Among the sustainable features that retail property owners are paying greater attention to today are recycling and environmentally-friendly ways to dispose of landfill waste. Innovative practices for waste management have evolved tremendously in the past five years and include strategies for converting waste into fuel.
Industry insiders say that with the center’s enormous sales potential, Westfield should make a tidy profit. The purchase may also indicate the kinds of assets the company will go after in the future, now that it’s planning to split its Australian and U.S. holdings.
As sustainable building becomes a mainstream movement in the U.S., retail center owners are finally joining the herd. From energy-efficient lighting fixtures to water conservation features to solar roof panels, mall and shopping center owners have been instituting sustainable features into their properties.
As job growth in the energy and technology sectors continues to outpace new employment opportunities in the traditional strongholds of finance and legal services, the ranking of major U.S. population centers is beginning to shift.
Overall retail investment sales during the quarter totaled $19.2 billion—an increase of a whopping 104 percent from the third quarter of 2012, according to data provided by Real Capital Analytics (RCA), a New York City-based research firm.
A recent study by global consulting firm A.T. Kearney found that in spite of the prevalence of omnichannel retailing, the bulk of U.S. consumers’ time is still spent shopping in brick-and-mortar stores.
For the eighth quarter in a row, retail vacancies barely moved between July and October 2013, signaling some lingering weakness in the sector, according to third quarter reports from multiple industry sources.