New demand for office space surged in March, up 20% from February and 8.2% year-over-year nationally, VTS reported. This comes after five months of stagnation in the VTS Office Demand Index due to compounding COVID-19 variants and remote work. Despite underperforming in February, office space demand is now two-thirds of its pre-pandemic average, up from just half …
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Downtown Chicago recovery is off to a strong start for 2022 with office occupancy and pedestrian counts rebounding from a holiday lull and hotel occupancy seeing record recovery rates compared to December, the Chicago Loop Alliance reported. In January, the Loop saw lighter activity due to the Omicron surge and extreme weather. Still, none of …
The year that just ended was dominated by a new variant of COVID-19, and the surge in the Omicron strain meant a delay to return to office plans, dampened consumer activity and fed global supply chain woes, writes Kevin Thorpe, Cushman & Wakefield chief economist. “However, just weeks into 2022, we have reasons to be cautiously optimistic, which bodes well for …
California’s labor market continued to expand at a steady pace in December, with total nonfarm employment in the state growing by 50,700 positions, according to Beacon Economics. The state’s growth accounted for slightly more than one-quarter of the nation’s overall job gains. California’s job growth from November was also revised up to 52,200 in the …
As local businesses reopen and the state continues to rebound from the effects of the pandemic, the Omicron or other variants may hinder a more robust recovery. Yet, there is strong optimism that current demographics and consumer spending will drive the Portland economy forward within the next 12 to 24 months, according to Kidder Mathews’ …
In a case of two or three steps forward and one step back, the surge of the Omicron variant has impeded the recovery of brick-and-mortar retail. Prior to the latest surge, foot traffic was returning to both shopping centers and downtowns, and brands were planning “ambitious new store openings across the country,” Danny Parisi wrote in Glossy earlier this week. More recently, though, stores have either …
The Omicron variant surge put a damper on shopping traffic for this year’s Super Saturday—i.e. the last Saturday before Christmas—according to data released Tuesday by Placer.ai. Foot traffic on Dec. 18 was up 35.3% year-over-year at indoor malls and 18.3% at outdoor centers, but the Y-O-Y gains were considerably smaller compared to the same metrics for Black Friday. Foot traffic was also down …
Last week, the World Health Organization classified a new SARS-CoV-2 variant, the B.1.1.529 as a variant of concern and classified it the Omicron variant. To date, this variant is regarded as the most heavily mutated variant of the SARS-CoV-2 virus, exhibiting more than 10 mutations in the Spike protein, compared with two mutations in the Delta variant, which are …
Vantage Data Centers plans to build a 432,800-square-foot data center for $276.9 million. The new data center will consist of two stories with a total of 96 megawatts of capacity. Construction is expected to start in October and be completed by August 2027. The San Antonio Business Journal reports the TX12 project, to be located at 17420 Omicron …
For the retail sector, 2022 ended up as a challenging year despite a strong showing by many players, Placer.ai reports. The current year began well compared to the Omicron-plagued early weeks of 2002, then faltered as spring began, only to rally in June as foot traffic turned positive on a year-over-year basis. “Could we be …
After a strong start to the year – especially by comparison to an Omicron-impacted 2022 – retail traffic slowed somewhat as consumers continued adjusting their spending habits to inflationary prices, Placer.ai reported. Nonetheless, some retail sectors continued to make an impressive showing as the first quarter of 2023 progressed. “Overall retail visits fell 4.2% year-over-year, and some …
Mall numbers for February 2023 were anticipated to build on January 2023’s strong showing. But according to Placer.ai’s Mall Index Report for February, this didn’t happen. Indoor mall visits fell by 6% year over year, while visits to outdoor malls dropped by 6.7%. Open-air lifestyle centers fared a little better, with visits falling by 2%. …
CBRE is raising its forecast for hotel performance in the Phoenix metro and nationally on the heels of industry gains in Q4 2022 and the expectation of slightly positive GDP growth in 2023. In Phoenix, revenue per available room (RevPAR) in 2023 is expected to increase to $122.30, up 8.5% year-over-year and an increase of $2.45 …
2022’s first half took brick-and-mortar retail, and the economy at large, on “a wild ride,” says Placer.ai, with challenges ranging from the spread of the Omicron variant to high gas prices. However, the intelligence firm says in a new white paper, “Looking back on foot traffic trends over the past six months indicates that many …
The U.S. apartment sector isn’t showing any signs of slowing down. According to Yardi Matrix’s April 2022 “National Multifamily Report,” year-over-year rent growth continues to climb, while occupancy remains in the “full” category at above 96%. Related news: Read more Yardi Matrix report coverage. The report stated that asking rent increased by $15 in April …
(Updated with additional information) Chicago hosted 30.7 million domestic and international visitors in 2021, an 86% increase over 2020, Choose Chicago announced Wednesday. The strong recovery came despite Chicago only achieving Phase 5 reopening in mid-June 2021, the international travel ban remaining in place until mid-November, and the country enduring the Delta and Omicron surges. …
One month into Q2 2022, it seems as though the U.S. apartment sector isn’t showing any signs of slowing down. According to Yardi Matrix’s April 2022 “National Multifamily Report,” year-over-year rent growth continues to climb, while occupancy remains in the “full” category at above 96%. The report said that asking rent increased by $15 in …
When Walker & Dunlop in-house panelists previously appeared on the Walker Webcast, they were asked by CEO Willy Walker where they might put $100 million if they had it to spend. Ivy Zelman, CEO of Walker & Dunlop’s Zelman & Associates indicated that her funds would be directed to flip and fixing aging housing stock. …
CBRE has released first-quarter office leasing figures for Manhattan, which CBRE said saw leasing activity climb by nearly 100% year-over-year. Manhattan overall saw 5.68 million square feet of leasing activity, up 96% from Q1 2021. Leasing was slow in January and February due to the Omicron surge, but tenants returned to the market in force …
The city’s economy is gaining momentum as tourism, transit ridership and employment have rebounded after stagnating during the spread of the omicron variant, the Partnership for New York City reported. City sales tax collections through January exceeded expectations by $1.6 billion. Among highlights cited in the Partnership’s latest research study: 7% unemployment rate in February, …