- Warehouse Nation “Past industrial booms created coal country, steel cities, and oil towns. Now warehouse boomtowns shoot up in places like California's Inland Empire, Pennsylvania's Lehigh County, and Columbus, Ohio, and the number of warehouse workers has nearly tripled in a decade. Here, Insider explores how the rise of warehouses and warehouse work has changed the US and its citizens as we became a Warehouse Nation.” (Insider)
- Corporate Migrants Drive Miami Office Rents To New Record As Demand Outpaces Supply “Direct asking rates for Class-A office space in Miami-Dade County rose 13% year-over-year in the third quarter, increasing more than $7 per SF, according to Colliers. JLL's third-quarter figures showed Miami's central business district hit another new record for asking rents at an average of $64 per SF.” (Bisnow)
- Architecture Billings Index moderates but remains healthy “The AIA Architecture Billings Index (ABI) score for September was 51.7 down from a score of 53.3 in August, indicating essentially stable business conditions for architecture firms (any score above 50 indicates an increase in billings from the prior month). Also in September, both the new project inquiries and design contracts indexes moderated from August but remained positive with scores of 53.6 and 50.7, respectively.” (AIA)
- Oops, we forgot to fix the supply chain “Still, the structural problems that enabled many of the delays, price hikes, and shortages over the past few years haven’t gone away. Shipping prices have not quite returned to their pre-pandemic levels, truck drivers are still in short supply, and some in the logistics industry are already predicting that there will be problems during the upcoming holiday season.” (Vox)
- Weary of Snarls, Small Businesses Build Their Own Supply Chains “ObVus joins other small businesses that are following multinational counterparts, like Ford Motor, First Solar, Intel and Lego, that have recently announced new U.S. plants as a solution to global snarls that left them without access to key components and empty shelves when consumer demand seemed insatiable.” (The New York Times)
- Real estate insiders take swipe at Back-to-Work Barometer hailed by NYC mayor “But a Post analysis found that Kastle tracks only one of the city’s 10 largest real estate empires and omits the largest buildings from a second. The largest property companies have the lion’s share of financial and legal tenants, which have more employees on-site than other types of businesses do.” (New York Post)
- Recession Fears Hit Risky Mortgage Debt Amid Default Concerns “The securities, called credit-risk transfers, could incur losses if rising defaults creep into the massive swaths of mortgage debt backed by the housing-finance giants. The Federal Reserve’s interest-rate increases have shown signs of cooling the pandemic’s roaring real-estate market, and many worry that the central bank’s inflation-fighting may cause a recession that hurts homeowners’ ability to repay their loans.” (The Wall Street Journal)
- More than 60,000 Rent-Stabilized Apartments are Now Vacant — and Tenant Advocates Say Landlords Are Holding Them for ‘Ransom.’ “An internal state housing agency memo obtained by THE CITY shows that the number of rent-stabilized homes reported vacant on annual apartment registrations rose to over 61,000 in 2021 — nearly doubling from less than 34,000 in just a year as the city emerged from COVID lockdown.” (The City)
- How Tenants Can Curb Effects of Inflation in Commercial Leases “Inflation hit 9.1 percent in June, the fastest pace of price escalation in more than 40 years as measured by the Consumer Price Index (CPI), and it hasn’t retreated much since then. And while businesses are factoring soaring prices into many decisions, they should make sure to keep a close eye on their leases.” (REBusinessOnline)
- Yes…Retail Financing Is Possible “Many of these escrows now require a deposit at closing and continued funding at some point in time during the loan term, whereas this had not been a requirement of many lenders in core markets over the last three years. Given the number of escrow accounts, establishing caps for the escrow accounts impacts the returns to owners/borrowers.” (Commercial Property Executive)
- A Building Problem for America’s Housing Market “Exclude starts on multifamily dwellings, which can be volatile from month to month, and the decline was even more severe. Single-family starts, at an annualized 892,000 homes, were down 18.5% from a year earlier.” (The Wall Street Journal)
- NYC rent is so high, minimum wage workers now have to clock over 100 hours “Rent is so absurdly high across the five boroughs that minimum-wage workers would need to work no fewer than 111 hours per week just to afford a one-bedroom, according to a recent survey by United Way.” (New York Post)
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