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The 2017 Q4 Office Brief

Although rents ticked upward and buildings traded at record prices, demand for office space nationwide declined nearly a third in 2017, falling to its lowest level in four years as landlords face new economic realities of the changing workplace culture. The sidebar headline of the year, of course, was the Amazon sweepstakes with 20 cities that were short-listed from 238 vying to become the e-commerce giant’s second headquarters…

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The 2017 Q4 Industrial Brief

Demand for industrial space fell 15.6% in 2017 from a year ago as net absorption totaled 231 million SF, its lowest level since 2014. Despite stronger fourth-quarter demand, net absorption of industrial space nationwide skidded 13% for the year and flex space plunged 36.5%. Deliveries of new buildings in 2017 were up 6.4% in 2017, boosting the nation’s total industrial inventory to 15.6 billion SF. The year ending volume of space under construction was down 5.3%. Average asking rents increased 8.3% year over year and average sale prices were up 12% the last 12 months through Q3.

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The 2017 Q4 Retail Brief

The transformative effects of e-commerce’s annual double-digit growth on the nation’s most venerable merchants was on full display again in 2017 and surprised almost no one. Retail’s continuing evolution in 2017 included predicted record store closings as traditional retailers scrambled to ramp up their online merchandizing to blunt Amazon’s commanding advantage and resources. But Amazon had another agenda. Not only dominating in online sales, the retail giant began taking up storefront positions in 2017 with its stunning $13.7-billion acquisition of Whole Foods. Amazon Go – small, cashier-less grocery stores rolled out in 2017 – is revolutionary.

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