Airbnb as a stock play and a weekend getaway, some depressing news on the jobs and financial security front, Biden's pick for HUD, and sublease-able office space surging.
Airbnb IPO Makes a Splash, Bookings in Long Surge
Much-Awaited Opening Day for IPO Sees Stock Double Up Out the Gate
Bloomberg reports that shares of Airbnb more than doubled in their trading debut, propelling the home-rental company to a $100 billion-plus valuation and one of the biggest first-day pops on record.
Airbnb Bookings Have More Than Quadrupled in Five Years
The platform's ease of use and vast popularity with short-term travelers makes it an attractive option for real estate investors. But there's also some downside, too, as Millionacres' Maurie Backman explains here.
Why both matter: Airbnb's blastoff as a publicly traded stock adds more juice to this company's massive presence in real estate investing. How it holds up as both an investment itself and as a way for investors to capitalize on their own properties will be something to see in the next couple of years.
Also in today's news
Losing Homes for the Holidays? Survey Paints a Grim Picture
A survey by an advocacy group called ParentsTogether says 34% of its randomly selected respondents canvassed on Facebook Messenger (NASDAQ: FB) said they are behind on rent or mortgage payments, and only 40% expect they'll be able to make their payment in full in January without cutting back on other necessities. Almost half are somewhat or very worried about losing their home.
Why it matters: Combine that with a jump in jobless claims reported today by the U.S. Department of Labor, and it becomes pretty clear that this could also be the beginning of even rougher times ahead for a lot of landlords and other property owners.
A Real Estate Industry Look at Biden's Pick for HUD
If Ohio Rep. Marcia Fudge gets confirmed by Congress, this realtor.com piece says, her policies will directly affect out-of-work renters facing evictions, homeowners unable to meet their monthly mortgage payments, and mom and pop landlords facing loss of income.
Why it matters: All the president-elect's cabinet picks matter, but HUD has a particularly big presence in the real estate space.
Rising Sublease Space Takes Greater Share of Total Office Inventory
GlobeSt.com parses out a Cushman & Wakefield (NYSE: CWK) report that finds space for subleasing is now higher than the Great Recession but below the dot-com bust days now more than 15 years ago. Some markets -- like Houston -- have barely seen a rise, but others, led by San Francisco, have seen availability skyrocket.
Why it matters: Well, if there's a silver lining, it's that this space will be available when the pandemic mercifully subsides and companies begin returning to office space.