Nicholas Ziegler
Economy Watch: Employment Disappoints in a Big Way; Income, Consumption Rise in April
Only 69,000 jobs were added to the U.S. economy in May and the unemployment rate rose to 8.2 percent. Public-sector jobs are in a long-term decline, thanks to shrinking tax revenues, affecting state and local governments more harshly than the federal sector. But real personal income rose slightly in May, gaining 0.2 percent.
Dees Stribling’s Economy Watch Weekly: May Indicators Down
With investors and employers nervous, May wasn’t a good month for the economy. CPE‘s economic analyst, Dees Stribling, gives his podcast for the week ending June 1, 2012.
Hull Storey Gibson Picks Up 434 KSF Retail Mall in Virginia
With an eye toward expanding its presence in the South, Hull Storey Gibson Cos. has just purchased Liberty Fair Mall in Martinsville, Va. The transaction adds 434,300 square feet to the retail property owner’s portfolio.
HFF Closes Sale of $96M CRE Loan Portfolio
Acting on behalf of a major life insurance company, HFF has wrapped up the disposition of a portfolio of 28 sub- and non-performing commercial loans valued at $96.2 million. A distressed debt fund acquired 25 of the loans, while the remaining three were sold to separate owners.
International Law Firm Signs as Anchor Tenant for $950M CityCenterDC Project
International law firm Covington & Burling L.L.P.’s search for its new global headquarters in Washington, D.C., has ended with it agreeing to become the anchor office tenant in the $950 million CityCenterDC mixed-use project, signing a letter of intent to occupy approximately 420,000 square feet of space.
SL Green Spends $135M on 215 KSF Midtown South Mixed-Use Building
SL Green has picked up 304 Park Ave. S., a 215,000-square-foot mixed-use office and retail building, from a partnership headed by David Berley, chairman of Walter & Samuels, for $135 million, or $628 per square foot.
Economy Watch: Job Growth, Stocks Fared Poorly in May; GDP Weaker than Thought
The U.S. economy added only 69,000 jobs in May, which wasn’t enough to keep up with population growth. And the GDP only reached an annualized growth of 1.9 percent in the first quarter, not even the 2.2 percent previously estimated. Stocks, too, took a tumble: The major indices fell about 6 percent last month.
NAIOP: CRE Construction, Development Added $262B to GDP in 2011
The U.S. economy looks to be weathering the economic storm quite well as 2012 roars into its second quarter. A new report by NAIOP, the Commercial Real Estate Development Association, found that commercial real estate development contributed $261.6 billion to the U.S. GDP in 2011, including $137.8 billion in hard-cost construction spending as well as $123.8 billion in soft costs, site development and tenant improvements. The full extent of that $261.6 billion, however, will be felt through both direct spending and the “cumulative economic benefits resulting from the re-spending of these outlays (the multiplier effect),” the report noted. The report…
CBRE: Americas Takes Top Spot for Global Investments
According to a report by CBRE Group Inc., the Americas was the world’s best-performing region for real estate investment value, according to the Q1 2012 CBRE Capital Value Index. The result shifted the focus from the Asia-Pacific region, which led the world during most of 2011. Noting that the Americas saw a year-over-year gain of 9.6 percent in the first quarter of 2012, Raymond Torto, CBRE’s global chief economist, said that “there has been a marked increase in investor interest in the Americas’ prime properties over the last year. Last year at this time, the Americas was showing respectable gains,…
Shorenstein Purchases Boston’s 461 KSF Seaport Center Office Complex
In an example of a repositioned property in a transitioning neighborhood doing extremely well, Boston’s Seaport Center will see new ownership after being purchased by Shorenstein Properties for $115 million.
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