A third of all office desks are empty

Market Overview
Read time 1.2 minutes

Year To Date Performances:

1. Goldman vs. Bloomberg: Clash of Titans over recession odds. While Goldman Sachs recently lowered its estimate for U.S. recession risks from 20% to 15%, starkly disagreeing with Bloomberg's 60% prediction, the economic indicators paint a concerning picture. Goldman is betting on the Federal Reserve not having to tighten monetary policy, citing prospects for a strong job market boosting income in 2024. They see "only very gradual" Fed rate cuts starting in the second quarter of 2024. However, warning signs like depleted pandemic savings, skyrocketing credit card debt and interest rates, and rising late payments on both cars and credit cards suggest consumers are increasingly financially stretched.

2. The great office exodus: One-third of global desks sit empty, but is the worst over? A new study by XY Sense reveals that office occupancy is only half of what it was before the pandemic. While companies like Google and Amazon are pushing for a return to the office, citing the irreplaceable nature of face-to-face collaboration, the data suggests that 80% of office space is actually designed for individual work. McKinsey projects that this trend towards empty offices and hybrid work could cut a staggering $1.3 trillion from the value of big-city real estate by 2030. Yet, there's a glimmer of optimism: Bloomberg's Office Property Index has rebounded 25% from its May low, and perceived risk in the sector is declining. The question remains: is this a temporary reprieve or the start of a more robust recovery?

3. Sandhill Markets is the “Robinhood for Pre-IPO Startups”, letting investors get into private deals like Stripe, Databricks, Discord, Anduril, Neuralink and OpenAI. Investing in these blue-chip startups typically involves $100k+ minimums, 2/20 management fees, carried interest, and even 5-10% uncapped transaction fees. Sandhill lets investors invest with $5k mins, and 0% fees. Review prices and Listings for free - Top 25 startups here. *

4. Headlines

   1. Taylor Swift is releasing a movie documenting her recent tour, which has become a cultural milestone.

   2. US home prices were up last month after declining month over month since the fall of 2022.

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