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The Federal Open Market Committee voted 10-2 on October 28, 2026, to hold its benchmark federal funds rate in a range of 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring a quarter-point increase. The committee did not offer a clear signal that it might raise rates at its next meeting in December.
The committee said that accumulation of more information will help determine the appropriate policy stance to ensure a timely return of inflation to its 2% goal. New York Fed President John Williams and Vice Chair Philip Jefferson had previously said the Fed's September hike had bought time to assess the economy, which caused investor expectations for an October hike to fall below 10%.
The post-meeting statement offered no clear signal of a December rate increase. The committee stated that more data accumulation will guide its next decision. Policymakers were set to receive fresh inflation data Thursday when the Bureau of Economic Analysis releases the September personal consumption expenditures price index reading.
The consumer price index rose in September at its fastest pace in five months, driven largely by higher energy prices connected to the Iran war, with broad-based inflation also seen across goods and services. Economists expected third-quarter US GDP growth at a robust annualized pace of about 3.2%, with strong consumer spending and investment into artificial intelligence continuing to boost growth.
Governor Lisa Cook is challenging President Donald Trump's attempt to fire her. Administration officials scheduled a hearing at the White House in early November to examine allegations of mortgage fraud that Cook has long denied. Cook said she would not be able to attend the hearing.
Schwab is offering a $4,800 credit to RIAs that custody with Schwab and sign up for the enterprise version of Claude for Financial Advisors by Nov. 30, 2026, according to Alison Dooher, head of AI for Schwab Advisor Services. The credit equals the 12-month 20-seat minimum cost, making it cost-neutral for smaller firms.
The Claude for Financial Advisors collaboration gives RIAs AI connectors between the Schwab Advisor Center and their own tools to help automate research, meeting preparation and documentation tasks, according to Schwab executives at the Schwab Impact conference. Schwab and Anthropic mutually recommend the enterprise license for its additional compliance and security features, according to Dooher.
Dooher said Schwab would remain open to various AI partnerships, signaling that the deal with Claude and other vendors would not be exclusive, according to reporting from the Schwab Impact conference.
Nevis is an AI-powered back-office operating platform for wealth management that uses AI agents to handle meeting preparation, client servicing and onboarding, routing work through tools such as Schwab Advisor Center. Schwab made a minority investment in Nevis and participated in Nevis's $70 million Series B funding round, which brought total Nevis funding to $110 million.
Ester is an AI-powered tax and estate planning tool from Wealth.com that helps advisors with tasks including uploading documents, creating a visual mapping of beneficiaries, and answering client questions, according to Wealth.com co-founder and Chief Growth Officer Tim White. A limited version is available for free on the Schwab Advisor Center until February 2027, after which access will be broader and fee-based.
Morgan Stanley Real Estate Investing paid $172.1 million for the facility in Stafford, Virginia. The tenant is J.E. Richards under a long-term net lease, with the lease guaranteed by Quanta Services, Inc., an investment-grade parent company and specialty infrastructure solutions provider.
The facility is 935,000 square feet with a cross-dock configuration, 40-foot clear heights, and extensive loading capacity. It was constructed in 2026, has immediate access to I-95, and is located approximately one hour from both Washington, D.C. and Richmond.
David Gross, Managing Director at Morgan Stanley Real Estate Investing, said the Northern Virginia region continues to benefit from significant investment in digital infrastructure, creating opportunities across the broader ecosystem of businesses and real estate that support its continued expansion.
Morgan Stanley Real Estate Investing currently manages $58 billion of gross real estate assets worldwide on behalf of its clients, according to the Morgan Stanley announcement.
Yes. According to the Morgan Stanley announcement, the long-term net lease with J.E. Richards is guaranteed by Quanta Services, Inc., which is described as an investment-grade parent company and a leading provider of specialty infrastructure solutions.
Rob Haugen, chief investment officer of River1 Asset Management and overseer of private capital at Michels Family Office, said he typically targets potential yields on cost in the high single digits or in double digits. He cited buying an office building at a heavy discount with a known tenant and big-box retail as two strategies for reaching those levels, according to CNBC.
Joel Houck, chief investment officer of HB Wealth, said his firm generally steers clients away from funds with leverage above 65%, whether at the property or fund level. Houck said higher rates can create chances to buy at a discount, but investors must watch how much debt a fund uses.
Mike Silverman, chief investment officer at Cresset, said clients ask often about data centers but Cresset has not pursued them because of the risk. Silverman said he tends to think of data centers as more of a technology investment than a real estate investment, noting that a data center may not be valuable at the end of a 15-year lease due to technology change.
Joel Houck, chief investment officer of HB Wealth, said he has seen more interest from large family offices in real assets including industrial warehouses, farmland, and timberland. Houck said certain types offer protection against inflation, a top concern for many family offices, and can also be tax-efficient through mechanisms such as a depreciation shield.
Freddie Mac's weekly survey put the 30-year fixed mortgage rate at 7.40% on October 15, up from 6.27% a year earlier. The Federal Reserve was scheduled to meet October 27–28 and was widely expected to hold its benchmark range at 3.75% to 4.00%, according to AFP reporting cited in the source.
According to Rob Haugen, CIO of Michels Family Financial, LLC and River1 Asset Management LLC, family offices are becoming more selective, only making large investments in 'truly exceptional' projects unless confident that interest rates will decline. The focus has shifted to deeply discounted assets or properties where rents can be quickly reset.
Michels Family Financial, LLC targets office buildings acquired at a discount with tenants already in place and large retail properties, according to Rob Haugen. Joel Houck of HB Wealth Management, LLC noted that many large family offices continue to focus on industrial, farmland, and timberland for inflation protection.
Family office investors are cautious about data centers. Rob Haugen said data center projects typically carry a 10-to-15-year lock-up period, making them too risky in a high-rate environment. Cresset CIO Mike Silverman said Cresset avoids data centers, viewing them as a 'technology bet' rather than a 'real estate bet,' with building values potentially threatened by rapid technological change.
Joel Houck, CIO of HB Wealth Management, LLC, advises clients to avoid real estate funds with a leverage ratio exceeding 65%.
Joel Houck of HB Wealth Management, LLC said real estate's inflation-hedging effectiveness only holds when property managers can quickly reset lease prices. Houck noted that industrial and residential properties typically have regular rent adjustment mechanisms and limited supply, which supports rent increases. He also noted that real estate's depreciation tax shield allows family offices to defer taxes on distributed income until asset sale.
Rob Haugen, who oversees private capital investments at Michels Family Office and serves as CIO of River1 Asset Management, said he typically targets yield on cost in the high single digits or double digits. Haugen pointed to discounted office properties with known tenants as one way to pursue those returns.
Joel Houck, CIO at HB Wealth, said HB Wealth generally advises clients to avoid funds whose leverage exceeds 65% at either the property or fund level. Houck described the 65% threshold as reflecting HB Wealth's approach.
Houck said he has seen increased interest among large family offices in real estate and other real assets, including industrial warehouses, farmland, and timberland. Houck added that industrial properties and housing can offer more regular rent-increase opportunities and may also benefit from supply constraints.
Mike Silverman, CIO at Cresset, said Cresset had not pursued data-center investments, citing the risk that technology changes could reduce a facility's value despite a 15-year lease. Rob Haugen also said he was wary of data-center investments with lockups lasting 10 to 15 years.
Houck said a property's potential to hedge inflation depends in part on whether rents can rise as leases reset, and noted that not all rents reset at the same rate. Houck said industrial properties and housing can offer more regular rent-increase opportunities compared to other property types.
Higher interest rates are making family offices more selective about real estate, with many chasing steep discounts and assets that can raise rents, chief investment officers told CNBC. Rob Haugen of Michels Family Office and River1 Asset Management said the firm needs conviction that rates are heading lower before committing capital beyond the rare, deeply discounted opportunity.
Joel Houck, CIO of HB Wealth, told CNBC that large family offices have been asking about warehouses, farmland and timber as inflation hedges. Industrial and multifamily also appeal because they can lift rents on a regular schedule and both benefit from limited supply, Houck said. Discounted office buildings with tenants already in place and big-box retail are also mentioned by Rob Haugen of Michels Family Office.
HB Wealth tells clients to avoid funds above 65% leverage, whether at the property or fund level, according to CIO Joel Houck. Houck said higher rates can open the door to buying at a discount, but leverage is the guardrail.
Family offices are curious about data centers but cautious. Rob Haugen of Michels Family Office told CNBC he balks at a 10- to 15-year lockup with rates this high. Mike Silverman, CIO at Cresset, told CNBC clients ask about data centers often but Cresset has not pursued any, with Silverman viewing them as more of a tech bet than a property bet.
Yes, according to Joel Houck, CIO of HB Wealth, who told CNBC that a depreciation shield can push tax on distributions out until the asset sells. Houck also noted the inflation-hedge angle, but cautioned the hedge only works if the property manager can reprice leases quickly, and that multifamily, industrial and retail do not reset at the same pace.
According to Institutional Investor, the inflation-hedge narrative for real estate broke in 2022 when inflation spiked but income assets performed poorly over the next two years. While rates were up, expectations for long-term inflation stayed low, so landlords could not justify raising rents.
Seth Laughlin, Cohen and Steers' head of real estate strategy and research, said the bulk of institutional capital is focused on industrial and multifamily within core real estate, calling them the sectors with 'the most enthusiasm.' Laughlin also said the senior housing sector will be 'as strong as it's ever been over the last 20 years.'
Cohen and Steers thinks investors are overallocated in apartments. Seth Laughlin, Cohen and Steers' head of real estate strategy and research, said 'the enthusiasm for the rebound in apartment fundamentals has been overstated,' pointing specifically to falling values and rising cap rates.
Cameron LaPoint, assistant professor of finance at Yale School of Management, told Institutional Investor that A-plus office is recovering in New York City and San Francisco Bay Area markets. LaPoint also said suburban office has become a recent darling 'that's getting a lot of the deals these days.'
Seth Laughlin, Cohen and Steers' head of real estate strategy and research, said interest rates have not been driving real estate markets as much as investors think. Instead, according to Laughlin, the market has placed a premium on growth, with investors chasing the AI trade and undervaluing real estate, which is driven by income.
No, according to NMG Consulting's DC Advisor Study of nearly 600 advisors. Two record keepers with identical 77% advocacy scores saw their shares of top-3 advisor relationships move in opposite directions between 2024 and 2025. NMG partner Joshua Dietch said advocacy measures regard but does not solely establish whether a record keeper will win an advisor's next plan.
Poor advisor service is the leading reason for not doing business with a record keeper, averaging 28% across record keepers, according to NMG Consulting's DC Advisor Study. By comparison, fees account for only 8%. NMG's Joshua Dietch said price gets a record keeper onto the shortlist, but poor service knocks it off.
According to NMG Consulting's DC Advisor Study, DC specialists prioritize capacity to scale. Eighty-nine percent expect revenue to increase over the next 12 to 24 months, but only 43% expect gross margins to improve. NMG's Joshua Dietch said serving more plans without comparable staffing increases can help close that gap, and that service failures quickly become capacity problems at specialist volume.
According to NMG Consulting's DC Advisor Study, 28% of wealth advisors cite ease of doing business as a selection criterion, compared with 13% of DC specialists. NMG partner Joshua Dietch said retirement plans must fit within a practice focused elsewhere for wealth advisors, without requiring the advisor to become a retirement expert.
No, according to NMG Consulting's DC Advisor Study. Thirty-seven percent of advisors want greater support through dedicated contacts. NMG partner Joshua Dietch said the best experience is not purely digital, and that advisors want technology to simplify routine interactions and someone accountable when problems arise.
According to Citi Wealth's 2026 Global Family Office Report, artificial intelligence is the top destination for direct investments, selected by 51% of participants. Healthcare ranks second at 32% and real estate third at 31%. The preferred deal size for 44% of family offices ranges between $1 million and $5 million.
Citi Wealth's 2026 Global Family Office Report found that 89% of family offices reported positive portfolio returns so far in 2026. Nearly 60% reported gains of up to 10%, while 13% reported appreciation exceeding 15%. The Asia-Pacific region led, with 26% of family offices achieving gains above 15%.
According to Citi Wealth's 2026 Global Family Office Report, inflation emerged as the dominant macroeconomic concern in 2026, cited by 63% of respondents, a significant jump from 37% in 2025. Interest rate trends followed at 44%, and global financial system stability at 38%. Concern over tariffs dropped to 18%.
Citi Wealth's 2026 Global Family Office Report found that 40% of respondents describe their AI adoption as early-stage and 30% report moderate adoption. The leading use case is generating meeting notes and summaries. 67% said AI has dramatically improved the speed of information processing, and 35% cited faster due diligence as a benefit.
Citi Wealth's 2026 Global Family Office Report found that one-third of family offices expect a leadership transition within the next five years, but only 17% feel 'well prepared' and 34% consider themselves 'somewhat prepared.' The primary obstacle cited was the lack of a clear leadership succession plan, named by 29% of respondents.
Snowmass Creek Capital, an Oklahoma City family office led by banking executive Jeff Records, acquired Timber Cove Resort for $37.4 million, according to The Registry. Marisa Records is also named in connection with Snowmass Creek Capital in the source.
Timber Cove Resort is a 46-room cliffside hotel on the Sonoma Coast, originally built as an A-frame structure in the 1960s and renovated in 2016. The property once served as a retreat for Ansel Adams, according to The Registry.
Sonoma County hotel occupancy has climbed 6.4 percent this year, according to The Registry. The acquisition of Timber Cove Resort was reported in the context of that rising occupancy trend.
Timber Cove Resort is located at 21780 N. Coast Highway 1, on the Sonoma Coast, near Jenner, according to The Registry. The Russian River is also listed as a geographic reference in the source.
The Registry names Atlas Hospitality Group, Ironwave Hospitality, R.D. Olson Development, Wave Hospitality, and Gensler in connection with the Timber Cove Resort story, along with individuals Jeff Records, Marisa Records, Jens von Gierke, and Richard Clements.
Chief investment officers told CNBC that high interest rates have raised the bar for deals. Rob Haugen of Michels Family Office said uncertainty over where interest rates are headed has made the firm pickier, adding that without strong conviction rates are headed back down, the family office wants to pursue only the really special project.
Family offices are focusing on heavily discounted properties with strong pricing power, according to CNBC. Rob Haugen of Michels Family Office cited office buildings bought at heavy discounts with known tenants and big-box retail spaces as opportunistic avenues. Joel Houck of HB Wealth noted increased family office interest in industrial warehouses, farmland and timberland.
HB Wealth chief investment officer Joel Houck said HB Wealth generally steers clients away from funds with leverage above 65%, whether at the operating property or fund level. Houck noted that while higher rates can create opportunities to buy assets at a discount, investors also need to watch how much debt a fund uses.
Family investors are curious about data center real estate but many are wary of the commitment it requires, according to CNBC. Rob Haugen of Michels Family Office is wary of entering a 10- to 15-year lock-up at high interest rates. Mike Silverman of Cresset said Cresset has not pursued data center opportunities, cautioning that technology change could render a data center not valuable at the end of a 15-year lease.
HB Wealth chief investment officer Joel Houck said inflation protection in real estate comes from the ability of the underlying property manager to reset rental rates, and that not all subclasses reset rents at the same rate. Houck said industrial real estate and housing both offer the ability to raise rents on a regular basis and can both benefit from supply constraints.
BlackRock's survey of 206 single-family offices found respondents most often cited diversification (32%), inflation hedging (26%) and low correlation with other assets (20%) as their reasons for investing in infrastructure. Newer offices founded less than 20 years ago are driving most of the demand, with 38% of them planning to increase infrastructure exposure versus 16% of older offices.
According to BlackRock's survey of 206 single-family offices, 49% plan to keep private credit allocations unchanged, 17% plan increases and 15% plan cuts. BlackRock described this as a cooler reading than a year earlier, when private credit topped the wish list. Among offices planning changes, distressed debt is set to draw the strongest net demand, while business development companies and fund-of-funds face net outflows.
BlackRock's survey found that newer offices, defined as those founded less than 20 years ago, show stronger appetite for infrastructure, with 38% planning to increase exposure versus 16% of older offices. In private equity, 45% of newer offices named secondaries as a preferred route compared with 28% of older ones, while established offices lean more on co-investments at 75% against 60% for newer offices.
About 76% of respondents in BlackRock's survey of 206 single-family offices cited the exit environment as a main obstacle to private equity returns over the next 12 months, and half pointed to valuations. Despite those concerns, 32% of respondents plan to add to private equity over the next year, up from 26% in BlackRock's 2025 global family office survey.
BlackRock's third-quarter earnings disclosures showed its alternatives platform held $800 billion in total assets as of September 30, including $216 billion in infrastructure and $249 billion in private credit, up from $717 billion a year earlier. Alternatives represent approximately 3% of BlackRock's $15.5 trillion in total assets but approximately 15% of base fees and securities lending revenue.
Mira is a proprietary agentic AI-powered platform launched by Modera Wealth Management, a $20 billion RIA based in Westwood, N.J. Mira is a unified platform that connects advisor workflows and systems with an AI intelligence and orchestration layer on top. It uses Modera's data to generate business insights, surface opportunities, evaluate scenarios, and automate operational tasks.
Modera developed Mira over two years with OnTrade, an AI-native operating platform and data interface designed for wealth management firms. OnTrade powers the AI layer behind Mira, and its digital agents assist advisors with planning, proposals, and investment research. OnTrade was founded by former Pro.com executives.
Mira has been available since July 2026. Modera said the platform will support its acquisition strategy by enabling new advisors to consolidate their data onto a common platform. Modera President Joe McCuine also said the integrated approach will appeal to firms that have seen limited benefits from adopting individual AI tools without a broader enterprise strategy.
Several large RIAs have launched proprietary AI platforms. Mercer Global Advisors, a Denver-headquartered RIA with $110 billion in assets, released Aspen 2.0 in July 2026. Mariner, an Overland Park, Kan.-based RIA with more than $630 billion in client assets, entered a five-year partnership with Humanity Labs to scale an AI workforce representing more than 700 full-time equivalents. Connecticut Wealth Management, with $5.2 billion in AUM, hired Subatomic in a five-year partnership to build an AI operating system.
Modera President Joe McCuine, along with Modera's tech team, led the effort to create the Mira platform, according to the firm. Modera also said it invested in operational and tech leadership and worked on data restructuring and data and AI governance over the two-year development period.
Matt Regan of Wealthcare Capital Management said increased SEC reporting requirements around cybersecurity are a primary driver. Regan cited a 104-question SEC cybersecurity audit that left a $250 million advisor unable to operate normally for six weeks. Rob Sandrew of Mariner Independent added that fear of being outspent on AI technology by larger firms is also pushing solo practitioners toward platforms.
According to a study by consultancy Winthrop & Co., supported-independence channels charge advisors 10% to 20% of revenue in exchange for offloading back-office tasks and gaining access to scaled resources and technology. Matt Regan of Wealthcare argued that for growing independent firms, this can be more economical than separately hiring a CIO, trader, and compliance officer.
Matt Regan of Wealthcare Capital Management said advisors should not assume W-2 employment is required to achieve a high valuation. Regan said Wealthcare pays 'the same multiples as everyone else' for 1099 independent contractors.
Rob Sandrew, head of Mariner Independent, said AI advancements are driving solo practitioners toward larger platforms primarily out of fear of being left behind by firms that can outspend them on technology. Sandrew said there is 'a very strong consensus that in the next three to five years, client expectations are rising significantly' and that the advisor-client dynamic will become heavily EQ driven.
The panel featured Matt Regan, president of Wealthcare Capital Management, and Rob Sandrew, head of Mariner Independent, the 1099 independent contractor division of Mariner. The panel was moderated by Stephen Caruso, director of wealth management at Cerulli Associates.
Madison Capital Group named Chris Best managing director to lead its expansion into the RIA and family office channels. Best will oversee capital raising initiatives, distribution strategy and team development. Ryan Hanks, founder and CEO of Madison Capital Group, said Best has a proven track record of building relationships across the wealth management industry.
Chris Best brings more than two decades of leadership experience in capital formation, alternative investments and fund distribution, having directed the placement of billions of dollars across public and private fund structures. He previously served as director at Core Spaces and spent more than 16 years at Sterling Capital Management as executive director and senior client strategist.
Madison Capital Group is a privately held, vertically integrated real estate investment and development firm focused on the multifamily, self-storage, retail and marina sectors. The company operates through subsidiaries including Madison Communities, Go Store It Self-Storage, Madison Commercial and Madison Marinas.
Chris Best said RIAs and family offices are increasingly embracing alternative investments as they look beyond traditional stocks and bonds to address portfolio diversification, tax efficiency and long-term wealth preservation. Best also said tax-advantaged real estate strategies can play a particularly compelling role in those conversations.
Madison Capital Group is headquartered in Charlotte, North Carolina, according to the October 19, 2026 Business Wire press release.
Among family offices that experienced a succession in the past decade, only 37% said their incoming principal was very prepared, according to the Bank of America Family Office Study. Elizabeth Thiessen, Head of Family Office at Bank of America Private Bank, said preparation requires strong governance, a shared vision and the ability to adapt to changing opportunities and priorities across generations.
Among family offices with a potential next-generation principal, 79% predict alternative investments will represent a larger portion of portfolios going forward, according to the Bank of America Family Office Study. Private equity is the top wealth-generation opportunity cited by 51% of offices, and 59% plan to increase private equity exposure over the next three years.
According to the Bank of America Family Office Study, 45% of family offices primarily use credit to support real estate investments, making it the top use of credit. However, only 27% use leverage consistently as part of a long-term wealth strategy, and 77% believe the next generation will take a more strategic approach to borrowing to build wealth.
The Bank of America Family Office Study found that 83% of family offices have identified a successor, but only 27% have a trust distribution policy or guiding principles in place. Family dynamics are the top governance challenge for 45% of offices, and 73% plan to adopt additional governance structures in the next three years.
The Bank of America Family Office Study found that 42% of family offices report regular employee use of AI, primarily for data analysis at 64%, meeting summaries at 57% and automation at 49%. Eight in 10 believe AI has the potential to improve investment returns, rising to 88% among family offices with next-generation involvement.
A second-generation principal on the panel said his firm was behind Nashville Yards, which he described as the biggest deal in Tennessee history at $3.4 billion, done with the owner of the Suns. The same firm has completed about $2.4 billion of private equity overall, with 80 percent of its portfolio in real estate and special situations.
The second-generation principal said his firm, through an affiliate, is currently the largest player in manufactured housing affordable housing development, holding 6,800 lots throughout Houston and Dallas. He described the portfolio as a couple-billion-dollar portfolio and said the firm views affordable housing as a serious crisis in the country.
The Puerto Rico-based family office principal said his firm targets a minimum 10x to 40x returns. Angel investor Mark Schneider said that if a prospective deal cannot generate 30x he loses interest, though his group has achieved investments returning 150x to 160x and has passed on opportunities that returned 800x.
The second-generation Palm Beach principal said the platform, which grew from a 49-year single-family office founded by his father, offers a full-service accounting firm, attorney partnerships, investment deal sourcing, soup-to-nuts family office setup, outsourced or turnkey operation, cleanup, next-generation wealth transfer, and an executive education curriculum for next-gen inheritors and trustees through Palm Beach Atlantic University.
The Dallas-based second-generation principal said his firm is working on a funded in-house fund administration platform, an in-house general ledger application, and other tools that address issues current software does not properly solve. The principal said the firm also intends to use generative AI to help build what he described as the new version of what a family office is.
According to court documents, Uhls solicited investor funds for fake short-term, crowdfunded real estate deals purportedly secured by promissory notes with local construction companies. Uhls claimed to be pooling capital as loans to real estate development companies and guaranteed investors could get their principal back after 30 to 90 days at 10% to 15% interest, but the deals were fabricated.
The DOJ traced the funds and found Uhls used most of them on sports betting, cryptocurrency exchange transactions, jewelry purchases, and credit card payments totaling over $880,000. Between September 2024 and December 2025, Uhls gambled over $652,000 on sports bets and paid over $23,000 for chartered jet flights, according to the DOJ.
According to a FINRA settlement barring Uhls from the industry, Uhls was never registered with MML Investors Services and was instead referred to as a 'former associated person.' MML filed to have him registered in 2023, but in January 2026, before FINRA could approve his paperwork, MML ended Uhls' contract due to inaccurate statements concerning a complaint about unauthorized promissory note sales.
Attorney Chase Carlson said firms should have systems to monitor email and DocuSign when an employee is sending out promissory notes to clients. Carlson said many frauds run the same playbook, often involving promissory notes at high interest rates, and advised other firms to learn from MML Investors Services' alleged mistakes.
BNY Wealth's survey of 290 single-family offices suggests the growing popularity of luxury assets may reflect their potential as inflation hedges. Inflation, along with potential central bank missteps, ranked as the top risk family offices see over the next five years, according to BNY Wealth's report.
