What I’m Reading
Turning the Corner: An analysis of the pace of CRE workouts by Real Capital Analytics showed that more US commercial real estate distress was worked out than arose in Q1. However, the authors were careful to note that there is still sizeable potential distress on the horizon and that the lack of transaction volume and price discovery in some sectors could still cause issues. Real Capital Analytics
Ghost Town: The share of Manhattan office space available for lease has soared to 17.2 percent, up from 11.5 percent a year earlier and the greatest level in at least three decades, with asking rents also falling by 9.1% according a 2021 Q1 market report from Savills. Savills
Pent Up Demand: Nearly half of all couples that had planned a wedding in 2020 either postponed the entire wedding until 2021 or later, or had a small ceremony, but put off the reception to a later date, according to a recent survey by The Knot. These deferred plans could provide a huge boost for the struggling hotel sector. Nareit
Grand Bargain: Global derivates market participants are trying to craft an agreement to make the Libor phase out less chaotic. Nearly 14,000 parties have agreed to sign on to the ISDA protocol, according to the the International Swaps and Derivatives Association. The pact allows for Libor to automatically be yanked from hundreds of trillions of dollars of interest-rate swaps, futures and options and replaced with another rate, addressing a major risk hanging over markets as the discredited benchmark’s end nears. WMRE
Primed for Growth: Amazon added 50 million Prime members in 2020, bringing the total to a stunning 200 million. The Verge
Chart of the Day
I’m old enough to remember when lumber futures hit $1,000 and everyone thought it was expensive.
Source: @SoberLook
WTF
Round Trip: Moments after being released from police custody, an Arkansas man stole a police car that was parked in front of the jail before being arrested (again). The Smoking Gun
Enforcer: A 74 year old man pulled a gun on a group of golfers after he became upset because they allegedly drove a golf cart on a wooden bridge meant for walking, which is against golf course regulations because Florida. ABC 9
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
Visit us at RanchHarbor.com