Episode Details

Data Centers:

• BlackRock executed roughly $50 billion in data center activity in one week: $40 billion Aligned Data Centers acquisition and $12 billion Meta El Paso campus debt financing
• Meta operates 80/20 JV structure with BlackRock, leasing back compute while BlackRock owns infrastructure
• JLL projects nearly 100 GW of new data center capacity added between 2026 and 2030, a 14% CAGR

Multifamily:

• Q2 2026: first time since fall 2021 that lease-ups outpaced new supply
• Cushman & Wakefield: 124,600 units absorbed, fifth-highest quarterly total in 25 years
• Trailing 4Q: 362K absorbed vs 358K delivered; first time demand exceeded supply since early 2022
• National vacancy fell to 8.9%, down 35 bps, first time below 9% since 2024
• 41.2% of properties still offering concessions, up 9.9 points YoY
• Fort Myers effective rents 11.2% below advertised; Denver 8.2% below
• NYC rent-to-income ratio: 70.6% (median income $71K, average one-bedroom $4,186)