Episode Details

Everyone's waiting for rate cuts to save the market. But new research says the relationship between rates and returns is breaking down. Meanwhile, office vacancy is declining across major U.S. markets. DFW office leasing is up. Trophy offices are outperforming. Supply is shrinking. The comeback is happening while rates are still elevated.

Construction costs are also climbing from three directions. Labor shortages, tariffs, and data center demand. If your pro formas are using old numbers, your returns are bleeding out before you break ground.

The macro mirage. Everyone stares at the Fed while the real market moves underneath. The smart money is underwriting to fundamentals. Tenant quality. Supply constraints. Actual costs. The operators winning right now stopped waiting for the macro and started moving on the micro.