Evidence is mixed. A 2021 study by Duke University's Campbell Harvey and researchers at Man Group found that during eight U.S. inflationary periods, art returned about 7% a year above inflation, wine 5% and stamps 9%. However, a 2025 study in Applied Economics found that art hedged against inflation over the long term in France but not in the U.S. or U.K.
According to the Knight Frank Luxury Investment Index, watch prices climbed 5.1% in 2025, led by Patek Philippe up 12.1% and Rolex up 4.6%. Fine art sales across major auction houses rose 11%. Fine wine fell 2.5%, leaving prices down nearly 25% from their 2022 peak, as U.S. tariffs weighed on demand.
Yes. BNY Wealth found that for the third straight year, AI ranked as the most compelling investment theme for the next five years, cited by 68% of respondents across the 290 single-family offices surveyed.
A 2022 study by Credit Suisse in collaboration with Deloitte Private found that Chanel handbags, traditional Chinese art and watches performed well in high-inflation periods. Fine wines, modern and contemporary art, and American and Latin American art were found to tend to suffer in high-inflation regimes, according to the same study.
Everstead is a private wealth and family office brand launched by Waterloo Capital, an Austin-based registered investment adviser. It is headquartered in Atlanta's Buckhead neighborhood and led by founder and managing partner Grayson Dunaway, who previously served as a managing director at Oxford Financial Group, a multi-family office overseeing more than $30 billion.
Everstead unites three Waterloo capabilities under one brand: Waterloo Family Office, Waterloo Tax Partners, and Waterloo Capital's full investment and wealth management platform. Everstead clients work with one integrated team covering investments, taxes, estate planning, and family governance, rather than coordinating separate advisers.
Grayson Dunaway brings nearly 15 years of private wealth experience to Everstead. She previously served as a managing director at Oxford Financial Group, a multi-family office overseeing more than $30 billion, and held roles at Goldman Sachs and UBS before joining Waterloo Capital.
Everstead is based in Atlanta's Buckhead neighborhood, according to Waterloo Capital's announcement.
According to Waterloo Capital, Everstead allows ultra-high-net-worth clients to work with one integrated team that sees the whole balance sheet, instead of coordinating separate advisers for investments, taxes, estate planning, and family governance.
According to the FINTRX Q3 2026 Family Office Investment Activity Report, family offices completed 23 real estate transactions between July and September 2026 with total disclosed property deal value of $2.41 billion. Seventy-eight percent of those transactions were US-based, with international deals recorded in the United Kingdom and the Czech Republic.
FINTRX data identified Pontegadea Investments, the family office of Amancio Ortega, as completing the largest single transaction — the $912 million acquisition of Capital 8 in London. Ofer Global acquired 120 Park Avenue in New York for $382 million. Pebb Capital, Broad Creek Capital, and Leon Capital Group were among the most frequently cited US multifamily buyers.
The FINTRX Q3 2026 Family Office Investment Activity Report shows family office real estate transactions in Q3 2026 spanned office, multifamily, industrial, healthcare, and mixed-use assets. Multifamily residential remained active, with Pebb Capital, Broad Creek Capital, and Leon Capital Group among the most frequently cited US buyers in that segment.
According to FINTRX data, the largest rounds attracting family office participation in Q3 2026 were Blue Origin at $10 billion, Databricks at $5 billion, Mistral AI at $3.5 billion, and The Boring Company at $3 billion. In real estate, Pontegadea Investments' $912 million acquisition of Capital 8 in London was the standout transaction.
FINTRX tracked 49 RIA acquisitions among the 342 company transactions in Q3 2026, making wealth management consolidation the second most active deal category behind pure technology. Wealth Enhancement Advisory Services led with 11 RIA acquisitions, followed by Corient with four, including the $21 billion Summit Trail Advisors. Cerity Partners and MAI Capital Management were also among the most active acquirers.
ASK Curated Luxury Assets Fund-I (CLAF-I) is a Rs 500 crore equity platform established by ASK Property Fund and India Sotheby's International Realty in partnership with Amavi by Clarks. It is registered with SEBI as a Category II Alternative Investment Fund and will invest equity capital in branded luxury second homes across hills, lakes, and spiritual destinations in India.
The platform brings together ASK Property Fund, India Sotheby's International Realty, and Amavi by Clarks. Amavi by Clarks is backed by the promoters of Clarks Group of Hotels and Brij Hotels. Amit Goyal, MD of India Sotheby's International Realty, said the platform will benefit from its luxury buyer understanding, ASK's investment expertise, and the Clarks Group's hospitality strength.
According to the statement, ASK Curated Luxury Assets Fund-I will invest equity capital in branded luxury second homes across hills, lakes, and spiritual destinations in India.
ASK Curated Luxury Assets Fund-I is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund, according to the statement.
Amit Bhagat, Co-Founder, CEO, and MD at ASK Property Fund, said India's Ultra High Net Worth Individuals are increasingly drawn to luxury second homes and that the platform is designed to unlock rare, high-value opportunities in this space. Amit Goyal of India Sotheby's International Realty said the aim is to deliver branded villa developments that blend investment potential with experiential living.
Morgan Stanley said more than half of its record $232 billion in net new assets were tied to IPO-related flows, including the SpaceX IPO earlier in 2026. The $232 billion figure represented a 187% increase from the prior year and a 57% jump from the previous quarter, and doubled analysts' expectations.
Bank of America Merrill Lynch wealth reported $7.1 billion in revenue, a 13% year-over-year increase, and $1.5 billion in net income. Asset management fees rose 16% to $4.5 billion. Merrill added 4,200 net new household relationships with assets over $500,000 in the quarter.
The U.S. Treasury imposed a fine of more than $1.2 billion on Bank of America for failing to mitigate and report priority national security risks, including Chinese money laundering networks. The OCC added a $750 million fine. Together the fines cut Bank of America's net income by 17 cents per share.
Morgan Stanley CFO Sharon Yeshaya said she expected the IPO market to continue and said the firm and its wealth division should 'continue to benefit from it.' The source cited Anthropic and OpenAI as among the companies expected to go public in the coming months.
Bank of America reported its bond trading fell 17% and equity trading fell 10% in the quarter. Morgan Stanley also saw a decline in fixed-income trading, mirroring results at JPMorgan Chase, Goldman Sachs, and Wells Fargo, where fixed-income slowdowns were offset by equities and wealth revenues.
According to Matt Sonnen, COO of Coldstream Wealth Management, the workflow chart shows how a task moves through a firm from the moment it starts to the moment it is complete, assigning a named owner to every stage. Sonnen contrasts it with the standard org chart, which shows only reporting lines and tells almost nothing about how work actually gets done.
Sonnen said that in small firms with five employees the informal system of workflow living in people's heads can function, but it breaks the moment headcount increases. New hires cannot learn how things work unless processes are written down, and without documentation every new employee becomes, in Sonnen's words, 'a liability waiting to happen' because they are guessing at a process that exists only as tribal knowledge.
Matt Sonnen said firms cannot hire for a gap they have not identified, and they cannot identify a gap without first mapping how tasks flow through the organization. Sonnen argued that a workflow chart turns a general sense of needing more help into a precise understanding of where help is truly needed, preventing firms from repeatedly hiring vague 'operations people' without solving the actual problem.
Sonnen recommended starting with the requests that touch clients or occur most often: money movement, account opening, performance report delivery, and billing. For each one, Sonnen said firms should walk through every single step from start to finish and assign a named owner to each stage, with the goal of identifying formal ownership so the business is not relying on informal habit.
Matt Sonnen, COO of Coldstream Wealth Management, described the workflow chart as a prerequisite to the operations manual, applying the same documented-operations idea at a more fundamental level. Sonnen said a firm must know who owns each piece of a process before it can document that process, and must map the actual sequence of hand-offs before it can build a CRM workflow.
According to Tracxn data cited by CNA, Indian family office-backed startup funding nearly doubled to $1.62 billion in 2024 from $876.7 million the year before. Analysts attribute the shift to family offices' 'patient capital,' which operates without the eight-to-ten-year return pressure that constrains institutional venture capital.
Roughly 30% of Indian family offices now favor startup allocations in healthtech, fintech, and AI versus traditional investments such as real estate and gold, according to a report by The Economic Times and 1Lattice. Sattva Group's family office is cited as an example, having diversified from real estate into tech by backing firms like InCred.
According to a report by The Economic Times and market intelligence firm 1Lattice, India now hosts more than 300 family offices managing over $30 billion in assets. High-net-worth families with more than $30 million in assets are projected to nearly double from 16,000 in 2025 to 26,000 by 2030.
Over half of Indian family offices now feature millennials or Gen Z members in investment decisions, according to a report by The Economic Times and 1Lattice. The rise of younger generations has helped shift allocations toward startups in healthtech, fintech, and AI, away from traditional investments such as real estate and gold.
Between 2021 and 2024, 923 unique high-net-worth families made impact investments, with 86 investing through formal family office structures, according to the source. Climate-tech has emerged as a leading sector, along with financial inclusion platforms and healthcare, though engagement is described as still early-stage and often exploratory.
UC CIO Jagdeep Singh Bachher said the goal was to make UC's institutional investment philosophy available to a broader community of investors through the transparency, efficiency, and accessibility of the ETF structure. The ETF is based on UC's $7.9 billion Blue and Gold Endowment Pool, which UC noted has been the best-performing product within its $236 billion portfolio.
UCBG is 90% allocated to the S&P 500 Index and 10% allocated to the S&P U.S. Investment Grade Corporate Bond 1-3 Year Index, according to the source. UC Investments provides the 90/10 Endowment Strategy Index under license to State Street.
Texas Permanent School Fund Co-CIO Stuart Bohart said the fund is willing to be an early seed investor when the stability of its capital and long-term approach allows it to gain advantage through secured capacity, attractive pricing, and enhanced access to the investment manager. Bohart also said PRIV includes an attractive structural edge expected to lead to benchmark-beating performance over time.
Anna Paglia, State Street Investment Management's chief business officer, said institutions are increasingly considering how ETFs can accomplish more specific portfolio objectives rather than treating them only as efficient instruments for obtaining market exposure. Paglia said institutions may begin with liquid beta exposures and expand into more targeted, active, and differentiated strategies as they gain experience with the structure.
State Street's PRIV ETF invests in investment-grade debt, including private credit, via an agreement with Apollo Global Securities. As of October 9, the ETF reported that 21.93% of its holdings were sourced by Apollo.
Two Texas Presidents is the Austin-based family office of Dallas C. Salazar and the Salazar family. Dallas C. Salazar serves as managing member. The office is capitalized by the Salazar family's natural-gas portfolio and invests family capital into operating businesses and long-duration real assets. It does not manage third-party capital.
Dallas C. Salazar said his focus over the next five years is downstream, particularly around convenience retail, fuel retail, fuel distribution and the land underneath that infrastructure. Two Texas Presidents intends to own both the operating businesses and the real estate that supports them, with substantial family capital directed toward that intersection.
Two Texas Presidents is capitalized by the Salazar family's exposure to the Haynesville, Utica and Marcellus natural-gas plays, with the Haynesville interests described as the leading component. Salazar has also reported large, multi-billion dollar exits in Comstock Resources, Eclipse Resources and Southwestern Energy, according to the announcement.
Two Texas Presidents has already provided strategic capital in the acquisition of Dart Transit Group, a transportation and logistics business whose history dates to 1934, according to the announcement. That investment extends the Salazar family's activity beyond hydrocarbons.
E.F. Hutton serves as financial advisor to Two Texas Presidents, according to the announcement. Two Texas Presidents also maintains a relationship with Goldman Sachs & Co., according to the same source.
Noblehouse Family Office serves families in 19 states and Washington, D.C. The largest concentrations are in Texas, Florida, California, New York, North Carolina, South Carolina, Georgia, Massachusetts, and Connecticut. The firm also serves families in Maryland, New Jersey, Pennsylvania, Virginia, Washington State, Colorado, Illinois, New Hampshire, Nevada, and Arizona.
Noblehouse Family Office serves families with $5 million to $50 million or more in investable assets, according to the firm. The firm positions itself for families who fall below the $100 million threshold typically required by single-family offices and the largest multifamily offices and private banking arms of major Wall Street firms.
Noblehouse Family Office uses 'leakage' to describe the cost of gaps created when advisors — attorneys, CPAs, wealth managers, and bankers — do not coordinate with one another. The firm's leakage assessment places that cost between $50,000 and $400,000 a year, driven by tax planning done once a year, outdated estate documents, unquestioned investment fees, and banking relationships that were never priced.
Mekkos Jones founded Noblehouse after more than two decades across private capital strategy, private credit, structured real estate investment, risk management, and wealth planning. Jones was an executive at Catalyst Capital, where he directly managed a team responsible for more than $1 billion in private capital, credit, and real estate projects, and held institutional roles at Charles Schwab and Fidelity Investments.
According to the firm, new clients begin with a Private Briefing, then move to a Financial Architecture Review that measures leakage across tax, investment, estate, insurance, banking, and coordination. The process concludes with a Family Architecture Session in which the team turns the review into a working plan.
AJC Investment Group, a family office based in Bloomfield Hills, Michigan, purchased the 4.5-acre parcel near Gate Parkway in Jacksonville, Florida, for $5.38 million. The seller was TPG Global.
The 4.5-acre land parcel near Gate Parkway in Jacksonville, Florida, had been marketed for nearly five years before the transaction with AJC Investment Group closed.
AJC Investment Group paid $5.38 million for the 4.5-acre land parcel near Gate Parkway in Jacksonville, Florida, acquiring it from TPG Global.
The source identifies AJC Investment Group as a family office based in Bloomfield Hills, Michigan, explicitly distinguishing it from a REIT, pension fund, or institutional investment vehicle.
According to the source, the acquisition of the 4.5-acre parcel near Gate Parkway expands AJC Investment Group's existing presence in Jacksonville, Florida, indicating the group held prior interests in the market.
EastBanc, a 40-year-old D.C.-based family office, launched a new office investment strategy this year targeting buildings it can acquire for around $100 per SF. EastBanc Head of Acquisitions Brian Whitener said the focus is on basis. EastBanc intends to hold assets long-term, overhauling them into better office or residential, with no intention to flip or merchant build.
According to The Meridian Group CIO Gary Block, institutional investors are pursuing a 'conviction play' focused on trophy and mission-critical office assets where landlords have leverage on location and asset type and tenants are sticky. By contrast, private players and family offices like EastBanc are focused on basis plays, targeting buildings in the sub-$100-per-SF range.
Garfield Investments and Broad Creek Capital paid roughly $100 per SF for a 285,000 SF Navy Yard building last year. This spring, Jemal Equities founder Matthew Jemal closed on a Dupont Circle building for $80 per SF after buying the loan. EastBanc launched a strategy this year targeting acquisitions at around $100 per SF.
EastBanc CEO Philippe Lanier told Bisnow in April that EastBanc was working to have its first deal done by the end of the summer and saw potential for six new deals by the end of 2027. Lanier told Bisnow this summer that EastBanc has been actively bidding.
The Meridian Group last year purchased an empty 24-story trophy asset in Tysons' Boro mixed-use community. This summer, The Meridian Group purchased a five-building portfolio in Chantilly for $67M, which serves the area's surging defense and intelligence sector.
Wealth Management's WMIQ Advisor Sentiment Index stood at 115 in September, down three points from the prior month. In the index, 100 represents a completely neutral view, so a reading of 115 remains in positive territory. However, the September reading is 12% below the index's all-time high reached in May.
According to Wealth Management's WMIQ Advisor Sentiment Index, 39% of respondents expect a market decline over the next six months, while 34% expect an improvement and 26% expect stability. Looking out 12 months, 37% expect a decline and 41% expect an improvement.
Advisor sentiment on the economy rose four points in September to an index reading of 106, according to Wealth Management's WMIQ Advisor Sentiment Index. Four in ten respondents, or 41%, consider the current state of the economy to be positive, and an additional 42% consider it average.
According to the WMIQ Advisor Sentiment Index survey responses, a substantial share of advisors tie the economic and market outlook to elections, congressional control, federal policy, government spending, and national debt. Several advisors also said equities are overvalued or trading at historically high multiples, leaving the market vulnerable to disappointing economic news or earnings results.
Methodology, data collection, and analysis were conducted by Wealth Management and Informa Engage, according to the index's methodology statement. Data was collected September 1–30, 2026. Respondents' views on the economy and stock markets are weighted and used to create an index tied to a neutral value of 100.
Ron Honig of From-Honig Family Office said each advisor sees only one part of the family's financial life: the investment advisor sees the portfolio, the accountant sees the tax position and the attorney sees the legal structure. Each recommendation can make sense on its own and still create a problem when combined with the others, because the family has one balance sheet and one set of goals.
According to Ron Honig, an investment advisor may build a diversified portfolio without knowing the family holds a large employer-equity position elsewhere. A senior executive may hold employer shares outside the managed portfolio and continue to receive salary, bonus and future equity from the same company, making the family highly concentrated even when the managed portfolio appears diversified.
Ron Honig said a family may have substantial net worth but relatively little capital available for the next five years, with wealth sitting in retirement accounts, concentrated in employer shares, locked in property or committed to private investments requiring additional capital before returning any. Looking only at the liquid portfolio can therefore give the wrong answer to how much financial flexibility the family actually has.
Ron Honig said retirement accounts may remain in a country where the family no longer lives, employer equity may have been earned across several jurisdictions, and property, brokerage accounts and private investments may be held in different places and currencies. The currency in which assets are held may also differ from the currency in which the family expects to spend.
Ron Honig said the advisors do not need to do one another's jobs but do need to be working from the same picture. Someone needs to know how the pieces fit together, starting with the family's goals — where they expect to live, when work might become optional, what capital will be needed over the next five or ten years and what they want to provide for children or grandchildren.
According to Colliers India, institutional investment in India's residential real estate fell 39% year-on-year to USD 694.5 million during January–September 2026 because real estate companies increasingly preferred to fund projects through internal accruals rather than external institutional capital.
Office assets attracted the most institutional capital, recording USD 2.17 billion during January–September 2026, a 46% increase from USD 1.48 billion in the same period the prior year, according to Colliers India. Badal Yagnik of Colliers India said office investments were mainly focused on operational assets.
According to Colliers India, institutional investment in hospitality increased sharply to USD 632.2 million during January–September 2026, up from USD 88.2 million in the year-ago period.
Domestic investors accounted for more than 90% of institutional inflows into office assets during the first nine months of 2026, according to Colliers India. Colliers attributed the segment's investor interest to sustained leasing activity in high-quality Grade A office properties and long-term demand prospects.
Colliers India data show institutional investment in retail real estate, including shopping malls, declined 78% to USD 85.2 million during January–September 2026, down from USD 380 million in the same period the prior year.
A Chicago-based family office purchased the 23,000-square-foot retail center at 175 W. Jackson St. in Naperville, Illinois for $7.3 million. The seller was a private family that had owned and managed the property for over 30 years. Brett Berlin of Quantum Real Estate Advisors Inc. brokered the transaction.
Brett Berlin of Quantum Real Estate Advisors Inc. brokered the $7.3 million sale of the 23,000-square-foot retail center at 175 W. Jackson St. in Naperville, Illinois. The transaction involved a Chicago-based family office as buyer and a private family as seller.
The private family that sold the 23,000-square-foot retail center at 175 W. Jackson St. in Naperville had owned and managed the property for over 30 years before selling it to a Chicago-based family office for $7.3 million in a transaction brokered by Quantum Real Estate Advisors Inc.
Nuveen sold Southside at McEwen to a high net-worth family office. Lincoln Property Company served as investment advisor to the buying family office. JLL Capital Markets represented Nuveen, the seller, in the transaction.
Southside at McEwen is 100% leased. In-line shop tenants average more than $800 per square foot in sales, according to JLL. The property also has significant mark-to-market potential, with multiple shop tenants paying substantially below current market rates.
The Whole Foods Market at Southside at McEwen is a 45,047-square-foot location that ranks as the most visited Whole Foods in Tennessee and among the top-performing stores nationally, according to JLL.
Southside at McEwen is located at 1554 W McEwen Drive in Franklin, Tennessee, within the Cool Springs corridor. The property has direct visibility along West McEwen Drive and Mallory Lane near Interstate 65, and is surrounded by luxury residential communities, Class A office properties, hospitality uses and complementary retail destinations.
According to JLL, Nashville continues to attract corporate relocations and expansions across healthcare, technology, finance and professional services sectors, supporting long-term demand for high-quality retail real estate.
Kaufman said family office capital is patient by design and that freedom from fund deadlines lets family offices buy land when others are selling, wait out an entitlement process, and build workforce housing that a fund chasing fees would pass on. Kaufman said the advantage of a family office is time, not size, and that every project must stand on its own merit.
Citi Wealth's 2026 Global Family Office Report, a survey of roughly 350 family offices in more than 40 countries, found that direct real estate makes up 13% of the average North American family office portfolio, the highest of any region globally. Nearly a third of North American respondents said they plan to increase their real estate holdings.
Kaufman & Company does not raise outside funds and invests only its own capital, according to Daniel Kaufman. Kaufman said this structure means every project has to stand on its own merit without a fund deadline pushing it.
Kaufman & Company launched BUILD 2030 on October 3, describing it as a strategy that brings its housing, construction, technology, and AI infrastructure businesses under one national development platform.
According to the source, workforce housing has struggled to attract institutional investment due to thin margins and long timelines. Kaufman's presentation at the Miami summit is intended to test whether family office capital can be directed toward that segment.
According to Colliers India, institutional investment in Indian office assets grew 46% to $2,169.3 million in January–September, up from $1,482.7 million in the year-ago period. Domestic investors accounted for more than 90% of those inflows, and Colliers noted that investments were primarily focused on operational assets.
Colliers India reported that institutional investment in the Indian residential segment fell 39% to $694.5 million in January–September, down from $1,139.7 million a year earlier. Colliers attributed the decline to realty firms preferring to fund projects through internal accruals rather than institutional capital.
Colliers India reported that institutional investment in Indian retail real estate, specifically shopping malls, fell 78% to $85.2 million in January–September, compared with $380 million in the year-ago period.
Colliers India data showed that institutional investments in the Indian hospitality sector jumped to $632.2 million in January–September from $88.2 million in the year-ago period.
Badal Yagnik, Chief Executive Officer and Managing Director of Colliers India, said that growing depth in domestic capital is expected to drive real estate investments in India, along with an uptick in foreign investment volumes in upcoming quarters, as preferences across the risk-return spectrum continue to evolve.
David 'Mac' McWhorter is a managing director at Institutional Real Estate Inc. with more than 30 years of capital formation experience. He raised more than $12 billion for firms including AEW Capital and Nuveen Real Estate/Henderson Global. PEF Advisors appointed him to its advisory board to support the firm's effort to expand its institutional investor base and strengthen its affordable housing preservation platform.
PEF Advisors uses private equity capital to acquire and preserve existing affordable housing, particularly in markets where high housing costs can increase pressure on existing affordable properties. The firm is an affiliate of WNC & Associates, which has participated in the acquisition of more than 121,000 affordable housing units representing approximately $22 billion in investments nationwide through tax credit and preservation equity strategies.
David McWhorter raised more than $12 billion for real estate investment management firms during more than 30 years in capital formation and investor relations. The firms he raised capital for include AEW Capital, Nuveen Real Estate/Henderson Global, Heitman and Carmel Partners.
The PEF Advisors advisory board includes Tony Breault, managing director of portfolio management at Ascentris; Gena Cheng, founder of Prospect Avenue Partners; Lawrence J. Hass, an attorney at Difede Ramsdell & Bender; John Hurley, chief investment officer and co-founder of Penwood Real Estate Investment; and Trisha Malone, president of Anton DevCo.
WNC & Associates has participated in the acquisition of more than 121,000 affordable housing units representing approximately $22 billion in investments nationwide through tax credit and preservation equity strategies, according to the source. WNC & Associates has more than five decades of industry experience, and PEF Advisors is an affiliate of the WNC & Associates family of companies.
Merit Financial Advisors acquired Moldenhauer & Associates, based in Orchard Park, N.Y., which oversees $1.1 billion in client assets across nearly 1,900 households. Brett Moldenhauer, who leads the firm, joins Merit along with 12 employees. Moldenhauer & Associates was founded in 1974 and joined Commonwealth Financial Network in 2016 with less than $150 million in assets.
Merit Financial Advisors has acquired 10 former Commonwealth Financial Network teams as of the Moldenhauer & Associates deal. Merit has been competing for these advisors against other firms including Cetera, Kestra Holdings and Osaic, following LPL Financial's acquisition of Commonwealth, which is expected to transition all Commonwealth client assets to its platforms in November 2026.
