Demand was moderate to strong across most major commercial property sectors in the second quarter, which helped keep vacancy rates low and rents rising. Nareit researchers Calvin Schnure and Alexandra Thompson discuss the recent trends in supply, demand, vacancy rates and rent growth. Read the full commentary.
A number of REITs and other landlords in New York City, including Related Cos, SL Green Realty, Brookfield Property Partners and Vornado Realty Trust, have joined an effort to reduce energy use in the city's largest buildings by 20% by 2030. The plan could significantly reduce greenhouse gases emitted by buildings, according to the Urban Green Council.
Two offerings of single-borrower commercial mortgage-backed securities by Brookfield and TPG demonstrate the renewed appeal of suburban offices to lenders in this space. The two offerings are expected to total $750 million, and similar offerings totaled $990 million in the first five months of 2018.
Amazon is seeking to acquire Landmark Theaters, which has a portfolio of 52 theaters in 27 markets, according to sources. If Amazon is able to acquire the company from Wagner/Cuban Cos., it will be a significant transaction, similar to its purchase of Whole Foods.
Planet Fitness sees an opportunity to open 4,000 stores in the US, according to research analyst Michael Kawamoto with D.A. Davidson. "They can open 200 locations a year for the foreseeable future," he says.
US retail sales rose 0.5% in July from the previous month, topping economists' forecast for a 0.1% rise, and sales were up 6.4% from July 2017, according to the Commerce Department. Spending was up strongly in several sectors including food retail, apparel and restaurants, and Amazon Prime Day helped fuel a 0.8% jump in online and mail-order sales.
A Bank of America Merrill Lynch survey of fund managers has found the US stock market might be close to a peak. Chief Investment Strategist Michael Hartnett said the company foresees "peak profits, policy and returns," based on investor input.
Jonathan Litt's Land & Buildings investment management has substantially increased its stake in Mack-Cali Realty Corp., and sources say Litt will probably advocate for changes that may include selling some or all of the REIT. Mack-Cali estimates that its holdings' net asset value is $35.93 a share.
Sources say a sale may be possible for healthcare REIT MedEquities Realty Trust, which is talking to an adviser about its options. The sources say it also may opt to stay independent.
- Page 1