What I’m Reading
On the Move: The U-Haul move data is out for 2021. Unsurprisingly, RanchHarbor markets Texas, Florida, Arizona, Idaho and New Mexico all did well. California was at the bottom of the list. U-Haul See Also: Verizon data shows that Florida has been the big pandemic migration winner. PCMag
Downward Slope: Office lease renewals nationally fell in April to their lowest level since the start of the pandemic, a potentially worrying sight for the sector, as workers remain slow to return to offices. Yardi Matrix
Hanging in There: The corporate credit market hasn’t cracked yet, despite substantial declines since the fall. So long as the credit market remains open, the real risks are a decline in corporate profits substantial enough that borrowers would no longer pay interest or a complete seizing up of the credit market (think 2008/2009). So far, neither has occurred. The Economist
Shelter From the Storm: Wealthy individual investors are piling into private equity in a bid to escape the daily volatility of the stock market. Wall Street Journal
Tug of War: Executives want their employees at their desks more frequently, but the data shows workers aren’t budging. The push-and-pull is leaving a permanent mark on office spaces, which are rapidly adapting to win the hearts — and feet — of a largely reluctant workforce. Bisnow
Chart of the Day
No way to sugar coat this. Need more immigration.
Source: JBREC
WTF
Rat Race: A giant rat wandered into a packed dog park and the hilarity that ensued went viral on Tik Tok because NYC. NY Post
Indecent Exposure: A 64 year old man in a speedo was arrested after allegedly exposing himself to a female beachgoer because Florida. The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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