Brett Moldenhauer said his firm chose Merit Financial Advisors for its support around marketing, human resources, technology and operations. Moldenhauer also cited the caliber of other Commonwealth advisors choosing Merit, saying in a statement, 'These were successful advisors and industry professionals I knew and respected who were still very focused on growing their businesses and building for the future.'
In August 2026, Merit Financial Advisors recruited a former Commonwealth team in Southern California overseeing about $900 million in client assets. In September 2026, Merit brought on financial advisor Tim Brennan and his team in Deerfield, Ill., overseeing about $888 million in assets, also from Commonwealth.
Merit Financial Advisors has completed 63 total acquisitions since its inception. The Moldenhauer & Associates deal marks Merit's 12th acquisition in 2026, with former Commonwealth Financial Network advisor teams making up 10 of those 12 deals completed this year.
Yes. M1 Advisory Services is SEC-registered, which means M1 Advisor operates under a fiduciary duty and must disclose conflicts of interest, according to the announcement. Brian Barnes, founder and CEO of M1, said the AI gives clients advice under the same fiduciary duty a human advisor owes them.
No. According to the announcement, M1 Advisor cannot act on its own — it answers questions and provides advice, but the client decides whether to take action. The service is described as non-discretionary investment advisory.
M1 Advisor can advise on M1's investing, cash, and borrowing accounts. The system can also connect to outside accounts such as a 401(k), an IRA, a mortgage, or a loan through Plaid, according to the announcement.
M1 Advisor uses large language models and other artificial intelligence technologies from third-party providers including Google, OpenAI, Anthropic, and Amazon, according to the announcement. M1 uses an internal model governance process to evaluate and update the models over time.
M1 was launched in 2016 as an automated investing platform under Brian Barnes. As of September 2026, the company had $14 billion in client assets on the platform and more than 400,000 clients, according to the announcement.
The UQA Real Estate Fund is a closed-ended Luxembourg SCSp launched by UNIQA Real Estate Management GmbH for institutional investors. It targets a total volume of EUR 600 million with EUR 300 million in equity. Target investors include institutional investors and large family offices from Germany, Austria, Switzerland, the Nordic countries and Central and Eastern Europe. The minimum commitment is EUR 10 million per investor.
According to UNIQA Real Estate Management GmbH, the UQA Real Estate Fund may use leverage of up to 50% loan-to-value. The fund is designed for an initial term of ten years, with extension options.
Thomas Erdmann, Managing Director of UNIQA Real Estate Management GmbH, said initial yields in Austria, Poland and the Czech Republic have increased by up to 250 basis points compared with peak pricing. Erdmann also said new office supply in Vienna, Warsaw and Prague is extremely limited, while prime-located office space continues to see strong occupier demand, supporting sustainable rental growth.
UNIQA Real Estate has been responsible for the UNIQA Group's real estate management for 50 years, according to the firm. Its portfolio comprises around 200 properties with a total value of approximately EUR 3 billion and around one million square metres of lettable space.
The UQA Real Estate Fund is structured as an Article 8 fund under the Sustainable Finance Disclosure Regulation, according to UNIQA Real Estate Management GmbH. Sustainability criteria and building certifications form an integral part of the fund's investment criteria.
Netwealth's 2026 report points to three factors from the May 2026 Federal Budget: limits to negative gearing on older dwellings, a tax increase on superannuation balances over $3 million, and the government's proposal for a minimum 30 per cent tax rate on income earned through discretionary and family trusts, effective from 1 July 2028.
According to Netwealth's 2026 report, affluent investors with $1 million to $2.5 million showed the strongest ETF growth, rising 12 percentage points to 67 per cent exposure. Ultra-high-net-worth investors ($10 million to $70 million) rose 7 percentage points to 63 per cent, and emerging high-net-worth investors rose 4 percentage points to 64 per cent.
Not all segments cut property exposure. Netwealth found that investors with $1 million to $2.5 million actually increased residential property exposure by nearly 10 percentage points in FY26. Lindsay Coates of Netwealth said this group typically invests a greater share of overall wealth into property and is slower to shift focus.
Netwealth's 2026 report linked greater ETF uptake to a slide in hybrid securities exposure across the board, with drops ranging from 4 to 7 percentage points across wealth segments.
Netwealth expects high-net-worth investors to favour a protective, wealth-preservation approach in FY27. The share of investors prioritising wealth preservation rose from 11 per cent to 20 per cent, while those seeking a balance of growth and income fell from 30 to 23 per cent, according to Netwealth's 2026 report.
Granite Properties sold Regency Plaza to PAULS for an undisclosed price. Tim Richey and Jack Richey of Newmark represented Granite Properties in the transaction, according to REBusinessOnline.
Regency Plaza is 83 percent leased as of the acquisition. More than 176,000 square feet of new leases have been executed at the property since early 2024, according to REBusinessOnline.
Collegiate Peaks Bank, a division of Glacier Bank, provided acquisition financing for the Regency Plaza purchase with a fixed-rate loan, according to REBusinessOnline.
Regency Plaza features a renovated lobby, an outdoor plaza, a fitness center, a training facility, and an onsite restaurant and market. The building was originally built in 1985 and repositioned in 2020, according to REBusinessOnline.
The acquisition marks a return of ownership for PAULS, which previously owned Regency Plaza before the property was sold to Granite Properties. PAULS reacquired the 15-story Denver Tech Center tower in a transaction reported on October 1, 2026.
Monarch Capital Partners acquired 115 & 117 Flanders Rd. in Westborough, MA for $10.7 million, equating to approximately $93 per square foot. The 115,241-square-foot property is classified as flex/R&D/office and shallow-bay industrial and sits on 26.8 acres approximately 31 miles west of downtown Boston.
The acquisition was structured as a joint venture between Monarch Capital Partners and Lockspur Real Estate, founded by Jeffrey Levine. A family office provided LP capital for the transaction. Monarch Capital sourced the off-market opportunity, which was facilitated by Roy Sandeman of CBRE.
The buildings are 52.5% leased. Tenants include Resonetics, a medical device manufacturer; Ameresco and Ingenium Power, both energy infrastructure companies; VAIA Technologies, a developer of AI-powered camera systems; and Alioth Biotech, a provider of advanced filtration systems for the pharmaceutical industry.
Malcolm Constable, Managing Partner of Monarch Capital, said increasing public and private investment in 'tough tech'—businesses that translate scientific and engineering advances into real-world products—is an important driver of the firm's investment thesis. Constable said Greater Boston's concentration of research institutions, engineering talent, and skilled workers makes it a natural hub for these industries.
According to Connect CRE, the purchase of 115 & 117 Flanders Rd. in Westborough, MA represents Monarch Capital Partners' first acquisition. The Boston-based commercial real estate investment firm sourced the deal off-market.
Dan Eyre, Chief Operating Officer of DeepVest, said fiduciaries cannot use AI for investment workflows. Multiple studies show hallucination rates for financial calculations reach the mid-to-high 80s, making outputs untrustworthy for decisions involving Monte Carlo analysis, maximum drawdown, portfolio optimization, or rolling correlations.
Multiple studies have shown hallucination rates for financial calculations by large language models to be in the mid-to-high 80s, according to Dan Eyre of DeepVest. Eyre framed this as being wrong as many as 88 times in a hundred, which he described as completely untenable for fiduciaries.
Dan Eyre of DeepVest said most of the benefit of LLMs is in orchestration, interpreting intent, qualitative summarization, and adjacent areas. To keep AI agents reliable, Eyre said firms need a rigorous use-case and process ontology, deterministic tools, a consistent governance framework, and contextual skills.
Dan Eyre of DeepVest said firms with fiduciary duties face regulatory crackdowns and client lawsuits if they rely on AI tools that produce hallucinated financial outputs. Eyre also warned that AI systems could become deeply embedded in a firm's operations, making early technology choices consequential for a very long time.
Dan Eyre of DeepVest said handing LLMs a pile of skill files does not truly address the gap, because LLMs are statistical text networks not built to perform mathematical calculations. Eyre added that no matter how smart a probabilistic system gets, it will always hallucinate because probabilistic calculations are a feature, not a bug.
According to the SEC's fact sheet, the adviser must determine that a 'permitted custodian' is not available to hold the asset and must recheck this quarterly. The adviser must also have 'expertise' on safeguarding each crypto asset, review cybersecurity systems at least annually, implement private key management protocols, require joint authorization of transactions by at least two people, and send account statements to clients at least quarterly.
The SEC argued that typical custodians may not be willing or able to hold certain crypto assets, and that even custodians offering the service may not be able to support 'the large and continuously growing number of crypto assets in the market,' including novel assets. Josh Burton of Silver Regulatory Associates added that 'for a long time, holding crypto assets with a qualified custodian was close to impossible for many managers, because so few qualified custodians actually existed by definition.'
The SEC initially proposed changes in 2023 that would likely have required crypto assets to fall under custody rule requirements for a qualified custodian. The new 2026 proposals mirror a lighter-touch approach for the crypto space associated with Chair Paul Atkins and Commissioner Hester Peirce, allowing self-custody under certain conditions rather than mandating qualified custodian use.
Better Markets, an investor protection organization, said the proposal 'subjects investors to the very high risk of loss the SEC exists to prevent.' Securities Policy Director Benjamin Schiffrin said there was 'no reason for the SEC to endanger investors' by allowing advisers to hold client crypto assets, contrasting this with traditional securities typically held at qualified custodians, and argued the agency is creating 'a new regulatory regime with lax standards for the sole benefit of crypto companies.'
According to the article, the proposed rules will be open to public comment for 60 days after publication in the Federal Register.
Park Towers in Houston's Galleria district was 89.5 percent leased at the time of loan closing, according to the source. Regency Plaza in Denver Tech Center was 83 percent leased at acquisition, with more than 176,000 square feet of new leases executed since early 2024.
Susan Hill of JLL arranged acquisition financing for the Park Towers deal through Morgan Stanley on behalf of buyer Interra Capital Group. Rick Goings, Kevin McConn and Jonathan Napper of JLL represented the seller, Regent Properties, on the sales side.
PAULS previously owned Regency Plaza before selling it, and the October 2026 purchase from Granite Properties marks a return of ownership for PAULS at the property, according to the source. The 15-story tower was originally built in 1985 and repositioned in 2020.
The new ownership of Park Towers, Interra Capital Group, has tapped Transwestern to lease the Houston property. Colliers will continue to handle leasing for Regency Plaza in Denver Tech Center following PAULS's acquisition.
Morningstar Inc. signed a lease for more than 275,000 square feet at the Thompson Center in Chicago's Loop, described as Chicago's largest downtown office transaction in 2026 to date. In New York, Loeb & Loeb signed an 18,908-square-foot expansion and 16-year extension at 345 Park Avenue, bringing its total footprint to 178,959 square feet.
Moishe Mana paid $89 million for 110 Tower at 110 SE Sixth St. in Fort Lauderdale. The seller, Gem Realty Capital, had purchased the property for $112.9 million in 2016, meaning Mana acquired it at a roughly 21% discount to that prior purchase price, according to property records provided by Vizzda.
Moishe Mana financed the $89 million acquisition of 110 Tower with two loans totaling $66 million from City National Bank of Florida, according to property records provided by Vizzda.
110 Tower at 110 SE Sixth St. in Fort Lauderdale is a 30-story, 394,000-square-foot office building built in 1987 and renovated in 2015. According to a Colliers listing, the tower has up to 9,280 square feet available for lease.
According to the source, the 110 Tower acquisition marks Mana's first venture into Broward County and Fort Lauderdale. Mana is Downtown Miami's largest landowner, with more than 80 buildings to his name in that market.
Gem Realty Capital sold 110 Tower in Fort Lauderdale to Moishe Mana for $89 million. Gem Realty Capital had originally purchased the property in 2016 for $112.9 million, according to property records provided by Vizzda.
A high-net-worth family office purchased a two-tenant retail property within Lakewood Center in Lakewood, California for $38.7 million. The property covers 154,997 square feet on 14.7 acres and includes The Home Depot and Albertsons, both operating under absolute below-market ground leases for more than 30 years.
According to Faris Lee Investments, The Home Depot and Albertsons each occupy their respective parcels under absolute below-market ground leases. Both tenants have operated at the Lakewood Center location for more than 30 years.
Don MacLellan, Jeff Conover, Scott DeYoung and Greg Lukosky of Faris Lee Investments represented both the seller and the buyer in the $38.7 million transaction. The seller was described as a consortium of multiple owners.
A consortium of multiple owners sold the two-tenant retail property at Lakewood Center in Lakewood, California for $38.7 million, according to Faris Lee Investments.
The property acquired by the high-net-worth family office totals 154,997 square feet on 14.7 acres, according to Faris Lee Investments. The asset is located within Lakewood Center in Lakewood, California and includes The Home Depot and Albertsons parcels.
The 18-unit multifamily property at 1550 W. Swift Ave. in Fresno sold for $2.23 million. The transaction was brokered by Northmarq's Fresno Investment Sales team, led by Robin Kane and Brendan Kane. The seller was a Colorado-based family office and the buyer was a local family office.
Northmarq's Fresno Investment Sales team, led by Robin Kane and Brendan Kane, represented the seller in the transaction. The seller was a Colorado-based family office. The $2.23-million deal involved an 18-unit multifamily property at 1550 W. Swift Ave. in Fresno's Bullard submarket.
The property at 1550 W. Swift Ave. in Fresno comprises three buildings totaling 18,296 rentable square feet on 0.83 acres. It contains 18 units, all offering two-bedroom, two-bathroom layouts. The property is located in Fresno's Bullard submarket.
Robin Kane of Northmarq said the asset had been held by the seller for many years and 'presented the perfect opportunity for re-positioning in a strong location with positive rent growth.' The source does not state additional reasons for the sale.
According to the source, the property at 1550 W. Swift Ave. in Fresno's Bullard submarket offers access to River Park Shopping Center, Fig Garden Village and Fashion Fair Mall. It is also located near Fresno State and Fresno City College.
Merchant Investment Management's stake in Ironbark Financial Group is valued at $255.9 million, according to the announcement. Ironbark manages $97 billion in assets. The deal is Merchant's largest investment outside the United States. Other Ironbark investors include Australian investment company Soul Patts, management, employees and other stakeholders.
Ironbark Financial Group plans to use the funds to expand its capabilities across wealth management, artificial intelligence, technology and operations, and to accelerate its growth strategy, according to the announcement. Group CEO Justin Greiner said the capital will also be used to create liquidity for shareholders and pursue a pipeline of strategic acquisitions.
Justin Greiner was named group CEO of Ironbark Financial Group, while Brendan Carpenter was named chief operating officer, executive director and deputy chair, according to the announcement. Chris Larsen transitioned from CEO to managing director and executive chair. Alex Donald serves as CEO of Ironbark Investment Solutions, and David Stephen is executive director of strategy and growth.
Earlier in 2026, Merchant Investment Management took a minority stake in Sowell Management, a registered investment advisor based in North Little Rock, Arkansas, with more than $6.5 billion in assets under management, according to the announcement. Merchant also recently appointed Jamie Melville and Eli Glotzer to lead its Australian arm.
LexisNexis Risk Solutions' 2025 True Cost of Fraud Study found that for every $1 of fraud, U.S. financial services firms incur $5.75 in total costs. That multiplier reflects not just direct losses but investigation overhead, customer service burden and reputational damage that follow every alert, real or not.
For every fraudulent transaction currently caught, financial institutions generate between 10 and 20 false positives, according to Mayank Pant, Managing Director at Brillio. Pant argues the root cause is incomplete or fragmented underlying data, not the sophistication of the AI model, and that the result is alert fatigue and analysts spending time clearing noise rather than stopping fraud.
According to Mayank Pant of Brillio, deepfake incidents grew from roughly 500,000 in 2023 to approximately 8 million in 2025. Pant noted that wealthy individuals with visible financial relationships and established advisor connections are disproportionately in the crosshairs of these attacks.
HSBC achieved a 60% reduction in false positives after deploying its AI-driven dynamic risk assessment system, and detected two to four times more financial crime in the process, according to Mayank Pant's commentary published September 30, 2026.
In February 2026, the U.S. Department of the Treasury concluded a major public-private initiative addressing AI cybersecurity, fraud and digital identity in financial services, releasing practical resources for institutions, particularly small and mid-sized firms, to deploy AI more securely. According to Mayank Pant of Brillio, the regulatory message is that scrutiny has shifted to whether underlying systems are explainable, auditable and working.
RWA Family Office adds trust administration, professional trustee services, estate planning coordination, estate settlement, personal and fiduciary tax planning and preparation, estate and gift tax analysis, tax projections, and planning around liquidity events to Reserve by Wealth Enhancement, according to the announcement.
Upon closing, RWA Family Office will continue to be led by Michelle Knight, JP Powers, Nicole LaChapelle, and Kristin Fazio, according to the announcement. RWA's Private Wealth business will operate as advisor teams at Wealth Enhancement, with Steve Reder continuing to work directly with those teams.
Reserve by Wealth Enhancement is generally designed for families with $25 million or more in investable assets and complex, interdependent needs spanning investments, tax, estate planning, trusts, and business ownership or succession, according to the announcement.
RWA Wealth Partners is one of the largest woman-led registered investment advisers in the nation, according to the announcement. RWA is led by Michelle Knight, who serves as Chief Executive Officer and Chief Economist, and is headquartered in Boston, Massachusetts.
The acquisition of RWA Wealth Partners by Wealth Enhancement will represent an exit for Summit Partners, according to the announcement. Matt Hamilton, a Managing Director at Summit Partners, and Ashley Smith, a Principal at Summit Partners, both commented on the transaction at the time of the announcement.
A New York-based family office purchased Copper Mountain, a 214-unit apartment complex in Killeen, Texas, via a 1031 exchange. Marcus & Millichap brokered the transaction. The source does not disclose the purchase price or the name of the family office.
The new owner of Copper Mountain plans to invest approximately $1 million in capital improvements, including exterior building upgrades, new roofs, enhanced lighting, security features and amenity upgrades, according to Marcus & Millichap.
The seller of Copper Mountain was a California-based investor, according to Marcus & Millichap. The source does not identify the seller by name.
Copper Mountain is a 214-unit apartment complex built in 1985 on 8.7 acres in Killeen, Texas. The property offers studio, one- and two-bedroom units and amenities including a pool, fitness center, business center, playground, basketball and volleyball courts, a pet park and outdoor grilling and dining stations, according to Marcus & Millichap.
Alec Schenk, Nick Fluellen, Bard Hoover, Peter Flis and John McGregor of Marcus & Millichap represented the California-based seller and procured the New York-based family office buyer in the Copper Mountain transaction, according to Marcus & Millichap.
Corient said the acquisition of FortCay Family Advisory gives the Miami-based firm its first physical footprint in one of the world's most important jurisdictions for holding and administering private wealth. Kurt MacAlpine, Corient's founding partner and chief executive, said that many Corient clients live, work and invest across borders, and that establishing a presence in Cayman deepens the firm's ability to serve them.
FortCay Family Advisory oversees about $2.6 billion for 14 ultra-high-net-worth families, according to the InvestmentNews report on the acquisition.
Within approximately one year, Corient added more than $214 billion in client assets through deals with Stonehage Fleming and Stanhope, agreed to buy Geneva-based Bedrock Group with $10.7 billion in assets, launched in Canada with about C$10 billion in assets, and confirmed a deal for Paris-based Letus Private Office overseeing about €4.1 billion.
Consultancy firm DeVoe & Company counted 167 RIA transactions in the first half of 2026, above the previous first-half record of 148, and ranked Corient among the ten most acquisitive firms. Echelon Partners credited Corient with seven deals of $1 billion or more in 2025.
FortCay was founded by Billy Harty and Matt Houghton. Harty, FortCay's founder and managing director, said the firms shared high standards and a commitment to putting clients first, and that Corient's partnership model gives FortCay access to the depth and scale of a global firm while creating new opportunities for FortCay's clients.
David Katz, managing director at Charlesbank, said the firm's thesis has shifted from relying on industry tailwinds and consolidation to building cohesive institutions. Charlesbank is now focused on platforms that demonstrate durable organic growth, advisor productivity and recruiting, client retention, and strong management teams, rather than firms that are simply aggregating assets.
Charlesbank invested in Lido Advisors in early 2021, Pensionmark (now World Investment Advisors) in 2022, Rise Growth Partners in January 2024, and U.K.-based Perspective Financial Group. Rise Growth Partners has in turn made four minority investments in RIAs using Charlesbank's $250 million capital commitment.
David Katz said Charlesbank has built a center of excellence around AI use cases spanning the companies it touches directly and through Rise Growth Partners. The firm catalogs use cases, uses internal resources and third parties to build solutions, and drives advisor adoption. Katz said middle-office efficiency initiatives are focused less on reducing headcount and more on reducing the rate of headcount growth.
Charlesbank was established in 1998 after its founding team spun out of the Harvard University endowment, according to David Katz. Katz said this heritage shapes the firm's research-based investment approach, which focuses on thematic initiatives in sectors where Charlesbank has deep conviction, and informs its relationships across the institutional investor ecosystem.
Long Angle's 2025 High-Net-Worth Asset Allocation Report found that two-thirds of high-net-worth investors hold investment real estate. Direct residential ownership is described as the dominant strategy within that group. The source notes real estate provides both income generation and inflation protection for these investors.
According to Long Angle's 2025 High-Net-Worth Asset Allocation Report, public equities make up approximately 47% of the average high-net-worth portfolio, but that figure falls to 38% among investors with more than $25 million in net worth as those investors gain access to a broader range of private and alternative investments.
Capgemini data cited in the source shows that 61% of millennial and Gen Z high-net-worth investors allocate capital to higher-growth asset classes and niche offerings. The source also notes that crypto allocations now exceed precious metals among younger high-net-worth investors, reflecting generational differences in asset preferences.
Blackstone Private Markets Fund (BXPM) is a new perpetual flagship strategy providing simplified access to Blackstone's private markets platform in a single allocation across private equity, private infrastructure, private real estate, and credit. According to Blackstone's Global Head of Private Wealth Joan Solotar, BXPM gives eligible investors access to Blackstone in a single, simple allocation.
Platinum Equity completed the sale of Urbaser, a global environmental infrastructure and waste management company, to Blackstone and EQT for approximately $6.6B. Platinum Equity had acquired the Madrid-based business in October 2021 for $4.2B, and Urbaser's revenue increased by more than 60% and EBITDA rose by 70% since 2020.
Corient, the Mubadala Capital-backed mega-RIA with $572B in global assets, acquired FortCay Family Advisory, a $2.6B multi-family office serving 14 ultra-high-net-worth families, marking Corient's first move into the Cayman Islands.
The Virginia Retirement System committed approximately $2.22B across 14 new investment mandates between June 18 and September 17, 2026, directing capital to private equity, real estate, energy, private credit, public equity, and systematic investment strategies. Private equity accounted for the largest portion at approximately $976M, with the largest single commitment being $300M to GTCR XV.
Corient CEO Kurt MacAlpine said the acquisition establishes Corient's first presence in the Cayman Islands because 'a meaningful share of the world's most complex family wealth is structured and administered' there. MacAlpine also noted that many Corient clients live, work and invest across borders, and a Cayman presence deepens the firm's ability to serve them.
FortCay Family Advisory manages $2.6 billion in assets and serves 14 ultra-high-net-worth families. The firm offers wealth management, estate planning and other family office services. FortCay was founded in 2023 by Matt Houghton and Billy Harty and is registered with the Cayman Islands Monetary Authority.
Corient has approximately $572 billion in global assets, according to the article. Recent acquisitions include FortCay Family Advisory ($2.6 billion), Summit Trail Advisors ($21 billion), Seven Bridges Advisors ($4.9 billion), two U.K. firms with a combined $175 billion, the Bedrock Group ($10.7 billion) and Capital Advisors ($7.8 billion).
FortCay Family Advisory was founded by Matt Houghton and Billy Harty. According to the article, Harty previously worked as a Wall Street bond broker, at a German investment bank, at a brokerage firm in Ireland, as an investment advisor for RBC Dominion Securities, and headed a London-headquartered multi-family office. Houghton served as CEO of GroupHealth Benefit Solutions, a Canada-based benefits plan administrator, for nearly 15 years.
Corient is headquartered in Miami and was founded in 2020. The firm emerged from the rebranding of the U.S. wealth business of Toronto-based CI Financial. CI Financial was taken private in 2025 by Abu Dhabi-based Mubadala Capital, according to the article.
Corient said the acquisition establishes its presence in the Cayman Islands, which it described as a leading international financial center and important hub for private wealth. FortCay brings 14 ultra-high-net-worth client families and approximately $2.6 billion in assets, along with expertise in serving families with complex cross-border needs.
