- The U.S. Is Running Short of Land for Housing “Land-use restrictions and a lack of public investment in roads, rail and other infrastructure have made it harder than ever for developers to find sites near big population centers to build homes. As people keep moving to cities such as Austin, Phoenix and Tampa, they are pushing up the price of dirt and making the housing shortages in these fast-growing areas even worse.” (The Wall Street Journal)
- Half of D.C. and NYC Residents Worked Remote in 2021 “The Census Bureau came to these conclusions by analyzing commuting patterns of Americans which, on average, shortened by two minutes on a national level. Without reference to mode of transportation, the agency said that a commute time of 25.6 minutes — the lowest in a decade — was the average in 2021 compared to 27.6 minutes in 2019.” (Commercial Observer)
- 'Dark Days Ahead': How KKR, Apollo, Invesco View CRE Investing In A Recession “Apollo, one of the largest asset managers, has hit the brakes on deals, he said, while it, like everyone, seeks insight into what is happening with the economy. Until there is clarity, the market won't normalize.” (Bisnow)
- The rezoning conundrum “Americans take zoning for granted, but for most of the nation’s history, people could do whatever they wanted with their property. Eventually, we realized that without zoning, development can be very haphazard.” (The Real Deal)
- Inflation Effects Set to Kneecap Retailers’ 2022 Holiday Outlook, and Beyond “The principal villain is inflation, but the problem runs far deeper than the price of gas or groceries. Interest rates are spiking. That means the cost of credit card debt is surging and, as the Federal Reserve recently promised, is expected to continue to rise as the central bank acts to keep inflation from worsening.” (Forbes)
- Net-Lease Tenants in New York Can Appeal Property Tax Assessments “Commercial tenants with this type of lease commonly file tax appeals to correct excessive tax bills and mitigate operating costs. These occupiers include retailers such as department and big-box stores, office building users, banks, drug stores and other businesses.” (REBusiness Online)
- National Architects’ Association Doubts Resilience Of Our Buildings “When Hurricane Andrew tore through South Florida in August 1992, it destroyed 25,524 homes, damaged 101,241 more, killed 26 people and left about 250,000 people homeless in Dade County alone. Those facts, reported by the Insurance Information Institute, along with more than $27 billion in insured losses, led to an overhaul of Florida’s building codes.” (Forbes)
- FedEx Turmoil Another Worrying Sign For Construction-Heavy Industrial Market “The company now plans to close over 100 facilities and evaluate more potential cuts as it aims to right the ship. Coming as industry leader Amazon also pulls back from its rapid warehouse expansion, FedEx's struggles could further weaken demand in an industrial market that continues to build at a record pace.” (Bisnow)
- Pensions Brace for Private-Equity Losses “When pension returns fall short of targets, typically around 7% annualized, the states and cities sponsoring those pensions pay higher annual retirement contributions to make up the difference. Sometimes they must raise taxes or cut services to find the extra money.” (The Wall Street Journal)
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