Retail Sales Rise 1.2 Percent in July, Says Commerce Department

WASHINGTON, D.C. — Retail sales in July rose 1.2 percent on a month-over-month basis, the U.S. Commerce Department reported in its advanced estimate this morning. Total sales for the month clocked in at $536 billion, up from $529.4 billion in June. The Commerce Department reported sales reached $527 billion in February, marking the first time during the pandemic that retail sales have exceeded pre-pandemic levels. Furthermore, the Commerce Department revised its May to June growth up 90 basis …

August 14, 2020District of Columbia, Retail, Southeast

First-Time Unemployment Claims Fall Below 1M for First Time in Five Months

WASHINGTON, D.C. — For the week ending Aug. 8, 963,000 people filed first-time unemployment claims, which marks the first time since the week ending March 14 that fewer than 1 million Americans filed for assistance, the U.S. Department of Labor reported this morning. The most recent figure is a 228,000 decrease on a week-over-week basis. Economists surveyed by Dow Jones were expecting 1.1 million claims for the week.The four-week moving average stood at nearly 1.3 million claims, a …

August 13, 2020District of Columbia, Southeast

Retail Imports to See Lowest Annual Total in Four Years, Says NRF

WASHINGTON, D.C. — Retail imports at major U.S. ports are expected to see their lowest annual totals in four years as the coronavirus continues to affect the economy, according to the National Retail Federation (NRF). The NRF forecasts year-end 2020 totals to reach 19.6 million TEUs, which would be a 9.4 percent decrease from 2019 and the lowest number seen since the 19.1 million TEUs of imports in 2016.The NRF and Hackett Associates released their monthly Global Port Tracker report, …

August 11, 2020District of Columbia, Retail, Southeast

Nearly 80 Percent of Apartment Households Paid August Rent, NMHC Finds

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has reported that 79.3 percent of apartment households have paid August rent as of Aug. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The latest figure is a decrease of 233,000 households, or 1.9 percent, from August 2019. However, the total number of those paying rent is an increase from July 6, 2020, in which 77.4 percent paid rent.President Donald …

August 10, 2020District of Columbia, Multifamily, Southeast

U.S. Economy Adds Nearly 1.8M Jobs as Unemployment Rate Falls to 10.2 Percent

WASHINGTON, D.C. — The U.S. economy added nearly 1.8 million jobs in July and the unemployment rate fell 90 basis points to 10.2 percent, the U.S. Bureau of Labor Statistics (BLS) reported Friday. The uptick on nonfarm payroll employment beat expectations as economists surveyed by The Wall Street Journal anticipated just under 1.5 million jobs to be added.Though the latest job tally surpassed expectations, Ball State University economist Michael Hicks cautions against drawing sweeping …

August 7, 2020District of Columbia, Southeast

Marcus & Millichap Arranges $19.1M Sale of Multifamily Community in D.C.

WASHINGTON, D.C. — Marcus & Millichap has arranged the $19.1 million sale of Griffin Apartments at Petworth Metro, a 49-unit multifamily community in Washington, D.C.’s Petworth neighborhood. The property, which was built in 2011, offers one- and two-bedroom floor plans. Communal amenities include bike storage, an Amazon Hub package delivery system and 24-hour maintenance services. The property is situated at 3801 Georgia Ave. NW, one block from the Petworth Metro Station and three …

August 7, 2020Acquisitions, District of Columbia, Multifamily, Southeast

Nearly 1.2M Americans File First-Time Unemployment Claims, Lowest Weekly Figure Since COVID-19 Outbreak

WASHINGTON, D.C. — Nearly 1.2 million Americans filed for first-time unemployment assistance during the week ending Aug. 1. The latest figure is the lowest weekly total since the COVID-19 pandemic hit the United States. Economists surveyed by Dow Jones expected 1.4 million claims for the week.There have now been 20 consecutive weeks of initial claims totaling more than 1 million filings.The four-week moving average was 1.3 million claims, a decrease of 31,000 from the previous …

August 6, 2020District of Columbia, Southeast

US Multifamily Originations to Decline 20 to 41 Percent in 2020, Says Freddie Mac

WASHINGTON, D.C. — In its midyear multifamily outlook report, Freddie Mac predicts U.S. multifamily loan originations will drop severely for all of 2020 due to the outbreak of COVID-19 and the big blow the virus has dealt the U.S. economy. The gross domestic product from April to June plunged 32.9 percent on an annualized basis, according to the U.S. Commerce Department.The government-sponsored enterprise (GSE) is projecting that loan volume will decrease 20 to 41 percent across the …

August 4, 2020District of Columbia, Features, Loans, Multifamily, Southeast, Southeast Feature Archive

JLL Arranges $49M Sale of Multifamily Community in D.C.

WASHINGTON, D.C. — JLL has arranged the $49 million sale of The Shaw, an eight-story, 69-unit multifamily community in Washington, D.C.’s Shaw neighborhood. The property offers studio to four-bedroom floor plans. Communal amenities include a virtual front desk, a rooftop terrace and package lockers. Delivered this year, the asset is located at 618 T St. NW, one mile northeast of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Monument …

July 31, 2020Acquisitions, District of Columbia, Multifamily, Southeast

First-Time Unemployment Claims Increase for Second Consecutive Week to 1.4M Filings

WASHINGTON, D.C. — First-time unemployment claims again increased on a week-over-week basis. During the week ending July 25, 1.4 million Americans filed for assistance, an increase of 12,000 from the previous week but less than the 1.5 million claims estimate from economists surveyed by Dow Jones.Prior to the week ending July 18, there were 15 straight weeks of decreasing claims. For the week ending July 18, continuing claims stood at just over 17 million, an 867,000 increase from the …

July 30, 2020District of Columbia, Southeast