What I’m Reading
Perfect Disguise: Distressed debt funds are rebranding themselves as “opportunistic credit” as they come to the realization that distressed opportunities don’t really exist at the moment. WealthManagement.com
Turning Point? North American sublease office sector inventory declined for the first time since the pandemic began. Cushman and Wakefield IMO, the office sector still faces major headwinds in the coming years. However, this is a welcome sign of normalization.
Rumor Mill: There are more than a few signs that Micron Technology may be planning a major expansion in Boise that potentially involves manufacturing microchips there. Micron is headquartered in Boise and is a large land owner. Obviously this would be a big deal for the already rapidly growing city which also happens to be one of our favorite multifamily markets. Boise Dev
No Takers: The Ports of LA and Long Beach may be open for 24 hour operations but it won’t make a difference if truckers don’t actually use the program. So far, very few if any truckers have participated. Wall Street Journal
Boom: US Apartment building sales have jumped to record levels, outpacing all other commercial real estate sectors. Unsurprisingly, Sun Belt markets are driving the growth. Bloomberg
Chart of the Day
The Baltic Dry Index fell 50% in October. This is a good sign that the kinks causing our supply chain woes are beginning to work out.
Source: Bloomberg
WTF
Pissed Off: A female rock star was filmed peeing on a male fan onstage because Florida. (h/t Henry Baskerville). NY Post
Got Her: A woman had to go to the hospital to have a probe removed from her throat after being shot with a dart firing stun gun by the estranged wife of her male companion because Florida. Tampa Free Press
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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