Weekly Market Insight • Cost of Thanksgiving Dinner Ingredients for 10 • 11/21/11

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Cost of Thanksgiving Dinner Ingredients for 10 November 21, 2011
Source: American Farm Bureau Federation
Office landlords counting their meager gains this year may want to consider a career change into agriculture. The American Farm Bureau reports that the average cost of the ingredients for a turkey dinner with all the trimmings large enough to feed 10 people this holiday season is $49.20, a robust 13.2 percent increase from Thanksgiving 2010 and the sharpest one-year gain since 1990. Blame it on the turkey, which leaped in price by 22 percent, assuming turkeys can leap at all. This is well above the 4.7 percent gain in food prices for the 12 months ending in October and also ahead of the 3.5 percent gain in the Consumer Price Index for All Urban Consumers according to the U.S. Bureau of Labor Statistics. Farmers are doing better than office landlords, who have been unable to push through any rent increases this year with the exception of those fortunate few owning Class A properties in the San Francisco Peninsula, Manhattan and a few other hot markets. Better to own irrigated cropland in the Federal Reserve’s 12th District (San Francisco), which soared in value by 35 percent over the four quarters ending in June or the Fed’s 10th District (Kansas City), where prices gained 27 percent. Oliver and Lisa Douglas had it right after all.
Robert Bach, Senior Vice President, Chief Economist, has 30 years of professional experience in real estate market research, consulting and city planning. His commentary on the real estate markets is provided here on a weekly basis.

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Robert Bach
Senior Vice President, Chief Economist

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About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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