- What Baby Boomers Want, Seniors Housing Delivers “The pandemic crushed the senior housing market, cutting occupancy rates and stalling construction. Now, as the market begins an uneven rebound, developers are adapting to the coming wave of aging baby boomers with a new crop of living developments. Specialized housing for older Americans has been around for decades. But shifting demographics are forcing the industry to diversify more rapidly across rates and services, yielding increasingly lavish residences for upper-income Americans as well as a growing number of affordable housing models.” (The New York Times)
- Office Developers Flock to Miami Beach, Creating a New Skyline by the Ocean “Miami Beach, long the waterfront playground for those who work in Miami proper, is emerging as a thriving business center in its own right. An influx of executives, investors and companies moved their residences and firms to Miami Beach shortly before or during the pandemic for the lifestyle and lower taxes. The newcomers who are seeking and building office space include former Google Chief Executive Eric Schmidt, Starwood Capital Group CEO Barry Sternlicht and Wayne Boich, the CEO of Boich Cos. a family office.” (The Wall Street Journal)
- Yellen Says the U.S. and its Allies Should Use ‘Friend-Shoring’ to Give Supply Chains a Boost “In a speech made at South Korean conglomerate LG’s Science Park in Seoul on Tuesday, Yellen drummed up support from allies of the U.S. to work together in carving up more resilient supply chains among trusted partners through ‘friend-shoring.’ The term draws on the concepts of ‘onshoring’ and ‘nearshoring,’ which refer to the transferring of supply chains back home or closer to home, as opposed to having them in foreign countries. ‘Friend-shoring’ goes beyond that but limits supply chain networks to allies and friendly countries.” (CNBC)
- Top 10 Issues for CRE Executives “The three most pressing areas of concern for the commercial real estate industry this year and going into 2023 are the effects of inflation and interest rates, geopolitical uncertainty and the impact of hybrid work, respectively, according to the latest annual Top Ten Issues Affecting Real Estate report from The Counselors of Real Estate.” (Commercial Property Executive)
- Retail Sales Increase in June Amid Rising Inflation “Consumers remained resilient in June as inflation climbed higher and drove up prices across the board. Retail sales increased 0.6% in June from May and were up 5.8% year over year, according to the National Retail Federation, whose calculation excludes automobile dealers, gasoline stations. In May, sales were down 0.3% month over month and up 6.3% year over year.” (Chain Store Age)
- Amazon Pauses Work on Six Office Towers Amid Hybrid Work Demand “Amazon, which in recent weeks delayed the opening of several newly built warehouses for up to two years, now says it’s pausing construction on five office towers in Bellevue, WA and another in Nashville in order to re-evaluate its office needs in both of those locations. The e-commerce giant announced it has adopted a hybrid work strategy for corporate and tech positions and says it needs the construction pause on the office-tower projects to determine whether to revise office floor plans before the new buildings are completed.” (GlobeSt.com)
- Signature Bank to Rein in Real Estate Lending as Deposits Falter “Major multifamily lender Signature Bank reported record earnings in the second quarter, but said it will roll back in its commercial real estate lending in the coming months. The primary culprits: rising interest rates and plunging crypto markets. At $339.2 million or $5.26 per share, Signature’s earnings jumped 58 percent from the same period last year as revenue surged 43 percent to $686.8 billion. But those figures masked underlying headwinds.” (The Real Deal)
- Kroger Store Expands Offerings with ‘Virtual Food Court’ “The Kroger Co. continues to expand its fledgling ghost kitchen initiative. The company has opened a ‘virtual food court’ featuring items from local and national restaurant brands in partnership with ghost kitchen startup Kitchen United MIX in the Kroger store on East Mockingbird Lane in Dallas. Customers can place orders in-store at digital kiosks, online at KitchenUnited.com, or through the Kitchen United MIX app.” (Chain Store Age)
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