Environmental, social and governance -- or ESG -- issues have become increasingly important to REIT investors and REITs, according to the Urban Land Institute and PwC's Emerging Trends in Real Estate report. The report notes that investment managers measure REITs on their ESG activities, and, according to analysts, in many cases pension funds and other investors consider ESG as part of their investment criteria.
Lobbying for and against Proposition 10, which would repeal California's Costa-Hawkins Rental Housing Act, is growing intense as election day nears. Proponents of the act, which bans rent-control laws on properties built after 1995, say Proposition 10 is necessary because of the scarcity of affordable housing, while critics say it could deepen the problem by discouraging construction.
Miami's 60 million square feet of office inventory is facing off against the area's rising demand and its supply pipeline of 1 million square feet under construction. Tom Farmer of Colliers International South Florida says investment opportunities are diminishing, adding that "we're seeing office buildings being acquired by institutional investors that a few years ago would never have been considered by them."
Final guidelines for investment rules for the recently created Opportunity Zones program may be put forth this month. Based on meetings held by the Office of Management and Budget with stakeholders, the program may be put in place indefinitely, and more opportunity zones could be added.
US retail sales rose 0.1% in September, according to the Commerce Department, missing economists' forecast of 0.6% growth as higher spending in several categories was offset by a slump in restaurant and bar sales. Closures, damage and shipment delays due to Hurricane Florence may have taken a toll on sales in some areas, according to a Commerce Department note.
At least 60 retailers will remain closed on Thanksgiving Day, reports BestBlackFriday.com, as year-round discounts and online shopping have reduced consumer interest in Black Friday shopping. Online sales were up 16.9% on Black Friday in 2017, while brick-and-mortar visits were down 4.5%, RetailNext reports.
A $61 million loan to finance The Shops at Dakota Crossing in Washington, D.C., has been obtained by a joint venture among Trammell Crow, Fort Lincoln New Town and CSG Urban Partners. The loan replaces an existing construction loan for the 140,000-square-foot property.
The 7,000-square-foot retail development that is part of The Village at Eagle Creek in Indianapolis has been sold for $3.2 million. The property features Starbucks, Great Clips and Sprint in a rapidly growing area of the city.
PayPal customers will be able to make deposits and withdrawals from their online accounts at Walmart stores by early November. The service, which is the first of its kind for PayPal in brick-and-mortar locations, will carry a $3 fee and will also be available to PayPal Cash Mastercard holders.
Los Angeles mall developer Rick Caruso grew up around the city's Farmer's Market, and his early lessons on attention to detail and giving shoppers things they won't find anywhere else have driven his career. One of his malls, The Grove, drew 20 million visitors in 2017, and there is a three-year waiting list for new retail space.
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