Retail Lives
Economic fundamentals continue to strengthen in the
U.S., a trend that is expected to endure through
mid-2019. With continued wage growth acceleration
and consumer confidence near an 18-year high, the
retail marketplace has registered solid spending.
Inflation-adjusted consumer expenditures show a
steady 2.5-3% year-over-year (YOY) growth pattern
since the beginning of 2016. eCommerce sales
accounted for approximately 11.5% of retail sales
(excluding auto sales) in 2017. While we expect that
penetration rate to climb to 14.0% by 2019, physical
stores remain vital to retailer survival in this evolving
retail climate. Despite what the media would lead you
to believe, the overall retail industry is still posting
gains even while it faces secular challenges.
Real estate investment in emerging Asian markets grew 49.3% in the first half of 2013 compared to the same period in 2012. Investment was driven mainly by increased land deals in China's tier 2 and 3 cities to support continued urbanization. While sentiment has improved, volatility remains from tapering risks and deficits. State-linked companies account for more investment in emerging markets than institutional investors due to a lack of grade assets. Overall, real estate investment in emerging Asian markets continues to evolve with ongoing assessment of transparency, access and political risks against long-term economic potential.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
Trump100 days- Implications for the Property Markets Guy Masse
PRESIDENT TRUMP'S ADMINISTRATION & ITS IMPLICATIONS FOR THE PROPERTY MARKETS
Measuring the success of a new Administration by its first 100 days is a tradition, and President Trump reaches his first key milestone with campaign promises to overhaul Washington and jump-start the economy. This special report provides a perspective on:
How key economic indicators (inflation, job growth) and commercial real estate are performing so far
The status of key policy proposals, including trade and defense
What to watch for beyond the first 100 days
The document provides an economic forecast for Houston, Texas in 2009. It predicts that the Houston metropolitan area will lose 45,700 jobs, or 1.7% of its total employment, from December 2008 to December 2009. It expects job losses across many industries as national economic growth remains negative, oil prices decline sharply, and a tight credit market continues to impact the economy. However, the forecast also notes that Houston should still perform better than the national economy and avoid losses on the scale seen in previous severe recessions.
C&W Marketbeat - Canadian Industrial Report- Q2-2014 Guy Masse
This document provides a summary of industrial real estate market conditions across Canada in the second quarter of 2014. Key points include:
- The Alberta economy continued to outpace other regions, driven by growth in the oil and gas industry. This fueled record industrial real estate absorption in Calgary.
- Central Canadian markets struggled due to slow economic growth, though momentum was starting to improve in the second quarter.
- Strengthening US economic conditions are expected to increase demand for Canadian goods and services, benefiting industrial markets going forward.
The National Multifamily Index ranks major U.S. markets based on projected vacancy rates, rent growth, and employment gains. San Francisco and San Jose rank at the top due to strong job growth, low vacancy, and high rents. Markets in the Pacific Northwest and Northeast also rank highly. Atlanta and Riverside-San Bernardino moved into the top 20 due to improving economies and property performance. Midwest markets rank in the lower third despite favorable demand drivers. Supply growth will challenge some markets like Houston and Tampa.
This document provides a global office market forecast for 2014-2015 from Cushman & Wakefield. It summarizes office market conditions, trends, and forecasts across major global regions. In the Americas, the US recovery is gaining strength driven by technology and energy, while Canada faces oversupply. Latin America is mixed with Santiago outperforming. In Asia Pacific, growth will slow but modern supply outpaces demand. European markets show signs of stabilization with divergence between prime and secondary space. Workplace transformation is a key global trend driven by cost, talent, and organizational needs.
Retail Lives
Economic fundamentals continue to strengthen in the
U.S., a trend that is expected to endure through
mid-2019. With continued wage growth acceleration
and consumer confidence near an 18-year high, the
retail marketplace has registered solid spending.
Inflation-adjusted consumer expenditures show a
steady 2.5-3% year-over-year (YOY) growth pattern
since the beginning of 2016. eCommerce sales
accounted for approximately 11.5% of retail sales
(excluding auto sales) in 2017. While we expect that
penetration rate to climb to 14.0% by 2019, physical
stores remain vital to retailer survival in this evolving
retail climate. Despite what the media would lead you
to believe, the overall retail industry is still posting
gains even while it faces secular challenges.
Real estate investment in emerging Asian markets grew 49.3% in the first half of 2013 compared to the same period in 2012. Investment was driven mainly by increased land deals in China's tier 2 and 3 cities to support continued urbanization. While sentiment has improved, volatility remains from tapering risks and deficits. State-linked companies account for more investment in emerging markets than institutional investors due to a lack of grade assets. Overall, real estate investment in emerging Asian markets continues to evolve with ongoing assessment of transparency, access and political risks against long-term economic potential.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
Trump100 days- Implications for the Property Markets Guy Masse
PRESIDENT TRUMP'S ADMINISTRATION & ITS IMPLICATIONS FOR THE PROPERTY MARKETS
Measuring the success of a new Administration by its first 100 days is a tradition, and President Trump reaches his first key milestone with campaign promises to overhaul Washington and jump-start the economy. This special report provides a perspective on:
How key economic indicators (inflation, job growth) and commercial real estate are performing so far
The status of key policy proposals, including trade and defense
What to watch for beyond the first 100 days
The document provides an economic forecast for Houston, Texas in 2009. It predicts that the Houston metropolitan area will lose 45,700 jobs, or 1.7% of its total employment, from December 2008 to December 2009. It expects job losses across many industries as national economic growth remains negative, oil prices decline sharply, and a tight credit market continues to impact the economy. However, the forecast also notes that Houston should still perform better than the national economy and avoid losses on the scale seen in previous severe recessions.
C&W Marketbeat - Canadian Industrial Report- Q2-2014 Guy Masse
This document provides a summary of industrial real estate market conditions across Canada in the second quarter of 2014. Key points include:
- The Alberta economy continued to outpace other regions, driven by growth in the oil and gas industry. This fueled record industrial real estate absorption in Calgary.
- Central Canadian markets struggled due to slow economic growth, though momentum was starting to improve in the second quarter.
- Strengthening US economic conditions are expected to increase demand for Canadian goods and services, benefiting industrial markets going forward.
The National Multifamily Index ranks major U.S. markets based on projected vacancy rates, rent growth, and employment gains. San Francisco and San Jose rank at the top due to strong job growth, low vacancy, and high rents. Markets in the Pacific Northwest and Northeast also rank highly. Atlanta and Riverside-San Bernardino moved into the top 20 due to improving economies and property performance. Midwest markets rank in the lower third despite favorable demand drivers. Supply growth will challenge some markets like Houston and Tampa.
