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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. For the first time in at least 25 years, more U.S. office space will be demolished or converted than built, signalling a long-awaited turning point for the struggling sector. CBRE reports that 23.3 million square feet are set for removal this year, versus 12.7 million square feet of new construction, shrinking the overall office footprint. While remote work has kept vacancy rates near record highs, rising office attendance and tightening labour markets are driving a modest recovery—net absorption has been positive for four straight quarters, and leasing is up 18% year-over-year. Conversions to residential use, which have already created 33,000 housing units since 2016, are set to grow, though developers still face hurdles like high costs and limited viable properties.

2. President Trump's surprise move to double steel tariffs from 25% to 50% is expected to send U.S. steel prices soaring while causing a glut in Europe, where redirected supply could push prices down further. Analysts say the abrupt hike, set to take effect this week, will hurt U.S. manufacturers reliant on imported steel, stoke inflation, and intensify pressure on European steelmakers already grappling with weak demand and thinning margins. While some European firms could benefit from cheaper steel, major exporters like BMW and Orsted may suffer. The EU has criticized the decision and is mulling countermeasures, while experts warn of heightened global uncertainty and short-lived U.S. policy due to inevitable domestic pushback.

3. Roark Capital has acquired a majority stake in Dave’s Hot Chicken, the spicy chicken chain that exploded from a parking lot pop-up in 2017 to over 300 franchised locations and $600 million in sales last year. Though terms weren’t disclosed, the deal reportedly values Dave’s at around $1 billion. Riding the wave of the chicken wars and younger consumers’ appetite for heat, Dave’s has kept its menu minimal and quality high, even as it eyes expansion to 4,000 global locations. Co-founder and CEO Bill Phelps will stay on board, and Roark’s vast restaurant portfolio (including Subway, Arby’s, and Dunkin’) is expected to supercharge growth. The deal also made dozens of Dave’s employees millionaires.

   Headlines

   1. US Steel stocks increased on news of increased tariffs on foreign steel entering the U.S.

   2. Sports betting stocks fell as Illinois passed a new law with a $0.25 tax on all wagers made, increasing to $0.50 after the first 20 million bets per year on any platform.

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