What I’m Reading
Recycled: In a sign of how valuable logistics real estate has become, some developers are taking old, unused golf courses and building warehouses on them. Imagine trying to explain this to someone who time traveled to 2021 from 2002. Bloomberg
En Fuego: Austin has become America’s hottest economy thanks to big tech relocations, population growth and booming commercial real estate investment. New York Times
Dry Powder: Despite concerns about a wave of defaults and foreclosures, large scale distress hasn’t materialized in CRE markets yet. That hasn’t stopped large institutions from raising billions to capitalize in the event that property performance continues to falter after the economy reopens. Chief Investment Officer
Tug of War: The CDC eviction ban is scheduled to expire at the end of March and health experts are arguing that COVID cases will surge if it is not extended. There are reports that a proposed extension through the end of July is on the table. IMO, there is almost no way that it doesn’t get extended, especially in light of the billions in rental assistance in the latest federal rescue package. CNBC
Reversion: In August 2020, 69% of respondents to KPMG’s CEO Outlook Pulse Survey said that they would reduce their office footprint. However, in the latest survey, only 17% said that they would do so. I am far from an office bull but that is a really big sentiment shift. Globe Street
Chart of the Day
Submitted without comment:
Source: @SoberLook
WTF
Dirty Mind: A giant cargo ship is stuck in the Suez Canal, blocking an artery that accounts for roughly 10% of global trade. It is 2021, so of course this has made for great meme material. To make matters funnier, the ship traced out a giant dick on it’s GPS route prior to becoming stuck. Vice
Knockout: A woman showed up at her daughter’s middle school wearing boxing gloves and got in a fight with another student because Florida. NY Post
Breaking Bad Sequel: A doctor who became a meth dealer was also receiving $15k/month in disability payments because Florida. Side note: open this up and look at the picture and the header will make sense. Breaking 911
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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