What I’m Reading
Help Wanted: Booming demand for warehouse space, bolstered by the record 423.7 million square feet of industrial property under completion this quarter, could lead to significant labor shortages in the near term. A new report from Newmark estimates that more than 280,000 additional warehouse workers will be required to support activities within new facilities currently under construction. Globe Street Rising wages should help here but if the shortage is persistent, it will likely accelerate investments in warehouse automation.
Tailwind: The amount of money saved by refinancing mortgages is perhaps the most underappreciated force in the economy right now. A Wealth of Common Sense
Deep Cut: HSBC intends to reduce its office space by 20% by the end of 2021, taking advantage of the work from home trend during the global pandemic to reduce real estate expenses. Finextra
No End in Sight: The volume of cargo containers moved by dockworkers and terminal operators at the San Pedro Bay ports complex continues to surpass last year’s records by double digits. LA Business Journal
Dirty Little Secret: Solar power adoption has increased massively in the United States but there is a problem: most solar panels are produced with energy from carbon-dioxide-belching, coal-burning plants in China. Wall Street Journal
Chart of the Day
This is quite the inflection point.
Source: Mayank Seksaria
WTF
Breast News Fit to Print: The Pfizer vaccine is apparently making boobs larger. News.Com.AU
In-Kind Contribution: In more boob news, a city councilwoman in El Monte is in hot water for not reporting a lobbyist’s $1,100 gift for breast augmentation. San Gabriel Valley Tribune
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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