According to Corient, the firm manages approximately $572 billion globally on behalf of ultra-high- and high-net-worth individuals, families, and businesses. Corient has more than 300 partners and over 2,700 employees and operates under a private partnership model with complete fee transparency, as of figures dated June 30, 2026.
FortCay Family Advisory was founded by Billy Harty and Matt Houghton. According to the announcement, FortCay provides comprehensive wealth management, estate planning, and family office services to 14 ultra-high-net-worth families representing approximately $2.6 billion in client assets, as of July 31, 2026.
Billy Harty, Founder and Managing Director of FortCay, said the firm felt Corient shared its high standards and commitment to putting clients first. Harty said Corient's partnership model gives FortCay access to the depth and scale of a global firm while creating new opportunities for FortCay clients.
Kurt MacAlpine, Founding Partner and Chief Executive Officer of Corient, said a meaningful share of the world's most complex family wealth is structured and administered in the Cayman Islands. MacAlpine also said many Corient clients live, work, and invest across borders, and that establishing a Cayman presence deepens Corient's ability to serve them.
The seller is BGAR, a Hanover-based German family office and project developer. Bernd Rathenow, Managing Director at BGAR, said the company's focus is now on completing the final stages of construction and handing over the building to Cabot Properties.
The property comprises approximately 16,400 square metres with a clear height of approximately 12.20 metres, an ESFR sprinkler system, 14 dock levellers, and two ground-level doors. The building meets Water Hazard Class III requirements and can be divided into two separate units. It is expected to achieve DGNB Gold certification.
According to Cabot Properties, the Hanover region benefits from proximity to the A2 motorway, one of Germany's principal east-west transport routes, providing connections to the Netherlands, the Ruhr region, and access via Berlin to Poland. Major occupiers in the region include Amazon, Airbus, BMW, Continental, DSV, DHL, FedEx, Nagel Group, UPS, Volkswagen, and Rhenus.
According to Cabot Properties, the firm has invested over $19 billion in logistics real estate since its founding in 1986, served over 4,400 tenants, and operated over 1,775 buildings totalling more than 245 million square feet.
The commercial real estate team at S-ImmobilienVermittlung Hannover GmbH brokered the transaction. Felicitas Roda, Real Estate Agent at S-ImmobilienVermittlung Hannover GmbH, said BGAR's professional management of the process contributed to Cabot's decision to invest in the development during the construction phase.
A Southern California private family office paid $26.6 million for The Marc at 1600, a 100-unit multifamily community located at 1600 Standiford Avenue in Modesto, California, according to The Mogharebi Group.
The buyer assumed an existing HUD loan at a 3.8% interest rate on The Marc at 1600, according to The Mogharebi Group. Senior Vice President Brian Nakamura said the loan structure enhances financial efficiency in today's high-rate environment.
Tesseract Capital Group, based out of the San Francisco Bay Area, sold The Marc at 1600. The Mogharebi Group represented the seller, with Executive Vice President Otto Ozen, Senior Vice President Brian Nakamura, and Senior Vice President Nazli Santana on the deal team.
Senior Vice President Nazli Santana of The Mogharebi Group said investor appetite in Modesto is fueled by resilient renter demand, a strong regional employment base, and the city's advantageous proximity to both the Bay Area and Sacramento. Santana added that the transaction reflects sustained investor confidence in California's Central Valley.
The Marc at 1600 is a 100-unit multifamily community located at 1600 Standiford Avenue in Modesto, California. The community consists of one-bedroom and two-bedroom units with an average unit size of 798 square feet, according to The Mogharebi Group.
According to the SEC, Williams targeted at least 18 investors, many of whom were current or former law enforcement members in South Florida. The SEC said many victims trusted Williams because of his work with a West Palm Beach-based police and firefighter pension plan administrator, and he often asked them to refer friends and family, many of whom were not accredited investors.
According to the SEC complaint, Williams posted cropped screenshots of returns from a practice trading platform to a Facebook group chat for CMI Capital investors, and sent investors fake profits and portfolio values in monthly reports or on social media. In August 2024, investors realized the returns Williams touted were from a simulated trading account.
The SEC alleged Williams used approximately 45% of the $860,000 raised for personal use, including credit card and mortgage payments, cash withdrawals, a high-end sports car, luxury car rentals, jewelry, luxury goods, vacations, restaurants, and medical spa treatments. Williams has returned at least $375,000 to investors to date, largely using funds provided by his family.
According to the SEC complaint, Williams was never registered when he solicited investments for the two CMI Funds between October 2023 and August 2024. The SEC also noted that Williams never incorporated the two funds he solicited investments for and never opened a brokerage account for CMI Capital.
In settling some of the charges, Williams agreed to a forthcoming associational bar, as well as disgorgement and further civil penalties to be decided at a later point, according to the SEC complaint filed in federal court in Florida.
The Bill would add immovable property situated outside Hong Kong to the list of qualifying investments eligible for exemption under the unified tax regime for funds and the family-owned investment holding vehicles regime. Income derived from a private company engaged in trading or developing Hong Kong immovable property would not be eligible for the tax concession.
The Bill would bring single-investor arrangements within the definition of 'fund', according to the proposed legislation. The vehicle must still be structured as a fund rather than a proprietary trading business or general commercial or industrial undertaking. The Bills Committee has completed its clause-by-clause examination and a second reading debate is targeted for the second half of 2026.
The Bill would broaden the carried interest concession beyond private equity to include hedge funds, private credit funds and other performance-based economic arrangements. The proposed changes would remove the requirement for the relevant fund to be certified by the Hong Kong Monetary Authority, remove the existing reference to a hurdle rate, and broaden the range of persons and entities that may participate in qualifying distribution arrangements.
The Bill would introduce reporting and economic substance requirements for funds claiming exemption under the unified tax regime for funds, broadly bringing the funds regime closer to obligations already familiar under the family-owned investment holding vehicles regime, according to the proposed legislation. Managers would also need to revisit fund eligibility, asset classification, investment documentation, substance and reporting processes.
Subject to enactment, the relevant measures are intended to take effect retrospectively from the year of assessment 2025/26, according to the Bill. The Hong Kong Government is targeting resumption of the second reading debate in the second half of 2026, following the Bills Committee's completion of its clause-by-clause examination.
Katie Keenan, CEO of Blackstone Real Estate Income Trust, said BREIT has delivered a 9.4 percent net return over the last 10 years. Keenan said that figure is 35 percent higher than the public REIT market. She attributed the performance to logistics, data centers, and multifamily assets, which make up 90 percent of Blackstone's core-plus portfolio.
According to speakers at the Commercial Observer Institutional Investor & Private Equity Forum, logistics, data centers, multifamily, senior housing, and retail were cited as areas of focus. Greg MacKinnon, head of research at Pension Real Estate Association, noted bright spots in senior housing and retail due to supply shortages, while Miles Treaster of Cushman & Wakefield pointed to data centers and senior housing as examples of strong performance.
Jeff DiModica, president of Starwood Property Trust, said the move of long-term interest rates into 5 percent territory is something the market will need to digest while dealing with hundreds of billions of dollars of debt tied to data center development. DiModica said rate moves are typically bad for real estate because real estate is typically very levered to interest rates, and warned that the market has not worked through many problems from the post-COVID 2022 era.
Shawn Lese, chief investment officer at Nuveen Real Estate, said his firm has been raising money from Canada, Germany, and Australia, and that large state plans, sovereign wealth funds, and superannuation funds have consistently said they are underallocated to commercial real estate. Richard Prokup, U.S. CEO of Mapletree, said Australia, Japan, South Korea, Malaysia, and Singapore have been willing to pour capital into domestic CRE, and that the war in the Middle East has redirected some Middle Eastern capital to the U.S.
PGIM Inc., Prudential Financial's asset management business, sold Edge Apartments to H&S Ventures. PGIM originally acquired Edge Apartments as part of a $380 million, three-property portfolio purchase from JPI Companies in 2021, according to the Orange County Business Journal.
Since 2020, including the Edge Apartments acquisition, H&S Ventures has spent approximately $318 million buying properties in Anaheim, according to the Orange County Business Journal. Those purchases include both Stadium Tower office buildings, a 105,000-square-foot industrial property near Angel Stadium, and two retail properties that will be part of OCVibe.
Edge Apartments and the neighboring Rise Apartments are each approximately 97% occupied, according to CoStar data cited by the Orange County Business Journal. CBRE's Rachel Parsons said the Platinum Triangle has kept occupancy above 95% with few concessions and described Orange County as every institutional investor's number-one target market right now because fundamentals have been really tight.
CBRE's Rachel Parsons said selling the two properties together would have made the total price too high for many institutional buyers. Parsons said the check size starts to get really large when pricing exceeds $300 million, and that selling them to two individual groups produced more demand and stronger overall pricing than a single portfolio sale, according to the Orange County Business Journal.
Mercer Advisors is refinancing to cut borrowing costs. The existing private credit debt carries a rate of 4.5 percentage points over the floating-rate benchmark; the new leveraged loan is priced at 2.75 percentage points over the same benchmark, reducing the borrowing margin by 1.75 percentage points and saving about $29 million annually. Mercer CFO Gün Keresteci said lower costs will give the firm flexibility to better serve clients.
Existing lenders on Mercer Advisors' private credit debt include KKR & Co., Ares Management Corp., BlackRock Inc., and funds managed by Apollo Global Management Inc., including a MidCap Financial fund, according to regulatory filings cited in the source.
Mercer Advisors oversees about $111 billion in client assets, according to the source.
According to data from JPMorgan Chase & Co. and KBRA DLD published on the same date as the Mercer announcement, $19.5 billion in private credit has been refinanced into the broadly syndicated loan market so far this year, while only $9.2 billion of broadly syndicated loans have been refinanced into private credit.
The $250 million delayed draw term loan included in Mercer Advisors' debt offering will go toward funding acquisitions and other investments, according to a person with knowledge of the matter who asked not to be identified because the information is private.
Osaic customers Robin Nackman and Douglas Whittaker allege that Osaic kept cash sweep account interest rates artificially low while earning higher returns from fees paid by participating banks, violating contractual, implied, and fiduciary obligations to customers. The complaint argues Osaic did not adjust rates based on economic or prevailing market factors, even when the Federal Reserve raised interest rates.
According to the complaint, uninvested cash from Osaic customer brokerage, advisory, and IRA accounts is swept into interest-bearing accounts through clearing firms Pershing and National Financial Services, which establish deposit accounts at participating banks. Those banks pay fees to Osaic, which the plaintiffs allege reduced the interest paid to customers on their cash balances.
Yes. A customer filed a similar cash sweep class action against Osaic in early 2025, which remains ongoing according to the article. The latest suit filed by Nackman and Whittaker in Arizona federal court is described as an additional class action on top of that prior case.
Nackman and Whittaker are asking the court to declare the case a proper class action and are seeking actual damages, including punitive damages, as well as other profits from Osaic, according to the complaint filed in Arizona federal court.
Sequence Holdings and DFO Management, Michael Dell's family office, agreed to acquire The Baldwin Group at $32.50 per share in cash, representing a $7.7 billion enterprise value, according to Davis Polk. The deal was announced September 14, 2026.
DFO Management is Michael Dell's family office. DFO Management co-led the take-private of insurance broker The Baldwin Group alongside Sequence Holdings at $32.50 per share in cash and a $7.7 billion enterprise value, according to the Vest M&A Deal Digest for September 5–17, 2026. Sullivan & Cromwell served as DFO Management's legal counsel.
Latham & Watkins advised Sequence Holdings on the buy side, Sullivan & Cromwell advised DFO Management on the buy side, and Davis Polk advised the sell side, according to Vest. Troutman Pepper Locke served in a specialist insurance-regulatory counsel role for Baldwin.
The Baldwin Group take-private at $7.7 billion enterprise value was the third-largest disclosed deal in the September 5–17, 2026 period tracked by Vest, behind GE Aerospace's $11.75 billion acquisition of Consolidated Precision Products and the $8.1 billion all-stock merger of Independence Realty Trust and Centerspace.
The Baldwin Group is described as an insurance broker in the Vest M&A Deal Digest for September 5–17, 2026. The deal category is listed as insurance brokerage, and Troutman Pepper Locke's specialist role as insurance-regulatory counsel reflects the regulated nature of the business.
HSBC Asset Management sold the five-asset, 1,570-bed purpose-built student accommodation portfolio to the Partners Group and Aboria Capital joint venture for £165 million ($220 million).
The acquisition joint venture includes the Downing family office and a U.K. single family office. Aboria Capital was launched in partnership with the Downing family office, and the transaction marks Aboria's first acquisition since that launch.
The five-asset, 1,570-bed portfolio is 98.2 percent leased for the 2026–27 academic year, according to the deal announcement.
The portfolio is largely concentrated across Russell Group institutions and provides exposure to what the source describes as some of the U.K.'s most resilient and demand-driven student markets.
Aboria Capital is described as an operational real estate–focused investment management business launched in partnership with the Downing family office. The £165 million ($220 million) PBSA portfolio acquisition is Aboria Capital's first since its launch.
Tishman Speyer purchased 148 Lafayette Street from Epic in May 2025 for $105.5 million and is selling the property to Shorenstein Properties for approximately $135 million, representing a sizable profit on a roughly 16-month hold. Tishman Speyer declined to comment on the transaction.
The 141,359 square feet of office space at 148 Lafayette Street is 100 percent leased to tenants including investment firm General Catalyst, AI code review firm Graphite, coworking firm WeWork, cosmetics company Charlotte Tilbury, digital picture frame company Aura Frames and consulting firm Keystone. The 13,454 square feet of retail space is 100 percent leased to martial arts gym Five Points Academy and discount luxury retailer 260 Sample Sale.
All but 12,315 square feet of 148 Lafayette Street's space is leased through the 2030s. Around 70 percent of the office portion has been leased to new tenants since January 2025. Rent for the newer leases ranges from $70 to $120 per square foot, according to Commercial Observer.
The sale of 148 Lafayette Street was represented by Newmark's Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Avery Silverstein and Joshua King, according to Commercial Observer.
Prior to purchasing 148 Lafayette Street in May 2025, Tishman Speyer had not bought an office building anywhere in the U.S. since 2021 and had not purchased an office building in Manhattan since 2019, according to previous reporting in Commercial Observer.
In April 2024, Soros, as a tenant, filed a foreclosure lawsuit against former landlord Eretz Group, citing a default on a $145 million mortgage, according to The Real Deal. Eretz Group had purchased the site for $213.8 million in 2015. Soros Fund Management subsequently won the building in a foreclosure auction.
Soros Fund Management is seeking roughly $100 million for the Argonaut Building at 224 West 57th Street, according to a source with knowledge of the deal. Newmark's Adam Spies, Adam Doneger, and Willis Robbins are marketing the property.
Newmark's offering memo described the sale as a 'rare opportunity' to reposition the historic building into 'best-in-class residences,' according to The Real Deal. The property has additional air rights that could give it a total buildable space of more than 200,000 square feet, according to the same publication.
Open Society Foundations, Soros's grant-making group, occupies the building and holds a lease running through 2042. However, Soros plans to move the grant-making group from the building once a deal is closed, according to The Real Deal.
A nearby conversion project is underway at 135 East 57th Street, where TF Cornerstone is turning a former office building into 350 apartments, according to Commercial Observer.
An entity tied to Dawson Stellberger paid approximately $21.5 million for a mixed-use building at 291 President Street in Brooklyn's Carroll Gardens together with an adjacent development site at 336 Union Street, according to The Real Deal. The two properties form a corner assemblage in the brownstone neighborhood.
99c is a private real estate investment firm at which Dawson Stellberger is a partner, according to The Real Deal. The firm has backed major office acquisitions downtown, including the former AIG building at 175 Water Street and the 41-story tower at 180 Maiden Lane.
According to The Real Deal, the Carroll Gardens corner assemblage provides a platform for either future redevelopment or repositioning of existing retail and residential space. The article does not specify which path the brothers intend to pursue.
Dawson and Zachary Stellberger are ultra-high-net-worth brothers described by The Real Deal as discreet but increasingly influential private investors. Dawson Stellberger is a partner at 99c, a private real estate investment firm active in both neighborhood-scale and trophy assets in New York City.
The SEC alleged that between May 2021 and January 2026, Haywood USA failed to file required suspicious activity reports with FinCEN and failed to identify or investigate red flags on certain accounts, even when its own compliance personnel had found information indicating potential suspicious activity. The SEC issued its order on September 11, 2026.
Haywood USA agreed to pay $750,000 to settle the SEC's claims related to its anti-money laundering program failures. Haywood USA is a wholly-owned subsidiary of Canada-based Haywood Securities.
The SEC identified two primary cases. In the first, Haywood USA opened an account for a business whose beneficial owner via a trust was a convicted criminal, with the stated purpose of depositing several hundred million dollars in shares from a single issuer for immediate liquidation. In the second, Haywood opened an account for a British Virgin Islands company linked to a banker under fraud investigation who was subsequently arrested.
According to the SEC, Haywood USA revised its AML policies, increased its compliance staffing, and hired a third-party consultant to bolster annual reviews and testing of its AML compliance program following the instances cited in the SEC's order.
According to the SEC, Haywood USA faced a criminal subpoena from U.S. authorities related to the account opened for the business linked to the convicted criminal, arriving over a year after that account was opened.
Two fully leased neighbourhood retail centres transacted in the week of 14 September 2026 at yields between 5.63% and 5.80%. Meridian Village Lifestyle Centre in Clyde North, Victoria reflected a 5.63% fully leased yield, while Richlands Home & Life in Queensland reflected a 5.80% passing yield, according to the deal disclosures.
POD Developments sold Richlands Home & Life at 215 Government Road and 20 Garden Road, Richlands for $33.85 million. The centre is fully leased and generates approximately $2.1 million in net income with an 8.6-year WALE by income, according to Colliers agents Harry Dever and James Wilson.
Two strata retail shops in Hong Kong Shopping Plaza on John Street, Cabramatta sold individually for $3.68 million and $4.56 million, with both transactions achieving rates above $85,000 per sqm. The combined sale price was $8.24 million and established a new benchmark for strata retail values in Cabramatta, according to Colliers and McConnell Bourn.
TRK Property Group purchased the mixed-use development site at 176 Montague Road, South Brisbane for $20 million. The 1,917sqm site sits within an urban renewal pocket between South Bank and West End, alongside redevelopment plans for the neighbouring Visy and Parmalat factory precincts, according to Colliers.
Meridian Village Lifestyle Centre at 50 Titan Drive, Clyde North sold for $18.65 million at a $6,844 per sqm building rate, reported as the highest for a Victorian large-format retail centre transaction in more than a decade. The deal completed Griffith Group's $42.6 million sell-down of the broader Meridian Village retail development, according to Stonebridge Property Group.
Hanwha Galleria bought the land at 633-3 Sinsa-dong in Seoul's Gangnam district for 236.7 billion won ($170 million) in July, according to Seoul Economic Daily. Hanwha Galleria's project financing vehicle, Hi-End Dosan PFV, is completing the acquisition on the 14th, with plans to build a top-tier residential complex on the site.
Shinsegae Group said this month it will build 49 branded residences alongside the Aman Seoul hotel in Cheongdam-dong, Seoul. Aman will handle architecture and design as well as concierge, housekeeping, spa and dining operations after completion. Residents will be tied to the membership-based Aman Club, giving them access to hotel services at all times.
Lotte Group opened the domestic market for top-tier serviced residences in 2017 when it began selling units at Signiel Residence, according to Seoul Economic Daily. A 489-square-meter unit at Signiel Residence changed hands for 21 billion won ($15.1 million) last October, illustrating the price levels the segment has achieved.
According to Seoul Economic Daily, Hanwha has no track record in housing development but decided to take on the project itself. Hanwha cited its grasp of ultra-high-net-worth lifestyles — built through operating the Galleria luxury hall and The Plaza hotel — as a core strength justifying the move into residential development.
A hotel industry official quoted by Seoul Economic Daily said the market is not limited to domestic buyers: 'This isn't about the domestic market alone — global demand is part of the calculation.' The official added there is 'more than enough demand for supply of a few dozen ultra-expensive units that guarantee privacy, rather than hundreds of hotel rooms.'
Family offices, family-controlled investment companies and wealthy individuals deployed approximately €1.7 billion into Italian property during the first half of 2026, according to one major market estimate. That figure represented more than one-fifth of total investment under the same methodology and was influenced by a particularly large trophy transaction.
The great majority of private-wealth investment in Italy was directed towards high-quality, lower-risk assets, according to the article. Preferred locations include Milan, Rome, Venice, Florence, Lake Como, the Amalfi Coast, Sardinia and Tuscany, where scarcity and geographic characteristics support long-term capital preservation across generational holding periods.
Interest from Middle Eastern investors has been increasing, particularly for prime hotels in major Italian cities and internationally recognised leisure destinations, according to the article. The article states it would be premature to describe Middle Eastern buyers as dominant across Italian commercial property, but their growing attention illustrates an expanding buyer base.
International institutions are targeting scale and liquidity, private equity is pursuing value-add complexity, family offices favour quality and scarcity, Middle Eastern investors are focused on selected trophy assets, and domestic buyers exploit local knowledge. Several billion euros concentrated in large portfolios and trophy assets can coexist with significant illiquidity in secondary offices, weaker shopping centres and older industrial properties.
Andrew Lohrfink, President of U.S. Real Estate for Baltisse, said the firm focuses on investing in high-quality, well-located infill apartment communities at significant discounts to replacement cost. Baltisse U.S. Real Estate targets value-add multifamily and industrial investments in high-growth markets, using a flexible capital mandate and active ownership approach to unlock additional value.
No. The Louis Las Colinas acquisition marks Baltisse U.S. Real Estate's second U.S. multifamily investment in recent months. The first was The Carson, a 298-unit apartment community in Charlotte's South End submarket, according to the announcement.
According to the announcement, major employers near The Louis Las Colinas include Wells Fargo, McKesson, Caterpillar and Kimberly-Clark. The property is also near Toyota Music Factory and the Irving Convention Center within the Las Colinas Urban Center.
Peruna is the family office of the Clarebout family, managing permanent family capital with a long-term and partnership-driven approach. Eveline Vereecke, Co-CEO of Peruna, said the investment in The Louis Las Colinas represents an important step in Peruna's continued international expansion, reflecting strong conviction in the long-term fundamentals of the U.S. multifamily market.
According to the announcement, the value-add business plan includes refreshed amenity spaces, exterior enhancements and upgraded apartment interiors. The partners said the improvements are intended to further differentiate The Louis Las Colinas within the Las Colinas market and enhance the resident experience.
According to UBS' 2026 Global Family Office Report, Latin American family offices allocated 34% of assets to alternatives in 2025. Within that figure, 16% went to private equity, 7% through direct investments, 9% through funds, and 2% to private debt.
UBS' 2026 Global Family Office Report found that 61% of Latin American family offices surveyed expect to make changes to their strategic asset allocation in 2026.
According to UBS' 2026 Global Family Office Report, 23% of Latin American family office portfolios were allocated within Latin America itself, while 60% remained invested in North America.
According to Alessio Mazzanti, Managing Director, family offices can participate through minority or majority equity, direct investments, co-investments, private debt, preferred equity, or hybrid structures, depending on their investment strategy.
According to Alessio Mazzanti, family offices have been professionalizing their governance, investment committees, risk management, reporting, and due diligence processes. UBS' latest global survey shows that a significant majority of family offices already use formal mechanisms for measuring investment performance, while many operate through structured investment committees.
LPL Financial's board of directors fired Arnold in October 2024 for violating the company's respectful workplace policies. A board-approved investigation by an outside law firm found Arnold had made statements to employees that violated LPL's Code of Conduct. Arnold resigned from the board, and Rich Steinmeier, Managing Director and Chief Growth Officer, became CEO.
Stirling One is Stirlingshire Investments' artificial intelligence-native operating platform for wealth management. The platform provides onboarding, portfolio management, trading, rebalancing, tax optimization, compliance, reporting, CRM, communications and AI-powered tools. Stirlingshire plans to launch Stirling One at the Future Proof Festival next week.
Arnold has joined Stirlingshire Investments as executive chairman of the board and will work with the company's executive leadership team on strategic oversight. According to Stirlingshire, Arnold will use his experience to help with advisor recruitment, operations, strategic partnerships and scaling the firm.
Arnold joined LPL in 2007 after spending 12 years leading UVEST, a broker/dealer acquired by LPL. He was named CEO of LPL in 2016 when then-Chairman and CEO Mark Casady announced his retirement. Under Arnold's tenure, LPL's total return to shareholders was 537%.
Stirlingshire claims to have a different model from traditional wealth management firms. Advisors who join get free access to the Stirling One platform and keep 100% of their payout. The firm has both registered investment advisor and broker/dealer entities and uses Apex Fintech Solutions for custody.
