March Personal Income and Outlays: +21.1% M/M us. +20.3% consensus and -7.0% prior. Consumer spending: +4.2% M/M vs. +4.0% consensus and -1.0% prior. PCE Price Index +0.5% M/M vs. +0.4% consensus and +0.2% prior.
The Moody’s report comes on the heels of good general economic news. During the first quarter of 2021, the economy grew at an annualized rate of 6.4%, driven by consumer spending, government stimulus, residential investments and other factors.
The Trepp CMBS delinquency rate continued to decline in March following an impressive decline in February. After two huge jumps in May and June 2020, the rate has now declined for nine consecutive months. The Trepp CMBS Delinquency Rate in March was 6.6 percent, a drop of 22 basis points from the February number.
Amazon continues to dominate U.S. e-commerce sales, far outdistancing its closest competitor, Walmart. Amazon’s U.S. e-commerce sales will increase by 15.3% this year to $367.19 billion, after surging 44.1% during 2020. The online giant has a hard hold on two categories where it receives the majority of U.S. e-commerce sales.
Commercial property prices were little changed in the first quarter of 2021, according to the CoStar commercial repeat sales index. The flattening out of overall index, however, masks divergent trends among different sectors of the overall commercial real estate market.
Convenience store giant 7-Eleven says it will open 150 quick-service restaurants this year attached to its convenience stores. The new restaurants will be patterned after eight Evolution Store locations the company has already opened.
Realty Income Corp. said April 29 that it has agreed to acquire VEREIT, Inc. in an all-stock transaction, creating a combined company with an enterprise value of approximately $50 billion. In addition, the two REITs plan to spin-off 97 office properties into a new, self-managed, publicly traded REIT.