What I’m Reading On the Move: For decades, the share of Americans moving to new cities has been falling. The pandemic-induced rise of telework is turning that trend around. This is perhaps a silver lining in the chaos that is 2020. Axios Before the pandemic, the top 15 most expensive cities in the...
October 19th – Color Me Skeptical
One Big Thing A Barclay’s analyst went on CNBC last week and made the claim that converting an underperforming mall to a distribution center or residential complex could reduce the value of the property anywhere from 60% to 90%. While I believe this would be the case if a top...
October 2nd – Headache
What I’m Reading Headache: Percentage rents are likely to have staying power for retailers even after the pandemic subsides. However, As omnichannel sales strategies grow more popular, the breakdown between online and brick-and-mortar stores is becoming blurry, making it difficult to establish what sales should be included in the percentage rent...
September 18th – Open to Interpretation
What I’m Reading Open to Interpretation: From state to state, and even judge to judge, a simple-sounding order by the C.D.C. to halt evictions through the end of the year due to the pandemic is being enforced in a far-from-uniform manner. The New York Times Full Picture: NMHC’s rent payment tracker for September...
September 17th – Aaaand Scene
What I’m Reading Aaaaand Scene: The cameras are rolling and Hollywood’s film industry is slowly coming back to work, That is bringing intense demand for studio space, new interest from investors and higher rental rates. Commercial Observer Losing Hope: As the pandemic recession continues, many small and midsize U.S. banks find themselves buried...
September 15th – Building Inferno
What I’m Reading Building Inferno: Three million of California’s 12 million homes are at high risk for wildfires per CalFire. That designation hurts home values, which in turn increases mortgage default risk, according to research by the Commodities Futures Trading Commission (CFTC). If fires continue to cause more damage and insurance...
September 14th – Opening Up
What I’m Reading Opening Up: The Securities and Exchange Commission modified its definition of “accredited investor: in August, changing who is allowed by law to invest in private securities offerings. The new definition is less restrictive, which will likely open up an opportunity for more investors to participate in private real...
September 10th – Can’t Get Out
Can’t Get Out: US imports from Asia in August jumped 34 percent from June, driven by ongoing strong demand for e-commerce fulfillment and personal protective equipment (PPE). Imports from China alone last month were up 32 percent from June. I’ve been skeptical about the whole re-shoring-due-to-COVID narrative (outside of perhaps...
September 3rd – Stocking Up
What I'm Reading Stocking Up: US retailers — burned by stock-outs in the second quarter as the retail inventories-to-sales ratio hit a 2020 low in June — are ramping up imports, sending a vast majority of their cargoes through Southern California to feed waves of e-commerce orders to avoid getting...
September 1st – Liftoff
Welcome to Basis Points, a daily go-to for the best and most interesting curated commercial and residential real estate stories, combined with original commentary and analysis.If you are frequent reader of my blog (formerly Landmark Links), you may have picked up on some hints I’ve been dropping about an upcoming...