Competition for warehouse space that is located close to major US ports is getting tighter amid the growth of e-commerce and heavy stream of imports arriving in the country. CBRE reports that rents for industrial space climbed 33.3% in northern New Jersey and 24.1% in the Inland Empire on a year-over-year basis in the first quarter.
Kimco Realty CEO Conor Flynn noted that "traffic is back to 2019 levels." The REIT, which has 400 US shopping centers, raised its full-year guidance for earnings and funds from operations, citing a faster rebound than originally expected.
Download the 2021 REIT Industry ESG Report As investors and the public are increasingly focused on corporate responsibility, REITs have continued to advance their ESG initiatives by integrating ESG issues into corporate strategies, addressing climate change risks, prioritizing social impacts and DEI, and more. Read the report.
Real GDP rose at a 6.5% annual rate in the second quarter of 2021. The details of the GDP report have several positive implications for the outlook for commercial real estate markets and REITs, says Nareit economist Calvin Schnure.
With the Delta variant surging and infection rates rising, companies such as Google, Lyft, Apple and Uber are delaying their return to the office. This latest development with the pandemic is also shifting plans among employees about where they will continue to live and whether their children will be attending school this fall.
Hudson Pacific Properties and Blackstone will develop a 240,000-square-foot studio in the Los Angeles area at a cost of between $170 million and $190 million. The developers indicated the project would be the area's first large-scale, purpose-built studio project in decades.
Digital Realty Trust has unveiled plans to build a facility with a capacity of up to 64 megawatts in Seoul. The project is expected to be fully operational in the first half of 2023 and will include 970,000 square feet.
Wegmans outlined plans to open its first Manhattan location in an 82,000-square-foot former Kmart store located at Astor Place. The grocer has entered a 30-year lease at the Vornado Realty Trust property at 770 Broadway.
All of the apartment firms surveyed by the National Multifamily Housing Council are offering payment plans for residents dealing with financial hardships. Large numbers of firms are also supporting renters by waiving fees, offering deferred payments and adjusting lease terms.
The Biden administration is asking Congress to extend the eviction moratorium at a time when the coronavirus' Delta variant is spreading. A recent Supreme Court ruling means that the administration will not be able to extend the moratorium without Congressional approval, according to a statement.
Having outgrown the "socially responsible investing" tag, environmental, social and governance concerns have risen in importance to corporate compliance departments, experts say. As questions arise about which department should be responsible, "[f]irms must ... accept that there needs to be coordination and a tearing down of silos throughout organizations," writes Todd Ehret.
Nareit recently released its third-annual REIT Industry ESG Report, highlighting the progress REITs and the publicly traded real estate industry have made in implementing and reporting on environmental, social, and governance (ESG) initiatives. Read the report.
The study, Private Equity Real Estate Fund Performance: A Comparison to Listed REITs and Open-end Core Funds, uses a unique data set comprising 375 US and 255 international PERE closed end funds with vintages from 2000 to 2014. This new research compares the returns of individual private funds with either US or international investments against either US or international equity REIT indexes over each private fund's investment horizon. This "horse race" approach allows the authors to measure the head-to-head performance of PERE funds versus REITs. Learn more.