What I’m Reading
Green Machine: As if brick and mortar retail landlords and businesses don’t already have enough cause for concern, a new study by the MIT Real Estate Innovation Lab found a tangible environmental benefit to online shopping. In particular, the study concluded that carbon emissions from online shopping are 36% lower, on average, than those produced by in-store trips. So add ESG headwinds the the myriad of issues that traditional retail faces, I guess. Prologis
Bottleneck: Shipping is booming but containers are increasingly in the wrong places because of trade imbalances, making it challenging for shipping companies to capitalize. CNBC
Give it Away Now: Office and retail landlords are leaning heavily on offers of free rent in a desperate bid to avoid cutting face rates. Commercial Observer
Drip, Drip, Drip: Business software provider Salesforce, which has 54,000 global employees announced plans for most of its workforce to work remotely part or full time after the pandemic and to reduce its real-estate footprint as a result. This is particularly worrisome for hard-hit San Francisco where the company is the largest private employer and occupies the city’s tallest tower. Wall Street Journal
New Frontier: From Boise to Greenville, SC to Portland, ME so-called boutique markets – growing cities with affordable cost of living, anchored by lively downtowns that charm visitors, and idiosyncratic developments that enhance their economic base – are attracting new residents and investment. Loopnet
Chart of the Day
Source: Leonard Kiefer
WTF
All the Fixins: A man was arrested for selling fentanyl, heroin and cocaine out of his hot dog shop because Florida. Local 10
Dead End: A man was arrested after trying to steal a golf cart from an RV park when he couldn’t find an exit because Florida. NBC 2
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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