Welcome back to the work week, investors! In today’s commercial real estate news, a report on the healthiest (and least healthiest) cities in America, a new hope for the struggling Macy’s, and good news from Dallas, TX.
Out of the 150 most populous cites in America, Detroit is ranked last in terms of health. The study, conducted by finance website WalletHub, looked at categories like healthcare and fitness to determine a city’s placement on the list. San Francisco came in the #1. The report also found larger metropolitan areas lead to wider wealth inequality.
Hudon’s Bay, a Canadian department store operator, has approached Macy’s for a possible buy-out. Macy’s is in the process of closing a 100+ stores and its real estate in large metropolitan areas. With many retailers switching to e-commerce, the aging retailer hopes to quickly catch up by losing some of its struggling real estate assets.
The Dallas, TX area has added more than 10 million square feet of office space int he last five year. The substantial growth is more than they’ve seen in two decades, but is likely to slow down over the course of the year. To be safe, developers are reining back from investing in too many speculative properties.