What I’m Reading
Bid ‘Em Up: An unattainably expensive housing market and record low vacancies have resulted in a once-unthinkable situation – bidding wars for rental units. NPR
Kicking the Can: Rising rates will make it difficult for some borrowers on marginal properties to refinance maturing CMBS loans. Expect another wave of loan extensions with a particular focus on marginal retail, hospitality and office properties. Trepp
Throwing in the Towel: Yelp is shuttering several hundred of thousand square feet of office space in San Francisco after experimenting with a hybrid work schedule. When asked about the move, Yelp co-founder and CEO Jeremy Stoppelman called hybrid offices “the worst of both worlds” and noted that two things have become increasingly clear following the pandemic: Workers want to do their jobs remotely and the company benefits from meeting the demand. Washington Post
Cooling Off: High mortgage rates and asking prices have cooled homebuyer demand substantially. Redfin
Tug of War: Inflation and rising interest rates are pressuring some industrial investors. However, it’s unlikely that pricing will be impacted until rent growth – which is being driven by a lack of supply – cools. Globe Street
Chart of the Day
Source: Redfin
WTF
Trouser Snakes: A woman who was found wandering the streets naked from the waist down told Pennsylvania police that snakes had eater her pants. The Smoking Gun
Send it Back: Two people were shot in an Atlanta Subway over a dispute about too much mayo on a sandwich order. WSB-TV 2
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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