What I’m Reading
Out of the Bottle: The CRE industry has been notoriously slow to embrace technology. However, COVID has led to a substantial acceleration in the adoption of technology as a means to adapting. Now that the genie is out of the bottle, things are unlikely to go back to “normal” once its all over. Globe Street
Falling Behind: Just 3 percent of California cities and counties are on track to meet housing goals set by the state under the RHNA or Regional Housing Needs Allocation. This is a huge reason that California is unaffordable. The state sets housing production goals but really has no means to implement them since control is ultimately local. Nothing will really change until there is some real teeth to enforcement of RHNA. The Real Deal
Convergence: Homebuilders, apartment landlords and institutional capital are pouring into the single family build for rent space, which has hit a clear inflection point during the pandemic. Bloomberg
Reshuffling: As coworking operators give back space, Industrious – which signs management contracts to operate coworking spaces for landlords, not leases — is set to take over at least seven of those spaces across New York, Washington, D.C., Los Angeles and Chicago by June 30, including five WeWork locations. Industrious’ business model is ideally positioned for today’s environment and it could end up being a big winner in the coworking space as landlords cope with vacant built-out space that has been given back. Bisnow
Chart of the Day
Rent inflation looks like its rebounding hard.
Source: Pantheon Macro
WTF
Gotta Hear Both Sides: An attorney was disbarred for using his law license to access private rooms in a jail in order to film porn because Florida. Click Orlando
Let it All Hang Out: A 75-year-old man has been charged with exposing himself to a sales associate while mattress shopping because Florida. New Hampshire Union Leader
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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