Kimco Realty CEO Conor Flynn noted that "traffic is back to 2019 levels." The REIT, which has 400 US shopping centers, raised its full-year guidance for earnings and funds from operations, citing a faster rebound than originally expected.
Competition for warehouse space that is located close to major US ports is getting tighter amid the growth of e-commerce and heavy stream of imports arriving in the country. CBRE reports that rents for industrial space climbed 33.3% in northern New Jersey and 24.1% in the Inland Empire on a year-over-year basis in the first quarter.
Real GDP rose at a 6.5% annual rate in the second quarter of 2021. The details of the GDP report have several positive implications for the outlook for commercial real estate markets and REITs, says Nareit economist Calvin Schnure.
Hudson Pacific Properties and Blackstone will develop a 240,000-square-foot studio in the Los Angeles area at a cost of between $170 million and $190 million. The developers indicated the project would be the area's first large-scale, purpose-built studio project in decades.
Digital Realty Trust has unveiled plans to build a facility with a capacity of up to 64 megawatts in Seoul. The project is expected to be fully operational in the first half of 2023 and will include 970,000 square feet.
All of the apartment firms surveyed by the National Multifamily Housing Council are offering payment plans for residents dealing with financial hardships. Large numbers of firms are also supporting renters by waiving fees, offering deferred payments and adjusting lease terms.
The Biden administration is asking Congress to extend the eviction moratorium at a time when the coronavirus' Delta variant is spreading. A recent Supreme Court ruling means that the administration will not be able to extend the moratorium without Congressional approval, according to a statement.
A growing number of organizations -- including Google and Facebook -- are requiring employees to get vaccinated against COVID-19 before returning to offices. Meanwhile, Lyft has postponed its return-to-office plans until February, and Twitter has shut down offices that had reopened in San Francisco and New York.
An analysis by Realtor.com shows that investors accounted for 5.7% of April's home sales, and investors were particularly active in the Phoenix/Scottsdale area in Arizona and in the Atlanta area. Data from the top 50 metro areas shows that inventory levels were down on a year-over-year basis.
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