What I’m Reading
Hanging in There: After showing signs of deterioration when enhanced UI ended, the NMHC Rent Payment Tracker is – remarkably – at exactly the same level that it was at in 2019 for the first week of October. NMHC
The Great Divide: Pricing expectations between sellers and buyers have continued to move further apart. Globe Street
In Decline: Nearly 60 million Americans expect someone in their household will lose a job or take a pay cut in the next four weeks, according to survey results released Wednesday by the U.S. Census Bureau. Bloomberg
Stuck with the Tab: In the latest example lender difficulty unloading distressed and bankrupt restaurants, California Pizza Kitchen Inc. canceled an auction to sell itself last week after no buyers bid for the company. The end result will be that lenders will ultimately own these businesses and have to deal with the restructuring themselves. Bloomberg
Growing Glut: Manhattan now has 16.1MM square feet of office space available for sublease. This is just below the 16.3MM square foot high water mark during the Great Recession, with another 1.1MM square feet projected to come available in the next few weeks as co-working companies like Regus and Knotel continue to downsize. Unsurprisingly, rents are falling. Commercial Observer See Also: It hasn’t been this cheap to rent a Manhattan apartment since 2013. Rents are down across the board with studio units taking the biggest hit, falling 17% last YOY last month. Bloomberg
Yard Sale: Tenant representation firm Savills released a survey Thursday of 250 technology companies that found 82% anticipate needing less office space over the next 12 to 18 months, and 55% plan to dispose of existing space over that time period. Savills
Chart of the Day
64% of mortgages in forbearance are either active in some stage, have been extended or expired delinquent.
Source: Black Knight
WTF
Worth A Try: A man trying to resurrect his grandmother caused $30,000 of damage to a Knoxville, TN cemetery. I’m sure granny was looking down on him with pride. WVLT-8
Devil’s Triangle: A priest was arrested for having a threesome with two corset-wearing dominatrices on a church alter because Louisiana. NY Post
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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