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District of ColumbiaSoutheast

US Economy Adds 245,000 Jobs in November, Missing Economists’ Projections by a Wide Margin

by Alex Tostado

WASHINGTON, D.C. — The U.S. economy added 245,000 jobs in November, the U.S. Bureau of Labor Statistics (BLS) announced Friday. Economists surveyed by Dow Jones had expected the total jobs added to reach 469,000. The unemployment rate dipped 20 basis points from October to 6.7 percent. The most recent figure marks the seventh consecutive month of job growth following the onset of the coronavirus pandemic. According to the BLS, outside factors such as surging coronavirus cases, new restrictions in some states and an unapproved stimulus package slowed growth for the month. Job growth was also stunted in part due to the lack of retail hiring ahead of the holiday season. Employment in the retail sector fell by 35,000 jobs, led by decreases in general merchandise stores (-21,000); and sporting goods, hobby, book and music stores (-12,000). Notable job gains occurred in the transportation and warehousing sector, which added 145,000 jobs in November. The figure is still 123,000 jobs below its February level. Employment in professional and business services increased by 60,000 jobs. Employment in the sector is struggling to return to pre-pandemic norms as it is still 1.1 million jobs behind its February level. The healthcare industry added 46,000 jobs, …

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District of ColumbiaSoutheast

Weekly Unemployment Claims Dip to 712,000, Lowest Total in Three Weeks

by Alex Tostado

WASHINGTON, D.C. — Another 712,000 Americans filed for weekly unemployment claims during the week ending Nov. 28, the U.S. Department of Labor reported. The most recent figure is a decrease of 75,000 claims from 787,000 the previous week. It is the lowest since the week ending Nov. 7 (709,000 claims), which is also the lowest amount recorded during the pandemic. Economists surveyed by Dow Jones expected the claims last week to reach 780,000. The four-week moving average fell by 11,250 claims to 739,500. Continuing claims, for which data lags a week, decreased by 569,000 from the prior week to 5.2 million claims.

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Marx Realty Breaks Ground on $41M Redevelopment of Hospitality-Themed Office Building in D.C.

by Alex Tostado

WASHINGTON, D.C. — Marx Realty has broken ground on The Herald, a 114,000-square-foot office building in Washington, D.C. The New York-based developer is investing $41 million to redevelop the property into a hospitality-themed office building. The lobby will feature 22-foot ceilings, a doorman, European-style café, 8,800-square-foot lounge, a fitness center, historical art and several seating areas, similar to a hotel lobby. The asset was originally built in 1923 as the printing press and offices for the Washington Herald Examiner. Marx Realty will update the entrance to the lobby to include floor-to-ceiling copper and glass walls inspired by linotype printing machines. Marx Realty expects construction to be completed in the spring. David Burns of Studios Architecture designed the asset.

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District of ColumbiaRetailSoutheast

NRF Forecasts Holiday Sales to Grow up to 5.2 percent Despite COVID 19 Pandemic

by Alex Tostado

WASHINGTON, D.C. — Retail consumers have shown excitement for holiday shopping this year, says Matthew Shay, president and CEO of the National Retail Federation (NRF). Because of the challenges of this year, Shay and the NRF believe people will buy gifts that may “lift the spirits of family and friends.” The NRF has forecasted U.S. holiday sales to grow between 3.6 percent and 5.2 percent compared to 2019. The expected growth would mean a range between $755.3 billion and $766.7 billion in sales for the season, which NRF defines as November and December. NRF says the average year-over-year growth for the past five holiday seasons has been 3.5 percent. Online and non-store sales are expected to jump between 20 and 30 percent, according to the NRF, for a total of $202.5 billion to $218.4 billion. Holiday sales in 2019 totaled $168.7 billion. Due to pandemic-related reasons, large swaths of people have not been shopping in-person this year, a trend the NRF expects to see continue through December. “We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” says Shay. …

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District of ColumbiaSoutheast

Initial Jobless Claims Rise for Second Straight Week

by Alex Tostado

WASHINGTON, D.C. — Initial jobless claims reached 778,000 for the week ending Nov. 21, an increase of 30,000 from the previous week. The U.S. Department of Labor released its findings a day earlier than usual due to the Thanksgiving holiday. Economists surveyed by Dow Jones expected the weekly total to be 733,000. The four-week moving average increased slightly to 748,500, up from the previous moving average of 743,500. Continuing claims, for which data lags a week, fell by 299,000 for the week ending Nov. 14. The total claims stood at nearly 6.1 million.

