Is there a property type that has taken more body blows than brick-and-mortar retail? For starters, retail has long been considered overbuilt in the United States. Then there is the fickle consumer whose preferences change quickly from formats such as department stores and shopping malls to big-box stores and outlet stores. When ecommerce came along — with all its convenience and discounting — some started ringing the death knell for traditional retailing and its physical stores. That was followed by the COVID-19 pandemic taking its pound of flesh out of the sector.

The wall of rolling commercial real estate loans is turning up the temperature in a debt market that is already feeling significant heat from higher rates and less liquidity. Loan maturities have pushed to the forefront as a hot topic for good reason. The looming wave is substantial, with near-term maturities that represent more than 40 percent of the $4.4 trillion of outstanding commercial real estate (CRE) mortgages. According to estimates from the Mortgage Bankers Association, roughly $725 billion in commercial and multifamily mortgages were set to mature in 2023, followed by another $1.2 trillion in loans coming due over the next two years.

While a research analyst in the high-yield bond group at Merrill Lynch, Rich Byrne covered Bally’s Manufacturing Corp., a casino company that also made pinball machines and operated a chain of health clubs. In reviewing the financials, he noticed the company was seriously overleveraged and heading toward a financial cliff. He wrote a “sell” report predicting the company, groaning under the weight of more than $1.86 billion in debt, would go bankrupt.

What exactly is a digitally native brand (DNB)? In short, a DNB refers to retailers that began their retail journey exclusively online, selling their product line direct to consumers through their digital channel. Although all these businesses start as pure ecommerce plays, many DNBs eventually move offline, choosing to leverage the benefits of brick-and-mortar channels to grow their business even further.

On a recent research trip to China, I wandered through the Oasis Mall in suburban Shanghai. Like many Chinese shopping centers, this complex was filled with empty stores that reflected the end of China’s 30-year-long economic expansion. But there also were surprises.

Industrial manufacturing real estate assets, a unique subset in the industrial space, and the REITs that manage them present an opportunity in today’s market. In this unpredictable market, net-leased industrial manufacturing sites are proving to be resilient, delivering stability and growth.

Prior to Jan. 5, Boeing appeared ready to start the new year on steady footing, building on a wave of momentum it had built up throughout a relatively successful fourth quarter 2023. Deliveries for the month of November reached a five-month high and put the American aviation giant on track to reach full-year targets related to its 737 and 787 jets. Though Boeing’s tally of new orders will certainly lag European rival Airbus’s pace for a fifth straight year, with the former trailing by roughly 800 aircraft through the first 11 months of the year reported, 2023 will still be the best annual period for Boeing’s order book since 2014. All of this helped Boeing shares surge by 39 percent through the fourth quarter.

I’ve noticed over the years people in this industry take a far too casual stance when it comes to sharing (and comparing) performance numbers. First of all, a performance number is only comparable if the inputs that go into the formula for calculating those numbers have been uniformly defined and collected, and if the formulas that are used to calculate are identical.

Let’s start with nuclear energy. It’s back! After being unloved, forgotten and punished for a decade, it’s rising again. Some call it a nuclear renaissance, but I like to think of it as a resurgence given the growing momentum.

Americans were on the move in 2023, and many chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau interstate migration data and commercial datasets released by U-Haul and United Van Lines.

Stuart Brown, psychiatrist and play researcher: “The opposite of play isn’t work, it’s depression. The adult-play deficit is becoming a public health crisis. ... When I interviewed Nobel laureates, I was struck by how most of them didn’t separate work and play. Their labs were their playgrounds.”

In late 2021, we made a bold and deeply contrarian call: We predicted massive capital flows into renewable energy could potentially become history’s worst malinvestment ever. Our call looks correct three years later, and the consequences have emerged with a vengeance. Over the past six months, several notable wind and solar projects have been canceled, delayed or impaired due to rising costs. Stocks that were once market favorites have now pulled back hugely. Wind turbine manufacturer Orstead is off 73 percent from its peak and 47 percent in 2023 alone. Renewable provider NextEra is off 50 percent from its peak and 30 percent during 2023. Hydrogen maven Plug Power is off an incredible 95 percent from its peak and 68 percent for 2023. The Invesco Solar ETF is off 58 percent from its peak and 35 percent for 2023.

SEC Rule 204-2 mandates RIAs’ books and records should be true, accurate and current — whether they are stacked in physical storage units or exist in the digital clouds of the 21st century. In this era of heightened scrutiny and digitization, it’s imperative to make sure your recordkeeping is both meticulous and aligned with the complex regulatory landscape governing the industry.

Throughout history, commodity demand has been a function of population and economic growth. This relationship is becoming supercharged, as powerful secular forces are increasing the intensity of commodity use globally.

RCLCO Real Estate Consulting sentiment survey has tracked U.S. real estate market conditions for more than 12 years. The events of the past four years have generated unprecedented volatility in the index, with significant swings in sentiment (both positive and negative) resulting from COVID-19 and the initial recovery, followed by inflation and rising interest rates. Read the firm’s latest sentiment survey here.

In many parts of the world, wood was the go-to material for housebuilding for thousands of years, until it was supplanted by concrete and steel in the 20th century. Now, however, wood is making a comeback in the construction sector, with mass timber an increasingly popular alternative to more carbon-intensive materials. Gwen Busby, head of research and strategy at Nuveen Natural Capital, tells us that the growing market for mass timber has the potential to significantly increase demand for timber. The climate benefits of mass timber, she says, is a major factor in drawing climate-conscious investors toward including sustainably managed timberland in their portfolios.

City dwellers may have fewer options for buying in person than they did a few years ago. That’s because many large chain stores are pulling out of central cities. This trend has been building for several years. Target made national headlines in 2018 when it closed its store in a predominantly black Baltimore neighborhood after just 10 years of operation. COVID-19 sped things up by cutting foot traffic in city centers and boosting online commerce.