What I’m Reading
Out Ahead: Zumper’s National Rent Report last week showed some improvements in most, but not all of the expensive coastal cities that were hit especially hard by COVID. IMO, the big news was in some of the raw search data that wasn’t in the report but rather tweeted by CEO Anthemos Georgiades upon its release:
This is a pretty good indication that migration to places like Boise – which is often credited to the pandemic but was well underway before it – is still in tact. It also means that places like Austin – which saw rents flat to down last year – may be poised for substantial rent growth. Zumper
Half Way Back: While still lagging leisure, business travel is back to 50% of its pre-COVID level according to Hilton CEO Christopher Nassetta on the company’s earnings call. CNBC
Blame Game: California is hemorrhaging low and middle income residents due to the high cost of living here. While there are more than a few culprits, the primary one is the lack of new housing development which has sent rents and home prices into the stratosphere. Los Angeles Times
Back in the Game: After largely backing off during COVID, Foreign buyers once again have their sites set on US commercial real estate. Globe Street
All In: Albuquerque is making big investments – and offering big incentives – to film companies in an effort to bring Hollywood to the New Mexico desert. So far its embrace of the film industry appears to be working with Netflix continuing to expand their studio operation. Bloomberg
Running with the Bulls: Sam Zell has always described himself as a “professional opportunist” who doesn’t run with the herd. However, his newly-announced acquisition of industrial REIT Monmouth Real Estate Investment is decidedly not a contrarian bet. Crain’s Chicago Business
Chart of the Day
Last Friday’s employment report was a stinker coming in far below expectations and giving more credence to the narrative that extended UI is hurting the recovery.
Source: Indeed
WTF
Powdered: The manager of a Minnesota movie theater was arrested for selling cocaine hidden in bags of popcorn. The Smoking Gun
Top: Big Cat Rescue’s Carole Baskin, star of Tiger King is launching a new cryptocurrency because Florida. Tampa Bay Times
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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