- Inflation Threatens to Erode Impact of $1 Trillion Infrastructure Law “Rising prices and snarled supply chains are poised to blunt the impact of the $1 trillion infrastructure law Congress passed with bipartisan support last year. How many roads, bridges, railways, fiber optic lines and other types of infrastructure the U.S. can build or fix under the law—a central accomplishment of President Biden’s that experts say is a generational investment—will largely hinge on the extent of increases in everything from the cost of diesel fuel to workers’ wages.” (The Wall Street Journal)
- Russia Invades Ukraine: The Picture of Commercial Property “The grim news of Russia’s invasion of Ukraine means Western-backed sanctions on Russia are poised to reach unprecedented levels. For global real estate, the immediate and direct impact from these measures will likely be negligible. Russian capital has very little presence in global commercial property markets: outbound flows have averaged just $330 million per year in the last five years and known Russian ownership of commercial assets in the world’s largest property markets is sparse. Additionally, Ukraine’s institutional property market is small and domestic, therefore, international exposure is minimal.” (Real Capital Analytics)
- Say Hello Again to the Office, Fingers Crossed “The two-year mark since many American businesses sent their office workers home is approaching, and some antsy executives have delivered a long-delayed message: Return-to-office plans are real this time (fingers crossed). Managers are hanging up welcome balloons and dusting off monitors with a sense of confidence. Coronavirus tests are widely available, including some provided by employers. Many businesses know the majority of their employees are vaccinated. Many workers have recovered from Omicron and are resuming indoor social activities.” (The New York Times)
- Inflation’s at a 40-Year High. Commercial Real Estate Didn’t Get the Memo. “Commercial real estate has long been thought of as a hedge against inflation, but recent trends in the market are testing that theory.” (The Real Deal)
- Around the World, Buying Is Costlier Than Renting “In today’s tight, competitive housing market, the first hurdle for many aspiring home buyers is simply being able to afford one. After all, a rent check is usually smaller than a mortgage payment on a comparable property. For those looking to buy a home overseas, the hurdles can get even higher.” (The New York Times)
- When Private Equity Came Knocking, Bronx Renters Were Given Two Options: Buy or Get Out “Hundreds of tenants at eight Bronx and Manhattan co-op buildings are at-risk of eviction after a private equity firm announced last year that it would not renew their leases and instead sell the rental units. The tenants, many of whom are low-income families or retirees, were given the option to buy their apartments, now owned by Glacier Equities, or leave.” (The City)
- Bisnow Survey Shows Many in CRE Already Investing in The Metaverse, Dystopia Fears Be Damned “The CRE sector weighs in on the platform in Bisnow's first-ever metaverse survey.” (Bisnow)
- CoStar Boosts Virginia HQ Security in Response to Meme Page “CoStar Group has increased security at its Richmond, Va. headquarters after an Instagram meme page popped up criticizing the firm for its practice of surveillance on employees working from home. The commercial real estate data firm, worth $26 billion, claims that former employee Nate Peterson, 31, who started the meme page, has an “unhealthy obsession” with CoStar and said it would be upping security at their Richmond, Va. offices to combat a possible threat from Peterson, according to an internal memo.” (Commercial Observer)
- Arson Suspect Arrested After Fire Damages Cars at CoStar HQ "Police detained a suspect after two cars in a parking garage at CoStar’s Richmond office were allegedly set on fire Wednesday evening." (The Real Deal)
- Planet Fitness CEO Says Gen Z Is Signing Up for Gym Memberships at Higher Rates Than Pre-COVID “Planet Fitness is seeing more pre-teens and teens sign up for their first gym memberships during the coronavirus pandemic, helping to fuel the company’s overall growth. When the gym operator reported its fourth-quarter results on Thursday, it said Gen Z — which represents people born between 1997 and 2012 — represented the fastest growing demographic group for Planet Fitness memberships in 2021.” (CNBC)
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