- How Bed Bath & Beyond Avoided Bankruptcy “Working with Hudson Bay’s co-founder, Yoav Roth, and others at the fund, Mr. Antonopoulos determined Bed Bath & Beyond’s shares could be an attractive investment—as long as the fund could get a guaranteed below-market price, according to people close to the matter.” (The Wall Street Journal)
- Google reassesses timeline for Downtown West megaproject in San Jose “Google — after laying off 1,600 workers across the Bay Area and announcing a $500 million cost to exit offices worldwide — is reassessing the timeline for its Downtown West village in San Jose. The Mountain View-based search engine, which this month said it would forge ahead on its mega transit village near Diridon Station, now says it only remains committed to the project, the San Jose Mercury News reported.” (The Real Deal)
- E-Grocery Sales Down, But Pandemic Gains Stay Sticky “Compared to the previous January, ship-to-home sales were down 15% to $1.3 billion, with store pickup increasing nearly 3% to $4.1 billion. Home delivery, i.e., orders fulfilled from a local grocery retailer vs. a big-box fulfillment center, most often by a third-party service, was up less than 1% to $3 billion.” (Multichannel Merchant)
- US Port Activity Reaches Peak: Savills “2022 was very likely the peak for U.S. ports, too, according to the Savills 2023 Ports Report. Although activity fell late in the year, container volume at the nine busiest U.S. ports hit a record 49.9 million TEUs for the year, or 16.8 percent above 2019.” (Commercial Property Executive)
- Seven CRE Associations Establish Consortium for Companies to Buy From Diverse Suppliers “Minority- and women-owned businesses serving the commercial real estate industry’s supply chain are gaining more prospects and engagement with commercial real estate operators with this week’s launch of the Commercial Real Estate Diverse Supplier (CREDS) Consortium.” (GlobeSt.com)
- A Path For Private Real Estate “As the disconnect between public and private markets shakes out over the coming months, we believe there will be ample opportunity for long-term investors to buy quality assets at attractive prices.” (Seeking Alpha)
- Generation Rent — Renting as a Choice? “I lease a car by choice, as I have come to enjoy all-inclusive maintenance and the latest tech upgrades every three years. I have a friend who has actually abandoned owning a car entirely and is relying on Zipcar, Turo and Getaround when she needs a vehicle for an hour or a day.” (Commercial Observer)
- Aggressive New York Housing Plan Borrows Ideas From Other States “Ms. Hochul’s ambitious new housing plan, which proposes to loosen restrictions on development from coastal Long Island suburbs to the capital region to New York City, is less a homegrown innovation and more a combination of strategies collected and refined from across the United States.” (The New York Times)
- New Data Shows Where Rent-Stabilized Apartments Might Be Disappearing “The nonprofit group JustFix shared with THE CITY records of 44,470 buildings that reported rent-stabilized units on their property tax bills in the last few years. The city Department of Finance says it gets that information directly from the state Division of Housing and Community Renewal (HCR), which requires property owners to annually certify the number of rent-regulated apartments in their properties.” (The City)
- U.S. Retail Sales Rebounded Sharply in January “Job growth surged at the start of the year. Employers added more than half a million jobs in January and the unemployment rate reached a 53-year low, the Labor Department said earlier this month. Manufacturing output increased 1% in January after dropping in the final two months of the year, the Federal Reserve said Wednesday. High inflation also cooled slightly in January.” (The Wall Street Journal)
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