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AcquisitionsCompany NewsDistrict of ColumbiaSoutheast

CoStar to Acquire Software Platform Homesnap for $250M, Plans to Expand Service to Commercial Real Estate Agents

by Alex Tostado

WASHINGTON, D.C. — CoStar Group has entered into an agreement to acquire Homesnap Inc. for $250 million. Homesnap is an online and mobile software platform designed for real estate agents. According to CoStar, more than 300,000 real estate agents use the app an average of 30 times per month. Andy Florance, founder and president of CoStar, says the Washington, D.C.-based data firm will expand Homesnap’s residential platform to commercial brokers. Homesnap, also based in D.C., employs about 150 people. The transaction is expected to close by the end of the year. CoStar expects the acquisition to quadruple the number of users on its platform from 100,000 to 400,000 members. The sale will also nearly double the number of property listings from 1.4 million to more than 2.6 million.

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District of ColumbiaHospitalitySoutheast

AHLA Survey: 71 Percent of Hotels Won’t Survive Next Six Months Without Government Assistance

by Alex Tostado

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) released a survey that found 71 percent of hotels won’t survive the next six months without government assistance. AHLA conducted the survey of hotel industry owners, operators and employees from Nov. 10 to 13, yielding more than 1,200 respondents. Thirty four percent of owners say they may have to close in the next three months due to low vacancy rates, and 77 percent of survey respondents said they would need to lay off more employees without financial relief. Due to a resurgence in coronavirus cases nationwide, public health officials from the Centers for Disease Control and Prevention (CDC) are urging Americans to not travel for the upcoming holiday season. According to a separate AHLA survey, 72 percent of respondents don’t plan to travel over Thanksgiving week. “With a significant drop in travel demand and seven in 10 Americans not expected to travel over the holidays, hotels will face a difficult winter,” says Chip Rogers, president and CEO of AHLA. “We need Congress to prioritize the industries and employees most affected by the crisis. A relief bill would be a critical lifeline for our industry to help us retain and rehire …

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District of ColumbiaSoutheast

Initial Unemployment Claims Tick Back Up to 742,000, Point to Continued Economic Struggles

by Alex Tostado

WASHINGTON, D.C. — Initial weekly jobless claims ticked back up during the week ending Nov. 14, the U.S. Department of Labor reported Thursday. Total claims totaled 742,000, up from 709,000 the prior week — the lowest since the beginning of the pandemic. Economists surveyed by Dow Jones expected this week’s total to be 710,000. The initial claims have been historically high throughout the onset of the COVID-19 pandemic that began in the United States in mid-March. Claims hovered around 200,000 per week in January and February. The four-week moving average for the week ending Nov. 14 was 742,000, a decrease of 13,750 from the previous week. Continuing claims, for which data is a week behind, totaled nearly 6.4 million for the week ending Nov. 7, a decrease of 429,000 from the previous week.

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District of ColumbiaLoansMultifamilySoutheast

Berkadia Provides $250M Refinancing Loan for Apartment Complex in D.C.

by Alex Tostado

WASHINGTON, D.C. — Berkadia has provided a $250 million Freddie Mac loan for the refinancing of Meridian at Mt. Vernon Triangle, a 783-unit apartment complex in Washington, D.C. The loan features 10 years of interest-only payments. The property offers studio, one- and two-bedroom floor plans, which feature full-size washers and dryers. Communal amenities include underground parking, a fitness center, rooftop pool with sundeck, outdoor lounge and a grilling area. The 14-story community is located at 425 L St. NW, one mile east of downtown D.C. J. Tyler Blue and Paul Wallace of Berkadia originated the loan on behalf of the undisclosed borrower.

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District of ColumbiaOfficeSoutheast

CoStar: Users Nearly Double Amount of Sublease Space in US Office Market in Second, Third Quarters

by Alex Tostado

WASHINGTON, D.C. — Office users across the United States added 42 million square feet of office space to the sublease market during the second and third quarters, according to a new report from CoStar Group. As of the end of September, the country’s inventory of office sublease space stood at approximately 157 million square feet, a 44 percent increase from third-quarter 2019. While office users added about 14 million square feet of office space to the sublease supply during the second quarter, growth was even more pronounced during the third quarter, when tenants put some 28.5 million square feet up for sublease. According to a Federal Reserve Bank of Dallas survey, 24 percent of employed Americans were working from home in August due to COVID-19 shutdowns. An additional 18 percent of workers went into the office some days. According to the survey, 8 percent of Americans worked from home full-time prior to the pandemic. CoStar reports that among the biggest users to put sublease space on the market were pharmaceutical giant Sanofi (415,000 square feet in Northern New Jersey); retailer Macy’s (309,660 square feet in New York); insurance company USAA (305,110 square feet in San Antonio); Ebay (212,110 square feet …

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