Monday Market Update
By Amy Calandrino, Beyond Commercial
In-Office News:
We’re thrilled to announce a significant milestone at Beyond Commercial: Amy has successfully completed her 175th deal (excluding renewals), representing the landlord in a recent transaction with Dr. Walker. This accomplishment underscores our commitment to excellence and client satisfaction in the commercial real estate market.
Local News:
Orlando International Airport is expected to see a record 2 million travelers this Thanksgiving holiday. While this indicates a bustling travel season, a report from aGamble.com reveals a downside: Orlando’s airport is ranked as the second-worst in the U.S. for delays and cancellations, with a 27.1% delay and cancellation rate during the holiday period, jumping to 50% between December and New Year’s Day. This could impact local businesses and real estate, particularly those reliant on timely arrivals of goods and clients.
National News:
Retailers nationwide are approaching this Black Friday with caution. Companies like Tapestry, BJ’s Wholesale Club, Best Buy, and Nordstrom have issued conservative or disappointing fourth-quarter outlooks. Factors like persistent inflation, reduced demand for basic goods, and macroeconomic uncertainties have led to a less optimistic forecast for the holiday shopping season. Even retailers like Dick’s Sporting Goods and Abercrombie & Fitch, despite strong third quarters, have given subdued holiday forecasts. This cautious stance is a reflection of the challenges facing consumers, including higher interest rates and reduced discretionary income, potentially signaling a slower holiday season for retail and influencing economic trends that can impact the commercial real estate market.
Thanks for tuning in. See you next week.