Market Insight
National Snapshot
Retail Sales; Monthly % Change
Tuesday, March 16, 2010
Retail sales surprised on the upside last month despite severe weather in many parts of the U.S. The Census Bureau reported that total retail sales increased by a seasonally adjusted 0.3 percent while core sales, which exclude autos and gas, jumped by 0.9 percent. Over the past 12 months, total and core sales rose by 3.9 and 2.0 percent, respectively. Electronics and appliance stores, miscellaneous retailers, grocery stores and sporting goods and hobby stores all posted strong growth. Even sales at building supply stores and restaurants increased, which is rare during periods of severe weather. This raises the possibility that these data could be revised lower next month, as the January numbers were. Nevertheless, the report suggests that consumer spending could be on firmer footing than previously believed due to a combination of pent-up demand from months of economizing and the rapid run-up in equity prices over the past year. The headwinds are still in place – high unemployment, a housing market that has yet to stabilize, and the need for consumers to save and pay down debt. Overall, the sales increase is good news for retailers, shopping center landlords and the broader economy, but consumers are not yet in a position to lead the economy into a stronger growth cycle.
Source: Census Bureau, Grubb & Ellis
Financial Update
Research Reports
2010 CRE Forecast
Wednesday, January 06, 2010
The Great Recession, the worst downturn since the Great Depression, most likely passed into history last fall.
2010 Investment Forecast
Wednesday, January 06, 2010
Outstanding commercial real estate loans at commercial banks fell by more than 4 percent during 2009, and new issuance of commercial mortgage-backed securities was nonexistent until late in the year.
2010 Office Forecast
Monday, January 04, 2010
For tenants seeking office space, 2009 was the best time in years to lock in a long-term lease at a low rental rate, and the deals only got better as the year progressed.
2010 Retail Forecast
Sunday, January 03, 2010
Retail sales appear to have bottomed out and even increased slightly late in 2009, but they are unlikely to bounce back quickly.
2010 Industrial Forecast
Saturday, January 02, 2010
The vacancy rate, which began increasing in the fourth quarter of 2007, rose steadily through 2008 and 2009, ending the year at 10.7 percent.
HBIRA Blog
Featured Real Estate
-
700 Centre
163,717 SF office building 65% leased Tremendous value add opportunity
-
Manufacturing/Distribution Bldg
375,811 SF 8% Cap Rate Easily Accessible
-
Emporia Shopping Center
83,807 SF $224,762 existing NOI 85% leased
-
Southpoint Verizon Center
Price Reduced - 8.3% Cap Rate 8,740 SF Fully leased Great location next to heavily trafficked lig