This document provides a global office market forecast for 2014-2015 from Cushman & Wakefield. It summarizes office market conditions, trends, and forecasts across major global regions. In the Americas, the US recovery is gaining strength driven by technology and energy, while Canada faces oversupply. Latin America is mixed with Santiago outperforming. In Asia Pacific, growth will slow but modern supply outpaces demand. European markets show signs of stabilization with divergence between prime and secondary space. Workplace transformation is a key global trend driven by cost, talent, and organizational needs.
BoyarMiller Real Estate eBook August 2013 State of the IndustryBoyarMiller
The document provides an overview of the 2013 state of the real estate industry in Houston, Texas. Some key points:
- Houston added over 86,000 jobs in the past year and leads the state in job and population growth. Top industries driving growth are energy, healthcare, and foreign trade.
- Predictions for 2013 include Houston's population doubling in 25-30 years, residential and commercial real estate prices rising due to demand outstripping supply, and industrial vacancies remaining very low.
- The chairman of BoyarMiller, a law firm, introduces the publication and emphasizes the importance of understanding clients' industries to provide strategic guidance beyond just legal advice.
The document is the 2017 annual report of the Lehigh Valley Economic Development Corporation (LVEDC). It summarizes LVEDC's activities and accomplishments in 2017, including facilitating over 30 business expansion/attraction projects that created over 2,200 jobs and retained over 1,300 jobs. It also discusses LVEDC's new 3-year strategic plan and initiatives to study the regional workforce and support continued economic growth through 2020. Key stats highlighted are the Lehigh Valley GDP reaching a record $39.1 billion and its ranking as a top region by Site Selection magazine.
The document discusses commercial real estate lending trends in 2017. It provides an economic overview of 2016, noting that while global economies moderated, the US GDP maintained moderate growth. Consumer spending was the main driver of growth, while business investment declined. Employment gains were strongest in education, professional services, and leisure/hospitality. Lending conditions tightened for commercial real estate due to increased regulatory oversight.
The U.S. Tech sector’s new record high has brought back memories of the dot-com bubble. But unlike then,
today’s Tech sector is not propped up by fanciful talk. It’s led by companies that are truly transforming the
economy and our lives.
Domestic demand continues to bolster Asia Pacific growth amid heightened global uncertainty. While overall regional office leasing activity slowed in Q3 2016, performance was uneven across markets with some cities like Australia seeing strong growth. Commercial real estate investment remains healthy across Asia Pacific supported by low interest rates and strong liquidity. Occupier and investment demand are expected to sustain momentum in 2017.
This document provides an economic outlook and forecasts for 2017 from BMO Financial Group. Some key points:
- Global GDP growth is expected to modestly increase to 3.1% in 2017 from 2.8% in 2016, still below the long-term trend of 3.6%.
- The US economy is forecast to grow 2.4% in 2017, up from 1.6% in 2016, supported by potential fiscal stimulus and tax cuts under Trump.
- The Bank of Canada is expected to remain on hold through at least the first half of 2017 due to domestic and US economic uncertainties.
- Canadian GDP growth is projected to rise to 2.0% in 2017 from around 1.
Turbulent Times: Our economic prospects in an uncertain worldCheryl Maitland Muir
In his April 6, 2017 presentation to the Annual Council of Forest Industries Conference, BCBC Chief Policy Officer Jock Finlayson described the state of the global, American and Canadian economies and their potential impact on BC's forest sector.
December 2019 - Monthly Real Estate Investing NewsLane Kawaoka, PE
This document contains a summary of various real estate and economic news articles from November 2019. Key points include:
- Apple committed $2.5 billion toward addressing California's housing crisis. Other tech companies like Facebook and Google made similar large commitments.
- Nationwide, multifamily rents increased 3.2% year-over-year in 2019. Vacancy rates declined to 5.8% as demand continues to outpace new supply.
- Investors are increasingly looking to secondary and tertiary markets for properties, and are willing to invest in older Class B assets that can be renovated for yields compared to major cities.
The Houston industrial market saw 13 million square feet of new inventory added in 2019. Vacancy rates increased to 6.9% in the fourth quarter, though net absorption remained positive at 2.4 million square feet. Demand continues to be driven by logistics, distribution, and e-commerce users, though an oversupply of spec construction may challenge landlords in some submarkets. Overall, the Houston industrial market had a solid year with healthy absorption and job growth.
Credit Shift As Global Corporate Borrowers Seek 60 Trillion APAC will ov...Jayan Dhru
- The document discusses projections that Asia-Pacific corporate debt will overtake the combined debt of the US and Europe by 2016, increasing global credit risk due to generally lower credit quality in Asia-Pacific.
- China in particular has become the largest debt market globally, with its corporate debt projected to reach $20-23 trillion by 2018 and account for about 30-38% more debt than US corporations.
- Analysis shows that while Chinese corporate credit quality was better than global peers in 2009, their cash flows and leverage have deteriorated since, indicating increased credit risk in China.
2019 top us-markets-for-large-multifamily-investment-reportLane Kawaoka, PE
[I did not find this report one bit useful as I like secondary and tertiary markets that do better than these top tier markets... and cashflow] SimplePassiveCashflow.com/mfh
The retail market report summarizes 2015 trends in the Phoenix metro area. It notes that 65,700 jobs were added in 2015, home starts increased 70% year-over-year, and these economic gains are boosting consumer confidence. Retail vacancy rates declined to 9.3% while net absorption was 1.77 million square feet. Average rental rates increased to $14/sqft, up from $13.62/sqft in 2014. The report concludes that with continued job and housing growth, the retail sector is poised for growth in 2016.
The 2017 National Office Property Index ranks San Jose and Seattle-Tacoma as the top two markets based on projected job and economic growth. Western markets dominate the top 10, with San Francisco, Portland, Boston, New York City, Austin, Raleigh, and Oakland rounding it out. Philadelphia leads off the second half of the index, while markets such as Fort Lauderdale and Detroit rose in the rankings on expectations of declining vacancy rates and modest job growth. The index methodology ranks 46 major office markets based on a weighted average of 12-month economic and real estate forecasts.
This presentation will discuss the deficit projections for the Government of Canada from 2016-2021.
The focus will be on consumer spending, merchandise trade, infrastructure and government spending. The presentation will highlight election promises as well as what is happening both with Canadian and World economies.
