Federal Reserve Chairman Jerome Powell has indicated that interest rates will remain close to zero in the foreseeable future and said that "now is not the time" for talk of ending the Fed's asset-purchasing program.
US retail sales dipped by a seasonally adjusted 0.7% in December, according to the Commerce Department, as consumers pulled back amid a rise in COVID-19 cases. Consumers spent more on home improvement items, clothing and personal care products, and less on online purchases, groceries and bar and restaurant tabs.
The Treasury Department will not take action to restructure taxpayers' stake in Freddie Mac and Fannie Mae before the end of the Trump administration, potentially putting an end to the goal of removing the entities from government conservatorship. The Biden administration would likely be more focused on using the entities to promote housing affordability and homeownership rather than privatizing them, advisers have said.
Petco Health and Wellness Co. brought in $864 million in its initial public offering. The offering returned the retailer to the public markets, but it will continue to be controlled by CVC Capital Partners and Canada Pension Plan Investment Board.
Digital Realty is moving its headquarters from San Francisco to Austin, Texas, joining a number of other businesses that are relocating to the state. The REIT says it intends to "maintain a significant presence" in the San Francisco Bay Area.
Kimco Realty has restarted a program designed to aid tenants in accessing assistance through the Paycheck Protection Program. Tenants who use the program will be able to benefit from the services of Asset Enhancement Solutions and BlueVine.
Climate change should be a high or very high priority for Congress and the president, according to 53% of voters in a survey by the Yale Program on Climate Change Communication and the George Mason University Center for Climate Change Communication. In addition, two-thirds of respondents indicated that creating clean energy sources should be a high or very high priority.
The 2020 holiday shopping season was the "most environmentally friendly holiday season yet," according to a Prologis and MIT report that highlighted the lower carbon emissions associated with online shopping. "As more companies build out their logistics networks and add distribution centers closer to urban centers, we expect that the carbon footprint per package will drop even further," says Prologis' Melinda McLaughlin.
Alexandria Real Estate Equities will lease 40,000 square feet of space to the Massachusetts Center for Advanced Biological Innovation and Manufacturing (CABIM) at The Arsenal on the Charles in Watertown, Mass. The project could address the area's need for more biomanufacturing facilities, according to CABIM.
President-elect Joe Biden says he will ask Congress to act swiftly to provide $1.9 trillion in immediate relief to help the economy recover from the coronavirus pandemic. The package includes aid to states and cities, additional unemployment benefits, larger direct payments to Americans and a minimum wage increase.
COVID-19 is leaving its mark on the commercial real estate industry, with very different results across property sectors -- but what does 2021 hold in store? Find out in the upcoming webinar hosted by Nareit and Bloomberg Intelligence, COVID and Beyond: The 2021 REIT Market Outlook. This free webinar will be held on Thursday, Jan. 21 at 11:00 a.m. EST. Register now.
The portfolio completion strategy allowed us to "capture those newer property types, increase the liquidity of our portfolio, and reduce our overall fees in the real estate portfolio dramatically," said David Veal, chief investment officer for COAERS. Learn more.