- U.S. Property Price Growth Breaks Records as Demand Swells “The headline rate of U.S. property price growth climbed to the fastest annual rate in the history of the RCA CPPI in October amid intense investor demand for commercial real estate. The RCA CPPI National All-Property Index rose 15.9% from a year ago and 1.7% from September, the latest RCA CPPI: US report shows. For the year through October, investors acquired $523.8 billion of commercial property assets, a 70% increase on the same period in 2021, as shown in the US Capital Trends report, also released this week.” (Real Capital Analytics)
- CVS Will Close 900 Stores Over Three Years, Create New Formats “CVS Health Corp. said it will close 300 stores a year over the next three years and take a charge of as much as $1.2 billion, part of a plan to decrease its store density in some areas. As part of a strategic review, the pharmacy chain will create three new store formats designed to increase interaction with customers, CVS said in a statement. Part of the goal is to balance the types of stores needed in different locations, including ones that offer primary-care services.” (Bloomberg)
- Macy’s Plans to Announce 10 More Store Closures in January While Delaying Other Closures “Macy’s said Thursday it is reconsidering when it will close the roughly 60 remaining open stores out of a batch of 125 that were on track to go dark by 2023. However, it said it plans to announce another 10 closures in January, and it will provide additional details about those locations in the near future.” (CNBC)
- Hostility Toward Private Equity’s Push into Property Is Misguided “Private-equity firms, insurance companies, pension funds and other institutional investors that have snapped up residential property during the pandemic are becoming the butt of resentment in rich countries. As their share of the residential-property market has grown, so has the backlash. Some blame big landlords for soaring rents. Others accuse them of exploiting crisis for profit. Policymakers have been fast to respond). The White House wants to restrict the types of properties that large investors are allowed to buy.” (The Economist)
- CRE Brokers Feel ‘More Hope in the Air’ as New Challenges Set In “Brokers have a sense of cautious optimism, even as labor crisis and slower deal-making affects their business.” (Bisnow)
- Hochul Urges Manhattan Workers to Return to Office After New Year’s “Hochul called for companies to require employees to return to their offices after New Year’s as her administration deems it finally safe to come back for at least most of the week, despite a recent rise in COVID-19 infection rates. The governor made the request as one on a list of priorities she laid out during The Association for a Better New York (ABNY) breakfast Thursday morning.” (Commercial Observer)
- Why the Legal Cannabis Industry Is High on the American South “The nation’s largest cannabis companies see a bright future in Virginia, West Virginia and Georgia.” (Forbes)
- ‘So Much Ugliness’ as Upper East Siders Battle 16-Store Tower “In New York City, when someone wants to build something, there’s almost always a fight — over luxury high rises in Queens, a homeless shelter in Midtown Manhattan and even a dog run on the Upper West Side. But rarely has there been a battle as vicious as the one unfolding in one of New York’s wealthiest neighborhoods — the Upper East Side. At issue: the New York Blood Center, one of the country’s largest independent blood suppliers, which is seeking city approval to replace its three-story brick headquarters in the Manhattan neighborhood with a 16-story glass tower in partnership with a Boston developer.” (The New York Times)
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