According to Realberry's editorial, family offices typically choose among three main approaches when deploying capital into property: buy, build, or lend. Development is most often executed via direct partnerships with sponsors, structured as bespoke joint ventures and club deals that offer higher control and tailored risk-return profiles.
Realberry's editorial explains that REITs rarely pursue ground-up projects and private equity funds cap development exposure, leading many family offices to prefer bespoke joint ventures and club deals. These direct partnership structures offer higher control and tailored risk-return profiles compared to pooled vehicles.
According to Realberry, family offices tend to underwrite opportunities based on equity multiple and cash-on-cash yield rather than internal rate of return. Realberry attributes this preference to longer holding periods and a strong preference for current income among family office investors.
Realberry's editorial notes that governance, tax planning, and intergenerational objectives all shape family office decisions when choosing among acquiring stabilized assets, funding developments, or providing credit to real estate operators.
Yes. According to Realberry's editorial, lending is one of the three main approaches family offices use when deploying capital into property, alongside buying and building. The editorial also notes that family offices may provide credit directly to real estate operators as part of their strategy.
According to Knight Frank's Wealth Report 2025, which surveyed 150 family offices, 44% said they plan to increase their exposure to real estate over the next 18 months.
Hospitality has become the top real estate asset class for family office capital in Asia-Pacific, according to a Questex press release issued on September 11, 2026.
IHIF Asia will take place September 16–18, 2026, at Regent, Hong Kong. The event is expected to bring together more than 500 investors, owners, operators, developers, and hospitality brands to explore the region's next phase of growth.
A session titled 'Inside Family Office Capital: Decision Frameworks and Deal Strategy' will be presented by Richard Zen, Founder and Managing Partner of Trivium Asset Management, and moderated by Candice Wu, Co-Founder of Tigris Family Office.
IHIF Asia is hosting a dedicated networking session on September 17, 2026, the second day of the event, to unite attending family offices and family office-owned property leaders in a lounge setting, according to the Questex press release.
Starlight Investments raised £680 million for its second UK build-to-rent fund. Starlight said the capital, when supplemented with debt, would allow it to build approximately 6,000 build-to-rent homes in the UK. Starlight Head of UK Residential Jonnie Milich said this would place the firm in the top four UK BTR operators.
The UK Government's National Housing Bank is a cornerstone investor in Starlight UK BTR Fund II, contributing £100 million of equity.
Annual UK build-to-rent starts fell 79% to 3,455 homes in the 12 months to June 2026, according to data from RE:UK and Savills. Starlight described the decline as driven by a combination of rising costs and falling asset values.
A combined £500 million of equity and debt from Starlight UK BTR Fund II has been deployed on three developments. These include a 60-storey, 532-unit tower in Manchester's Castlefield conservation area, a 40-storey, 517-unit tower in Manchester's Greengate neighbourhood, and a 492-unit, three-block mid-rise in Basildon, Essex near the main train station.
Starlight Investments is a private company based in Toronto with 30 billion Canadian dollars (£26 billion) of assets under management, comprising 70,000 residential units and 7 million square feet of commercial space. Starlight's existing UK portfolio comprises 4,000 build-to-rent units with an end value of £1.1 billion.
The Securities Commission Malaysia granted the exemption because there was no change to the ultimate shareholders or the proportion of shareholding. The restructuring involved transferring individual family members' stakes into family vehicles under Success Lineage Sdn Bhd, not an acquisition of new shares. The regulator cited subparagraph 4.13(3)(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions.
Success Lineage Sdn Bhd, the Ku family office, holds an indirect interest of 689.69 million KSL Holdings shares, representing a 64.24% stake as of September 3, 2026, through its controlling interests in three intermediate vehicles: Premiere Sector Sdn Bhd, Noble Heritage Sdn Bhd and Gorgeous Horizon Sdn Bhd.
No. According to the bourse filing, the transfer related only to individual family members' shareholdings in Premiere Sector Sdn Bhd, Noble Heritage Sdn Bhd and Gorgeous Horizon Sdn Bhd, and did not involve any transfer of the ordinary shares in KSL Holdings held by those three vehicles.
KSL Holdings Bhd is a Johor-based property developer founded by Ku brothers Cheng Hai, Hwa Seng and Tien Sek. At the time of the filing, KSL shares closed at RM2.80, valuing the company at RM3.06 billion.
The family members who transferred their stakes to the family vehicles in 2025 were Ku Cheng Hai, Ku Hwa Seng, Ku Tien Sek, Ku Wa Chong, Khoo Keng Ghiap, Khoo Lee Feng, Ku Ek Mei and Ku Keng Yaw, according to the bourse filing.
LDR Capital, the real estate investment arm of the Lederer Group, purchased Southpoint Commercial from Union Investment Real Estate GmbH for approximately A$255 million. The deal was announced on September 3, 2026, and the price was reported above the asset's most recent expert valuation.
Yes. The A$255 million sale price for Southpoint Commercial was reportedly above the asset's most recent expert valuation, according to the deal announcement, underscoring strong investor demand for prime Australian office and retail property.
Southpoint Commercial is a fully leased mixed-use office and retail building located in Brisbane's South Bank precinct. It is part of a larger precinct that combines offices, retail, and transport connectivity, according to the deal announcement.
LDR Capital is the real estate investment arm of the Lederer Group, which is described as one of Australia's largest family offices. The acquisition of Southpoint Commercial reflects the Lederer Group's continued deployment of family office capital into core commercial real estate assets in major Australian cities.
The source text does not state Union Investment Real Estate GmbH's reasons for selling Southpoint Commercial. The deal closed at approximately A$255 million, reportedly above the asset's most recent expert valuation, on September 3, 2026.
Stuart Mercier, 44, spent 13 years at Brookfield Asset Management, building the firm's Asia real estate business from founding head into a 350-person platform that oversaw roughly $15 billion of investment activity. He retired last year as a managing partner at Brookfield and now runs Cairdrow Capital, a Singapore advisory firm he co-founded for family offices and institutions.
Shui On Land appointed Stuart Mercier as an independent non-executive director and a member of its audit and risk committee, effective 3 August, according to a filing with the Hong Kong stock exchange.
Yes. Brookfield made an investment in Shui On Land's Xintiandi unit in 2013, according to Mingtiandi. Mercier oversaw Brookfield's Asia real estate platform during his 13-year tenure at the firm.
Templewater appointed Laurent Fischler as managing director and head of real estate in Singapore. Aquilius Investment Partners hired Alexander Hoffmann as managing director, investments, in Singapore. HIG Capital hired Younghee Choi as head of Asia for its capital formation group, based in Hong Kong. Raffles Family Office named Ken Peng as its first chief investment officer, based in Hong Kong.
According to UBS, 60% of surveyed family offices plan to change their strategic asset allocation over the next twelve months. The UBS survey covered more than 300 family offices across more than 30 markets, with average family net worth of $2.7 billion.
FINTRX data on 96 offices added to its database in Q2 2026 shows 92.7% stated interest in direct investments and 89.6% in private equity. By contrast, only 6.3% reported interest in private credit and 10.4% in hedge funds, suggesting newly tracked offices strongly favor direct ownership over fund structures.
Deloitte estimated 8,030 single-family offices globally in 2024, up from 6,130 in 2019, and projected 10,720 by 2030. Deloitte also estimated family-office assets under management at $3.1 trillion in 2024, rising to $5.4 trillion by 2030.
According to the source, family-linked transactions are concentrating on the infrastructure beneath AI applications, including energy-efficient chips, compute capacity, robotics, energy and financial controls. UBS also reports that 65% of surveyed respondents rank AI among the leading themes for capital allocation.
Straits Trading's strategy, described by executive chairman Chew Gek Khim as 'Blackstone-like,' is to buy real estate, convert it into REITs, and then exit. The funds will operate on an eight-to-ten-year time frame and are being created through a joint venture with ARA Asset Management CEO John Lim, with up to $950 million in capital committed.
The joint venture is still deciding on property locations. Other than Singapore, the funds may seek investments in Europe, Malaysia, and Australia, according to Chew Gek Khim.
Straits Trading will pay $294.4 million in cash and shares for a 20.1% stake in ARA Asset Management, acquired from Li Ka-shing's Cheung Kong Investment Co. and ARA CEO John Lim. This transaction will make Straits Trading the biggest shareholder of ARA.
According to CBRE Research, commercial real estate transactions in the Asia-Pacific region rose 11% to US$21.6 billion in the most recent quarter, while cross-border property transactions climbed 5.5% to US$5.2 billion in the third quarter.
Straits Trading had cash proceeds of $508.8 million after accepting United Engineers Ltd.'s higher offer for its 44.58% stake in WBL Corp., giving Straits Trading more access to capital for its property funds. Straits Trading also has real estate assets worth $830 million, according to Chew Gek Khim.
Saudi Arabia's Public Investment Fund said it has launched a real estate company to develop a tourism and residential destination on the Al-Khafji coastline. According to Reuters, the project will cover about 20 square kilometres and include a 10-kilometre waterfront, more than 16,000 housing units, hotels, and commercial facilities.
Saudi Arabia's Public Investment Fund said the Al-Khafji development will be built in partnership with private-sector firms. The source does not name specific private-sector partners.
According to Reuters, the Public Investment Fund's Al-Khafji project will cover about 20 square kilometres and feature a 10-kilometre waterfront. The development will include more than 16,000 housing units alongside hotels and commercial facilities.
Reuters reports the Al-Khafji project will include more than 16,000 housing units, hotels, and commercial facilities, situated along a 10-kilometre waterfront within a roughly 20-square-kilometre site.
CoStar reports that the buyer is WillsFlower, an investment vehicle of an unnamed ultra-high-net-worth private investor. WillsFlower is understood to have purchased the 367,000-square-foot campus below its prior guide price. CapitaLand had originally acquired the asset in 2020 for £129.25 million.
CapitaLand acquired Arlington Business Park in 2020 for £129.25 million. The estate comprises 11 office buildings totalling 367,000 square feet in Theale near Reading.
WillsFlower is an investment vehicle of an unnamed ultra-high-net-worth private investor, not an institutional fund or listed REIT, according to the deal report. The acquisition marks a direct deployment of UHNW capital into a large-scale business park.
WillsFlower is understood to have purchased Arlington Business Park below its prior guide price, according to CoStar. The exact sale price was not disclosed in the source.
Pharr, a family-owned company based in McAdenville, North Carolina, bought 702 Oberlin. Pharr acquired the 58,625-square-foot, four-story boutique office building in Raleigh's Village District for $24.225 million from Beacon Partners, a Carolinas-based commercial real estate firm.
702 Oberlin, a 58,625-square-foot boutique office building in Raleigh, North Carolina's Village District, sold for $24.225 million. JLL Capital Markets completed the sale, with Pharr as the buyer and Beacon Partners as the seller.
Beacon Partners, a Carolinas-based commercial real estate firm, was the seller of 702 Oberlin. Beacon Partners sold the 58,625-square-foot, four-story boutique office building in Raleigh's Village District to Pharr for $24.225 million.
Pharr is described as a family-owned operating company based in McAdenville, North Carolina, rather than an institutional fund. The acquisition of 702 Oberlin represents Pharr deploying family capital into direct office ownership, allowing the family enterprise to expand its real estate holdings.
JLL Capital Markets handled the $24.225 million sale of 702 Oberlin, a 58,625-square-foot boutique office building in Raleigh, North Carolina's Village District. The transaction transferred ownership from Beacon Partners to Pharr, a family-owned company based in McAdenville, North Carolina.
UBS recruited three advisory teams managing a combined $2.6 billion in client assets from Merrill Lynch and Morgan Stanley. The individual teams brought approximately $500 million from Merrill Lynch in Bellevue, Washington; $1.4 billion from Morgan Stanley in Pueblo, Colorado; and $750 million from Morgan Stanley in Bethesda, Maryland.
According to Wolfe Research's most recent advisor moves data, UBS had a net loss of 196 advisors in North America in 2026 through August 13. Wolfe Research tracks advisor moves via SEC filings. UBS ranked sixth among firms with net advisor losses during that period.
Caitlin Alcon, Calvin Mason and Craig Cisney joined UBS's Mountain West Market from Morgan Stanley in Pueblo, Colorado, where they had overseen $1.4 billion in client assets. Mason brings almost 35 years of industry experience, Alcon has more than 25 years including time at Morgan Stanley, RBC and Piper Jaffray, and Cisney previously worked for 17 years as a broadcast meteorologist in Colorado.
Richard Horn, Jeffrey Deckelbaum and Gerald Horn joined UBS's South Atlantic Market in Bethesda, Maryland from Morgan Stanley. Richard Horn spent almost all of his 40-year financial services career at Morgan Stanley. Deckelbaum started his financial career at Morgan Stanley in 2006. Gerald Horn is a third-generation financial advisor who joined Morgan Stanley in 2018.
UBS's Americas wealth business posted net inflows of $1 billion in the second quarter, even after $10 billion in outflows related to the U.S. tax season, according to the article. UBS's wealth management division beat analyst estimates in the second quarter.
Washington State's Department of Financial Institutions proposed amendments to its investment advisor rules that would mandate state-registered investment advisors carry at least $1 million in errors-and-omissions insurance. The proposed amendments would also adopt the SEC's Marketing Rule, a continuing education requirement for state-registered advisors, and update the definition of 'qualified client' to mirror federal definitions.
Oregon and Oklahoma are currently the only two states requiring RIAs to carry at least $1 million in errors-and-omissions insurance, according to the article. If Washington's proposed rule is adopted, it would become the third state to impose such a mandate.
Joseph Wojcieschowski of Stoltman Law Offices and incoming president of the Public Investors Advocate Bar Association said the rule could help reduce unpaid arbitration awards, which he argued 'continue to plague the financial services industry and harm investors in every state.' PIABA has long tracked rates of unpaid awards, arguing investors too often do not receive money from favorable arbitration decisions.
According to the article, Schwab and Fidelity have instilled rules requiring RIAs using their custodial services to carry some insurance, including E&O coverage. However, a 2025 University of Michigan Business and Entrepreneurial Law Review article noted that such private insurance requirements 'have not yet proliferated and changed broader industry practices,' with the majority of custodial platforms lacking similar mandates.
NASAA questioned in 2021 whether E&O insurance could adequately protect clients, citing that it may be too expensive for smaller firms and often excludes high-risk alternative products and instances of fraud from coverage. The concerns were raised in the context of NASAA's model rules, which mirror some of the potential changes proposed in Washington State.
BNF Capital, the London-based family office of the Perrodo family, is the lead investor purchasing 27 Savile Row. BNF Capital is executing the acquisition in partnership with Morgan Real Estate, according to Bloomberg. The Perrodo family are billionaire heirs behind one of Europe's largest independent oil companies.
CPI Property Group SA, a Czech landlord, is selling 27 Savile Row as part of an effort to reduce debt, according to Bloomberg. The deal fits a broader pattern of wealthy families targeting prime London assets during a period of market dislocation, Bloomberg reports.
Final pricing details for the 27 Savile Row transaction have not been disclosed, according to Bloomberg. People familiar with the matter told Bloomberg that terms have been agreed, indicating the deal is in advanced stages, but no specific price has been reported.
BNF Capital is the London-based family office of the Perrodo family, who are billionaire heirs behind one of Europe's largest independent oil companies, according to Bloomberg. BNF Capital is identified as the lead investor in the acquisition of 27 Savile Row in partnership with Morgan Real Estate.
Bloomberg reports that the Perrodo family's near-acquisition of 27 Savile Row underscores ultra-high-net-worth family offices' continued appetite for trophy commercial real estate in global gateway cities, even as institutional buyers remain more cautious. The deal fits a broader pattern of wealthy families targeting prime London assets during a period of market dislocation.
Bank OZK provided a $75.5 million construction loan for the M7 Lofts development in Norwalk, Connecticut. The borrower is a joint venture between Saber-Hightower and Granoff Real Estate. An undisclosed family office also contributed $32 million in JV equity. Greystone Capital Advisors negotiated the transaction.
M7 Lofts is a 286-unit apartment project converting two eight-story office buildings at 101 and 201 Merritt 7 in Norwalk, Connecticut. The buildings are part of the six-building Merritt 7 Corporate Park, located 10 miles northeast of Downtown Stamford and less than a five-minute walk from the Merritt 7 Metro-North train station.
According to Commercial Observer, the two office buildings will be combined into one apartment complex with amenities that include a fitness center, coworking space and an outdoor pool deck.
Marty Berger, managing principal of Saber-Hightower, said in a statement that the buildings are well-located and can serve Fairfield County far better as housing than as office, and that the property's proximity to transit and existing infrastructure at Merritt 7 support creating a differentiated residential experience.
Greystone Capital Advisors negotiated the transaction. Drew Fletcher, president of Greystone Capital Advisors, led a team that also included Paul Fried, Bryan Grover and Jesse Kopecky, according to Commercial Observer.
Manga Hotels, a closely held hospitality platform backed by an ultra-high-net-worth family, acquired the Chelsea hotel in Manhattan for approximately $50 million, according to a roundup of top New York City deals.
Manga Hotels focuses on branded hospitality assets in major city locations, including urban, limited-service hotels. The platform deploys family capital into North American hotel assets and is described as functioning as a family office-style investor.
The Chelsea acquisition was noted as one of the largest hospitality trades over the period surveyed, underscoring the scale at which Manga Hotels' UHNW-backed private family capital is competing directly with institutional buyers in core urban Manhattan submarkets.
Manga Hotels is executing a strategy to accumulate hotel properties during a period of continued recovery in New York's lodging market, targeting urban, limited-service hotels and branded hospitality assets in major city locations, according to the deal roundup.
Industrial Realty Group paid $21 million, or $49.76 per square foot, for the former Sportsman's Guide headquarters and distribution facility in South St. Paul, Minnesota, according to Commercial Real Estate Direct.
The property was the former Sportsman's Guide headquarters and distribution facility in South St. Paul, Minnesota, according to Commercial Real Estate Direct.
Commercial Real Estate Direct reported the Industrial Realty Group acquisition on August 31, 2026. The source does not state a specific closing date.
The distribution facility is located in South St. Paul, Minnesota, according to Commercial Real Estate Direct.
Cirrus Real Estate Partners provided a $118.6 million, three-year, floating-rate, interest-only construction loan to Gatsby Florida for The Palm in Palm Beach Gardens, Florida. Berkadia's Charles Foschini, Scott Wadler, and Shannon Wilson brokered the debt. Construction is scheduled to begin in August 2026 and be complete in 2028.
The Palm has no tenants signed as of the loan announcement. Gatsby Florida is building the approximately 200,000-square-foot Class A complex on a speculative basis, betting on office demand migrating north from West Palm Beach as high-profile companies open outposts in Palm Beach County.
Charles Foschini of Berkadia said that as financial services firms, family offices, and other sophisticated businesses continue expanding into Palm Beach County, demand is extending beyond Downtown West Palm Beach into nearby submarkets. Foschini also noted that new institutional-quality office development remains extremely limited in the area.
Gatsby Florida, launched by Nader Shalom and Babak Ebrahimzadeh in 2019, bought the 15-story 800 Brickell tower for $125.5 million that same year and purchased the Di Vosta Towers in Palm Beach Gardens for $80 million in 2020. In June 2026, Cirrus Real Estate Partners provided a $100.4 million loan to refinance the 220,000-square-foot Di Vosta Towers property.
The SEC's proposed rule would amend the Investment Advisers Act of 1940 and the Investment Company Act of 1940, modernizing the performance fee framework and allowing retail exposure to private markets through registered funds, according to the SEC's rulemaking notice. Further details were not included in the notice.
Investment advisers are currently limited to charging performance fees to so-called qualified clients, according to Thoreau Bartmann, partner at K&L Gates and former attorney in the SEC's investment management division. The SEC's proposed rule would allow performance fees to be charged to a wider set of clients.
Once the White House Office of Management and Budget completes its review of the SEC measure, the current three-member commission is expected to release a proposal for public comment. The SEC will then incorporate that input into a final version of the rule, which must be voted on by the commission again, according to the article.
Investments offered privately provide fewer disclosures than those in public markets, which can make them harder to value and exposes investors to more risks, according to groups like Better Markets, as cited in the article.
SEC Chairman Paul Atkins has repeatedly bristled against such restrictions, saying fast-growing companies that attract capital in private markets remain unavailable to most investors. Atkins said at an SEC event in March that broadening access to private markets is about 'freedom and fairness.'
According to Addepar's Q2 2026 data covering more than 650 family offices and close to $1.4 trillion, the average portfolio was 54% in public markets and 46% in alternatives. Within public markets, equities led at 37%, followed by cash at 9.1% and fixed income at 8.2%. Within alternatives, private companies were the largest holding at 15%, ahead of real estate at 7.5% and hedge funds at 7%.
Addepar's Q2 2026 data showed cash at 9.1% of the average portfolio against 8.2% in fixed income. According to the source, inflation stayed stubborn, the Federal Reserve held rates, and the market began pricing a high probability of a rate increase before year-end. The gap between two-year and ten-year Treasury yields narrowed to roughly 21 basis points, some 15 below its ten-year average, making the extra wait for long-duration bonds unrewarded.
According to Addepar, real estate returned 3.4% over the trailing twelve months to 31 March 2026, the weakest result among the private fund categories tracked. Over the same period, 16% of real estate funds were marked down, which Addepar noted was well above the historical average. Real estate represented 7.5% of the average family office portfolio as of 30 June 2026.
Addepar's Q2 2026 data showed the alternatives share fell by nearly 3 points over the quarter, driven by markdowns in private capital, strong public equity performance and new money moving into shares. The source notes that some of this shift is arithmetic rather than intention, since public and private holdings are repriced at very different speeds, but describes the direction as clear: portfolios are becoming more liquid.
According to Addepar, real assets led private fund returns over the trailing twelve months with a median of 9.1%, driven by demand for data centres and power grid capacity. The source described data centres and power capacity as the physical infrastructure of the technology build-out. Private credit followed at 7.6%, with the source attributing its performance to elevated rates sustaining high yields.
According to a Morgan Stanley Private Wealth Management and Campden Wealth survey of 87 ultra-high-net-worth individuals under 40, 68% expect to continue working even after they inherit significant wealth. Additionally, 81% of the wealthy next generation — irrespective of age — believe it is extremely or very important to have a successful career.
The Morgan Stanley Private Wealth Management and Campden Wealth survey found that only 11% of millennials say they are willing to undertake substantial risk for the possibility of substantial gain, compared with 33% among inheritors aged 30-40, making millennials the most risk averse among next-generation wealthy respondents.
According to the Morgan Stanley Private Wealth Management and Campden Wealth survey, 64% of respondents believe their values are highly aligned with those of their parents, 95% say they recognize what is important to their families, and only 6% said they have belief systems that differ significantly from their parents.
The Morgan Stanley Private Wealth Management and Campden Wealth survey found that 82% of next-generation wealthy want more in-person engagement with their financial advisors, 74% want to do more business via phone, and only 15% want more social media interaction. Just 5% want more communication via internet video or Skype.
According to the Morgan Stanley Private Wealth Management and Campden Wealth survey, 58% of millennials view their wealth as a vehicle to help the community, compared with 38% of older inheritors, and 63% view themselves as stewards of their wealth for future generations, compared with 46% of older siblings.
According to Altrata's Residential Real Estate 2025 report, New York leads all global cities by UHNW residential footprint, with more than 33,200 individuals worth $30 million or more owning primary or secondary homes there. Los Angeles and Hong Kong follow in second and third place, each with a footprint approaching 20,000.
Altrata's Residential Real Estate 2025 report found London is by far the most popular location outside the U.S. for ultra-wealthy second-home owners, with 59% of its top-10 UHNW city footprint composed of secondary-home owners. London is followed by Beijing, Hong Kong, Singapore, and Geneva.
Altrata's Residential Real Estate 2025 report found Monaco has the highest density of ultra-wealthy residents and second-homers in the world, with one UHNW individual for every 22 residents.
Altrata's Residential Real Estate 2025 report identified Lisbon and Abu Dhabi as emerging hotspots for UHNW residential interest, while Aspen was described as ever popular among the wealthy elite.
According to Knight Frank's Wealth Report 2026, direct real estate accounts for 22.5% of the typical family office portfolio. Additionally, 44% of family offices surveyed intend to increase that allocation over the next 18 months.
According to Knight Frank's Wealth Report 2026, HNWIs and family offices poured USD 464 billion into global commercial real estate in 2025, outpacing institutional investors who deployed USD 347 billion. This marked the fifth consecutive year private investors outpaced institutional capital.
According to Knight Frank's Wealth Report 2026, family offices target an average unleveraged return of 13.8% on real estate. The report identifies capital growth (42%), preservation (23%), and income (19%) as the priority objectives driving those return targets.