1) The Chinese government is accelerating reforms of state-owned enterprises (SOEs) under President Xi Jinping's leadership as he enters his second term.
2) SOE reform is critical because SOEs account for a large portion of China's corporate debt and are generally less efficient than private companies.
3) Recent examples of SOE reforms include mergers to reduce excess capacity and competition, as well as introducing private capital through mixed ownership. However, fully reforming China's large SOEs will be an ongoing challenge.
Commercial real estate market outlook for 2017 from the National Association of RealtorsⓇ
Economic overview
Commercial Real Estate Investments
Commercial Real Estate Fundamentals
Outlook
Canada – Slow growth – Liberal party of Canada - December 7, 2016paul young cpa, cga
This presentation will look at slow economic growth in Canada. The presentation will discuss liberal policies as well as macro and micro indicators when it comes to areas like wages, retail sales, trade, manufacturing sales, employment and housing prices.
The presentation will also reflect 3rd part comment that relate to GDP, debt, housing prices, trade as well as other areas of the economy
This document summarizes two literature sources related to disaster management and awareness. The first source presents a theoretical framework for a knowledge-based approach to enhance effective disaster management. It proposes developing a knowledge base to empower emergency response teams by providing relevant past experience and information to assist with decision making. The second source evaluates the disaster awareness levels of university students. It assesses students' training, preparedness, behaviors during/after disasters, and personal knowledge through surveys. The results indicate some students lack awareness and preparedness.
The document discusses how to compile LaTeX (.tex) files into PDF files using pdflatex. It recommends tools like pdflatex, acroread, ghostscript, and ghostview. It also provides instructions on writing LaTeX documents, including creating a main document file and chapter files, and using spellcheck. Finally, it discusses LaTeX and pdfLaTeX capabilities like fonts, math symbols, and hyperlinks.
Este documento resume varias teorías sobre por qué soñamos. 1) Dormir ayuda al mantenimiento del cuerpo a través de la termorregulación y la regeneración física, mientras que soñar ayuda al mantenimiento del cerebro a través de la descarga psicológica y el refresco emocional. 2) Soñar también apoya la consolidación de la memoria a largo plazo y la resolución de problemas. 3) Aunque el sueño REM y el sueño son independientes, existe una fuerte correlación entre el sueño REM y el act
BoyarMiller Real Estate eBook August 2013 State of the IndustryBoyarMiller
The document provides an overview of the 2013 state of the real estate industry in Houston, Texas. Some key points:
- Houston added over 86,000 jobs in the past year and leads the state in job and population growth. Top industries driving growth are energy, healthcare, and foreign trade.
- Predictions for 2013 include Houston's population doubling in 25-30 years, residential and commercial real estate prices rising due to demand outstripping supply, and industrial vacancies remaining very low.
- The chairman of BoyarMiller, a law firm, introduces the publication and emphasizes the importance of understanding clients' industries to provide strategic guidance beyond just legal advice.
The document is the 2017 annual report of the Lehigh Valley Economic Development Corporation (LVEDC). It summarizes LVEDC's activities and accomplishments in 2017, including facilitating over 30 business expansion/attraction projects that created over 2,200 jobs and retained over 1,300 jobs. It also discusses LVEDC's new 3-year strategic plan and initiatives to study the regional workforce and support continued economic growth through 2020. Key stats highlighted are the Lehigh Valley GDP reaching a record $39.1 billion and its ranking as a top region by Site Selection magazine.
The document discusses commercial real estate lending trends in 2017. It provides an economic overview of 2016, noting that while global economies moderated, the US GDP maintained moderate growth. Consumer spending was the main driver of growth, while business investment declined. Employment gains were strongest in education, professional services, and leisure/hospitality. Lending conditions tightened for commercial real estate due to increased regulatory oversight.
The U.S. Tech sector’s new record high has brought back memories of the dot-com bubble. But unlike then,
today’s Tech sector is not propped up by fanciful talk. It’s led by companies that are truly transforming the
economy and our lives.
Domestic demand continues to bolster Asia Pacific growth amid heightened global uncertainty. While overall regional office leasing activity slowed in Q3 2016, performance was uneven across markets with some cities like Australia seeing strong growth. Commercial real estate investment remains healthy across Asia Pacific supported by low interest rates and strong liquidity. Occupier and investment demand are expected to sustain momentum in 2017.
This document provides an economic outlook and forecasts for 2017 from BMO Financial Group. Some key points:
- Global GDP growth is expected to modestly increase to 3.1% in 2017 from 2.8% in 2016, still below the long-term trend of 3.6%.
- The US economy is forecast to grow 2.4% in 2017, up from 1.6% in 2016, supported by potential fiscal stimulus and tax cuts under Trump.
- The Bank of Canada is expected to remain on hold through at least the first half of 2017 due to domestic and US economic uncertainties.
- Canadian GDP growth is projected to rise to 2.0% in 2017 from around 1.
Turbulent Times: Our economic prospects in an uncertain worldCheryl Maitland Muir
In his April 6, 2017 presentation to the Annual Council of Forest Industries Conference, BCBC Chief Policy Officer Jock Finlayson described the state of the global, American and Canadian economies and their potential impact on BC's forest sector.
December 2019 - Monthly Real Estate Investing NewsLane Kawaoka, PE
This document contains a summary of various real estate and economic news articles from November 2019. Key points include:
- Apple committed $2.5 billion toward addressing California's housing crisis. Other tech companies like Facebook and Google made similar large commitments.
- Nationwide, multifamily rents increased 3.2% year-over-year in 2019. Vacancy rates declined to 5.8% as demand continues to outpace new supply.
- Investors are increasingly looking to secondary and tertiary markets for properties, and are willing to invest in older Class B assets that can be renovated for yields compared to major cities.
The Houston industrial market saw 13 million square feet of new inventory added in 2019. Vacancy rates increased to 6.9% in the fourth quarter, though net absorption remained positive at 2.4 million square feet. Demand continues to be driven by logistics, distribution, and e-commerce users, though an oversupply of spec construction may challenge landlords in some submarkets. Overall, the Houston industrial market had a solid year with healthy absorption and job growth.
Credit Shift As Global Corporate Borrowers Seek 60 Trillion APAC will ov...Jayan Dhru
- The document discusses projections that Asia-Pacific corporate debt will overtake the combined debt of the US and Europe by 2016, increasing global credit risk due to generally lower credit quality in Asia-Pacific.
