What I’m Reading
Hitting the Brakes: The CDC has reversed course on indoor masking, saying that vaccinated Americans should once again wear masks indoors. The announcement complicates return-to-office plans for many companies at a time the Delta variant is already forcing some of them to push back their start dates. Office landlords already had enough issues to concern themselves with and now this. New York Times
Take My Money: The nationwide housing shortage/affordability crisis, coupled with low vacancy and soaring rent growth has put a relentless bid under multifamily assets. Globe Street
Rocket Fuel: National rent growth continues to soar, substantially exceeding where it was projected to be pre-pandemic. Many of the sunbelt markets have seen 20%+ rent growth since March 2020. Boise, Idaho stands out here with a whopping 39% growth since that date. Apartment List
What, Me Worry? Boston Properties CEO Owen Thomas called the threat of remote work “overstated” on the company’s earnings call earlier this week. Look, he may be correct but this also sounds exactly like what mall ownership said for years about the risk of eCommerce. The Real Deal
The Race is On: Flush with cash and driven by renewed interest in biotechnology, the life sciences industry is swooping in to snap up vacant office space and convert it to labs. New York Times
Chart of the Day
Turnover in the national housing stock fell off a cliff during the pandemic.
Source: Odeta Kushi
WTF
Dispute Resolution: During a dispute over whether to watch cartoons or the show “Monk,” a man allegedly struck his roommate at an assisted living facility over the head with his cane because Florida. The Smoking Gun
Looking Into It: A team of undercover police went to a strip club to “search for information” about a shooting. Instead, the officers spent about three hours at the club and spent $421.34 on a “cover charge, drinks for themselves, drinks for the dancers, drinks for the dancer’s friends, shots for the bartender, a pack of cigarettes, cover charge for the ‘lap dance area,’ and one lap dance each” because Florida. Tampa Bay Times
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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