Introduction:
- BJ Feller and Isaiah Harsh open the episode with a casual conversation about Lollapalooza in Chicago.
- The hosts introduce the main topics: zombie pharmacies in NYC, unemployment and interest rates, and the impact of technology in commercial real estate.
Zombie Pharmacies in New York:
- Discussion on the New York Times article about 222 dark big-box pharmacies in NYC, with specific statistics on their distribution across boroughs.
- Analysis of the negative impact on urban retail vibrancy and sales tax revenue.
- Exploration of the rise of independent pharmacies filling the void left by major chains.
Economic and Market Updates:
- Review of the latest jobs report showing 110,000 jobs added in July, below the projected 170,000, and the potential implications for unemployment and Federal Reserve policy.
- Discussion on the drop in the 10-year Treasury yield and its impact on financing conditions in commercial real estate.
- Insights into how these economic shifts might affect cap rates, particularly in multifamily, retail, and office sectors.
Placer.ai and Real Estate Analytics:
- Debate on the growing reliance on Placer.ai data in the retail investment world.
- Concerns raised about the accuracy and overdependence on cell phone data for retail traffic analysis.
- Emphasis on the importance of considering traditional metrics like unit-level sales performance and market rent comps.
Closing Thoughts:
- The hosts conclude with a discussion on Q4 market expectations, highlighting the potential for increased deal activity due to lower interest rates.
- A light-hearted segment on favorite desserts, with a special mention of Joe's gluten-free options and RPM Steak's chocolate cake.
Listener Engagement:
- Encouragement for listeners to provide feedback and questions for future episodes.
This episode provides a comprehensive overview of current trends and challenges in the commercial real estate market, with a blend of serious analysis and entertaining banter.
