Balance finds a way. Despite turbulence in select sectors, we are grateful to see the industry rebalancing itself and working back towards supply/ demand equilibrium. Office vacancies remain extraordinarily high, yet office construction has plummeted. Undersupplied multifamily has further helped this problem by taking larger chunks of obsolete office off the market for conversion. And after the post-2020 surge in industrial development, pipelines have normalized while certain sites previously slated for traditional industrial are now being repositioned for data center use.

A meeting of the minds. After years of slower volume, bid-ask spreads are starting to narrow, pricing is recalibrating, and transaction volume is returning. Deal timelines are still slower than most would prefer, but the early signs of a thaw are here and we’re grateful to see buyers and sellers closing in on common ground. 

The moonshot of moonshots. We’re also grateful for the innovators pushing the boundaries of what’s possible. Whether or not they succeed, their ambition is inspiring and we respect the bold pursuit of unconventional ideas.