Knight Frank's Wealth Report 2026 identifies living (residential-for-rent and senior housing), logistics, and luxury residential as the sectors drawing the most demand. Commercial allocations concentrate in gateway cities including Paris, London, Tokyo, Sydney, and Hong Kong, while Dubai, Tokyo, Miami, and Mumbai posted strong gains in prime residential prices.
Knight Frank estimates roughly 10,000 family office entities now operate globally, according to the Wealth Report 2026. Knight Frank describes many of these entities as sophisticated investment platforms that recruit in-house real estate specialists and co-invest alongside private equity.
According to the SEC, the 38 entities filed false Form ADVs between 2025 and 2026 listing Colorado addresses where they had no presence, providing phone numbers that were disconnected or belonged to unrelated businesses, and claiming audits by accounting firms that do not appear in any public registry. Some then used those filings to market services on websites and to potential clients.
The SEC Enforcement Division's Cyber and Emerging Technologies Unit, led by chief Laura D'Allaird, brought the action. The complaints charge the defendants with violating Sections 204(a) and 207 of the Investment Advisers Act of 1940, according to the SEC.
The SEC worked with the FBI's Operation Level Up, which the source describes as aimed at identifying victims of rising cases of investment scams.
Court filings name firms including Summit Breeze Haven Exchange Ltd., Ironclad Trading Institute LLC, and Wingspan Advisors LLC, according to the source.
The SEC's Office of Investor Education and Assistance issued an investor alert warning that scammers are using SEC-exempt reporting adviser filings to create a false impression of legitimacy, according to the source.
According to Af Malhotra, Founder and CEO of ReN, the platform analyzes filings, disclosures and earnings call transcripts to surface inconsistencies, anomalies and changing risk signals that traditional analysis misses. Malhotra said the goal is to move investment teams from backward-looking performance data toward forward-looking risk intelligence.
Af Malhotra said domain-specialized language models may be better suited for high-stakes financial decisions. The source does not provide additional detail on the specific technical distinctions ReN draws between domain-specialized and general-purpose models.
Af Malhotra said analysts still spend enormous amounts of time gathering filings, reading disclosures, comparing earnings calls and reconciling information across disconnected systems. ReN's platform aims to automate identification of inconsistencies and anomalies across those sources that traditional, backward-looking portfolio analysis can miss.
Af Malhotra held leadership roles at global companies including Amstrad, Fujitsu and most recently Gartner, according to his biography. He holds graduate and post-graduate degrees from Goldsmiths College University of London, Kingston Business School and Harvard Business School Executive Education, and is a guest lecturer at London Business School and Queen Mary's University of London.
Af Malhotra discussed on The WealthStack Podcast how automation and agentic AI could reshape the future of investment research and advisor workflows. The source identifies this as a topic of discussion but does not provide specific forecasts or timelines beyond framing it as a forward-looking area of development for ReN.
J.P. Morgan Private Bank's 2026 Global Family Office Report found that geopolitics is the top risk ranked first globally, cited by 20% of respondents. U.S. family offices ranked interest rates first at 64%, followed by inflation and economic growth both at 61%. Internationally, 74% of family offices ranked geopolitics in their top five risks.
J.P. Morgan Private Bank's 2026 Global Family Office Report reflects perspectives from 333 family offices across 30 countries, surveyed between May 2025 and July 2025. The collective net worth represented by all respondents was $518 billion, and the reported average net worth of participants was $1.6 billion.
According to J.P. Morgan Private Bank's 2026 Global Family Office Report, 59% of surveyed single family offices are located in the United States, 16% in Latin America, 14% in Europe, Middle East and Africa, and 11% in Asia Pacific.
J.P. Morgan Private Bank's 2026 Global Family Office Report shows that within private investments, private equity accounts for 9.8%, control-oriented private investments for 6.1%, real estate for 7.4%, growth equity and venture capital for 3.3%, private credit for 2.4%, secondaries for 1.1%, and infrastructure, transportation and other real assets for 0.7%.
HWS Real Estate and Asset Management, the family office of the German Schommartz family, acquired the IntercityHotel Kiel, a three-star, 124-room property in the port city of Kiel in northern Germany, according to the HVS Europe Hotel Transactions Bulletin for the week ending 21 August 2026.
The HVS Europe Hotel Transactions Bulletin states that the acquisition fits within the Schommartz family office's broader strategy of building a diversified hotel portfolio across key German cities. The bulletin also notes that taking control of an established branded property positions the family office to benefit from stable cash flows and potential upside from operational improvements and market growth.
According to the HVS Europe Hotel Transactions Bulletin for the week ending 21 August 2026, the Schommartz family office acquisition of the IntercityHotel Kiel highlights sustained ultra-high-net-worth and family office appetite for direct hotel investments in Europe, even as institutional investors focus more on core urban and resort assets.
The HVS Europe Hotel Transactions Bulletin describes the IntercityHotel Kiel as a midscale urban hotel serving both corporate and leisure demand in the port city of Kiel.
The Federal Open Market Committee held the benchmark rate at 3.75%-4% at its October meeting. Thirty-year fixed mortgage rates, which track long-term Treasury yields rather than the Fed's benchmark directly, have remained above 7% for more than a month, according to Mortgage News Daily. Jeff DerGurahian, LoanDepot's chief investment officer and head economist, said no single factor will bring mortgage rates meaningfully lower.
The October hold could lead Fed Chairman Kevin Warsh and the Federal Open Market Committee to consider raising rates at their December meeting in order to bring inflation down to the Fed's 2% target, according to the source. Barclays' Giannoni also sees the Fed hiking in December and January as inflation pressures persist.
Mark Zandi, chief economist at Moody's Analytics, told CNBC that high-net-worth consumers are enjoying the runup in AI stocks and the value of their equity holdings and are spending with some gusto. Lower- and middle-income consumers are increasingly struggling with falling real wages and high rates and are much more cautious and careful spenders, Zandi said.
The headline new-car APR has essentially flatlined at the 7% threshold all year, according to Joseph Yoon, senior analyst at Edmunds. Yoon said any rate dip in the next two months would reflect seasonal year-end dealer financing offers rather than a looser lending environment, and that used-car shoppers face interest rates that continue to hold above 10%.
Some top-yielding online savings accounts currently pay more than 4%, according to Bankrate. Matt Schulz of LendingTree said holding the Fed's rate unchanged has kept savings yields largely steady and described current rates as far greater than what consumers can get from a traditional savings account with a giant megabank, though below the record highs of a few years ago.
Georgia's data center pipeline totals nearly 20 gigawatts across about 100 planned facilities. Democratic candidates Peter Hubbard and Sheila Edwards have pledged to require data centers to fully cover their own power costs and, in Edwards's case, support a pause on new data center development for at least one year while the state develops regulations.
John Boyd Jr., principal of The Boyd Co., said a new board could delay power contract approvals and spike industrial electricity rates by shifting grid costs onto corporations. Clark Dean, executive managing director of Transwestern in Atlanta, said a Democrat-dominated PSC could hinder the state's economic development momentum by pushing more utility costs onto companies and slowing power grid contracts.
Georgia Power spokesperson Meredith Stone said the utility requires data center operators to pay for any additional power needs so the burden does not fall on the average customer. She said operators must make a 'huge financial commitment upfront' and that contracts, which can last up to 30 years, include early termination clauses. Stone said, 'They are paying more. They're paying their fair share and then some.'
Last December, the Georgia Public Service Commission approved an agreement allowing Georgia Power to expand the state's energy grid by 10 gigawatts by 2030 to accommodate the influx of data centers. The state's power capacity would need to increase by nearly 300% to meet the needs of the 119 planned data centers, according to Axios as cited in the article.
In District 3, Democrat Peter Hubbard leads Republican Fitz Johnson 51% to 42%. In District 5, Democrat Sheila Edwards leads Republican Josh Tolbert 51% to 42%. These figures come from a mid-August poll of 800 likely voters by GBAO Strategies, according to the Georgia Conservation Voters Action Fund. If both Democrats win, they would join Democrat Alicia Johnson to form a majority on the five-member board.
Brokerage firm 128 CRE is marketing the 140-acre Stone-E-Lea golf course as a large-scale redevelopment opportunity. The property is described in a 128 CRE release as significant because relatively few properties of its size and visibility are available in the region. The course is scheduled to close at the end of 2026.
The Lapierre family, which has owned Stone-E-Lea since the course opened in 1954, announced in August that it made the difficult decision to close due to the recent health struggles of David Lapierre. The course is expected to close at the end of 2026.
128 CRE's David Linehan, Adam Meixner, Jeremy Freid and Tyler Capecci are representing the ownership in the marketing and sale of the Stone-E-Lea property.
Several Massachusetts golf course redevelopments are in progress. Boston investment firm DW Capital proposed a 290-unit redevelopment at the former Leicester Country Club in April. The owner of the Wyckoff Country Club in Holyoke filed a proposal this month to convert that course into 100 upscale single-family homes.
Stone-E-Lea is located at 1411 County St. in Attleboro, Massachusetts, near I-95 between the Boston and Providence metropolitan areas. According to 128 CRE, relatively few properties of its 140-acre size and visibility are available in the region.
BKM Capital Partners has spent $2.8B on 72 assets in 2026, surpassing its original $2.3B annual target, according to CIO Brett Turner. The firm expects to reach $3B across 79 properties by year-end.
BKM Capital Partners has largely worked in tandem with Kayne Anderson Real Estate, a 42-year-old private equity real estate investor with $41B in assets under management, to expand its industrial footprint in 2026, according to the source.
BKM Capital Partners hedges 100% of its debt, and CIO Brett Turner said the firm has seen very little impact on assets it already owns as a result. Turner also said BKM has not asked sellers to lower prices on deals already in progress, citing the firm's reputation for deal volume.
BKM Capital Partners is primarily targeting small-bay light industrial assets in the Southeast, Texas and California, according to CIO Brett Turner. Between 75% and 80% of its deals are sourced off market, Turner said.
Tampa-based Lee & Associates industrial broker Jackson O'Neill said investors are aggressively underwriting small-bay industrial because they believe rents will continue to grow. Longpoint Partners partner Tom Stipanov said tenant demand in the sector drives outperformance and NOI growth independent of capital market conditions.
Panelists at Bisnow's DICE: Central conference in Dallas said transformer lead times are running up to three years for equipment required on virtually every large-scale project. Backup generators can take more than a year to procure. Gas turbines carry the longest waits, with delivery times of a decade or more currently contributing to yearslong timelines for grid connections.
Major developers with deep balance sheets are stockpiling long-lead equipment years in advance to create strategic reserves deployable across multiple projects. Sophisticated developers are also sharing demand forecasts with suppliers as far as three years in advance to reserve production capacity without purchasing equipment outright, according to panelists at Bisnow's DICE: Central conference in Dallas.
No. Panelists at Bisnow's DICE: Central said optical fiber takes six to eight months to arrive and structural steel roughly a year. Conduits and medium-voltage cables cause unexpected delays. Pumps, evaporators, fans, coils, and heat exchangers used in cooling equipment are routinely sold out for a year or more, and basic components like breakers can slow electrical system production.
Panelists at Bisnow's DICE: Central said the procurement landscape is not returning to normal as long as the sector continues on its current growth trajectory. CyrusOne's Sam Caddell said lead time impacts persist from raw materials all the way down and questioned whether the industry will ever return to pre-Covid conditions given the ongoing demand surge driven by AI.
According to Bisnow's report on DICE: Central, data center designs are now revised multiple times during development to accommodate new generations of hardware or shifting tenant strategies. These changes can render equipment ordered months earlier obsolete or create the need for new long-lead items after a project's schedule has already been set, adding uncertainty on top of existing procurement delays.
Pending home sales dropped 7.3% from August and were down 11.3% year-over-year in September, according to the National Association of Realtors. Lawrence Yun, NAR's chief economist, said housing affordability is more affected by changes in mortgage rates than by job growth or income gains, and the 30-year fixed mortgage rate rose from 6.8% to 7.6% during the month.
Ben Ayers, senior economist at Nationwide Financial, said in a note to investors that home construction activity is expected to remain moribund into 2027. Ayers said many builders are still trying to unload current projects using widespread price cuts and incentives, and that single-family housing starts could remain low for much of the next year as the market adjusts to a higher rate environment.
According to the National Association of Realtors, the West posted the largest month-to-month decline in pending home sales at -9.2%, followed by the South at -8.2%. The National Association of Realtors noted the South is usually the most active market and the West is the most expensive.
An October read on homebuilder sentiment came in at the lowest level in 14 years, according to the National Association of Home Builders. Current sales, future sales expectations, and buyer traffic all fell, with buyer traffic seeing the lowest level of the three components, according to NAHB data.
Robert Dietz, NAHB's chief economist, said higher mortgage rates, elevated construction costs, and weaker consumer confidence are keeping more buyers on the sidelines. Dietz also cited supply-side constraints and significant affordability challenges as factors squeezing housing, while noting that demand persists.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 7.41% from 7.50%, marking the first rate decrease in over two months according to MBA economist Joel Kan. Despite this, total mortgage application volume still fell 5.3% week over week, according to the Mortgage Bankers Association's seasonally adjusted index.
Applications for a mortgage to purchase a home were 18% lower than the same week one year ago, according to the Mortgage Bankers Association's seasonally adjusted index. Purchase applications also fell 7% week over week, with buyers reacting less to weekly rate moves and more to the overall higher rate level.
Refinance demand was 59% lower than the same week one year ago, according to the Mortgage Bankers Association. Rates are now over a full percentage point higher than they were a year ago, leaving a very small pool of borrowers who can benefit from a refinance, according to the source text.
The ARM share held steady at 10.5%, according to MBA economist Joel Kan, who said ARM rates remained almost a full percentage point lower than the 30-year fixed rate, giving qualified borrowers a lower rate option to purchase a home.
The National Association of Realtors on Tuesday reported a sharp drop in September pending home sales. Those sales are measured by signed contracts, showing the real-time impact of rising rates during September. According to the source, rates remained at that higher level in October.
Passco Chief Investment Officer Colin Gillis told Bisnow that New Hampshire offers proximity to the Greater Boston area without Massachusetts' regulatory burdens, underwriting uncertainty, and rent-control risk. New Hampshire also has no sales tax and no state income tax. Procopio Cos. CEO Michael Procopio said Massachusetts' environmental review process and looming rent-control threat have driven investors away.
Michael Procopio, CEO of The Procopio Cos., told Bisnow that most outside investors stopped looking at Massachusetts when the rent-control initiative was on the ballot. Even after a judge ruled the initiative unconstitutional in June, Procopio said only about 20% to 30% of those investors have returned to the Massachusetts market.
According to Colliers' second-quarter report cited by Bisnow, New Hampshire apartment occupancy stood at 95.4% as of Q2, and apartment asking rents increased 1.1% year-over-year to an average of $2,292 per month. More than 4,000 new multifamily units delivered in the state last year, which Colliers called the largest wave of new supply in years, and the supply was largely absorbed.
New Hampshire's House Bill 631, which took effect July 1, allows multifamily development to be built in commercial zones by right, according to Bisnow. Several other housing laws that went into effect in 2025 made the permitting process faster and allowed accessory dwelling units by right, according to the same source.
Bank OZK President Brannon Hamblen said debt markets are flush with liquidity, making origination highly competitive while generating a large volume of repayments on the legacy portfolio. Over the past 12 months, RESG collected $9.2B in repayments against $5.2B in new loans. Fourth-quarter repayments could be at or near a record, and the bank expects them to stay elevated through 2027.
Bank OZK extended the maturity date on its $915M construction loan for IQHQ's RaDD campus in downtown San Diego to December 2029. The sponsor and mezzanine lender contributed another $100M, bringing their total investment to about $1.23B. CEO George Gleason called RaDD 'an absolutely great asset' but the vast majority of its 1.7M SF of lab and office space is empty after the project delivered in 2024.
Yes. Bank OZK's outstanding CRE loans are now below 300% of its capital, the level at which regulators give banks closer scrutiny. RESG accounted for 45.2% of the bank's $34.1B in loans at the end of September, down from an all-time high of 70%.
CEO George Gleason said the market's troubles will be 'largely behind us' by the end of 2027. Gleason also said the bank is 'not all the way through this challenging CRE cycle, but we're a long way through that cycle.' Bank OZK also expects its corporate and institutional banking unit to overtake RESG in size sometime in 2027.
Cushman & Wakefield's India Capital MarketBeat reported USD 2.1 billion in total institutional real estate investments in Q3 2026, with foreign investors leading capital deployment at a 68% share of that quarter's activity.
According to Cushman & Wakefield's Q3 2026 India Capital MarketBeat, data centres captured 52% of institutional inflows in the quarter, making them the largest investment asset class, followed by office and hospitality assets.
Cushman & Wakefield reported that India's institutional real estate investments totalled USD 5.5 billion through the first nine months of 2026, representing an 11% increase year-over-year.
Cushman & Wakefield's India Capital MarketBeat identified Mumbai and Delhi NCR as the key investment destinations in Q3 2026, while also noting that multi-city projects attracted the majority of investments during the quarter.
According to Cushman & Wakefield's report, the Reserve Bank of India initiated a gradual policy tightening cycle with a 25 basis point rate hike, but borrowing costs remain significantly below 2024 levels, continuing to support real estate investment activity.
Travis King of REALM said families are moving beyond fragmented, indirect fund structures to build direct, intentional real estate portfolios driven by the need for income stability, inflation protection, and tax efficiency. The appeal includes durable income streams, depreciation benefits, and greater control over outcomes, with capital aligned to each family's specific tax, income, and legacy-building objectives.
Travis King, Founder & CEO of REALM, said the firm targets deals under $50 million because access to capital in that segment is more limited, causing pricing dislocations to be more pronounced. Sellers in this range are often driven by urgent liquidity needs or personal circumstances rather than strategic timing, which contributes to attractive entry points.
Travis King of REALM said many investors have prematurely written off the office sector. In primary hubs like New York, Northern California, Houston, and San Diego, high-quality office assets are trading at steep discounts, sometimes near land value, creating mispricing opportunities for investors with local expertise and operational discipline.
Travis King of REALM said the middle market is where inefficiency persists and opportunity follows, with properties frequently carrying complicated histories, capital stack challenges, or management fatigue. Unlike large institutions that can wait out long market cycles, many middle-market sellers face urgent liquidity needs, further contributing to attractive entry points and assets priced below replacement cost.
Travis King of REALM said a 30 to 50 percent discount is often insufficient to offset functional or locational obsolescence, making underwriting more nuanced than ever. He said that when the distinction between functional and merely dislocated assets is made correctly, today's environment offers a rare opportunity to acquire quality assets at historically attractive bases.
Houston is selling the Bob Lanier Building, a 27-story, 767,000-square-foot office tower at 611 Walker Street, after relocating its public works department to the former Continental Airlines headquarters at 1600 Smith Street. The city is marketing the site as a ground-up demolition and redevelopment opportunity near the geographic center of Downtown Houston.
Cushman & Wakefield's Tim Relyea was tapped to market 611 Walker Street. Relyea worked with Jon Pickard of Pickard Chilton to create a rendering example of a high-rise that could be developed if the site finds the right buyer.
Tim Relyea said the new building at 611 Walker Street could attract a major U.S. or regional corporate headquarters, national law firm, Big Four accounting firm, investment bank, or a combination of those users. Houston Public Works Director Randall Macchi also cited a major corporation or services firm as potential occupants. Other redevelopment options include a new hotel or residential tower.
Tim Relyea said top-tier office buildings can achieve full occupancy at premium rental rates in Houston even in a challenging office environment, citing Texas Tower as an example. Relyea said a new building at 611 Walker could be uniquely positioned to attract major corporate and professional tenants.
ExchangeRight Essential Income REIT bought the 664,000-square-foot Dow Texas Innovation Center in Lake Jackson from Brixton Capital. Miami-based Simi Capital acquired a 359,000-square-foot small-bay industrial portfolio in Northwest Houston in a joint venture with Decker Capital. Lone Star Funds secured $110 million in refinancing for two multifamily properties totaling 731 units in Stafford.
West Harbor announced three new tenants: Wagbar, an approximately 21,000-square-foot off-leash dog park and social bar; Tierra Azul, a Baja California-inspired bar and grill; and Sno Swell, a frozen desserts concept. Square footage for Tierra Azul and Sno Swell was not disclosed.
West Harbor is a 42-acre mixed-use complex at the Port of Los Angeles in San Pedro, California, with a total development cost of $500M, according to the project announcement.
Wagbar's approximately 21,000-square-foot open-air space at West Harbor will host dog-focused events including rescue and adoption partnerships as well as community programming, according to West Harbor.
The latest leasing announcements at West Harbor include Tierra Azul, a Baja California-inspired bar and grill, and Sno Swell, which sells frozen desserts. Square footage for both food concepts was not disclosed.
A joint venture between Coastal Ridge Real Estate and Brookfield acquired The Grad, a 1,039-bed student housing high-rise in downtown San Jose, for $204 million. The 19-story, 543,000-square-foot tower at 88 E. San Carlos St. was completed in 2020 and is one block from San Jose State University.
A three-party joint venture comprising Kennedy Wilson, Hulic Co., and Fuyo General Lease (USA) Inc. purchased One South Market for $176 million. The per-unit price of $564,000 outstripped the five-year average in the area of $467,000, according to the Silicon Valley Business Journal.
The sale of The Grad was promoted after the former owners had trouble refinancing the property amid high interest rates, according to the Silicon Valley Business Journal. Swenson CEO Case Swenson said the primary investors lacked the capital necessary to obtain refinancing, adding, 'If I could hold on to it, I would.'
Lakevision Capital sold One South Market and had originally purchased the property for $175 million in 2020. The 23-story apartment building was completed in 2015.
Blackstone's Digital Infrastructure Trust (BXDC) launched on the NYSE in mid-May 2026, selling 87.5 million shares at $20 apiece. The fund is down roughly 16% since then, with shares closing under $17 on Thursday, according to the article. Blackstone declined to offer further comment on the performance.
New York passed a moratorium on new hyperscale data center approvals in July 2026, and Texas Governor Greg Abbott ordered a halt on new approvals in August 2026. Gallup polling found 70% of Americans oppose a data center being built in their area, and a New York Times/Siena poll found roughly two-thirds opposed regardless of political party, according to the article.
Sabur Mollah, professor of finance at Gettysburg College, identified overvaluation driven by AI enthusiasm, high development and maintenance costs, dependence on a limited number of major technology tenants, and power availability constraints as key risks. Additional concerns cited include technological obsolescence, refinancing risk, construction delays, and the need for continuing capital expenditure.
No. Blue Owl already runs a private digital infrastructure fund and is reportedly considering a public REIT valued as high as $6.5 billion that would roll up existing data center investments. Brookfield Asset Management listed its data center services provider Csquare as a stand-alone vehicle on the NYSE in July 2026, though Csquare's shares have also declined close to 16% since debuting.
The purchase price was not disclosed. Real Capital Solutions and Dunton Commercial said in a statement they acquired Terrace Tower 'at a fraction of replacement cost.' Arapahoe County appraised the building at $34 million this year, and it last sold in 2012 for $37.8 million to Sun Life Assurance Co. of Canada, according to Arapahoe County property records.
Real Capital Solutions is targeting $400 million for its first investment fund, with capital to be used to acquire discounted office properties across the U.S. CEO Marcel Arsenault contributed $50 million to start the fund earlier this year. Terrace Tower is the firm's 15th office acquisition since 2024, and RCS Chief Acquisitions Officer Adam Abeln said the company is focused on high-quality assets acquired well below replacement cost.
The vacancy rate in the southeast suburban office market, which includes the Denver Tech Center, is about 20%, according to TRE. Denver's overall office vacancy ranges between 22% and 28.8%, according to recent reports from Marcus & Millichap and CBRE. Overall U.S. office vacancy sits at 18.3%, according to CBRE's second-quarter office report.
Tenants at Terrace Tower include branches of the U.S. General Services Administration, Vitesse Energy and Holmes Murphy, according to RCS and Dunton Commercial. The building was 72% occupied at the time of purchase, with an average lease term of 7.2 years.
Terrace Tower underwent $10 million in capital improvements in 2021, including a new roof and upgrades to its lobby, fitness center, tenant lounge, conference rooms and building systems, according to information provided by RCS and Dunton Commercial.
Cushman & Wakefield reported MOB investment volume reached $6.7 billion in the first half of 2026, a 21% increase year-over-year. Portfolio sales more than doubled from a year earlier, and single-asset sales rose 42% to $3.4 billion.
Cushman & Wakefield reported MOB cap rates compressed 35 basis points year-over-year to 6.8% in the first half of 2026. However, Cushman & Wakefield noted that compression has slowed and pricing remains above long-term averages.
Cushman & Wakefield reported MOB one-year total returns climbed to 6% in Q2 2026, the highest level since 2022, as appreciation turned positive for a third consecutive quarter.
