What I’m Reading
Not So Fast: The Biden Administration’s $3.5 trillion budget proposal is in limbo after West Virginia Senator Joe Manchin came out strongly against it in a Wall Street Journal OpEd, raising inflationary concerns. Wall Street Journal
Speed Bump: The US construction industry’s recovery from the lows of the pandemic in 2020 is hitting some turbulence, thanks largely to the delta variant. Commercial Observer
Deep Cuts: A Bloomberg survey of 45 large companies in the U.S., Europe and Asia shows that 84% plan to spend less on travel post-pandemic. Obviously not good news for hotels that focus on business travelers. Bloomberg
Reborn: Approximately 40% of department stores in the United States have closed in the past five years. While many are ultimately razed, some have been converted into offices, schools and even libraries. The Real Deal
Bounce Back: Even with office returns being continuously pushed back, urban parking garages have performed relatively well. This is mainly due to remaining commuters (as well as consumers) showing a higher aversion to public transportation than they did before the pandemic. Bisnow
Chart of the Day
The Great American Move continues to accelerate.
Source: John Burns Real Estate Consulting
WTF
Shots Fired: A Tennessee gender reveal party prompted two school lockdowns when security heard gunshots and thought that they were dealing with an active shooter. I’m becoming increasingly convinced that the next global conflict will begin with a gender reveal gone bad. Fox
Outside the Lines: A man was arrested for DUI after leaving his car hanging off of a pier because Florida. NBC 8
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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