, 2008
The San Francisco Board of Supervisors has approved a resolution endorsing the funding plan for the redevelopment of Candlestick Point and Hunters Point Shipyard, which will entail the construction of 10,500 new homes, retail, office, open space and a new stadium for the city's 49ers football team.
General Growth Wangles Extensions on $900M in Mortgages
Dec. 01, 2008
General Growth Properties Inc. has reached an agreement with a six-lender consortium to extend the maturity date for $900 million in mortgage loans on the company’s Fashion Show and Palazzo malls on the Las Vegas strip.
The Latest Commercial Property Trends
Commercial Property News offers analysis and news on a wide variety of commercial property trends across the spectrum of property types, including commercial office space, industrial, retail, multi-family, hotel and seniors housing properties. Important financial news, including shopping center investment information is also available.
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