According to Cushman & Wakefield, improving capital market conditions, expanding lender appetite, stable cash flows, demographic tailwinds, and consistent long-term performance drove increased capital flows into healthcare real estate in the first half of 2026.
Cushman & Wakefield reported that both contributed to growth, but portfolio sales led the surge, more than doubling year-over-year in the first half of 2026. Single-asset sales also rose substantially, climbing 42% to $3.4 billion.
From September 2025 through August 2026, big-ticket renovation categories declined in a range of 10% to 28% at Home Depot and Lowe's compared with the prior year, according to Datavations CEO Philip Odelfelt. Shower stall and kit sales fell 21% in dollar terms and 28% in unit terms. Bathtub sales dropped 10% in dollars and 12% in units over the same period.
Despite homeowners originating nearly 20% more second mortgages or HELOCs in the second quarter compared with the first quarter, experts say they are using the equity to stay afloat rather than for improvements. Mark Ratchford, a business school professor at Tulane University who studies consumer behavior related to home equity, said homeowners are using HELOCs to cover credit card debt, not for home improvements.
Angie Hicks, co-founder and chief customer officer of Angi, said homeowners are prioritizing maintenance — such as furnace tune-ups and water heater replacements — rather than major projects like kitchen remodels or new decks. Angi data shows 60% of consumers are now putting off projects and switching to maintenance. Lowe's CFO Brandon Sink confirmed an ongoing trend of caution around big-ticket discretionary spending on Lowe's most recent earnings call.
Kenneth Klein, a law professor at California Western School of Law, found that more than 70% of homeowners with insurance were underinsured by an average of roughly 20%, based on an analysis of California Department of Insurance data covering 74,000 fire-related claims from 2018 to 2023. Klein stated the problem is not limited to California.
Standard homeowners insurance policies exclude or limit coverage for flood damage, defined as water entering a home from the ground up. Homeowners need a separate flood insurance policy. The National Flood Insurance Program is the primary source of flood insurance for residential properties, but less than 4% of U.S. households have purchased a policy from it, according to a 2025 FEMA blog post.
Replacement costs for property-and-casualty-related losses increased by 45% between 2020 and 2023 on average, according to a Treasury Department report. Labor costs for workers building single-family homes rose 37% between 2018 and 2022. Peter Kochenburger, visiting law professor at Southern University Law Center, said homeowners whose policy limits have not kept pace are "stuck" if they lose their house.
Lareesa Klingler, director of national claims for the private risk solutions group of Lockton, recommended "extended replacement cost" coverage, which adds 10% to 50% above a policy's dwelling coverage limit according to Policygenius. Klingler also recommended "ordinance or law coverage" for older homes, which covers costs to bring a rebuilt home up to current building code.
BlackRock stated that most European real estate markets have moved past the cyclical bottom and that the inflection point is now behind investors. BlackRock described the current window as characterised by higher yields, improving liquidity, strengthening sentiment, and early signs of valuation recovery, while noting the recovery remains gradual.
BlackRock identified living, logistics, data centres, and hospitality as the sectors most suited to value-add capital in the current cycle, citing structural tailwinds including demographics, digitalisation, and geopolitical reconfiguration. BlackRock also noted that many office, retail, and mixed-use assets remain underinvested and represent repositioning opportunities.
BlackRock, citing CBRE European Living Outlook as at January 2026, estimated Europe faces a housing shortfall of 9.6 million homes. BlackRock attributed the gap to urbanisation, smaller household sizes, rising household formation, and lagging new supply caused by higher construction costs and financing constraints, particularly in gateway cities such as London, Madrid, and Paris.
BlackRock said returns are expected to be driven primarily through income growth as interest rates stabilise but remain structurally higher. BlackRock stated the next phase reflects a shift away from relying on yield compression toward driving returns through operational performance, building scale, enhancing income generation, and improving operational efficiency.
The paper is attributed to Steven Cornet, identified as Global Head of Research and Strategy at BlackRock, and Thomas Mueller-Borja, identified as Global Co-Head for Real Estate, Global Chief Investment Officer for Value-Add Real Estate, and Co-Portfolio Manager for the European value-add real estate funds series.
The Oasis Apartments are being developed by Denver-based BMC Investments and private equity firm Rockpoint. The building is located at 299 Milwaukee St. in Cherry Creek North and includes 177 apartment units and 26,000 square feet of retail space. BMC Investments and Rockpoint broke ground on the project in 2024.
According to Mile High CRE, confirmed retail tenants at the Oasis Apartments include Two Hands, a cafe and restaurant; PopUp Bagels, a bagel shop; a real estate brokerage; and a home furnishings shop. All retailers are expected to open throughout 2027.
Cherry Creek North had a retail vacancy rate of 4.1% in 2025, making retail a high-demand commodity in the submarket.
Renters are expected to move into the Oasis Apartments' 177 apartment units in the first quarter of 2027. Retailers occupying the building's 26,000 square feet of ground-floor commercial space are expected to open throughout 2027.
The Oasis Apartments at 299 Milwaukee St. in Cherry Creek North includes 26,000 square feet of ground-floor retail space. According to Mile High CRE, the retail space is fully leased ahead of the building's 2027 opening, with tenants including Two Hands, PopUp Bagels, a real estate brokerage, and a home furnishings shop.
Trove Capital and Hightop Development have proposed a combined 262 townhomes across two South Philadelphia projects. Trove Capital is seeking to build 140 townhouses at 3100 Penrose Ferry Road, while Hightop Development is seeking approvals for 122 units at the corner of Shunk and 22nd streets.
The Philadelphia Civic Design Review Committee has scheduled both the Trove Capital and Hightop Development proposals on its October 6 agenda. The meeting is scheduled to start at 1 p.m.
Korman Communities and Ensemble/Mosaic delivered the first 614 residential units across two buildings at the Philadelphia Navy Yard earlier this year. The developer said earlier this month the units were 40% occupied.
Getty Corp. purchased the 110K SF Dickson City Commons at 1106 Commerce Blvd. outside Scranton from Meritus Realty Ventures, anchored by Marshalls and Michaels. Echo Realty and TPG purchased the 269K SF Water Tower Square shopping center at 751 Horsham Road in Montgomeryville from The Goldenberg Group, anchored by Sprouts and Home Depot. Sales prices were not disclosed by CBRE.
The Brookings Institution paper found the next-largest capital expenditure boom was the U.S. railway build-out from 1870 through 1890, which averaged 2.2% of GDP. The AI build-out's projected cost is more than three times what was spent on America's highway system and six times more than was spent on electrification at the turn of the 20th century.
At least $1.3 trillion in debt has already been committed to underwriting the data center boom, according to the Brookings Institution paper. Stijn Van Nieuwerburgh noted this is still less than half the $3 trillion tied up in the subprime mortgage crisis that led to the Great Recession, though he said every bank now has concentrated exposure to AI.
Stijn Van Nieuwerburgh identified several risks: the large number of massive single-tenant facilities creates credit risk if a hyperscaler faces a liquidity crunch; new data center hardware develops so quickly that new builds can become obsolete; and complex financing structures involving private credit and off-balance-sheet vehicles are making it harder to track where risk lies in the marketplace.
Stijn Van Nieuwerburgh estimated roughly five to eight years of strong growth before oversupply becomes a concern. He said historical precedent suggests credit constraints will loosen, more speculative development will occur, and oversupply will eventually follow, causing prices to collapse, as happens in every real estate cycle.
Project-level data cited in the Brookings Institution paper suggests the total pipeline totals 509 gigawatts. Stijn Van Nieuwerburgh assumed 227 gigawatts of proposed capacity will never be built and another 117 gigawatts will come online after 2032, leaving 183 gigawatts as the basis for the $10.3 trillion cost estimate through 2032.
CNBC's Jim Cramer said he expects KB Home's Tuesday earnings to reinforce the challenges facing the housing industry in a tightening interest-rate environment, similar to what investors heard from Lennar earlier last week. Cramer did not specify a price target or revenue estimate in his comments.
The source states that Cramer expects KB Home's results to be similar to what investors heard from Lennar earlier last week in the context of a tightening interest-rate environment, but the source does not detail the specific figures or findings from Lennar's report.
The Federal Reserve raised interest rates by a quarter point, and the Dow Jones Industrial Average bore the brunt of that decision, falling 1.7% for the week, according to CNBC. Policymakers also signaled that additional tightening could be ahead. The S&P 500 dropped 0.1% while the Nasdaq Composite rose 0.7%.
CNBC's Jim Cramer said he expects KB Home's Tuesday results to reinforce the challenges facing the housing industry in a tightening interest-rate environment, suggesting a cautious outlook. The source does not include a direct buy or sell recommendation from Cramer on KB Home or the homebuilder sector broadly.
According to CNBC's Jim Cramer, the same week includes earnings from Cintas and Paychex on Wednesday, General Mills on Wednesday, Darden Restaurants on Thursday, and Costco after Thursday's bell. Cramer also highlighted Okta's analyst meeting on Wednesday as the week's most consequential corporate event.
Galvanize Real Estate, an arm of San Francisco-based global asset manager Galvanize, acquired the four-building Milpitas industrial portfolio for approximately $94 million, or about $311 per square foot. Galvanize was founded in 2021 by billionaire Tom Steyer along with Katie Hall, formerly of Hall Capital Partners.
DRA Advisors purchased the Milpitas portfolio in 2024 for $75 million, or roughly $249 per square foot. Galvanize Real Estate acquired it for approximately $94 million, or $311 per square foot, representing a higher price per square foot than DRA Advisors paid.
Physical AI and robotics companies require significant electrical capacity, and the Cadillac Court campus offers 8,000 amps of available power, described as an important requirement for such tenants. Nearby occupiers include Tesla, Amazon, Seagate and Supermicro, according to the source text.
According to Newmark, Silicon Valley industrial vacancy dipped to 6.2%, supported by 1.4 million square feet of year-to-date net absorption. Newmark President of Western Region Capital Markets Steve Golubchik said the market is seeing stronger leasing activity, declining vacancy and more demand from advanced manufacturing and AI-driven companies.
Nearby tech companies include Tesla, Amazon, Seagate and Supermicro, according to the source text. Tesla leased 375,000 square feet of research and development space in Fremont's Warm Springs district, and Figure AI opened a nearly 99,000-square-foot robotics campus in San Jose in 2025.
Michael Pugh, CEO at Local Initiatives Support Corp., said mold and habitability lawsuit insurance premiums have risen 300% or more. Pro Insurance Group said habitability insurance premiums now range from $375 to $1,400 per unit depending on the age and size of the building, and the Illinois-based brokerage described habitability insurance as one of the most volatile and rapidly changing commercial property lines in 2026.
Chris Gray, president of Moss & Co., a Los Angeles-area property management firm operating more than 15,000 apartment units, said hiring an attorney and mounting a defense without insurance can cost landlords between $50,000 and $100,000. Jury verdicts in mold cases can reach into the millions of dollars, including a February decision that awarded $2.3 million in a Long Beach, California, mold case.
Mold violations in Los Angeles County for buildings with five or more units more than doubled from 2021 to 2025, reaching 116 last year, according to the county health department. New York City's 311 service tracked more than 31,000 mold complaints in 2025 and is on pace to match that in 2026. Chris Gray, president of Moss & Co., called mold litigation the biggest threat to multifamily ownership today in Los Angeles.
Jake Cohen of Cohen, Cohen & Cohen Law in Southern California said that as other litigation areas, especially auto accidents, proved less lucrative or more crowded during the pandemic, more firms turned to mold litigation. Cohen said mill firms are spending money to advertise to attract mold cases. Kristina Baehr, who represented an Austin couple awarded $1 million in a mold case, said improved science around mold's health impacts has made juries more responsive.
According to the article, increased risk of lawsuits has driven up the cost of habitability insurance, pushing some carriers out of states like California. The rising cost and decreasing availability of these policies leave landlords more vulnerable to financial penalties in the event of a suit, according to the source text.
The average rate on the 30-year fixed reached 7.22% on Tuesday, according to Mortgage News Daily. The Mortgage Bankers Association's weekly survey showed the rate at 6.97% the prior week, up from 6.85%. Matthew Graham, chief operating officer at Mortgage News Daily, said the 0.33 percentage point rise over six business days is the most abrupt jump since October 2024.
Joel Kan, vice president and deputy chief economist at the MBA, said ongoing market concerns over spiking energy prices, persistently high inflation, and future monetary policy pushed bond yields and mortgage rates higher. Matthew Graham, chief operating officer at Mortgage News Daily, cited implications of recent economic data and oil price impacts on Fed policy as contributors to the volatility.
Applications to refinance a home loan dropped 9% for the week and were 65% lower than the same week one year ago, according to the Mortgage Bankers Association. Joel Kan, vice president and deputy chief economist at the MBA, said the current level of rates eliminated much of the refinance benefit for many borrowers, resulting in declines in conventional, FHA, and VA refinance applications.
Applications for a mortgage to purchase a home dropped 1% for the week and were 19% lower than the same week one year ago, according to the Mortgage Bankers Association. Potential buyers are also contending with high home prices, and while housing supply has been gaining in much of the country, much of that supply is on the higher end of the market, according to the source.
The Mortgage Bankers Association tracks 30-year fixed-rate mortgages with conforming loan balances of $832,750 or less, with points rising to 0.72 from 0.67, including the origination fee, for loans with a 20% down payment.
HBC sold the Netflix House building at King of Prussia Mall at 180 N. Gulph Road to EPR Properties for $60 million, according to the Philadelphia Business Journal. The 120,000-square-foot building was previously occupied by Lord & Taylor, which shuttered in 2021.
Netflix signed a 10-year lease for the experiential retail space at King of Prussia Mall at the end of 2024.
Missouri-based EPR Properties focuses on experiential tenants such as museums, venues, and family entertainment centers.
Cabot Properties acquired two industrial buildings spanning 484,000 square feet at Springbrooke Trade Center, located at 300 and 500 Springbrooke Blvd. in Aston, Delaware County, from an affiliate of Affinius Capital. The Springbrooke Trade Center was completed in 2022. No sale price was disclosed.
South Korean shipbuilder Hanwha signed a 64,000-square-foot office lease at Ensemble Investments' 201 Rouse Blvd. in the Philadelphia Navy Yard. Hanwha already has a major manufacturing presence covering 115 acres in the South Philly industrial and office complex.
Intro 90 would require landlords to provide written notice of intent to renew or not renew 120 days before lease expiration, supply two years of past utility and insurance costs, offer standard leasing agreement language in several languages, and grant tenants a one-time lease extension of up to one year if no renewal agreement is reached, with rent increases capped at between 7% and 10% during that period.
New York's prime retail corridors ended the second quarter with their lowest average availability rate since 2017, at 11.6%, with just 164 storefronts available, according to JLL. Asking rents in many corridors are around 30% below pre-pandemic peaks but have been rising in most corners of Manhattan, with demand spreading beyond prime corridors, according to REBNY.
Cushman & Wakefield Executive Vice Chair Joanne Podell said some provisions of Intro 90 would do the opposite of protecting small businesses. Cushman & Wakefield Vice Chair Steven Soutendijk testified that the mandatory extension addresses an insignificant issue, arguing owners typically prefer working with proven tenants over replacing them. Manhattan Chamber of Commerce CEO Jessica Walker added the extension could make it harder for landlords to refinance.
If the landlord already has a new tenant lined up for the space and has informed the current occupant, the mandatory extension period shrinks from up to one year to 90 days, according to the bill's provisions.
Intro 90 was introduced by Manhattan Council Member Gale Brewer in January and has nine co-sponsors. The bill applies to ground- and second-floor spaces used for retail sales. Versions of the bill have existed since 2021 but had not received hearings until now, according to The Real Deal.
The RFK campus plan calls for two multilevel garages, G1 and G2, totaling 6,000 new parking spaces. These will be in addition to the roughly 2,000 existing surface parking spaces already on site, according to submission materials from the RFK Stadium Project Management Office and the Washington Commanders.
The National Capital Planning Commission granted preliminary approval of the Commanders' stadium in April, and the Commission of Fine Arts preliminarily approved the stadium in July. Final review by the NCPC is expected in early 2027. The NCPC and CFA are now separately reviewing concept plans for the two planned parking garages.
The RFK campus redevelopment covers 180 acres and is slated to include a 70,000-seat Washington Commanders stadium, between 5,000 and 6,500 homes, and two multilevel parking garages totaling 6,000 spaces. Public space around the garages is envisioned to support arts and craft festivals, farmers markets, and outdoor concerts, according to submission materials.
A community group near the proposed G2 garage has opposed any multilevel garage near its Kingman Park neighborhood and is instead calling for a new metro station, according to the source. Members of both the NCPC and the CFA have previously expressed concerns about the garages, including whether they would obstruct views, according to the Washington Business Journal.
The Commission of Fine Arts is reviewing the garage concept plans at its Thursday meeting, with commentary and any action to be documented the following week, according to an agency spokesperson. The National Capital Planning Commission is scheduled to review the parking garage concept plans on October 1.
Vancouver commercial real estate investment volume fell 23% year-over-year to $3.5 billion in H1 2026, according to Altus Group. Capital allocation shifted toward defensive, income-oriented assets. Most major sectors recorded lower transaction volumes, with the sole exception being retail, which rose a marginal 1% to $866 million.
According to Altus Group, Vancouver office was the hardest-hit sector with a 46% year-over-year decline in transaction volume in H1 2026, followed by multi-family at down 41% and industrial at down 19%. Retail was the only sector to grow, rising 1% to $866 million.
Vancouver industrial availability stood at 5.9% in H1 2026, with four straight quarters of positive absorption, according to Altus Group. Industrial investment volume fell 19% to nearly $669 million over the same period, but Altus Group described fundamentals as staying tight despite the decline in dollar volume.
According to Altus Group, Vancouver office volume of approximately $394 million in H1 2026 was constrained more by limited high-quality supply than by weakening demand. Office availability reached 12.4%, up 10 basis points year-over-year, and has remained in the 12% to 13% range for a third consecutive year.
According to Altus Group's CRE This Week dated September 9, 2026, notable Greater Vancouver Area transactions included a retail property at 1215 56th Street, Delta sold for $18,200,000 at $650 per sq. ft., an apartment at 1025 Chilco Street, Vancouver for $10,650,000 at $355,000 per unit, and an industrial unit in Surrey for $6,350,000 at $449 per sq. ft.
The National Association of Realtors report found no single clear effect on local housing markets, with NAR Chief Economist Lawrence Yun stating the story varies significantly depending on the local market. NAR said it does not have evidence that data center clusters themselves were the drivers of higher home values, though counties with 10 or more data centers had a median home value of nearly $432,000 versus $174,500 in counties with none.
CBRE found that industrial properties within two miles of a data center command about a 7% rent premium, according to James Breeze, CBRE's head of industrial research.
NAR found residential electricity rates rose 21.4% from 2020 to 2024 in counties with 10 or more data centers, compared with 15.7% in counties without data centers. Realtors surveyed by NAR also voiced client concerns over energy costs and water use from data centers.
NAR said data centers are highly concentrated in a small number of markets, with over 90% of counties having no mapped data centers. NAR's report identified some of the largest clusters as being in Northern Virginia, Silicon Valley, central Ohio, the Phoenix area and central Washington.
NAR principal economist Nadia Evangelou said the research does not support concluding that a data center will automatically raise or lower nearby home values. NAR's survey found 25% of Realtor respondents reported a positive residential impact and 22% reported a negative impact, with roughly one third saying they were not sure. Evangelou said even half a mile of distance can make a difference.
According to NAR's 2026 Data Center Impact report, Loudoun County, Virginia, leads the nation with 213 facilities. Santa Clara County, California, ranks second with 75. Maricopa County, Arizona, and Prince William County, Virginia, each have 63 facilities. NAR researchers identified 1,474 data centers across 251 U.S. counties in total.
NAR's survey found half of respondents reported a positive impact on nearby commercial property values, with 22% saying values increased by more than 10%. Industrial properties experienced the most demand near data centers, cited by 58% of respondents, followed by land at 38%. Real estate firms make up roughly 6.4% of all businesses in counties with the highest concentration of data centers, compared with 4.9% in counties with no data centers.
NAR's data analysis found that residential electricity rates increased faster from 2020 to 2024 in counties with 10 or more data centers, rising 21.4%, compared with 15.7% in counties without data centers. However, NAR's report noted the increase did not consistently rise with the number of facilities. Energy costs were cited as the top client concern by 61% of Realtor respondents.
According to NAR's 2026 Data Center Impact report, counties with 10 or more data centers have median household incomes of about $89,000, compared with $64,000 in counties without data centers. Employment in those high-concentration counties grew about 16% from 2014 to 2024, versus 2% growth in counties without data centers. Adults in high-concentration counties hold bachelor's degrees at a rate of 41%, compared with 22% elsewhere.
Palo Alto Unified School District's Eric Holm said districts have repeatedly learned to favor demolition over renovation for buildings older than 50 years. Sacramento City Unified's Matt Juchniewicz noted that modernization does not pencil out on a per-square-foot basis when enrollment is already at 36,000 against a capacity of 57,000 and is expected to fall further.
Some Bay Area districts are converting surplus real estate to workforce housing. Jefferson Unified School District created 122 teacher housing units in Serramonte in 2022. Pacifica School District has 70 units underway after razing Oddstad Elementary School. Calistoga Joint Unified School District is creating 130 units of subsidized teacher housing in Napa County.
Nathan Herrero, principal and vice president at SVA Architects, said outdated low-slung masonry buildings are prime candidates for razing. Buildings with defining characteristics, such as a project his team encountered built with laminated timber surrounded by old-growth trees, may be worth preserving. Herrero said if a building is marginal and requires complete change of use, replacement is preferable.
Redwood City School District worked with DLR Group to design family centers at eight schools, providing food, clothing, educational workshops, and immigration guidance, funded by Measure S passed in 2022. Salinas City Elementary School District is creating community centers at nine of its schools, according to Amna Javed, director of bond projects for the district.
Lev Weisbach, Rivercrest Partners senior vice president and managing partner for the San Francisco Bay Area, said teachers are commuting long distances or leaving, creating recruitment and retention costs for districts. Weisbach said converting surplus land into teacher housing represents a 'win-win' that turns a negative into a positive for districts.
IOS investment reached $14B to $16B in 2025, an increase of 15% from the prior year, according to Matthews data. Deal activity in 2026 is projected to outpace 2025, and Max Heiden, co-founder and partner of Catalyst Investment Partners, forecasts twice as many portfolio sales this year as there were in 2025, with new records set in deal size.
Data center developers use IOS lots for construction staging and to store heavy equipment and building materials, according to the source. Data center developers make up about 20% of new demand for IOS, according to Max Heiden of Catalyst Investment Partners. Tech giants including Google and Microsoft have invested in IOS sites to advance their data center plans.
IOS vacancy stands at 3.6% nationally, versus 6.5% for industrial overall, according to CBRE's Q2 IOS report. Nationwide IOS rents hit $11.07 per SF per month in the second quarter, a 1.6% year-over-year rise, according to the same report.
The trucking industry faces a labor shortage, high diesel prices, and an industry-level recession, with some carriers canceling parking leases as the market adjusts to smaller workforces, which may soften IOS demand. Cary Goldman, founder and manager of Timber Hill Group, said his firm is seeing very modest contractions in its lots but characterized this as showing the resilience of the business.
Clarion Partners funded a 2.3M SF IOS portfolio in March 2025, Stockbridge Partners invested in a Texas portfolio in October, and Apex IOS, backed by Clarion, acquired property in Jacksonville early this year, according to the source. Blake Rodgers, principal at Steel Peak, said core-plus money has begun to enter the IOS space.
Martin Property Group has agreed a deal with PwC to take over approximately 100 NCP car park sites. Martin Property Group would assume the leases and run the operations of those sites rather than purchasing the underlying properties outright, according to Sky News.
NCP went into administration in March owing unsecured creditors, including landlords, more than £200 million. Revenue had consistently declined as fewer people drove into city centres, but NCP was tied into long leases with fixed payments and could not reduce its largest cost when income dropped.
Martin Property Group has a private equity arm that owns a small car parking business called MPG Parking. The proposed takeover of approximately 100 NCP sites would represent a major push into the car parking sector for the group.
Lysara, described as one of NCP's largest single landlords and an infrastructure investor and developer, terminated its leases with NCP and transitioned the operation of 30 car parks to Q-Park and Apex.
Martin Property Group's portfolio includes shopping centres such as Eastgate Square in Chester and Garden Square in Letchworth. The group also holds a residential development portfolio comprising 1,500 units and has acquired dozens of regional shopping centre and residential development assets in recent years.
According to Yardi, pre-leasing across the Yardi 200 — a curated set of the most important student housing markets representing 90% of institutional space — reached 89.1% in July, up from 88.1% in July 2025. However, 117 of the 200 markets were at or above their year-earlier levels, indicating significant variation across markets.
