Macy's raised its forecast for full-year earnings after reporting better-than-expected third-quarter earnings on Wednesday. The retailer is seeing results from efforts including redesigning some stores, closing underperforming locations, focusing on luxury goods and expanding the reach of its off-price Backstage concept.
Federal Reserve Chairman Jerome Powell has delivered an upbeat assessment on the health of the US economy, saying it has room for further growth. However, he noted potential headwinds from factors including slowing demand from abroad, protectionism and the effects of the end of fiscal stimulus, which could influence the Fed's longer-term policy on interest rates.
The recent volatility in the stock market could have an effect on commercial real estate investment, according to Mark Dotzour, a real estate economist. The volatility causes investors to evaluate all opportunities to determine if CRE is still the best option for them, Dotzour says.
Office, retail and multifamily REITs are poised to benefit from Amazon's decision to locate its second and third headquarters in New York and Northern Virginia. These companies include AvalonBay Communities, Camden Property Trust, Equity Residential, JBG Smith, MAA and UDR.
Five multifamily REITs and private investors, including Starwood Capital Group, have contributed $108 million into a fund by early stage venture capital firm Real Estate Technology Ventures. The five REITs are Aimco, Boardwalk, Essex Property Trust, MAA and UDR.
Rexford Industrial Realty continues to expand its footprint in California with the purchase of industrial properties in South Los Angeles and Carlsbad. The REIT bought the properties for $40.3 million in cash.
A Morning Consult survey of 2,201 American consumers found 52% prefer that retail stores remain closed on Thanksgiving. The main reason given for shopping on the holiday was the available deals.
The Nebraska Crossing Outlets near Gretna, Neb., will reach nearly 400,000 square feet after a planned addition. The 38,000-square-foot expansion will feature a TJ Maxx/HomeGoods anchor.
A 32,450-square-foot retail center known as Golden Spring Plaza will break ground early next month in Las Vegas' Chinatown area. Developer Jenny Chang Au plans to open the property in late 2019.
Three existing buildings totaling 500,000 square feet in the Crystal City area of Northern Virginia, owned by JBG Smith, will initially serve as Amazon's new Virginia headquarters. The e-commerce giant has more ambitious plans for the area, which it is calling National Landing, and is acquiring two development sites that will add up to 4.1 million square feet of space.
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