Luxury retailers have leased 650,000 square feet of new space in the U.S. over the past 12 months, up from roughly 250,000 square feet the prior year.
SI Resorts
Kituwah, the business entity of the Eastern Band of Cherokee Indians, brings a capital commitment of $320 million to expand the Sports Illustrated Resorts brand.
Office Vacancy
The national office average vacancy rose to 19.2% last quarter, just below the historical peak of 19.3% in 1991
Apartment Starts
Apartment building starts fell to a seasonally adjusted annual rate of 334,000 units in August, marking a 41% decline from the pace seen the same month a year prior.
Credit Cards
The typical credit card carried a 20.7% interest rate in May, up from 14.6% in February 2022.
Personal Savings Rate
In April of 2020 it surged to 33.8%, which compared with 8.8% over the course of 2019. It stayed elevated throughout 2020 and most of 2021, but last year it was just 3.5%. This year it has only been a bit better, averaging 4.3%.
Leveraged Loans
Nearly $270 billion of leveraged loans carry weak credit profiles and are potentially at risk of default. Conditions have deteriorated as the Fed has raised rates, beginning to show signs of stress not seen since the onset of the Covid-19 pandemic. Excluding a 2020 spike, the default rate for the past 12 months is the highest since 2014.
Insurance Expense
Commercial real-estate insurance costs have risen 7.6% annually on average since 2017.
China v U.S.
Nearly 24% of the office-tower space in 18 major Chinese cities was unoccupied as of June. That is worse than the U.S., where office vacancy rates hit a 30-year-high of 18.2% in June.
Return to Office
TikTok introduced its MyRTO — or my return to office — app this month. It’s part of TikTok’s latest mandate requiring its U.S. workforce to commute to a physical office at least three times a week with some workers expected for a full five-day workweek.