What I’m Reading
Fire Sale: Retail rents are plunging in Manhattan as a lack of office workers makes businesses less viable. On the positive side, falling rates and aggressive concessions have led to falling availability as tenants snap up prime locations at a discount. Bloomberg
Decelerating: CoreLogic is projecting that home price appreciation will slow somewhat this year from 2021’s torrid pace but will still remain just below double digit growth. Globe Street
Recap: The stats behind multifamily’s record 2021 performance are insane. Conditions are still ripe for growth in 2022. Joint Center for Housing Studies of Harvard University
Pulling Back: Amazon says it will start slowing its industrial real estate growth, after leasing and buying hundreds of millions of square feet of logistics space in the last few years. The slowdown will apply to buying, leasing and developing warehouses. Amazon’s warehouse network is now double what it was in 2020. Bisnow
No End in Sight: Some industry experts now project that supply chain chaos could linger into 2023. Freight Waves
Chart of the Day
This is a great illustration of how preferences have shifted towards larger living spaces in the post pandemic world.
Source: Zonda
WTF
Curiously Strong: A drug suspect tried to convince cops that a plastic bag found in his backpack contained breath mints, not meth because Florida. The Smoking Gun
Swimming High: A cocktail of prescription drugs — from blood pressure medications to opioids — has found its way into the local bonefish population because Florida. Miami Herald
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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