Reopening boosts consumption last month. Consumer spending posted impressive gains for a second consecutive month as states greenlighted a wider range of businesses to resume operations. Total retail sales advanced 7.5 percent last month, building on an 18.2 percent climb in May. The increase pushed year-over-year gains into positive territory, though sales sit well below pre-health crisis levels. In addition to greater access to both service-based and traditional retailers, the magnitude of stimulus pumped into… Read More

Labor market rebounds as restrictions begin to ease. Employers added 2.5 million jobs in May to bring the unemployment rate down to 13.3 percent, indicating the worst of the economic fallout may be behind us. Economic shutdowns resulted in job losses of 22.1 million in March and April, pushing the unemployment rate to 14.7 percent, the highest since 1948. While the employment gains are very encouraging, uncertainties and a long road to recovery for America’s… Read More

Apartment owners benefi t from retreating home sales. The sale of existing homes in March posted the largest month-over-month decline in more than four years, retreating 8.5 percent. Yet sales are up 0.8 percent on an annual basis as properties in escrow before the shelter-in-place restrictions move through the pipeline. Purchasing is expected to continue to slow into the spring buying season due to more complicated logistics, employment uncertainty and limited inventory. These factors benefi… Read More

Implications of COVID-19 on retail emerge. Retail sales dropped a record 8.7 percent in March as much of the country shuttered all but essential retailers and social distancing guidelines stemmed traffic at others. Core retail sales, which exclude auto and gas, dipped 3.1 percent, highlighting the divided nature of the strain on retail. March’s figure offers a glimpse into the damage done to retailers by shutting down much of the consumer-based economy. However, April has… Read More

Section 1031 of the Internal Revenue Code enables real estate investors to defer capital gains on income-producing property when those gains are used to acquire a like-kind investment. Colloquially, a 1031 exchange is the transaction in which an investment property is liquidated and the proceeds from the sale, including capital gains, are used to acquire additional income-producing property or properties. For the exchange to meet IRS standards, buyers have 45 days from the initial sale… Read More

Fox Business  features Marcus & Millichap’s President and CEO Hessam Nadji: How are Investors and Lenders Dealing with Rent Deferment? How Will Small-Business Bailout Benefit Property Owners? Remote Work: How Will It Affect CRE Long-Term? Some Segments Thriving Under Current Conditions

Bloomberg Radio Features Marcus & Millichap’s President & CEO Hessam Nadji: How the stimulus package will help commercial real estate; state of CRE transaction market; real estate investments for weathering the health crisis; long term effects of stress on retail

Yahoo! Finance Features Marcus & Millichap’s President and CEO Hessam Nadji: Stocks vs. Real Estate: 2020 Investment Strategy

CNBC Features Marcus & Millichap’s President and CEO Hessam Nadji: Turnaround Story of the Last Half Century

Global health crisis causes shock to labor market. Restrictions on personal mobility due to the spread of COVID-19 have forced many businesses to temporarily close, contributing to 701,000 lost jobs in March. These same events forced consumers to shift spending more toward online storefronts and necessity retailers. Facing more demand, companies in these industries are hiring, which will help offset contractions in other sectors. Recently enacted fiscal stimulus will provide further aid.