Friday, April 24, 2026
On Tap Today
Product lock in: The biggest competitor in the access control industry is still the good ol’ key.
Square deal: Union Square retail occupancy hits a post-pandemic high as experiential tenants move in.
Rate retreat: Mortgage rates hit their lowest point in over a month after three weekly declines.
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| Wednesday's record highs didn't hold. The S&P slipped 0.41% as software stocks cratered (the iShares Software ETF fell 5%, its worst day in over a year) after IBM and ServiceNow disappointed on guidance. Oil pushed back above $97 on renewed Strait tensions, with Iran seizing ships even as the indefinite ceasefire technically held. Tesla fell 3.6% after reporting revenue down 9% year over year, though its gross margin beat surprised to the upside. Utilities, industrials, and staples led the session, a defensive rotation that says something about where sentiment is heading. Trump said there is no deadline for Iran to respond. The market is telling two stories: semiconductors have rallied 17 straight sessions and earnings are beating at an 81%+ clip, but oil is back near $100 and the Strait is still shut. Until energy normalizes, the 10-year stays pinned above 4.30% and floating-rate borrowers remain in limbo. FOMC meets next week. |
Perspectives
For all the innovation in access control, buildings have quietly become more fragmented, not less. Keycards, fobs, mobile credentials, and physical keys all coexist, often within the same property, forcing users to navigate a patchwork of systems that rarely speak to each other. The result is a growing disconnect between what technology promises and what people actually experience day to day.
The real competition for digital access isn’t another vendor. It’s the mechanical key. Its simplicity still wins because it works the same way everywhere, every time. Digital systems may offer better control and data for operators, but if they feel more complicated than turning a key, adoption stalls. The industry has spent years adding options without solving the core issue of usability.
The next phase won’t be about introducing new devices. It will be about making everything work together. The buildings that win will be the ones where access feels seamless, regardless of whether someone uses a phone, a fob, or a key. Not more technology, just smarter integration that finally makes digital access easier than what it is trying to replace.
Mixed-Use Districts Show Staying Power as Union Square Fills Storefronts
Union Square reached 91.4% retail occupancy in the first quarter of 2025, up from 85% a year earlier and the highest since the pandemic began. Tenants leased 27,000 square feet in and around the business improvement district, which spans 14th Street from First to Sixth Avenues. Santander Bank signed for a corner storefront at 1 Union Square West, while two other corner locations at 145 Fourth Avenue and 540 Sixth Avenue remain unannounced. Uniqlo opened at 860 Broadway on April 3, drawing a 33% increase in foot traffic compared to typical Fridays over the prior year.
Union Square Partnership executive director Julie Stein attributed the gains to demand for mixed-use neighborhoods with what she called a "live-work-play aspect." Experiential tenants—entertainment and food and beverage concepts—are filling space as consumers look for public gathering spots. Portland-based Voodoo Doughnuts will open its first New York location at 41 Union Square West this spring, and social darts operator Flight Club plans a debut at 31 Union Square West. The park at the center of the district serves as an anchor for foot traffic and retail interest.
The recovery follows a broader pattern of ground-floor retail bouncing back in pedestrian-heavy districts with residential density. New York's Department of Transportation launched a two-year study in March to plan capital improvements for 14th Street and Union Square Park, which has not seen a full renovation in four decades. The Union Square Partnership is also pursuing an expansion of the business improvement district to include adjacent blocks that "still feel like Union Square," according to Stein.
30-Year Mortgage Rate Falls to 6.23%, Lowest in Over a Month
Mortgage rates are finally moving in a direction homebuyers have been waiting for. The average rate on a 30-year fixed mortgage has fallen to 6.23%, marking the third consecutive weekly decline and a noticeable drop from 6.3% the week prior, according to Freddie Mac. That also represents a meaningful improvement from the 6.81% level seen a year ago, bringing borrowing costs to their lowest point in over a month and offering some relief as the critical spring homebuying season ramps up.
The recent easing follows a volatile stretch earlier this year, when rates spiked alongside inflation fears tied to geopolitical tensions, particularly the conflict involving Iran. Mortgage rates tend to track movements in the 10-year Treasury yield, which surged as energy prices climbed and uncertainty spread through global markets. As those fears have moderated, rates have drifted lower again, though economists caution that ongoing instability could limit how far they fall in the near term.
There are early signs that even modest rate relief is starting to thaw housing activity. Pending home sales rose for a second straight month in March, beating expectations, though they still remain below year-earlier levels. The broader market remains constrained by affordability challenges and limited inventory, but lower rates are beginning to draw some buyers back in after a sluggish start to the year. For now, the housing market isn’t rebounding so much as stabilizing—helped by slightly cheaper financing, but still weighed down by the structural issues that have defined it since rates surged in 2022.
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