What I’m Reading
Virtual Reality: For those of you unaware, part of the burgeoning NFT craze includes platforms like Earth 2 and Metaverse that recreate earth digitally and allow people to buy up virtual property, “develop” it and trade it. Metaverse is now in the process of launching a REIT that:
plans to own and operate a portfolio of high-quality development properties in Decentraland, Somnium Space, Crypto Voxels, Sandbox, Upland and other commercially viable Metaverses.
I am old enough to think that this is stupid yet young enough to realize that someone is going to make billions off of it. GlobeNewswire
Risky Business: A new survey from CBRE found that investors have an increased appetite for risk in 2021, with a higher preference for secondary markets and alternative product types. CBRE
I Feel Seen: The remote work trend during COVID has popularized “workcations” – going on a vacation, but working while there. Pretty sure that this is one of the first times in my life that I was doing something before it was ‘cool.’ Axios
Up, Up and Away: Airlines are beginning to add back many of the flights that have been curtailed over the years as leisure travel picks up. New York Times
Keeping Score: More retail leases are going to a percentage of sales model where the landlord gets paid based on revenue. This is not a new concept. What is new is that retailers are increasingly using stores as micro distribution centers for online orders, sparking a debate between landlord and tenant over what constitutes an in-store sale that counts towards the percentage rent calculation. Wall Street Journal
Chart of the Day
On average, there are now four offers received for each residential property sold in the US.
Source: The Daily Shot
WTF
Lost: A woman was found stuck in a storm drain completely naked after being reported missing for weeks because Florida. If you are trying to figure out how she got there, you have to read to the end of the article (h/t too many of you to keep track):
The woman will now undergo a mental assessment. Her mother told police she has a history of mental illness and is known for “doing odd things and making bad decisions when she is high on drugs,” according to the report. Police said she is a Methadone patient and that her last dose was the day prior to her disappearance.
Source: Yahoo News
Joy Ride: A man stole a train and took it on a 10 mile joy ride before returning it to the rail yard and fleeing because Florida. WESH 2
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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