What I’m Reading
Misplaced Blame: The Biden administration has pushed the Ports of LA and Long Beach to begin fining carriers who don’t move their containers from the port complexes quickly enough. By this logic, the problems are apparently not a massive backlog and capacity constraints but rather that the carriers are just lazy and leaving their stuff around like petulant teens. CNBC
Its Complicated: The Libor transition is proving to be particularly challenging for the CLO market where a typical vehicle comprises hundreds of loans pegged to already-varied rates, making changes difficult. Wall Street Journal
Jumping Ship: Job switching is growing in popularity and its paying off for workers, particularly in the construction industry where wages for so-called “switchers” are up 6.6% in ADP’s latest Workforce Viability report. ADP
Grand Slam: An Amazon warehouse in greater LA has traded for $128mm. The transaction is perhaps the best example to date of converting under-performing commercial property to a logistics use. The subject was a vacant office property sitting on 43.6 acres before being converted to a logistics use and last sold for $16MM in May of 2020. Incredible. Commercial Observer
Long Way Down: Retail rents in Manhattan fell 12% in the 3rd quarter versus the same time period last year. According to JLL, that’s the largest decline in five years. Zero Hedge
Chart of the Day
The difference between wage growth and housing prices continues to widen. This was being offset by falling rates, but that is no longer the case.
Source: The Daily Shot
WTF
Following Along: TikTokers are trading stocks by copying what members of Congress do. NPR IMHO, the fact that members of Congress or their families are able to trade stocks – often of the companies that they regulate – at all is absurd.
Clutter Patrol: An Instagram influencer and Only Fans model took suggestive pictures at her father’s funeral, in front of his open casket and posted them online because Florida. Miami Herald I propose that we send every Millennial and Zoomer to GITMO until we can figure out what the hell is going on.
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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