What I’m Reading
Looking Ahead: CPI hit a 40-year high but its a backward-looking number. Many forward looking indicators are starting to tell a very different story – a story of falling demand and falling prices, and the risk of falling into deflation. Pragmatic Capitalism
Beat the Heat: Some employees in hot summer climates are finding a new reason to go into the office – industrial strength air conditioning. Wall Street Journal
Turning Point? Costar is predicting that the rental market will begin to experience rising vacancy rates in the next six months due to new units coming to market. Costar This will impact the high end the most as it is where (almost) all of the deliveries are focused. FWIW, I still think that the biggest risk in most markets is demand destruction via recession rather than new supply.
Going Green: In a bid to shore up its online delivery capabilities, Walmart has bought a fleet of 4,500 electric delivery vehicles from electric vehicle startup Canoo. The vehicles will begin delivering in 2023. Business Insider
Doom and Gloom: There wasn’t much of anything to like in the June CPI report. The Bonddad Blog
Chart of the Day
Industrial is taking a lot of share from office and retail when it comes to real estate capital allocations.
Source: JLL
WTF
Great Escape: A woman escaped from police custody in a hospital by climbing into the ceiling above the emergency room because Florida. WCTV
Cock Fight: A man who was arrested for killing his neighbor’s pet rooster claimed that he did so in self defense because Florida. Fox 5
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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