Landlords are offering long-term office leases of four and more years at discounts up to 13% below rent rates reached in the first quarter of 2020. Companies are also seeking on average about 10% less space.
Traveler Survey
Of the travelers surveyed, 43% said they are “more likely” to travel domestically post-pandemic and 44% are “more likely” to travel internationally, while 50% are “as likely” to travel domestically post-pandemic and 41% are “as likely” to travel internationally.
REIT Rally
Real-estate investment trusts overall rose 9% during the first quarter, beating the S&P 500’s 6% gain. Fueling the REIT rally was an 18% rise in the shares of lodging owners and a 32% gain by mall owners.
Marriott Employees
The company reported operating costs and expenses of $10.49 billion for 2020, down 45% from 2019, in part because of layoffs, furlough programs and reduced work hours. Marriott had 121,000 employees at the end of last year, compared with 174,000 the year before COVID.
Mortgage Credit
About 70% of mortgages issued in 2020 went to borrowers with credit scores of at least 760, up from 61% in 2019.
Corporate Travel
Around 44% of US corporate travel managers think that travel volume will shift to virtual in 2021, up from 34% when surveyed in October. The expectations are a bit more optimistic for 2022, showing only 27% expecting the shift up from 22%.
BlackRock Secondary
BlackRock Inc. has raised $3 billion to invest in the private-equity secondary market. BlackRock Secondaries & Liquidity Solutions LP is among the largest debut funds ever raised to buy secondhand private equity stakes.
Office Sublease
At the end of 2020, 137 million square feet of office space was available for sublease across the U.S., according to CBRE Group Inc. That is up 40% from a year earlier and the highest figure since 2003.
Labor Participation
Women’s participation in the labor force slipped to 57%, the lowest it has been since 1988. More than 2.3 million women have dropped out of the labor force during the pandemic, compared with 1.8 million men.
Realtors
There are 1.45 million members of the National Assosication of Realtors. Meanwhile, there are only 1.04 million homes for sale.