- China in particular has become the largest debt market globally, with its corporate debt projected to reach $20-23 trillion by 2018 and account for about 30-38% more debt than US corporations.
- Analysis shows that while Chinese corporate credit quality was better than global peers in 2009, their cash flows and leverage have deteriorated since, indicating increased credit risk in China.
2019 top us-markets-for-large-multifamily-investment-reportLane Kawaoka, PE
[I did not find this report one bit useful as I like secondary and tertiary markets that do better than these top tier markets... and cashflow] SimplePassiveCashflow.com/mfh
The retail market report summarizes 2015 trends in the Phoenix metro area. It notes that 65,700 jobs were added in 2015, home starts increased 70% year-over-year, and these economic gains are boosting consumer confidence. Retail vacancy rates declined to 9.3% while net absorption was 1.77 million square feet. Average rental rates increased to $14/sqft, up from $13.62/sqft in 2014. The report concludes that with continued job and housing growth, the retail sector is poised for growth in 2016.
The 2017 National Office Property Index ranks San Jose and Seattle-Tacoma as the top two markets based on projected job and economic growth. Western markets dominate the top 10, with San Francisco, Portland, Boston, New York City, Austin, Raleigh, and Oakland rounding it out. Philadelphia leads off the second half of the index, while markets such as Fort Lauderdale and Detroit rose in the rankings on expectations of declining vacancy rates and modest job growth. The index methodology ranks 46 major office markets based on a weighted average of 12-month economic and real estate forecasts.
This presentation will discuss the deficit projections for the Government of Canada from 2016-2021.
The focus will be on consumer spending, merchandise trade, infrastructure and government spending. The presentation will highlight election promises as well as what is happening both with Canadian and World economies.
1) The Chinese government is accelerating reforms of state-owned enterprises (SOEs) under President Xi Jinping's leadership as he enters his second term.
2) SOE reform is critical because SOEs account for a large portion of China's corporate debt and are generally less efficient than private companies.
3) Recent examples of SOE reforms include mergers to reduce excess capacity and competition, as well as introducing private capital through mixed ownership. However, fully reforming China's large SOEs will be an ongoing challenge.
Commercial real estate market outlook for 2017 from the National Association of RealtorsⓇ
Economic overview
Commercial Real Estate Investments
Commercial Real Estate Fundamentals
Outlook
Canada – Slow growth – Liberal party of Canada - December 7, 2016paul young cpa, cga
This presentation will look at slow economic growth in Canada. The presentation will discuss liberal policies as well as macro and micro indicators when it comes to areas like wages, retail sales, trade, manufacturing sales, employment and housing prices.
The presentation will also reflect 3rd part comment that relate to GDP, debt, housing prices, trade as well as other areas of the economy
This document summarizes two literature sources related to disaster management and awareness. The first source presents a theoretical framework for a knowledge-based approach to enhance effective disaster management. It proposes developing a knowledge base to empower emergency response teams by providing relevant past experience and information to assist with decision making. The second source evaluates the disaster awareness levels of university students. It assesses students' training, preparedness, behaviors during/after disasters, and personal knowledge through surveys. The results indicate some students lack awareness and preparedness.
The document discusses how to compile LaTeX (.tex) files into PDF files using pdflatex. It recommends tools like pdflatex, acroread, ghostscript, and ghostview. It also provides instructions on writing LaTeX documents, including creating a main document file and chapter files, and using spellcheck. Finally, it discusses LaTeX and pdfLaTeX capabilities like fonts, math symbols, and hyperlinks.
Este documento resume varias teorías sobre por qué soñamos. 1) Dormir ayuda al mantenimiento del cuerpo a través de la termorregulación y la regeneración física, mientras que soñar ayuda al mantenimiento del cerebro a través de la descarga psicológica y el refresco emocional. 2) Soñar también apoya la consolidación de la memoria a largo plazo y la resolución de problemas. 3) Aunque el sueño REM y el sueño son independientes, existe una fuerte correlación entre el sueño REM y el act
NES Global Talent is an expert recruitment firm for the construction industry in Australia and New Zealand. They have over 40 staff with deep expertise in construction recruiting. They can provide both contract and permanent personnel to meet various staffing needs for building, civil, and infrastructure companies. Their services include permanent recruitment, contract recruitment, executive search, and training. They have 7 offices across Australia and New Zealand, as well as a global network to source talent wherever needed.
The document discusses various sources of stress for teenagers according to surveys conducted, including exam stress, pressures about physical appearance from social media, and relationship maintenance. It also notes that the majority of teenagers expect stress to negatively impact their health, appearance, and mental state. Interviews were conducted with students, academic advisors, education experts, and psychologists on common stressors teenagers face and their effects. A student survey found that college was a primary stressor and that teenagers feel pressure to meet others' expectations.
It is an empirical study of strategic management practices in the construction industry. It examines the dynamic capabilities paradigm within the context of the Indonesian construction industry. The characteristics of asset-capability combinations were found to be significant determinants of the competitive advantage of the Indonesian construction enterprises, and that such advantage sequentially contributes to organizational performance. In doing so, this study fills an important gap in the empirical literature and reinforces the dynamic capabilities framework’s recognition as a rigorous theory of strategic management. As the dynamic capabilities framework can work in the context of Indonesia, it suggests that the framework has potential applicability in other emerging and developing countries
The document discusses how a media product represents and attracts its target audience. It describes targeting a magazine towards young white females aged 15-30 who enjoy rock music. Key representations included using models and themes appealing to this demographic, such as dark clothing and makeup. Language was tailored to the subculture using terms like "rock chick." The audience was addressed directly through eye contact in photos and an informal tone. Free gifts like posters aimed to attract readers and maximize sales.
This document discusses how the media product represents particular social groups. It states that the target audience is predominantly white males aged 17-25 from a B/C2 social class who enjoy going to music festivals and gigs. Images in the magazine primarily feature white males of the target age range to match audience expectations of the rock genre. A single image of a female is included to appeal to some female readers and because males may find her attractive, according to male gaze theory. Language, fonts and colors used stereotypically represent loudness and excitement associated with rock music.
Teenagers face significant pressures from social media, bullying, exams, relationships, and their appearance. A survey of 40 students at a sixth form college found that 33 said college is their main source of stress, and 39 felt others had expectations for them to achieve. An expert discussed how 81% of teens feel pressure to have a perfect body from social media images. Statistics show that many teens seek help from helplines for issues like exam stress.
