Everyone in this business talks about power like it’s the whole game. Get the megawatts, and the rest is paperwork.MSCI’s new review of US data center development says otherwise, and it matches what I’ve seen on the ground. Power is the first gate....
The headline last week was the Fed. On September 16 the FOMC voted 12 to 0 to raise the funds rate a quarter point to a range of 3.75% to 4.00%, the first increase since 2023. Sixteen of the eighteen participants penciled in at least one more before the year is out....
For two years, the entire commercial real estate industry has been waiting for the same thing: rate relief. Yesterday the Fed told us to stop waiting.The Federal Reserve raised its benchmark rate by 25 basis points to a target range of 3.75% to 4%, its first increase...
I have been doing this since 1992. I have watched three separate media cycles declare the American mall finished. Time magazine did it in 1998. The trade press did it again in the mid 2000s. Then Amazon showed up and an entire content industry got built on the corpse,...
For the better part of five years, our real estate thesis has been pretty simple.Go smaller.Smaller cities. Smaller metropolitan areas. Markets where the fundamentals make sense, the basis makes sense, and you are not competing with 30 institutional buyers to buy land...
There is a strange thing happening in America right now.We are preparing to spend extraordinary amounts of money building infrastructure for artificial intelligence while continuing to struggle to build enough places for actual people to live.I don’t think those are...
