Commercial Real Estate

rcwhalen's picture

Quantitative Deflation

As the inexorable logic of base-ten arithmetic asserts itself once again, the rats will clamber onto the pieces of floating wreckage with the best view.

A Bad Week (And Getting Badder Bigly Fast)

"...looks a bit as though the Golden Golem of Re-Greatification has wandered into a political minefield so dense with booby traps that he’s already out of moves."

Mega-Bears Smell Blood As Mall REITs Tumble

"There has been a steady drumbeat of negative reports from anchor retailers in the mall. As a result, when we keep hearing bad news it adds to the impression that there is a problem in the malls.”

Manhattan Retail Vacancies Soar

"Retailers are experiencing painful adjustments right now, there’s no doubt about it.  There is just too much space coming to the market at the same time, and owners are all vying for the same retailers."

Can Yellen Keep The Boom Going?

Yellen, like notorious previous Fed chiefs including Strong, Martin, and Greenspan, can now claim success in having prolonged and strengthened an asset price inflation which otherwise may well have been about to enter its severe end phase. If history is any guide, the result of that success is to be feared.

Fed's Beige Book Notes Decline In Optimism About The Outlook, Sharp Drop In Broadway Attendance

What was most interesting in the latest Beige Book was not the comprehensive summary but the anecdotes revealed by the various districts among them concerns about the stronger dollar, worries about Obamacare repeal, Atlantic City casino revenues, retailer fears about online competition, shipping container volumes, the impact of immigration policy on labor supply and even a sharp drop in Broadway theater attendance. 

The Lowest Common Denominator

More debt and less discipline is not the solution to a pre-existing condition characterized by the same. The price tag for failing to acknowledge and address that reality rises exponentially over time.