Amazon’s proposed move to establish new headquarters in New York has been cancelled due to significant opposition. The retail giant had planned to invest $2.5 billion and create 25,000 high-paying jobs. However, critics expressed discontent with the city choice and state leaders’ pledge to offer $3 billion in incentives to Amazon.
Stocks Increase for JBG Smith Properties
Despite Amazon’s decision, JBG Smith Properties experienced a 1.5% increase in shares, outperforming other companies in the office real estate industry. Investors believe that JBG Smith can now attract new business, given Amazon’s exclusive leasing rights in their National Landing location in North Virginia.
In light of Amazon’s cancellation of its New York headquarters, traders and investors are optimistic that the company will require more facilities at National Landing. JBG Smith’s rise in share price is the highest percentage gain the property developer has seen in a while.