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  • Market Commentary Blog

    Demand for Rental Housing Posts Record Increase in 2014

    The fundamentals for the apartment sector are rapidly improving as the job market recovery gains momentum. Demand for rental housing surged in 2014, with the total number of occupied rental units increasing by 2 million units (first slide). This is a record increase in rental occupancy, according to Census Bureau data beginning in 1965, surpassing by a wide margin the previous record rise in rental occupancy of 1.5 million at the onset of the housing crisis in 2007.
  • Market Commentary Blog

    Economic Growth Cools in Q4; Outlook Remains Positive

    GDP growth slowed to a 2.6 percent annual rate in the fourth quarter, from 5.0 percent in Q3. Despite the deceleration in the headline number, however, the report was strong where it counts. Consumer spending, the mainstay of the U.S. economy, accelerated to a 4.3 percent annual growth rate, the strongest gain since 1993. The slowdown in overall growth stems from a decline in net exports due to weaker growth abroad and a stronger dollar.
  • Market Commentary Blog

    REITs Among Few Bright Spots In The Stock Market During January

    Listed U.S. REITs returned +7.53% during January 2015 according to the FTSE NAREIT All REIT Index, which measures the total returns (stock price appreciation plus dividend payments) of all REITs traded on major stock exchanges in the U.S.  In contrast, the broad U.S. stock market suffered a decline at -1.47% according to the Dow Jones U.S. Total Stock Market Index.  Small-cap value stocks—sometimes mistakenly considered similar to REITs—did even worse at -2.11% according to the Russell 2000 Value Index, while large-cap stocks also underperformed at -1.73% according to the S&P 500 Index. 
  • Market Commentary Blog

    Challenges and Opportunities for Commercial Real Estate in 2015

    The outlook for commercial real estate markets and REITs has continued to evolve as the overall macroeconomic recovery matures. It is important to keep in mind just how much the momentum has changed. Two years ago, for example, the consensus outlook among the economists surveyed by the Wall Street Journal anticipated job growth averaging 160,000 per month. In January 2015, this panel expected job growth of 230,000 per month. It is certainly good news that after several years of disappointments, the economy finally appears to be hitting its stride.
  • Market Commentary Blog

    Commercial Property Update 2014:Q3

    Sustained above-trend job growth is having a broad impact on commercial property markets. Demand for rental housing has accelerated this year, allowing the apartment sector to absorb a significant increase in new supply with little impact on vacancy rates.
  • Nareit Developments blog

    REITs in the Community: Tanger Outlers in Delaware

    Rep. John Carney (D-DE) (left) visited Tanger Outlets in Rehoboth Beach, DE. Carper toured the property, met with several store managers, and greeted constituents. General Manage, Amy Norgate (right) briefed Carney on the economic impact of the property and described the renovation currently underway.
  • Market Commentary Blog

    Rising job openings show job market momentum still supporting the real estate recovery

    A healthy job market has been the key to economic recovery, and especially the recovery in commercial real estate markets.  The link between hiring and the demand for office space is particularly obvious, and the impact that rising employment and wages have on consumer spending, retail sales and demand for retail properties is also clear.  Recently we have seen that the strong job market has helped fortify the multifamily market in the face of increasing supply, as the Millenials that are finding new jobs are fueling rapid growth in demand for apartment rentals.