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Landmark Links June 15th – Shedding Szn

One Big Thing The office market is just starting to come to grips with the longer-term results of the pandemic fallout.  Regardless of what anyone says, there is no way to truly know what this segment will look like a year from now, let alone several years down the road.  That being said, early signs […]

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Landmark Links June 12th – Blindsided

One Big Thing In the days before the pandemic, retail landlords typically coveted high -quality credit tenants to fill their properties.  For one, these (usually publicly-traded) companies could tap into the commercial credit markets at a low cost and, as such were considered a very low default risk.  Lenders also recognized this and allowed owners […]

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Landmark Links June 11th – All In The Family

One Big Thing All throughout the now recently-ended expansion, multi-family developers had a laser-like focus on the often-single, urban transient (and very large) millennial generation.  As that generation moved to urban areas in droves, developers built high end apartment buildings containing increasingly-smaller units to house them.  However, many of those same millennials are now at […]

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Landmark Links June 10th – Deep Thoughts

Six Things I Think I Think It’s never been more obvious what a coastal bubble California is than looking at how much impact the CARES Act rescue payments – which cover about half a month’s rent around here at best – have had on personal savings nationwide. The Prop 13 reform bill on the California […]

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Landmark Links June 9th – Looking for Trouble

One Big Thing “I rob banks because that’s where the money is” – Willie Sutton In the last cycle, defaulted CMBS provided a robust source of opportunities for distressed real estate investors because conduit lenders were the primary originator of commercial real estate debt in the run up to the crash – also frequently the […]

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Landmark Links June 8th – Upside Surprise

One Big Thing Economists expected the US labor market to shed 7.5MM jobs in May.  Instead, the US Bureau of Labor Statistics on Friday said US employers actually ADDED 2.5 million payrolls, a stunning miss And yet another mark against the dismal science.  This resulted in the unemployment rate declining to 13.3%, bucking forecasts expecting […]

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Landmark Links June 5th – Ominous Signs

One Big Thing Since the beginning of the pandemic, residential rent collection has been a data point that surprised a lot of people in a good way.  March, April, and May all beat expectations and an analysis of the April employment report indicated that this was largely due to the CARES Act providing relief to […]

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Landmark Links June 4th – The Waiting Game

One Big Thing One of the big takeaways from the Great Recession was that lenders – emboldened by government policy – have become incredibly good at not allowing a glut of distressed real estate to hit the market all at once. Despite the housing values falling by 30% nationwide in that recession, lenders were able […]

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Landmark Links June 3rd – Spread Out Part 2

One Big Thing A few weeks ago, when pandemic-related shutdowns were in full swing and work from home was becoming a way of life, a suburban renaissance was a good bet.  With the events of the past week, its becoming a virtual certainty.  Civil unrest, protests, riots  and looting have swept through nearly every urban […]

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Landmark Links June 2nd – Spread Out

One Big Thing One of the big reasons that some companies are embracing work from home for office employees is that there will be a substantial amount of cost associated with re-opening.  The natural response seems to be trying to be cost effective by retrofitting the existing open space areas with cubicles and Plexiglas dividers.  […]

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