Getting people vaccinated against COVID-19 is critical for bringing people back to New York City offices and bolstering the future of the economy, says Bill Rudin, co-chairman and CEO of Rudin Management Co. Rudin also discusses a testing initiative and highlights some positive signs in the market.
The rebound in mall traffic at the end of 2020 -- along with other factors -- could be a positive sign going forward, according to Placer.ai. "The immediate nature of the post-Black Friday recovery, the strength in early 2020 and the height reached in 2020 amid exceptionally difficult circumstances all reinforce the idea that 2021 could be much kinder to indoor malls than many expect," says Placer.ai's Ethan Chernofsky.
The omnibus and coronavirus relief package passed in December contained a tax break that allows apartment owners to depreciate their investments over 30 years instead of 40 years for properties built or bought before Jan. 1, 2018. Supporters describe the measure as as technical fix to the 2017 tax code revamp.
The Federal Reserve will continue to take aggressive policy actions to bolster the economy, including maintaining its bond-buying activities, according to Federal Reserve governor Lael Brainard. "The economy is far away from our goals in terms of both employment and inflation, and even under an optimistic outlook, it will take time to achieve substantial further progress," Brainard said.
Trademark Property Company will move forward with plans first approved by the Alpharetta, Ga., City Council in 2019 to redevelop North Point Mall into a mixed-use property. The New York Life Insurance Company, which assumed ownership of the large Atlanta-area mall from Brookfield Property, hired Trademark Property.
Victoria's Secret is offering plus-size products but has reduced the number of items it sells to attract new customers to its stores, which are located primarily in malls. More than 200 stores closed last year as the company struggled with an image problem and declining mall foot traffic.
Executives with clothing retailer Christopher & Banks say they may close all of their stores and are looking for a buyer for its online business after filing for Chapter 11 bankruptcy protection Thursday. The company's financial woes are the result of the COVID-19 pandemic, executives said.
China may approve its first REITs that help local governments finance infrastructure projects as early as this quarter, sources say, as part of a trial program that began in August. Certain projects are already on the shortlist, and more could be added, sources say.
American Tower is acquiring about 30,700 tower sites in Europe and South America from Telefonica in a $9.4 billion deal. The sites, held by the Telefonica unit Telxius Telecom, provide American Tower with "premier assets" in Spain and Germany, says CEO Tom Bartlett.