- Fed’s Beige Book: CRE Activity Remains Steady “The Federal Reserve released its February 2023 Beige Book on Wednesday. The good news is … things haven’t gotten horrible. Which may not seem a big comfort, but the way things have been seemed to head — with Fed Chair Jerome Powell’s congressional testimony making more rate hikes seem likely — catch whatever upside there might be. ‘The latest Beige Book suggests that the economy regained some momentum in the first quarter, driven by solid-to-strong growth in retail sales and a stabilization in manufacturing activity,’ wrote Oxford Economics in an emailed note.” (GlobeSt.com)
- Here’s Where the Net Lease Deals Are Happening “It used to be, before interest rates began their upward journey, that Matt Berres and Samer Khalil with the Newmark Net Lease Capital Markets team would receive between five to ten emails a week regarding 1031 deals in the $1 million to $5 million range. ‘Those mom-and-pop investors who buy long term stable properties were always the bread and butter of the business’ says Matt Berres, vice chairman. ‘We could always count on having several of those in play at any given time,’ he tells GlobeSt.com. That side of the business has shrunk significantly as transactions in net lease – indeed all of commercial real estate – has slowed.” (GlobeSt.com)
- Placer.ai: Malls Falter in February “Malls rang in the new year with a bang in January. All three categories in Placer.ai’s Mall Index—indoor malls, open-air lifestyle centers, and outlets—tallied traffic increases over January 2022. In February, however, the comeback faded. Outlets and enclosed malls saw visits decline by 6.7% and 6.2% respectively compared February 2022. Lifestyle centers, which posted the highest traffic increase of nearly 5% last month, fell by 1.7% in the in the year-over-year comparison.” (Chain Store Age)
- More Companies Start to Offer Daycare at Work “On-site daycare is a rarity in American workplaces, but new government incentives and companies eager to attract and retain talent could soon make that benefit more common. The Biden administration last week outlined a novel proviso in its $53 billion plan to revitalize the U.S. semiconductor industry. Chip makers seeking manufacturing subsidies under the Chips Act are expected to ensure employees have access to affordable, quality child care.” (The Wall Street Journal)
- Elon Musk Is Planning a Texas Utopia—His Own Town “Elon Musk is planning to build his own town on part of thousands of acres of newly purchased pasture and farmland outside the Texas capital, according to deeds and other land records and people familiar with the project. In meetings with landowners and real-estate agents, Mr. Musk and employees of his companies have described his vision as a sort of Texas utopia along the Colorado River, where his employees could live and work. Executives at the Boring Co., Mr. Musk’s tunnel operation, have discussed and researched incorporating the town in Bastrop County, about 35 miles from Austin.” (The Wall Street Journal)
- As S.F., L.A. Lose Population, These California Cities Are Booming. We Mapped It All. “See the ZIP Codes in California which had the most net move-ins and move-outs from 2019 to 2022. One million more people moved out of California homes than into them over the last four years.” (Los Angeles Times)
- GreenPoint Launches Platform to Acquire $500M In Industrial Outdoor Storage “GreenPoint Partners has launched an investment platform that will specialize in truck and trailer outdoor storage, a form of industrial outdoor storage, with a goal of investing $500M in the property type. The alternative investment specialist is also investing an unspecified amount in Semi-Stow, an Austin-based semitruck parking and trailer storage operator. Semi-Stow will operate the IOS properties that GreenPoint acquires.” (Bisnow)
- In Real Estate Negotiations, Prestige and Data Points Matter “The cost to acquire a new sales lead varies from business to business, but every company looks for ways to reduce that expense and to keep prospects engaged for longer periods of time. More efficient use of direct, personalized data about home buyers and hotel guests can reduce the need to generate new leads by remarketing to those individuals. Not only are the odds for success higher, the cost is lower. Therefore, there’s always the question during negotiations of who owns the customer data. With Rentyl Resorts, the agreement varies depending on where the data was sourced.” (Law.com)
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