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Superbowl Friday Links February 4, 2011

Posted by Sean Tufts in Articles, Blogs, Retail News.

January retail sales post significant increase:

The International Council of Shopping Centers index of 32 stores showed a robust 4.8 percent increase for January, well above the 1.5 percent to 2 percent range projected earlier in the week. January’s pace was above the 3.1 percent gain in November and capped retailers’ fiscal year that averaged a 3.5 percent increase.”

Locally, Nordstrom reported January sales increase of 4.8% while Costco jumped 9%.

Leading to renewed faith in retail leasing:

Mirroring the rebound in other commercial property sectors, leasing and occupancy of U.S. malls and shopping centers continued to improve across the country in fourth-quarter 2010, and CoStar Group economists expect demand to accelerate for the next two years as shoppers open their wallets and the economy adds jobs, leading to renewed demand for retail space.”

The Federal Way office/hotel/retail project that we questioned ever happening…in question:

Twin Development missed Monday’s deadline to make a $100,000 escrow payment for a downtown Federal Way site where it planned a three-tower, $350 million mixed-use project.”

The PSBJ gives more specifics on what we mentioned earlier in the week in regards to the downtown office leasing market:

In what could be the biggest leasing deal of 2011, real estate sources are saying Amazon.com Inc. is poised to take more than a half million square feet of office space remaining in Schnitzer West’s 1918 Eighth Avenue building in Seattle.”

Have a great weekend and enjoy the Superbowl. As a big Seahawks fan, you can bet I will be rooting against the Steelers!!!



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