Commercial Real Estate & Business News – January 15, 2018

If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward. – Dr. Martin Luther King, Jr.


U.S. retail and food service sales gained 0.4 percent compared with November and were up 5.4 percent compared with a year ago, the Census Bureau reported Jan. 12. The bureau adjusts for seasonal variation and holidays, but not price changes, so the gain is more than the fact that shoppers always buy more in December than in other months; it’s a solid gain, especially since inflation is a minor factor in most retail categories…»

Online bulk-order wholesaler Boxed has received acquisition interest from grocery giant Kroger and several other major retailers, according to people with knowledge of the situation, with offers already in or expected to arrive next week for the New York-based startup…»
“The announcement by Walmart to close 63 Sams Club stores is evidence of the continuing evolution of the retail segment,” Mark Stapp, an economist and real estate expert at the W. P. Carey School of Business at Arizona State University, said. “Last year, according to Fung Global Retail and Technology store closures report, there were 6,955 announced store closings in the US and year to date there is 1,509 announced store closings”…»


In December, the number of construction projects at metro Phoenix hotels was up 25 percent, according to data released Friday by STR, a company that tracks supply and demand data for the hotel industry. There were 7,006 rooms in construction across 50 different hotels last month compared to the 5,308 rooms over 40 hotels in December 2016. That is a 32 percent increase in rooms under construction…»

Almost a quarter of property sales in the United States were for above the original asking price last year with homes selling on average for $7,000 more than listed, new research shows. Some 24.1% of homes sold above the asking price in 2017, up from 17.8% in 2015 as a combination of strong demand and limited supply pushed up the amount buyers have been prepared to pay, according to the market report from real estate firm Zillow…»