Learning disabled children have significantly impaired learning abilities compared to their peers. They may exhibit symptoms like hyperactivity, impulsiveness, anxiety, and disorders in memory, thinking, attention, perception or motor skills. Learning disabilities can be caused by genetic/heredity factors, physiological issues like brain damage or neurological difficulties, or environmental factors like poor prenatal/early childhood environment, lack of early learning stimulation, or imitative of defective learning models. Common types of learning disabilities include dysgraphia (writing), dyslexia (reading), dyscalculia (math), dyspraxia (motor skills), and dysphasia (language). When dealing with learning disabled children, teachers should provide positive feedback, practice opportunities, consult specialists
The trade, transportation and utilities sector added the most jobs (2,200) in San Diego County in December 2016, contributing to a decrease in the unemployment rate. Overall, 28,900 jobs were added in 2016, a 2% annual increase. San Diego has a diverse economy led by government, professional services, healthcare, retail, and hospitality. Strong employment growth is fueling demand across commercial real estate sectors, including positive net absorption in the office, industrial, and retail markets with declining vacancy rates.
Strong fundamentals drive US dealmaking despite macro-economic and political uncertainties. First-half activity remains on a par with 2016 as strong fundamentals continue to drive M&A.
Though US M&A faced challenges in H1 2017, the figures show that the market is active and vibrant. There were 2,413 deals worth US$588.5 billion recorded in H1 2017, up 0.5 percent by value compared to US$585.4 billion registered in H1 2016. If activity continues at its current level, US dealmaking is on track for another strong year.
This report summarizes Q1 2015 trends in the US national office sector real estate market. It finds that the overall national availability rate rose slightly to 17.0% as new construction increased supply in many markets like Houston and Dallas. Asking rental rates continued to increase nationally and in major cities like New York City and San Francisco driven by new construction and tight supply. The report also discusses how companies are increasingly expanding to lower cost Sunbelt markets in the South and West for access to talent at a lower cost while pursuing the American consumer population growth in these areas.
Economists See Clouds in the Silver LiningYardi Matrix
Download the full report: https://goo.gl/5jwDS5
At a time when optimism is rampant in the real estate industry, and the stock market is near all-time highs after a massive run-up, economists lived up to their billing as dismal scientists at the National Association of Business Economists (NABE) annual policy conference in Washington, D.C., last week.
Although the immediate state of the economy is healthy, economists lamented the country’s long-term fiscal situation, recently made worse by the tax reform passed by Congress. They were also pessimistic about the prospects for policy solutions, which include prudent immigration reform and fewer—not more—restrictions on global trade, given the growing populism that is producing an electorate with increasingly polarized views in the U.S. and Europe.
“I’m concerned that the political system has not come to grips with sensible fiscal policy,” said Alice Rivlin, a senior fellow at the Brookings Institution and former vice chair of the Federal Reserve and director of the White House Office of Management and Budget.
Mid Term Elections & Commercial Real Estatekottmeier
The 2010 mid-term elections resulted in Republican control of the House while Democrats retained the presidency, dividing government. This document discusses several implications for commercial real estate, including that a divided government may delay decisions around fiscal stimulus and employment, prolonging recovery in real estate markets. Additionally, debates around tax cuts, federal spending, healthcare reform, and financial reform could impact demand for office and medical space. While employment is slowly improving, decisions made by Congress will influence future projections and commercial real estate demand over the next 5 years is estimated at 550-925 million square feet of office space.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2017 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
This document summarizes economic indicators for the Houston region. It finds that while the region is slowly recovering from job losses during the recession, employment has not yet returned to pre-recession levels. The energy and health care sectors have fared better than others during the downturn. International passenger travel at Houston airports is growing, driven by increases to Canada, Europe and the Middle East. International trade and oil and gas employment are also rebounding from declines in recent years. However, new home sales have fallen due to the expiration of federal tax credits for homebuyers.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2018 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
The Lehigh Valley saw another year of historic economic growth in 2017, which speaks to the remarkable diversity among our various economic sectors, a sign of a well-balanced and multifaceted economy.
The region’s gross domestic product has surpassed the $39 billion mark for the first time in its history. That’s more economic output from the two-county region of 665,000 people than the entire states of Vermont or Wyoming, as well as 108 other countries in the world. And while transportation and warehousing is our fastest-growing sector, manufacturing still makes up a significantly larger portion of our GDP, contributing $6.9 billion, or nearly 18 percent of the total.
We’ve tracked 31 business attraction/expansion projects either announced, under construction, or completed in the Lehigh Valley in 2017, creating more than 2,200 jobs and retaining more than 1,300. LVEDC also provided access to $17.2 million in financing in 2017, resulting in another 810 jobs either created or retained.
Market performance remains strong globally with low volatility, though central bank asset purchases have contributed to this and private sector leverage is high. The trajectory of normalization by policymakers will be a challenge in 2018. One outcome of easy money is that private sector leverage is now higher than before the financial crisis.
"The Economic Outlook & Emerging Growth Trends for Miami-Dade County" Hosted by Robert D. Cruz, Ph.D, Chief Economist Miami-Dade County on Friday, March 4 at Versailles Breakfast Club
North American Commercial Real Estate ReportChris Fyvie
We are pleased to share with you the our latest North American Research Report -covering approximately 70 metro areas - demonstrating that the office market in the United States and Canada will continue a steady growth, but will lack in the force and pace of prior cycles. However, positive market trends exist, including strong absorption and declining vacancy rates in all the major U.S. CBDs. Additionally, construction is increasing, but remains below historic highs.
2015 2Q North American Office Market ReportCoy Davidson
The U.S. office market saw improvements in Q2 2015, with vacancy rates declining and absorption improving. However, the Canadian office market weakened, with rising vacancy rates driven by falling oil prices. Overall North American vacancy fell slightly to 12.7%, with U.S. vacancy down to 13.0% and Canadian vacancy up to 9.1%. Absorption was positive in the U.S. at 23.1 million square feet but negative in Canada at -0.5 million square feet. The outlook remains positive for the U.S. office market but negative for Canada due to economic challenges from low oil prices.
Philippine Real Estate Market Insight Report - 3rd Quarter 2017: To Build or ...Bryan Barredo
The real estate market has been blisteringly active in the past five years or so. Margins north of 30% were doable especially right after the Philippines was rated as "investment grade" by a number of international rating agencies. There are sufficient reasons that the market, together with the general economy, is backed by real demand, but real estate developers cannot wantonly build and expect brisk sales and returns. As usual, Pinnacle Real Estate Consulting Services, Inc. evaluates macroeconomic indicators that directly impact on the real estate as well as supply-and-demand dynamics to answer the question of to build or not to build.
