the Editors of Commercial Property Executive
Economy Watch: Beige Book Reports “Strong” Residential Growth; Homebuilders Almost Optimistic; CPI Status Quo
The latest Beige Book reported overall “strong” residential growth. Homebuilder confidence remains steady in January, following eight consecutive monthly gains. And the Consumer Price Index didn’t budge in December.
Economy Watch: Holiday Retail Sales Up Modestly; Job Openings/Quits Status Quo; Unemployment Claims Rise
Retail sales during the holidays were modest, up by 2.5 percent compared to last year. The number of U.S. job openings in November was more or less unchanged from October. And unemployment claims for the week ending Jan. 5 increased.
Economy Watch: Employment Barely Growing Enough to Keep Up; Non-Manufacturing Sector Still Rising
Employment is growing tepidly. And the non-manufacturing sector grew in December for the 36th consecutive month.
Economy Watch: Case-Shiller Home Price Indexes, Home Prices Jump
According to the latest S&P/Case-Shiller Home Price Indices, U.S. home-price recovery is a sustained one. LPS also reports a significant improvement in most housing markets.
Economy Watch: Existing Home Sales Spike; LEI Slightly Declines; No Progress on Budget Deal
According to NAR, total existing-home sales nationwide rose 5.9 percent to an annualized rate of 5.04 million units in November, compared with 4.76 million in October. The Leading Economic Index for the U.S. declined slightly compared to the previous two months. And no progress has been made on the budget deal in Congress.
Economy Watch: Homebuilders Feeling a Bit More Optimistic; For-Sale Residential Inventory Low; Fiscal Cliff Optimism
Homebuilders are still feeling more positive about their business than they have in a long time. The total U.S. for-sale inventory of single-family homes, condos, townhomes and co-ops dropped to its lowest level since 2007. And both partisan sides are said to be approaching a deal on the fiscal cliff matter.
Savanna Completes Sale of Manhattan’s 104 West 40th St. for Reported $100M
Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 104 West 40th St., a 210,000-square-foot, 20-story Class A office building located next to Bryant Park in Midtown Manhattan, to Princeton International Properties.
Economy Watch: Fiscal Cliff Deal? Holiday Travel to Peak; Empire State Survey: NY Manufacturing Down
There are rumors in Washington of a fiscal cliff deal on the table. More Americans are predicted to take road trips this holiday season, reflecting a better economy. And according to a New York state survey, New York manufacturing is receding.
PPG to Buy Leading Architectural Coatings Business for $1B
PPG Industries will double its architectural wood coatings presence in North America with the $1 billion acquisition of AkzoNobel’s North American architectural coatings business, in a deal expected to close in early second quarter 2013, subject to regulatory approvals.
Economy Watch: CPI Drops First Time in Six Months; Industrial Production, Banking Sector Improve
The U.S. Consumer Price Index declined 0.3 percent in November compared with October, first time since May has it edged down. The U.S. industrial production increased 1.1 percent in November after falling 0.7 percent in October. And the banking sector has also improved with fewer banks closing this year.