Each week, JLL Atlanta presents a roundup of noteworthy commercial real estate stories from a variety of industry publications. Here are five stories that caught our eye recently.
Consumer Confidence Soars, Retail Spending Follows by Jennifer Duell Popovec of NREI.
“This acceleration in spending has coincided with rising consumer confidence. [Kenneth] McCarthy says consumers are much more optimistic today about the current situation than the future. ‘Basically, the attitude can be summed up as “I am a little worried about where things are going, but I am doing fine”,’ he explains.”
Economy Watch: The Pluses, Minuses of Market Turmoil on Real Estateby Dees Stribling of Commercial Property Executive.
“On the other hand, the decline in the stock market might inspire a “wealth effect” impact on the housing market, especially at the top of the market. In the case of residential real estate, the wealth effect refers to the larger and more expensive properties that upper-income people tend to purchase more of when their other investments are doing well. It’s been one of the driving factors in the expansion of upper-end housing market since the end of the recession, which has generally done better than other residential market segments.”
Why CEOs, Boards, And Investors Value Real Estate Technology by Pauline Nee for Honest Buildings.
“In business it can be easy to put off incorporating tools designed to improve productivity and efficiency when the status quo may be seen as “good enough.” Granted, there’s effort involved in evaluating, selecting, and implementing enterprise technology software, but moving forward it creates significantly more value and better supports the functions that make your business run.”
Why All the Old Malls Are Turning Into Town Centers by Caroline Cunningham of the Washingtonian.
“The logic of redevelopment makes sense—if good location and demographics are a given and mall traffic is down for reasons that a new dining plaza can correct, then making some aesthetic changes is by far the cheaper and easier option.
‘If you bought a house 40 years ago and never changed the paint or the furniture, people would come in and think it would look really dated,’ says Greg Ferrante, senior vice president at JLL. Ferrante, who serves as the director of real estate within the Corporate Retail Solutions group at JLL, explains that retail is more experiential now, and that malls that create an experience for their users will have more return customers.”
Why Multifamily Sales Prices Will Continue To Surge by Kathleen Wong for Bisnow.
“That aside, with Millennials coming to market, an influx of young people will drive big change in the cities over the next 15 years, Passco Cos’ Gary Goodman predicts. ‘As urbanization continues, properties situated in close proximity to transit will become king.’”