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Turkey Economics
Grubb & Ellis? Bob Bach
Some dig into the stuffing with gravy, but every year Grubb & Ellis?Bob Bach dives into the cost of Thanksgiving dinner compared to the economy?s overall performance. This year, he tells us, rising commodity prices due to demand from China and other emerging markets have yet to impact the cost of holiday dinner. The American Farm Bureau reports that on average, turkey dinner for 10 with all the trimmings is $43.47, a slender 1.3% increase from '09. That's about the same as the 1.4% gain in food prices for the 12 months ending in October and barely ahead of the 1.2% gain in the Consumer Price Index for All Urban Consumers according to the US Bureau of Labor Statistics. Office landlords wish they were doing as well since average US asking rents fell 1.8% in Q3 '10 vs. a year earlier. CRE sellers though are having a happier holiday with average sale prices up 13.2%, says RCA.