Based on reports, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo stated that massive urban migration and strong consumer power generated by dollar-earners like the overseas Filipinos workers (OFWs) and the Business Process Outsourcing (BPO) companies support the bullish foundation. By 2017, revenues from BPOs will reach US$25 billion revenues and OFW remittances will reach US$28 billion, generating a total of US $53 billion. This dollar income will be chasing after consumer favorites like houses, cars, and appliances.
Added to this will be the relatively high 1.9% annual population growth rate characterized by a young, employable population sector (with, therefore, low dependency ratio). Essentially, the stability of the industry is underpinned by demand outstripping supply. At present, the residential housing backlog is five million units and independent foreign-based forecasters peg the same 5.0 million supply gap even up to the year 2030. The BSP Deputy Governor says it will take the construction of 2,600 residential units every day to catch up and erase the backlog. Some argue this may not necessarily be true for the office types currently centered in Makati, Ortigas and the Fort Bonifacio areas.
JLL Research - US_Investment_Outlook_-_Q4_2016Matt Berres
The document provides an overview and analysis of investment trends in the US commercial real estate market in Q4 2016. Key points include:
- Total US investment sales reached $432 billion in 2016, down 9.7% from 2015. Multifamily was the strongest sector with a 4.3% increase while retail and hotels declined the most.
- Secondary markets hit a record $113 billion in sales, driven by multifamily and retail investment. Dallas, Atlanta, Phoenix and Denver were top performing secondary markets.
- Interest rates rose significantly in Q4 2016 and are expected to continue climbing in 2017, putting pressure on real estate pricing. However, spreads remain healthy compared to prior peaks.
- Fund
US stocks continued to rally strongly as 2017 drew to a close. Global stock markets joined the rally that began after the 2016 US presidential election. Economic data strengthened and implied volatility declined. Growth was supported by cheaper energy and increasing global synchronization, though major challenges remained. World trade growth picked up but remained below historical levels. Tax reform progress created market optimism but actual growth and improved living standards will need to be evident in 2018.
- Brazil is experiencing rapid growth in its residential property market as its economy grows, with an estimated 1-1.2 million new homes being constructed in 2010 alone.
- The housing deficit is estimated at over 8 million homes, indicating significant need and opportunity for growth.
- Brazil has developed innovative methods to finance homes for low-income households, including government subsidies and programs through state-owned banks.
Latin America’s emerging sectors:A closer look at fintech and renewable energyDubaiChamber
Latin America’s emerging sectors: A closer look at fintech and renewable energy is an Economist Intelligence Unit report, sponsored by Dubai Chamber of Commerce and Industry. This report explores high potential emerging economic sectors in Latin America, focusing on financial technology (fintech) and renewable energy. We review the factors driving growth in these
sectors and key impediments to further growth. This report is based on extensive desk research and in-depth interviews with entrepreneurs and regional experts in Latin America and the Caribbean (LAC). The interviews were conducted in December 2017 and January 2018.
Cassidy Turley San Francisco Bay Area CRE 2013 ForecastMark Bollozos
This document provides an annual forecast of commercial real estate trends in the San Francisco Bay Area from Cassidy Turley, a commercial real estate services firm. It summarizes recent strong growth in the office and R&D sectors driven by tech companies, but also notes an uneven recovery. Looking ahead to 2013, uncertainty around fiscal policy poses a challenge, but a compromise on taxes reduces recession risks for the short term, and continued economic momentum is expected once policy uncertainty recedes. The full report contains detailed market data and forecasts by sector and location.
- The US stock market declined sharply in the third quarter due to concerns about a slowing global economy and uncertainty caused by Boehner's resignation.
- Central banks have intervened to support markets, but deteriorating fundamentals may eventually impact prices.
- Commodity prices fell to multi-year lows as Chinese growth slowed, while emerging markets face recession risks.
- The Fed held rates steady but may delay future hikes due to global equity declines and mixed economic data.
Similar to Paine Wetzel/TCN 2016 Q4 State of the Market: Central Edition (20)
Why is Revit MEP Outsourcing considered an as good option for construction pr...MarsBIM1
Outsourcing MEP modeling services require effective collaboration and coordination amongst multiple engineering trades. The engineers and the designers often change the details of the MEP projects, but the work of Revit MEP drafting services is having the master plan and model of the complete project. To have proper coordination and installation, there is a need to execute the project effectively. Hence, the work of Revit family creation facilitates the MEP engineers.
Listing Turkey - Piyalepasa Istanbul CatalogListing Turkey
We are working around the clock to transform a long-time dream into reality. As a result, Piyalepasa Istanbul will be the largest privately developed urban regeneration project in Turkey.
THE NEIGHBORHOOD WE HAVE BEEN LONGING FOR IS COMING TO LIFE
The good old days of the Piyalepasa neighborhood are being brought back to life with Piyalepasa Istanbul houses, residences, offices, hotels and a pedestrianized shopping avenue.
The wide streets of this 82.000 square meter development conveniently face the main boulevard in a prime Beyoglu location. “Piyalepaşa İstanbul” stands out as the only project designed to offer a neighborhood lifestyle, complete with its grocers, bagel sellers and greengrocer. Piyalepasa Istanbul has all the values to make it an authentic neighborhood, our very own community.
A NEIGHBORHOOD FULL OF LIFE, IN THE HEART OF THE CITY!
“Piyalepaşa İstanbul” is a “mixed-use” concept containing all the elements for a vibrant social life with houses, residences, offices, hotels and high street shopping.
“Piyalepaşa İstanbul” will take the liveliness of Istanbul into its heart. The elegant sparkle of Nisantasi, the young and colorful Besiktas, the variety and multicultural heritage of Istiklal Street will all be contained within the streets of this neighborhood.
“Piyalepaşa İstanbul” bears traces of the most beautiful examples of Turkish architecture from the Seljuks to the Ottomans and from Anatolia to Rumelia. With its graded facades, wide eaves, bay windows, pools, and interior courtyard systems, it offers a new living space without disrupting the city’s silhouette and neighborhood.
“Piyalepaşa İstanbul” is the new attraction of this splendid city.
TO BE AT THE CENTER OF ISTANBUL… THIS IS REAL LUXURY!
With its proximity to D-100 highway, connecting roads and tunnels, “Piyalepaşa İstanbul” is only minutes away from Kabatas, Besiktas, the Golden Horn and Karakoy.
