- Amazon’s Grocery Store Plan Moves Ahead with Los Angeles Leases “Amazon.com Inc. is advancing a plan to open a chain of U.S. grocery stores with early outposts in Los Angeles, Chicago and Philadelphia, according to people familiar with the matter. In the Los Angeles area, it has signed more than a dozen leases, the people said. The first few stores are likely to be in the dense suburban locations of Woodland Hills and Studio City, while another grocer is slated for the city of Irvine, in nearby Orange County, a person familiar with the matter said. These stores could open as early as the end of the year.” (Wall Street Journal, subscription required)
- Real Estate Is Still the Best Investment You Can Make Today, Millionaires Say—Here’s Why “Billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. We wanted to know: Is this still true? Is investing in real estate still a good idea? According to these nine advisors at The Oracles who made millions by investing in real estate, the answer is a resounding yes.” (CNBC)
- Construction Spending Up 0.1% in August After Revised Flat Reading in July “Outlays for U.S. construction projects rose 0.1% in August at a seasonally adjusted annual rate of $1.29 trillion, the Commerce Department reported Tuesday. Economists polled by MarketWatch had expected a 0.4% gain. Activity has been weak but economists think housing may pick up as interest rates fall. Spending in July was revised down slightly to a flat reading from the prior estimate of a 0.1% gain. Residential construction rose 0.9% in August.” (MarketWatch)
- CoStar Agrees to Buy Hotel Data Firm STR “CoStar Group Inc., which has built a multibillion-dollar business out of selling commercial real estate data, is making its biggest push so far into the hotel business by agreeing to pay $450 million in cash for STR, one of the world’s largest hotel data firms, the companies said Tuesday. Founded in 1985 as Smith Travel Research, STR gathers confidential data on such metrics as revenue and occupancy from over 65,000 hotels world-wide in over 180 countries.” (Wall Street Journal, subscription required)
- These Cities Have the Highest Job and Wage Growth in America “The U.S. job market is still strong, but some cities appear to have more pep than others. The top three cities for job growth are Boston (up 8.4% year over year in September with 152,683 open jobs), Philadelphia (up 6.4% over the same period with 112,692 open jobs) and Atlanta (up 5.5% with 192,889 open jobs), according to Glassdoor’s latest job market report. That compares favorably to an overall growth of 3.5% in jobs annually, with total open jobs nearing 6 million. Pay, however, continues to rise at a rate of approximately 2.1% annually.” (MarketWatch)
Five Must Reads for the CRE Industry Today (October 1, 2019)
Amazon starts to sign leases for its new grocery store chain, reports the Wall Street Journal. CNBC looks at why real estate is still the best investment in today’s market. These are among today’s must reads from around the commercial real estate industry.