Episode Details

AI companies now occupy 10% of San Francisco's office market. 8.5M SF, up from 1.1M SF in 2022. Our research shows 700% growth in four years. Retailers posted a net loss of 144 stores through July, but total square footage is up 26.1M SF. Average new store: 19,350 SF. Average closure: 10,860 SF. Capital is consolidating, not retreating. Texas paused new data center approvals. ERCOT faces 474 gigawatts of connection requests. 5x peak demand. 90% from data centers. Governor Abbott ordered audit of 250-300 projects. Grid capacity is the new deal killer. The common thread: capital moves faster than physics. The operators winning are the ones who see physical constraints before capital gets trapped behind them. 

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