“Piyalepaşa İstanbul” is close to the prestigious new Istanbul Court House, a major hospital, the Perpa trade center and the city’s most lively neighborhoods. With its shuttle service to Okmeydani Metrobus station, Sishane and the Court House subway stations, “Piyalepaşa İstanbul” will provide you with the most convenient transport connections.
https://listingturkey.com/property/piyalepasa-istanbul/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Signature Global TITANIUM SPR | 3.5 & 4.5BHK High rise Apartments in Gurgaonglobalsignature2022
Signature Global TITANIUM SPR launched a high rise apartments in Gurgaon . In this project Signature Global offers 3.5 & 4.5 BHK high rise Apartment at sector 71 Gurgaon SPR Road. Signature Global Titanium SPR is IGBC Gold certified, a testament to our commitment to sustainability.
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
36,778 sq. ft. building; Zoning: SE (Suburban Employment): The (SE) District allows numerous commercial site uses; Passenger elevator; Private and common restrooms; Fully sprinkled; Data center with a grounded floor and a specialized HVAC system; 60 KVA back-up generator; Building/pylon signage; Potential to purchase adjacent parcels; Sale Price: $4,413,360
Andhra Pradesh, known for its strategic location on the southeastern coast of India, has emerged as a key player in India’s industrial landscape. Over the decades, the state has witnessed significant growth across various sectors,
Living in an UBER World - June '24 Sales MeetingTom Blefko
June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World
Anilesh Ahuja Pioneering a Paradigm Shift in Real Estate Success.pptxneilahuja668
Anilesh Ahuja journey is a testament to the power of vision, resilience, and unwavering determination. As a visionary leader, he continues to inspire and empower others to dream big and challenge the status quo. His legacy extends far beyond the realm of real estate, leaving an indelible mark on the industry and the world at large.
Anilesh Ahuja Pioneering a Paradigm Shift in Real Estate Success.pptx
Paine Wetzel/TCN 2016 Q4 State of the Market: Central Edition
1. 1755 North Collins Blvd., Suite 207
Richardson, TX 75080
www.tcnworldwide.com
1(888)TCN-INFO
Across all property types and service groups, TCN Worldwide’s 1,500+
professionals have a well-earned reputation for independent thinking and
cooperative problem solving in more than 200 markets worldwide.
National and Macroeconomic Overview
US Economy in Zone of Moderate Growth
With Some Fiscal Stimulus in Short Run
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate
solutions locally and internationally. With approximately $38.8 billion in annual transactions and over 80 million square
feet of space under management, the organization ranks as one of the largest service providers in the industry. An
extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows
TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised
of over 1,500 commercial real estate professionals serving more than 200 primary and secondary markets worldwide.
State of the MarketCentral Edition2016 Quarter 4
As expected, the U.S. economy
accelerated in the second half
of 2016 after a sluggish start
that has unfortunately become
a pattern this decade. The U.S.
Bureau of Economic Analysis has
pegged Third Quarter growth (the
most recent available estimate)
at a strong 3.5%, the best real
performance since 3Q2014. Per
capita disposable income was
up 2.9% in nominal terms, and
1.9% after adjusting for inflation,
a notable advance after more than
a decade of sluggish gains in this
measure. Corporate profits rose in
the Third Quarter as well, up $50.1
billion for financial firms and $56.1
billion for non-financial companies,
an improvement over earlier 2016
results in both cases. The January
2017 Federal Reserve “Beige Book”
national summary indicates that
economic expansion continued at
a moderate pace through year-end
2016, with tight labor markets and
some upward inflationary pressure.
Firms and industries were said to be
optimistic about growth in 2017.
Jobs. With the official
unemployment rate measured at
4.7%, the economy might appear
to be at full employment. But most
economists understand that some
slack still exists in the labor markets,
with 5.6 million people employed
part-time who would prefer full-
time jobs and an additional 1.7
million “marginally attached” to
the labor force. The labor force
participation rate, which has been
trending downward since the mid-
1990s, now stands at 62.5%.
Nevertheless, there are important
signs of strengthening, not the least
of which is recent wage growth. The
BLS “JOLTS” report (Job Openings
and Labor Turnover Survey) showed
5.5 million job opening at the end of
November, with hiring (5.2 million)
exceeding separations (5.0 million)
that month. The “quits rate” – people
leaving jobs with optimism of finding
a better position – accounted for
62% of the separations. The pace
of job additions slowed late in
2016, another sign that the pool of
available and appropriately skilled
workers is becoming somewhat
shallow.
Policy. The outcome of the
Presidential election signaled a
potentially sharp alteration in public
policy. The stock market since
Election Day has signaled a belief
2. Regional Conditions in the Central States
Population Growth
2010 to 2016
that fiscal policy under President
Trump will be stimulative in the short
run, with a combination of lower
taxation, lesser regulation, and
Federal spending on both defense
and infrastructure. The bond
markets, on the other hand, are
pricing an increased risk of inflation
and a greater likelihood of interest
rate increases during 2017. The
Federal Reserve made an upward
rate adjustment in December 2016,
and as many as three additional
moves may lie ahead in the coming
year.
Outlook. Few observers are
willing to hazard a detailed guess,
even about near-term changes,
as the incoming administration
has been exceptionally vague
on economic specifics and there
are clear differences between
2016 campaign promises and the
expressed viewpoints of cabinet
nominees on key issues, including
trade, healthcare, and budget
balancing. The consensus of Blue
Chip Economists holds its forecast
as “much of the same” in 2017 and
2018, moderate growth in the range
of 2.3% - 2.4% over those years.
It is an aphorism that “real estate
is a people business.” This refers not
only to the nature of transactions,
but also that property gains its value
via its ability to serve the demand
of the population for appropriate
places to live, to work, to shop,
and to recreate. Demography is
fundamental to the real estate
industry. The map of population
growth (2010 – 2016) nicely
illustrates how, in the early years
of the current decade, the energy
boom fueled migration into states
like Texas, Oklahoma, Louisiana
and the Dakotas that had deposits
of petroleum and natural gas in
abundance. But large swaths of the
Central states – coded in yellow,
pink, and red on the map, from
the Canadian border to the Deep
South – saw demographic growth
slower than the U.S. average of
4.7% for the 2010 – 2016 period.
With most of its land area rural
and sparsely populated and urban
areas reinventing themselves to
spur economic growth, real estate
demand is searching for those points
of focus that will bolster income and
value growth in the latter years of
this decade.
