What I’m Reading
On the March: Construction costs have continued to increase, despite a plunge in GDP, throwing up another hurdle in an already challenging development environment. Bisnow
Spread Out: Research from Trepp and Compstak found that the spread between starting rents and effective rents has increased 27% in major metro office markets, mirroring the trajectory of the Great Recession when the spread peaked at a 106% increase 10 quarters after the market trough. Trepp
Rocky Mountain High: Denver has become a destination for tech workers fleeing the pricey Bay Area and for metropolitan East Coasters looking for more expansive outdoor space. As a result, its housing market is booming. CNBC
Creatures of Habit: The longer that the pandemic goes on, the more likely it is to have a permanent impact on consumer behaviors. Financial Times
Hot Item: Restaurants in colder climates are highly reliant on portable heat sources to stay open as the weather gets colder. Propane heaters are the favored equipment and the resulting rush to purchase them has led to a shortage. Axios
All of the Wrong Reasons: The decline in the unemployment rate from 8.4% to 7.9% in the latest jobs report had much more to do with people leaving the workforce than finding jobs. Axios
Chart of the Day
We are in one of the deepest recessions on record.
Source:@SoberLook
WTF
Don’t Drink and Dry: A drunk UK college student got stuck in a laundromat dryer, requiring help from the local fire department to get out. Fox
Cruel and Unusual: Three corrections officers are facing cruelty charges for subjecting inmates to “inhuman” discipline by blasting the children’s song “Baby Shark” on a loop at an Oklahoma jail. As the father of two young children, I believe that this is in violation of the Geneva Convention and the officers involved should be tried for war crimes. The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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