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Palomar Press Briefing | August 11, 2021



 INDUSTRY NEWS

August 11, 2021

 

NATIONAL RETAIL LANDLORD ON TRACK TO SURPASS PRE-PANDEMIC LEASING RECORDS AMID INDUSTRY RESURGENCE

One of the nation’s most prominent retail landlords says returning retailers and customers are making its properties even stronger than they were before the pandemic. Macerich said foot traffic, leasing, occupancy and sales activity across its national retail portfolio surged.

A MEGAREGION FUELED BY INDUSTRIAL DEVELOPMENT IS EMERGING IN THE SOUTHEAST

The Interstate 85 Corridor that stretches from Atlanta to the North Carolina-Virginia border is one of the fastest-growing parts of the country. The region is home to a handful of booming metropolitan areas and is a major manufacturing and distribution hub.

REIT STOCKS ROSE FOR THE FIFTH STRAIGHT WEEK

REITs rose last week for the fifth week in a row, according to the FTSE Nareit All Equity REITs Index, which had a total return of 0.4% in the week ended Aug. 6. This is the longest winning streak since the six consecutive weekly gains from March 26 through April 3. Total returns for the year-to-date increased to 27.2%.

LUMBER PRICES FALL TO 2018 LEVELS

The lumber bubble has burst. After lumber set an all-time price record of $1,515 per thousand board feet in May, the “cash” market price dropped to $472 per thousand board feet in the first week of August, according to data from trade publication Fastmarkets Random Lengths reported by Fortune.

PAYROLLS INCREASE 943,000 IN JULY AS UNEMPLOYMENT RATE SLIDES TO 5.4%

Hiring rose in July at its fastest pace in nearly a year despite fears over Covid-19’s delta variant and as companies struggled with a tight labor supply, the Labor Department reported Friday. Nonfarm payrolls increased by 943,000 for the month while the unemployment rate dropped to 5.4%.

COMMERCIAL REAL ESTATE PRICES HAVE SURPASSED PRE-COVID LEVELS

U.S.commercial real estate property values overall have surpassed their pre-pandemic rates. Green Street’s commercial property price index, which is determined by the net asset values of properties owned by real estate investment trusts, hit 137 last month.

HOME PRICES SURGED 17 PERCENT IN MAY, FASTEST RATE SINCE 2004

Prices for US homes rose faster in May than they have in 17 years as surging demand for housing outstripped the supply. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, soared 17 percent in May from a year earlier on top of a 15 percent jump in April.

WALMART GIVING WEEKLY BONUSES TO WAREHOUSE WORKERS

Walmart Inc. is providing a new incentive to keep workers on the job at its warehouses and fulfillment centers amid a tight labor market and as it ramps up for the holiday season. The nation’s largest private employer is giving weekly bonuses to workers at its U.S warehouses.

 

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