What I’m Reading Ultimatum: In another sign that flexible work arrangements will become a job perk, twenty-nine percent of working professionals say they would quit their jobs if they couldn’t continue working remotely, according to an online survey of 1,022 professionals by LiveCareer, an online resume and job search consulting...
January 5th – Unmasked
What I’m Reading Unmasked: The Corporate Transparency Act, which was tacked onto a defense bill, would require corporations and limited liability companies established in the United States to disclose their real owners to the Treasury Department, making it harder for criminals to anonymously launder money or evade taxes. The rule applies...
December 21st – Temporary Move?
What I’m Reading Temporary Solution: The number of renters seeking short term (less than 6 month) lease arrangements when moving to new cities is way up this year. This suggests that the move away from urban markets may be more temporary than thought. Apartment List Sweet Spot: Pent up demand, healthy...
December 18th – The Great Mirage
One Big Thing Jonathan Litt of hedge fund Land and Buildings is predicting that next year will see a bounce back in the performance of pandemic-impacted real estate but that it will ultimately prove to be a mirage as secular headwinds turn against these market segments (emphasis mine): The Vaccine...
November 30th – Steady and Slow
What I’m Reading Slow and Steady: While the CMBS issuance volume has been consistently inching upward, 2020 issuance will close at roughly half of what was predicted a year ago, according to Kroll Bond Rating Agency. Kroll estimates this year’s total CMBS issuance will be $55 million while $95 billion was...
November 20th – Swept Under the Rug
What I’m Reading Swept Under the Rug: October marked the fourth straight month that the overall lodging delinquency rate has fallen, according to Trepp. Unfortunately, this isn’t due to improved property performance but rather granted forbearance that is allowing loans to “current” status. Globe Street See Also: A new survey of American Hotel &...
November 19th – Ringing the Bell
One Big Thing The Fed is now in a tricky spot when it comes to their massive mortgage bond buying program (emphasis mine): All of this serves to squeeze mortgage-bond investors in higher-rate securities. Most of them bought the debt at a premium, and the constant reduction in lending rates leaves...
November 12th – Canary in the Coal Mine
What I’m Reading Canary in the Coalmine: Office REITs have underperformed dramatically this year but their beat-down shares may be a good under-the-radar way to play the vaccine trade. However, upside may be capped by behavioral headwinds. P.S. Shouldn’t need to say it but this is IN NO WAY investment advice. MSN...
November 11th – Changing of the Guard
What I’m Reading Changing of the Guard: Office, hospitality and retail, three of real estate’s most institutionalized sectors, are facing long-term structural headwinds. At the same time, formerly-niche sectors like cold storage, self-storage, medical office and data centers are getting more institutional attention thanks to their resiliency in the face of...
November 10th – Shot in the Arm
One Big Thing Like me, most of you probably woke up yesterday morning to the Pfizer COVID-19 vaccine news from the AP: Pfizer Inc. said Monday that its COVID-19 vaccine may be a remarkable 90% effective, based on early and incomplete test results that nevertheless brought a big burst of optimism...