🥤 PepsiCo sparkled

Offices in major cities are emptier than they have been for a generation | PepsiCo got investors all fizzed up | [Finimize](   TOGETHER WITH   Hi {NAME}, here's what you need to know for October 11th in 3:14 minutes.   💰 Women face a lot of unfair obstacles in life. So join AJ Bell for [Money Matters: Her Wealth Roadmap]( on October 25th, and unlock high-caliber research that can help you level the playing field. [Grab your free ticket]( Today's big stories - News showed that offices in major cities are emptier than they have been for two decades, yet builders keep on making new ones - This investment theme could be making a comeback – [Read Now]( - Pepsi’s third-quarter results fizzed, making investors’ moods a little less flat Empty Nesters [Empty Nesters] What’s going on here? Offices in the UK and US are more deserted than they’ve been for a generation, according to news out on Tuesday. What does this mean? Companies have been coaxing workers back into offices, yet despite the tempting promise of slightly subsidized vending machines and the occasional free banana, most folk are refusing to give up the good life they discovered during the pandemic. But with the fluorescent lights still on, the cost of keeping an office simply isn’t justifiable for many firms. That’s left offices in prime locations like New York, San Francisco, and London emptier than they’ve been in 20 years, according to research firm CoStar. Commercial property prices are sinking as a result, less than ideal when the sector makes up around 10% of the US economy. So for the country’s sake, that sprinkling of free fruit better start looking a lot more appealing. Why should I care? For markets: We’re behind the times. Builders seem to have missed the memo, mind you. Central London’s expected to [complete]( a record number of new office builds this year, with developers saying there’s enough demand for energy-efficient buildings to keep hoisting up the scaffolding. The most likely explanation, though, is that most projects were funded before the work-from-home movement was born. So unless these new spots are snazzy enough to lure folk in, they could end up empty too. The bigger picture: Your dime’s on the line. If businesses don’t move their ThinkPads into these new offices, the firms that financed the developments will be left empty-handed. Often, that’s private firms like British Land, which has already seen its stock pulled back down to pandemic-level depths. But for massive projects like the Penn Station redevelopment, it’s [Federal](, New York, and New Jersey governments in charge of the pursestrings. So if they keep giving new offices the green light while workers stay firmly on red, the public wallet will be left a lot thinner. You might also like: [Investors are moving out of Europe’s commercial property market](. Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Empty Nesters&utm_campaign=daily-global-11-10-2023&utm_source=email) Analyst Take Not As Hot As It Used To Be, Clean Energy Could Be Worth A Fresh Look [Not As Hot As It Used To Be, Clean Energy Could Be Worth A Fresh Look]( The green energy transition was one of the standout investment stories of the pandemic era. Oil prices plunged, and many companies involved in the transition to net-zero emissions saw their valuations tick up, even without increasing their profit. Those trying to provide an alternative power source such as solar or hydrogen were particularly rewarded. The [future seemed very green]( indeed: a bellwether global clean tech ETF even picked up by 220% in 2020. Since then, though, it’s dropped in a similarly dramatic fashion. And that dip has some people wondering whether this [might be a good time]( to warm up to clean energy stocks. That’s today’s Insight: [why clean energy stocks might be worth a fresh look](. [Read or listen to the Insight here]( SPONSORED BY TPP Investors are frustrated with their wealth managers Not only do investors have the desire to manage their own cash, they have the skills too. And with [TPP](, they have the platform. TPP gives investors [access to over-performing strategies, crowdsourced from analysts]( with consistently high rankings on the platform. Not only can you [browse through various expert strategies](, but you’ll also find extensive advice to help you adapt your own investing plans and [beat your market benchmark](. The best bit: you won’t pay a single management or performance fee, so your money stays as your money. [Check out TPP’s range of top-performing strategies](. [Find Out More]( When you support our sponsors, you support us. Thanks for that. Certified Fantastic [Certified Fantastic] What’s going on here? PepsiCo reported tidy third-quarter earnings on [Tuesday](, showing at least one thing’s organic about its business. What does this mean? Inflation might have whole countries down in the dumps, but it’s not going to get PepsiCo. The drinks and snacks giant pulled up prices to even out higher costs, confident that loyal shoppers wouldn’t dare switch to a supermarket alternative or, worse, a certain famous competitor. And the move paid off: organic sales – excluding brands that were bought or sold – bulked up by 9% last quarter from the same time last year. Full of reassurance, the beverage aficionado nudged its profit growth outlook up to 13%. That was just the ticket after a year of so-so performance: investors gave the stock a pop upward after the news. Why should I care? For markets: Defense can be the best offense. Investors usually turn to defensive firms – ones that can bag sales no matter what’s going on elsewhere – when the economy’s in a tough spot. PepsiCo’s included in that category, because no measly downturn is going to turn folk off their favorite fizzy drinks and salty snacks. Still, before the recent update, PepsiCo’s stock was down 9% this year, lagging behind the S&P 500 index. The future is only looking foggier, though, so this recent change of mood may signal that investors are starting to flock to the safety of carbonated chemicals. Zooming in: Loyalty is everything. PepsiCo’s strategy worked, sure, but mainly because its most loyal customers were willing to pay more for their favorite products. But actually, fewer of the brand’s items were picked off the shelves last quarter than the same time last year. That’s not an immediate worry for PepsiCo, but investors will be looking further ahead. If the company prices out even its biggest fans, or if sales stagnate when inflation cools down, the firm could end up looking flat. You might also like: [Defense stocks rise as tensions escalate in the Middle East](. Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Certified Fantastic&utm_campaign=daily-global-11-10-2023&utm_source=email) 💼 Introducing Finimize For Business We're helping financial firms publish [first-class content]( that keeps investors engaged, active, and up to speed. After all, we don’t hoard our treasures: we prefer to [share them](. 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