- More Turbulence Expected for NYC’s Market in 2023 “After a less than stellar 2022 for the New York City real estate market, the new year isn’t expected to bring much relief for landlords. An economic slowdown, rising interest rates and remote work will continue to weaken office leasing and are expected to cause the value of real estate sales to drop 15.9 percent from fiscal year 2022 to fiscal year 2023, according to a report from the New York City Independent Budget Office (IBO). A 15.9 percent drop would lower the value of New York real estate sales to $101 billion.” (Commercial Observer)
- Dollar Stores Lead a Surge in New Retail Openings “Dollar stores, boosted by demand for less expensive groceries and goods in underserved rural areas, are far outpacing other retailers in opening new stores. Bricks-and-mortar shopping has rebounded strongly since the height of the pandemic, with many companies now adding new locations. Leading the pack are the two largest U.S. dollar-store chains, Dollar General Corp. and Dollar Tree Inc., which combined expect to have opened more than 1,300 net new stores by the end of the fiscal year that ends in late January, according to the companies.” (The Wall Street Journal)
- In Miami, Stephen Ross and Former Partner Jorge Perez Are Now Potential Rivals “New York City developer Stephen Ross and Miami developer Jorge Perez had a partnership for more than 40 years. Their separate companies shared almost the same name. Now that alliance—along with an arrangement to essentially stay out of each other’s home markets—has dissolved. Mr. Ross’s Related Companies and Mr. Perez’s Related Group are free to compete head on. An early test of their new relationship could be one of the most valuable pieces of land in the U.S., a waterfront parcel in downtown Miami that was recently put on the market.” (The Wall Street Journal)
- State Climate Council Picks Path to Lofty Green Economy Goals “For three years, New York has had ambitious goals to fight climate change but no plan for how to achieve them ahead of rapidly approaching deadlines. A key hearing on Monday decided on the roadmap of how to move forward. The state’s Climate Action Council, or CAC, finalized its “blueprint” for achieving the mandates of the 2019 Climate Leadership and Community Protection Act, which requires a climate-neutral economy, through massive reductions in greenhouse gas emissions and the expanded use of clean energy, by 2050 and zero-emissions electricity by 2040.” (The City)
- Meta Halts $800M Data Center Development “After announcing a combined $2.4 billion in new data center investments this year, Meta has paused construction work at its project in Temple, Texas, Construction Dive first reported. According to the news report, quoting a Meta spokesperson, construction work was halted because of design changes that need to be implemented.” (Commercial Property Executive)
- Primark Continues to Expand U.S. Store Footprint “Primark has dropped anchor in Brooklyn. The global, value-priced fashion, accessories and home goods retailer has opened a three-level store at City Point, a mixed-use development in Brooklyn, N.Y. The 49,000-sq.-ft. outpost is Primark's 16th store in the United States. The retailer, which is owned by Associated British Foods, has set a goal of 60 U.S. stores by 2026.” (Chain Store Age)
- SoCal’s Wildest Real Estate Lawsuits of 2022 “In the SoCal real estate industry, 2022 was the year that The One, Nile Niami’s “largest and grandest house ever built in the urban world,” actually found a buyer. It was also the year that a Sunset Strip billboard snagged a major hotel deal. And the year that Erewhon, home of the $25 bottle of water, allegedly failed to pay rent at its new home.” (The Real Deal)
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