- U.S. Consumer Confidence Tumbles in December “U.S. consumer confidence tumbled this month as Americans began to worry that economic growth will moderate next year. But consumer spirits are still high by historic standards. The Conference Board, a business research group, said Thursday that its consumer confidence index fell to 128.1 in December, down from 136.4 in November and lowest since July. The index measures consumers’ assessment of current economic conditions and their outlook for the next six months. Both fell in December. Consumers’ expectations for the future dropped to the lowest level since November 2016.” (Associated Press)
- City Nears Deal to Sell Stake in Two Public Housing Complexes “New York City is closing on the sale of a stake in two public-housing complexes in the Bronx to private developers as the de Blasio administration ramps up private-sector involvement in the city’s rapidly deteriorating public-housing stock. A joint venture between L+M Development Partners, Camber Property Group and MBD Community Housing Corp. is set to buy a 50% stake in 722 units of public housing in the New York City Housing Authority’s Baychester and Murphy houses.” (Wall Street Journal, subscription required)
- D-FW Commercial Building Starts Jumped in November “Commercial building starts bounced back in November in Dallas-Fort Worth. Nonresidential construction activity in North Texas was up 35 percent from November 2017 levels, according to a new report from Dodge Data & Analytics. The increase in November commercial building wasn't enough to make up for big declines earlier this year.” (Dallas Morning News)
- The State of Real Estate Heading into 2019 “Investors should read into real estate as recently released numbers mark a mixed picture of the housing market. The National Association of Realtors quietly released its November existing home sales report ahead of the Fed raising interest rates. The agency reported that existing home sales -- completed transactions for single-family homes, town homes, condominiums and co-ops - increased 1.9% in November to a seasonally adjusted annual rate of 5.32 million. The November reading was above expectations of an decrease to a 5.2 million unit adjusted sales rate, but are down 7.0% from the same time last year.” (The Street)
- Austin’s Tighter Race for Space “As one of the fastest-growing metros in the country, Austin draws in technology companies and startups with its favorable tax environment, educated workforce and high quality of life. However, there’s more to Austin’s rapid job growth than its booming tech industry, as hospitality, trade and construction are also expanding rapidly. The market added 11,400 office-using jobs year-over-year through August, up 4.3 percent. The most significant growth came from professional and business services (9,900, up 5.6 percent). Information and financial services added a combined 1,500 new jobs.” (Commercial Property Executive)
- Fretful Over Incoming Tariffs, Retailers Are Ordering ‘Unprecedented Volumes’ to West Coast Warehouses “America's West Coast ports ‘are experiencing extreme congestion’ this month, according to a report by third-party logistics firm MIQ Logistics. There's a dearth of chassis, which are the vehicles that move shipping containers around. Huge amounts of freight have hit the Ports of Los Angeles and Long Beach in particular. Around half of the shipments to those each of those ports are from China. The volumes have reached an ‘unprecented’ level. "Warehouses across the region have all but reached capacity," according to MIQ.” (Business Insider)
- What the CRE Workforce Will Look Like in 2019 “FPL forecasts a positive outlook for commercial real estate salaries, bonuses and workforce growth forecasted for 2019. For its annual “Real Estate Compensation Pulse Survey, the global professional services firm polled 276 real estate companies globally in several areas including compensation via base salary, overall performance, annual bonus, long-term incentive, and workforce growth. Compensation amounts and hiring activity picked up in 2018 and continued increases are forecasted for 2019. Such positive projections signals corporate optimism even though there is some sense of caution, given the current climate.” (GlobeSt.com)
- Mall Brawl Involving 200 to 300 People Results in 4 Arrests in Connecticut “Four teenagers were arrested after a ‘large fight with several other disturbances’ involving an estimated 200 to 300 people, mostly other juveniles, broke out in a Connecticut mall, police said. Police were called to The Shoppes at Buckland Hills mall in Manchester, Connecticut, around 6 p.m. Wednesday after officers working a detail there reported an ‘active disturbance.’ Mutual aid was called in to help.” (Boston.com)
- The 5 Best Shipping Container Houses of 2018 “Made from the thousands of surplus containers that sit on docks around the world, shipping container houses can be an eco-friendly alternative to traditional building materials. Diehards love their durability and, in some cases, their portability—although moving a shipping container house can cost a lot of time and money. To showcase how these industrial workhorses can transform into gorgeous homes, we’ve rounded up the best five shipping container houses that we reported on this year. Interested in buying one yourself?” (Curbed)
- How to Differentiate Your Property in a Tight Market with Three Modern Amenity Types “When it comes to real estate, it can be very difficult to get an edge on the competition in a tight market. One of the best ways to differentiate is through amenity offerings. It’s the extra “bang for your buck” factor that prospective tenants seek out, and it gives current tenants a reason to stay. The beauty of modern amenities is that the definition is very broad, meaning that property managers have a bit of wiggle room in determining the amenities that make most sense for their tenants.” (Forbes)
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