Cities that have been
outperforming the nation in job gains
during the past year fall into a few
categories. Dallas-Ft. Worth has by
far the best recent record, with a
twelve-month gain of 114,800 jobs
and a growth rate of 3.3% (twice the
national average). D-FW is notable
for its well-rounded expansion.
Growth by industry in the past
year has been best in trade and
transportation (34,000 jobs, 4.3%),
although financial services grew
faster, 4.8% while adding 13,600
jobs. Professional and business
services saw robust growth at
4.4%, or 25,000 jobs. So economic
diversity proved a boon to Big D.
Nashville is another well-diversified
metro area whose job growth is
strong and solid, with 23,500 new
jobs last year equating to a 2.5%
growth rate.
Metro areas anchored by
large universities and/or state
governments also enjoy good
growth in 2016. Ann Arbor, MI
falls in this category (12,400 new
jobs, a stunning 5.6% gain), as
does Columbus, OH (19,200
jobs; 1.8%). Then there are some
turnaround stories. Detroit’s
rebound produced 34,400 new jobs
(1.8%), with financial services and
business services gains relating
to the ongoing resurgence of its
downtown. St. Louis, long lagging
in the urban revival narrative, added
41,500 jobs in 2016 (3.1%), driving
its unemployment rate down to
3.8%. Surprisingly, a 13,100 gain in
leisure and hospitality jobs (9.0%)
led the parade, but virtually all
service sector industries grew at a
clip exceeding 3.0%.
What lies ahead? It may take
some time to discern how national
policy changes impact this region.
Hopes have been raised that the
3. Commercial Property Investment Trends
Commercial Real Estate Transaction Volume in
Central U.S. Region
new administration in Washington
will bolster the regionally important
manufacturing sector. Trade and
immigration issues, however, may
raise risks for agriculture, one on
America’s few net-export industries.
Defense spending should boost
the Gulf Coast economies around
shipbuilding centers. And energy
will be a wild card, largely driven by
oil prices which are still forecast to
remain in the $50 - $55 per barrel
range with at-the-pump gas prices
about the same in 2018 as they
were in 2015, according to the U.S.
Energy Information Agency.
Transaction volume across the
country pulled back approximately
15% in 2016, compared with the
prior year. This was not necessarily
a bad thing, as investment totals
were approaching the pre-financial-
crisis “bubble level” and there were
legitimate concerns of unreasonable
asset price inflations. This was
especially true in the nation’s major
gateway cities. While there are
variations by region and by property
type, the discussion which follows
should be understood in the context
of a market pulling back from an
exuberant peak in 2015. For the
Central States, the drop in property
investment was 18.8%, slightly
steeper than the nation as a whole.
Offices. The boom in the Energy
industry had a huge impact on
offices while it lasted, but the pangs
of withdrawal are painful. Regional
office investment volume was down
20.6% to $22.7 billion in 2016, with
the Houston CBD attracting no
better than $84.2 million in eight
office transactions over the past 12
months. Dallas, on the other hand,
garnered $5.3 billion in office deals
– mostly in its far-flung suburbs.
Chicago also surpassed the $5 billion
threshold, with most of its action in
downtown. Austin continues to be
a capital magnet, playing on its hip
“Keep Austin Weird” theme, with
$2.2 billion in new investment well
distributed between the CBD and its
suburbs. Overall, the Upper Midwest
is displaying good balance between
urban and suburban investment,
especially in places like Indianapolis
and Minneapolis. In the South-
Central states, though the suburbs
account for 87% of aggregate office
investment.
Industrial. There’s no other way
to say it: industrial investment in the
center of the country fell off a cliff in
2016. Aggregate volume dropped to
$12 billion, a shocking 45.4% decline
year-over-year. For a region ideally
positioned for the logistics of goods
distribution, such figures are more
than distressing, they threaten the
survival of many smaller businesses.
As might be expected, as overall
volume fell investors reverted to the
markets they are most familiar with
and comfortable in. In the Central
states that means first Chicago ($2.5
billion) and Dallas ($1.9 billion); these
two hubs accounted for 36.7% of
the region’s investment in industrial
property. For now, secondary cities
don’t seem to have much appeal.
Investors determined to “find yield”
are placing more capital in tertiary
markets in the North Central states,
where cap rates average 8.0%.
Retail. On a relative basis, retail
did well in this region during 2016,
hitting a total investment volume
of $18.4 billion that was just 9.7%
under the 2015 amount. Shopping
centers attracted the greater
investor interest, rather than stand-
alone stores and high-street shops.
This is in keeping with the sprawling
suburban character of many of the
region’s metro area. While Chicago
($3.9 billion) and Minneapolis ($1.0
billion) lead the North Central area,
Dallas ($1.7 billion) and Houston
($1.3 billion) dominate the southern
tier. Cap rates are relatively
high, meaning that investors
are demanding a significant risk
premium. Nevertheless, investors
are quite willing to go to tertiary
markets in search of yield, with such
markets representing 28.7% of total
purchase prices, or $5.3 billion spent
on 654 individual deals.
4. Kelly began teaching at NYU Schack, a division of the NYU School of Continuing
and Professional Studies, in 1984. He currently teaches graduate-level courses in
“Real Estate Economics & Market Analysis,” “Risk & Portfolio Management,” and
“Urban Economic Development.”
Kelly specializes in development of economic and market forecasts, portfolio
strategy, and seminars and workshops. He heads his own consulting practice,
Hugh F. Kelly Real Estate Economics, which serves national and international real
estate investment and services firms, governmental organizations, law firms, and
not-for-profit agencies. Previously, he was chief economist for Landauer Associates,
where he worked for 22 years until early 2001. Kelly also served as the president
of the board of directors of the Brooklyn Catholic Charities’ affordable housing
development corporation (2006–2012), and is an avid industry spokesman. The
author of more than 200 articles in industry journals, Kelly recently published a paper
on contemporary politics and economics, “Judgment: Imagination, Creativity, and
Delusion,” in the philosophical journal Existenz. He is widely known for his research
on 24-hour cities and commercial real estate investment performance.
A member of The Counselors of Real Estate since 1989, Kelly has served on
many of the organization’s committees, including as editor-in-chief of the group’s
esteemed peer-reviewed journal, Real Estate Issues.
Kelly earned a Ph.D. at the University of Ulster (U.K.) and a B.A. at Cathedral
College (New York).
About Economist Hugh F. Kelly, PhD, CRE