What I’m Reading
Round Trip: Total retail rent collections approached 91% last month, the first time since March 2020 that collections eclipsed the 90% mark. This is a double edged sword for struggling retail tenants as it also means that landlords will likely begin taking a harder line with those that are lagging. Globe Street
Out of Balance: A recent study by LendingTree found that median housing costs were lower for renters than for homeowners with a mortgage in all 50 of the largest US metro areas. Lending Tree
Backed Up: The primary driver of the inflationary spike that we are currently undergoing is due to supply bottlenecks, not increased demand. The Bondadd Blog See Also: Long-term inflation expectations are not rising. Econbrowser
Piling On: Fresh COVID 19 outbreaks in Asia are further disrupting global shipping at the worst possible time as supply bottlenecks continue. Wall Street Journal
Critical Level: Rapidly rising construction material prices have reached the point where they are now delaying or derailing commercial real estate projects. As I’ve written here many times before, this is bad for affordability and the economy as a whole and good for owners of existing buildings. Bisnow
Chart of the Day
The amount of time required to complete a multifamily development has risen substantially since 2013. I don’t see this declining anytime soon.
Source: Eye On Housing
WTF
Explosive Situation: NBC’s ‘Ultimate Slip ‘N Slide’ show had to halt production following an ‘explosive diarrhea’ outbreak on the set. (h/t Steve Sims) I suppose that the real lesson here is that you shouldn’t serve Taco Bell in a workplace setting. Fox News
Fake it Till You Make It: An online lending platform called Kabbage sent 378 pandemic loans worth $7 million to fake companies (mostly farms) with names like “Deely Nuts” and “Beefy King.” ProPublica
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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