Mike Gordon, global chief investment officer for real estate at Harrison Street, said enrollment, applications, selectivity, research funding and student outcomes are increasingly concentrated at leading institutions, specifically naming Michigan, UVA, UNC and a number of large public Power Four universities, which he said are operating at or above 95% occupancy.
Harrison Street Asset Management sold a 12-property student housing portfolio for $910 million earlier this year, which was described as one of the largest dispositions in the student housing sector in recent years.
Mike Gordon of Harrison Street said differences between university markets have grown quickly due to funding cuts, enrollment trends and specific student demand, making it harder to generalize across markets. Gordon said Harrison Street's conviction in student housing overall is high, but its conviction in every student housing market is not.
Mike Gordon, global chief investment officer for real estate at Harrison Street, specifically cited Virginia Tech, Auburn University and Penn State as markets where housing supply has lagged enrollment growth.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $832,750 or less stood at 6.79%, up from 6.78% the prior week, according to the Mortgage Bankers Association. The average contract interest rate for 5/1 ARMs was significantly lower at 5.94%, a spread that is driving more borrowers toward adjustable-rate products.
Yes. The ARM share of mortgage applications reached 8% last week, its highest level in five weeks, according to MBA chief economist Mike Fratantoni. The average contract interest rate for 5/1 ARMs fell to 5.94%, well below the 6.79% average for 30-year fixed-rate mortgages, making ARMs more attractive despite their future rate-adjustment risk.
No. Applications to refinance a home loan dropped 1% for the week and were 19% lower than the same week one year ago, according to the Mortgage Bankers Association. With rates at current levels, most borrowers have very little incentive to refinance unless they need to pull equity out of their homes.
Total mortgage application volume rose just 0.8% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Purchase applications eked out a 2% weekly gain but remained 0.2% lower than the same week one year ago, when rates were 15 basis points lower.
Assembly Bill 817 would require new cold storage facilities over 20,000 SF to create and maintain a contingency fund of up to $20 million as a condition of receiving approvals to build. Senate Bill 716 would levy higher penalties for violations at large commercial buildings, including cold storage facilities, when major violations occur. Both bills are headed to Governor Gavin Newsom for approval.
Both bills were prompted by the Boyle Heights warehouse fire, which burned for a week in mid-June. The removal and cleanup of the burned and rotting contents of the warehouse was completed on Aug. 29. Nearby residents complained of rats and flies descending on the neighborhood, drawn by the smell of decay.
Provender Partners CEO Neil A. Johnson said the bills would likely make it harder to build a new refrigerated warehouse in California than it already is. Green Street Head of U.S. Industrial Research Vince Tibone said he does not think the legislation will have much impact because there is already little development happening in California, but it will add costs and roadblocks to supply over time.
High construction costs mean developers in California rarely break ground unless a project is preleased or structured as a build-to-suit. Year to date, there is approximately 600,000 SF of cold storage space under construction in the Inland Empire. The average existing cold storage facility in the Inland Empire was built in 1974, according to Newmark data.
According to the source, AB 817 would apply only to cold storage facilities in the Boyle Heights community plan area until July 2028, when it would take effect statewide.
Hackman Capital Partners sold a 57,000-square-foot flex industrial building at 401 Coral Circle in El Segundo to Majestic Asset Management for approximately $27 million, or $480 per square foot. Hackman had purchased the property in 2018 for roughly $15.3 million, according to The Real Deal.
Rivian is subleasing the full 57,000-square-foot building at 401 Coral Circle in El Segundo from Boeing. The lease expires in 2034, according to The Real Deal.
Los Angeles industrial market leasing activity totaled 15.7 million square feet in the second quarter, a 40.4% year-over-year increase, according to CBRE. El Segundo and other South Bay cities are receiving a boost from aerospace and defense tech tenants seeking to locate and grow there.
Hackman Capital Partners' studio portfolio is under financial pressure, with properties being taken over by lenders or pushed toward sales as debt on studios such as Manhattan Beach's MBS Studios and Fairfax's Television City goes into default or threatens to, according to the source.
Harlem's lab vacancy situation is the most acute in NYC. Janus Property Co.'s Taystee Lab Building at 450 W. 126th St. has been empty since it opened in 2022 and faces foreclosure. The nearby Labs On 121, a 193K SF building delivered in 2024 by Real Estate Equities Corp and Nightingale Properties, is also still empty and is now expected to be leased as office space, according to Bisnow.
Industry sources cited several factors: higher commute times from other boroughs and New Jersey; weaker transit and retail amenities compared to Kips Bay, according to Cushman & Wakefield's Sandy Romero; dependence on research institutions such as Columbia and CUNY that have been hurt by federal NIH grant cuts; and citywide challenges including high rents at $99.17 per SF and broader market uncertainty, according to JLL's John Cahill.
Scott Metzner, founder and principal of Janus Property Co., said Wells Fargo sought repayment on a matured loan and Janus was unable to pay it back. The Taystee Lab Building is now facing a foreclosure suit. Metzner said Janus needs a capital infusion to retain the Harlem properties it developed, including the Taystee, Mink, and Malt buildings.
Yes. Alexandria Real Estate Equities' 728K SF of NYC properties are 95.5% occupied, with tenants including Bristol Myers Squibb, Eli Lilly, and Pfizer's Center for Therapeutic Innovation, according to Alexandria's Q2 earnings report. In Long Island City, GFP Real Estate and King Street Capital's Innolabs is fully leased after signing deals with NYU Langone totaling more than 150K SF, plus a 16K SF deal with robotics company Rover.
The NIH issued $35.3B in grants in fiscal year 2025, down from $44.9B the prior year, with disruptions to more than 1 in 5 NIH grants nationally, according to Grant Witness. In New York, $2.1B of $4B in federally allocated NIH funds has not yet been distributed. CUNY ASRC Executive Director Mark Hauber said the cuts have prevented startup companies from receiving grants and continuing to develop, reducing the pipeline of potential tenants.
St. George, Utah is the top-ranked metropolitan market in the NAR index. Nadia Evangelou, principal economist and director of real estate research at NAR, said St. George has the most significant office employment growth in the nation, very strong population growth and in-migration, and above-average industrial demand, reflecting broader momentum rather than a single-sector spike.
South Carolina ranks highest among all U.S. states in future potential demand for commercial real estate, according to the National Association of Realtors index. The NAR index cited Spartanburg, South Carolina as one of the notable smaller markets within the state.
The NAR index compares current market conditions to 2022, the peak of the pandemic migration boom. Raleigh, North Carolina is the only major U.S. market that is stronger today than it was in 2022. Formerly strong markets such as Austin, Texas, Miami, and Naples, Florida have all declined markedly since 2022, according to the index.
NAR principal economist Nadia Evangelou cited Fayetteville, Arkansas, Huntsville, Alabama, and Spartanburg, South Carolina as notable smaller markets. Evangelou said Fayetteville is seeing broad-based growth and Huntsville has one of the strongest multifamily scores in the nation. Evangelou said small and midsized markets could provide some of the best opportunities for investors.
The NAR index uses government data from the Bureau of Labor Statistics and the Census Bureau for population and migration. For office, it measures growth in professional and business services employment. Industrial tracks manufacturing, transportation and warehousing employment growth. Retail measures retail trade and leisure and hospitality employment growth. Multifamily incorporates population growth and net domestic and international migration.
Sea Cloud is a new cloud-focused business unit launched by Singaporean technology company Sea Ltd. According to an SEC filing containing an email from founder and CEO Forrest Li, Sea Cloud will offer cloud AI services to enterprises around the world, built on an internal cloud platform Sea has operated for more than ten years.
According to Sea Ltd.'s most recent annual report, the servers Sea uses are hosted in leased data centres across its markets, as well as on cloud services. The data centres are owned and maintained by major domestic and international data centre providers, and Sea generally enters into leasing and hosting service agreements with renewal terms.
Sea Ltd.'s stock dropped from $88.67 to $82.06 following the publication of the SEC filing announcing Sea Cloud, and was sitting at approximately $77.81 at the time the article was written, according to the article by Georgia Butler published October 21, 2026.
According to Sea Ltd. founder and CEO Forrest Li, the company's quarterly active users have grown from 69 million at its 2017 IPO to 666 million, and quarterly revenue has grown more than 80 times, from $94 million to $7.8 billion.
According to the article, Monee, Sea Ltd.'s digital financial services offering, could go public separately, though no further details or timeline are provided in the source text.
Ironsand provided the $203.5 million construction loan to a joint venture between SK Development and Kinsmen Property Group. The loan is structured as floating-rate and interest-only. Brian Renzi, managing principal at Ironsand, said the project presented an opportunity to finance a well-conceived development backed by an experienced ownership team in a market with significant barriers to new construction.
Around 37 of the 184 units at 50 Third Avenue will be reserved as affordable housing for households earning 80% or less of the area median income, according to the release.
If the Landmarks Preservation Commission does not approve the air rights transfer from St. Mark's Church in-the-Bowery, the joint venture plans to build a single, market-rate building with 14 apartments, according to the source. The air rights transfer is also required for the developers to use the 485-x tax incentive, according to Commercial Observer.
The East Village submarket has a vacancy rate of 2%, according to a Citi Real Estate Funding July term sheet detailing loans Citi has made in the area. That rate is slightly above the citywide average of 1.4%, according to the same term sheet.
Kinsmen Property Group has been slowly building the assemblage at the 50 Third Avenue site, closing its deal for the sixth building on the block in 2024 for $10 million, according to PincusCo.
Investcorp paid $76.5 million for eight industrial properties along the I-495 corridor and in the Worcester area, according to public deed records. Investcorp purchased the buildings from Boston-based Longfellow Real Estate Partners, which had acquired the same eight properties between 2021 and 2022 for roughly $62.3 million.
The eight properties are located at 28 Torrice Drive in Woburn; 128-148 Bartlett St. in Marlborough; 52 York Ave. in Randolph; 10 Liberty Way and 120 Constitution Blvd. in Franklin; and 45 Oak St., 23 Bridle Lane and 25 Bridle Lane in Westborough, Massachusetts.
Investcorp said its industrial acquisition strategy is to pursue well-located, infill light industrial product in leading U.S. industrial markets with strong supply-demand fundamentals. Investcorp made that statement in connection with its previously announced $225 million of industrial acquisitions in the Philadelphia and Nashville markets.
Investcorp has more than $10 billion in U.S. real estate assets under management. Last month, Investcorp announced $225 million of industrial acquisitions in the Philadelphia and Nashville markets, and the firm has now added the $76.5 million Massachusetts portfolio.
Longfellow Real Estate Partners acquired the eight Massachusetts properties between 2021 and 2022 for roughly $62.3 million, according to deed records, and sold them to Investcorp for $76.5 million, according to public deed records. The source text does not state a specific gain figure.
Colorado's HB25-1269 allows fines of up to $2,300 for every 30 days a covered building remains out of compliance with performance standards starting in 2030, with higher penalties possible for subsequent violations. New York City's Local Law 97 charges $268 for every metric ton of CO2 equivalent a covered building emits over its allocated limit, with those limits tightening in 2030.
Delegated Regulation (EU) 2024/1364 requires every data center with at least 500 kW of installed IT power demand to report 24 key performance indicators spanning energy, ICT and data traffic to a European database each year.
According to the article, measures include full-aisle containment and sealing of cable cutouts and floor gaps, plenum repair, EC fan retrofits with dynamic controls, filter optimization, and temperature set point optimization within the ASHRAE-recommended range of 18°C to 27°C for air-cooled IT equipment. The article notes that many legacy rooms still deliver inlet air below the bottom of ASHRAE's recommended range.
The Promera proof-of-concept at a national media and connectivity provider produced more than $50,000 in estimated cooling energy savings at an electricity price of roughly seven cents per kWh, a 1.79-year payback on the energy savings portion, and a potential 56 percent return on that segment. Average rack temperatures rose a safe 7.2°F, and the number of racks running below 64.4°F fell by 31.5 percent.
Uptime Institute's 2026 Global Data Center Survey found that the share of organizations actively collecting sustainability metrics has returned to a gradual upward trend, while carbon emissions tracking remains a minority activity. The same survey found legacy infrastructure is slowing global efficiency progress, with average PUE improving only slightly in 2026.
Morningstar will occupy more than 275,000 square feet at the Thompson Center, located at 171 N. LaSalle St. in Chicago's Loop. Morningstar will co-anchor the 1.2 million-square-foot building alongside owner Google. The company plans to move there in late 2028.
According to Morningstar, the lease marks Chicago's largest downtown office transaction in 2026 to date. Morningstar has been headquartered in Chicago since its founding over 40 years ago and currently employs over 1,500 people in the city.
The renovated Thompson Center will be an all-electric building featuring direct access to public transit, large floor plates, a 17-story atrium with food-and-beverage and retail offerings, and onsite employee amenities, according to the source. Google recently shared new design renderings for the renovation.
Google announced plans to acquire the 1.2 million-square-foot Thompson Center in 2022. The building was designed by Chicago architect Helmut Jahn and opened in 1985 as the State of Illinois Center before being renamed to honor Illinois Gov. James R. Thompson.
Alongside its headquarters move to the Thompson Center, Morningstar plans to donate $5 million over the next five years, according to the source.
Yes. Manhattan's office market ended the third quarter with availability continuing to decline, and availability trends point to a more balanced environment heading into the final quarter of the year, although performance remains uneven across submarkets and asset quality.
Class A and Class B availability in Manhattan are narrowing the gap with pre-pandemic levels, according to the source. The source does not provide specific percentage figures for current or pre-pandemic availability rates.
The source indicates demand is broadening beyond the highest-quality buildings as tenants absorb space. Trophy properties are seeing particularly tight conditions, but the market shift suggests leasing activity is expanding across several building categories, including Class A and Class B properties.
No. Although Manhattan's overall office availability is declining and conditions point to a more balanced environment, the source states that performance remains uneven across submarkets and asset quality.
Governor Kathy Hochul signed an executive order imposing the nation's first statewide moratorium on new hyperscale data centers while state regulators develop a new framework governing how large facilities connect to and pay for energy infrastructure, according to Jason Few of FuelCell Energy.
Jason Few of FuelCell Energy said moratoriums do not pause demand for computing and instead simply determine where that demand is met. Few said developers are already pursuing opportunities in states that offer more predictable permitting pathways and clearer access to energy when development pauses in one region.
Jason Few of FuelCell Energy said developers are exploring and implementing behind-the-meter distributed power generation including fuel cells, alongside hybrid configurations such as battery energy storage systems, to reduce dependence on constrained transmission infrastructure. Few also cited co-located generation, microgrids, and emerging technologies involving hydrogen and carbon capture.
Jason Few of FuelCell Energy said similar actions are unfolding nationwide, from temporary local bans and permitting pauses to broader legislative efforts aimed at slowing growth, and that new restrictions and moratorium proposals continue to emerge across the country reflecting concerns about grid capacity, power costs, and community impacts.
Jason Few of FuelCell Energy said the countries that can build and power advanced computing infrastructure will be best positioned to lead in AI, cybersecurity, and technological innovation. Few said that as America debates whether to slow development, global competitors are moving quickly to build.
EQT Real Estate purchased the industrial portfolio from Rexford Industrial Realty for $1.2 billion. The deal spans 5.2 million square feet of rentable space, according to Rexford Industrial Realty.
Rexford Industrial Realty said the portfolio sold to EQT Real Estate spans 5.2 million square feet of rentable space. The total transaction value is $1.2 billion.
Latham & Watkins LLP advised Rexford Industrial Realty on the $1.2 billion sale of its industrial portfolio to EQT Real Estate, according to Rexford Industrial Realty's announcement.
Rexford Industrial Realty sold an industrial portfolio to EQT Real Estate for $1.2 billion. The portfolio covers 5.2 million square feet of rentable space, according to Rexford Industrial Realty.
Lululemon is set to take approximately 12,000 square feet at Tribune Tower, located at the corner of North Michigan Avenue and East Illinois Street on Chicago's Magnificent Mile, according to Crain's Chicago Business.
Lululemon interim co-CEO Meghan Frank said on an earnings call that the company plans to take a 'very measured' approach to store expansion and intends to open a net 35 new stores this year.
Rhino Investments Group acquired Randhurst Village, a 932,000-square-foot property in Mount Prospect, from DLC Management for $95 million. The acquisition was financed with $72.3 million provided by 3650 Capital and Aquarian Real Estate Partners, comprising a $45.6 million senior loan and a $26.7 million mezzanine loan.
Darwin Investment Group completed a $130 million refinancing of a 39-building industrial portfolio totaling more than 2 million square feet across the Chicago area and Wisconsin. Wells Fargo Commercial Banking's middle market real estate team provided the financing. As part of the transaction, Darwin Investment Group's George Cibula and Matthew Lewandowski acquired the 49% ownership interest held by their partners, bringing their ownership to 100%.
Stream Realty Partners inked more than 100,000 square feet of leases at the Wrigley Building, including new deals and renewals. Perkins&Will renewed its 48,000-square-foot lease through 2038, and Oil-Dri signed a new 15-year lease for approximately 20,000 square feet. Stream Vice Presidents Erica Marshall and Katie Hull represent Mansueto Office in leasing at the property.
Healthcare Realty Trust acquired the Carolinas Medical Outpatient Collection from Hammes for $56 million. The portfolio includes two fully leased medical outpatient buildings in Summerville, South Carolina, and a fully entitled development site in Chapel Hill, North Carolina.
Yes. The two medical outpatient assets in Summerville, South Carolina included in Healthcare Realty Trust's $56 million acquisition from Hammes are described as fully leased.
The Carolinas Medical Outpatient Collection includes a fully entitled development site in Chapel Hill, North Carolina. Healthcare Realty Trust acquired this site as part of the $56 million transaction with Hammes, adding future development potential alongside the two stabilized South Carolina assets.
The portfolio spans the Charleston-area market in South Carolina, where two fully leased medical outpatient buildings are located in Summerville, and the North Carolina market, where a fully entitled development site is located in Chapel Hill.
Regent Properties sold Park Towers to Interra Capital Group. JLL Capital Markets represented Regent Properties as the seller. Interra Capital Group is a Houston-based commercial real estate investment, asset management and development firm focused on value-add and distressed acquisitions, founded in 2006.
Park Towers was 89.5% leased at the time of sale, with a weighted average lease term of 6.3 years, according to JLL Managing Director Rick Goings. The tenant roster is diversified across industries including banking, financial services, law, real estate and energy.
Morgan Stanley provided acquisition financing for Interra Capital Group's purchase of Park Towers. JLL Senior Managing Director Susan Hill led debt advisory efforts on behalf of Interra Capital Group in arranging the financing.
Park Towers is located at 1233 and 1333 West Loop South in Houston's Galleria/Uptown submarket. The Galleria/Uptown area encompasses over 30 million square feet of commercial office space, six million square feet of retail, 8,400 hotel rooms, and more than 100 restaurants, attracting over 30 million visitors annually.
JLL Managing Director Rick Goings said there have been 10 office asset sales over $100 million in the last 18 months alone, adding that large deal activity is back. Goings described Park Towers as an opportunity to acquire a premier Galleria office asset at a basis well below replacement cost.
Ciminelli Real Estate Corporation and Gordon Brothers sold the two R&D manufacturing properties at 3 and 6 Riverside Drive in Andover, Massachusetts. Hendrie Lane Capital and V12 Investments were the buyers. JLL Capital Markets arranged the transaction, which closed at $43.5 million.
The source does not name individual tenants but states there are four tenants across the two properties. Three of the four tenants operate their headquarters from the buildings. The tenants span the medical device, musical instrument, aerospace, and analytical instrumentation sectors, according to JLL.
Hendrie Lane Capital is a privately held real estate investment company founded in 1977. According to its own description, the firm has invested in over 25 properties and primarily focuses on office, medical office, research and development, advanced manufacturing, life science, and apartment properties across New York City, the Greater Tri-State Area, Massachusetts, Florida, and Southeastern U.S. markets.
V12 is a commercial real estate investment firm focused on flex, manufacturing, and warehousing assets alongside select alternative verticals, according to the firm's own description in the JLL release.
JLL arranged both the $43.5 million sale and acquisition financing for the two R&D properties at 3 and 6 Riverside Drive in Andover, Massachusetts, according to JLL. Washington Trust Bank is named in the release, though the source does not specify the financing terms or loan amount.
JLL Property Finance Trust will primarily invest in debt backed by multifamily, industrial, certain retail, self-storage, industrial outdoor storage, single-family rental, senior housing, life sciences, manufactured housing, mixed-use and healthcare assets. It will invest in ground leases, net leases, cold storage and data centers on a more limited basis, according to the SEC filing.
JLL Property Finance Trust expects to operate with between 60% and 80% leverage once capital is substantially deployed. It is targeting loan-to-value ratios between 60% and 75% on senior, core-plus loans and up to 85% LTV on subordinated positions, according to the SEC filing.
LaSalle Investment Management has an advisory agreement to operate JLL Property Finance Trust. LaSalle Investment Management CEO Bradley Gries is interim CEO of the new REIT, and JLL Income Property Trust Chief Financial Officer Gregory Falk is also acting as CFO for the new REIT.
Redemptions for all shares of JLL Property Finance Trust are limited to 5% of net asset value per quarter. Shares held for less than one year will be redeemed at 95% of NAV, according to the SEC filing.
The CMBS special servicing rate climbed 33 basis points to 11.42% in August, reaching its highest level since 2013, according to Trepp. Office loans stood at 16.9% in special servicing and large mall debt at 13.6%. Borrowers with loans from 2020 or earlier are grappling with refinancing against a 10-year Treasury yield hovering around 5%, its highest level since 2007.
According to Bisnow's Dan Rabb, data center demand has doubled, fueling new AI boomtowns. The surge is linked to AI-driven development, with Anthropic signing a $35 billion deal with an Nvidia-backed cloud provider cited as a marker of the scale of activity in the sector.
According to Bisnow's Dan Rabb, Anthropic signed a $35 billion deal with an Nvidia-backed cloud provider. The deal was reported on September 1, 2026. The source does not name the specific cloud provider beyond identifying it as Nvidia-backed.
According to Bisnow's Matt Wasielewski, a billionaire-backed group is planning a campaign to sway Americans toward data centers. The report is dated September 1, 2026. The source does not name the group or identify the billionaires involved.
According to Bisnow's Dan Rabb, the Texas governor's data center power pause received a split verdict from developers. The report is dated August 28, 2026. The source provides no further detail on the substance of the pause or the nature of the split reaction.
According to MSCI, $70B in M&A-type transactions drove August total sales volume to $107B, a 127% year-over-year increase. The primary driver was the merger of AvalonBay Communities and Equity Residential to create Vivmark Residential, with an enterprise value around $70B. Excluding M&A deals, sales volume was actually down roughly 21% year-over-year.
JPMorgan Chase analysts wrote that rising interest rates have slowed decision-making rather than scuttled deals outright. The analysts noted that the increase in rates on both the long and short end of the curve occurred late in the third quarter, limiting impact on deals already in motion. The multifamily sector, where capitalization rates are already relatively low, faces the most risk that elevated debt service costs could derail transactions.
Industrial asset sales volume rose 14% year-over-year to $11.5B in August, and senior housing sales climbed 8%, according to MSCI. Every other asset class saw volume decline. Data centers recorded no assets trading in August, hotel sales fell 45%, and office, retail, and development site sales volumes were all down compared to the prior year.
Year-to-date sales volume through August is $483B, up 53% from the prior year, according to MSCI. A 221% increase in portfolio and entity-level deals drove that growth. Single-asset sales volume is up 12% through August compared to the prior year.
The average capitalization rate across all commercial real estate transactions in August was 6.01%, down 80 basis points from the prior month, according to the source. The RCA CPPI U.S. National All-Property Index was up only 0.1% from the prior year, indicating prices barely moved in August.
Hendrie Lane Capital has launched a new strategy to invest in R&D and advanced manufacturing properties. Hendrie Lane Capital's executives see the sector at the start of a sustained growth period that will attract more institutional money. The firm is looking for deals in the Boston, New York, D.C., San Francisco and North Carolina Research Triangle regions.
According to Hendrie Lane Capital, the two buildings at 3 and 6 Riverside Drive in Andover are fully leased to four tenants: NEOLab, Physical Sciences, SciAps and music equipment company Fishman.
JLL's Andrew Gray, Hugh Doherty and Emily Fuller arranged a $28.6 million acquisition loan from Washington Trust Bank on behalf of the buyer, Hendrie Lane Capital.
Hendrie Lane Capital has invested in office, retail and multifamily properties for more than 25 years, according to Hendrie Lane Capital. The Andover acquisition at 3 and 6 Riverside Drive represents its first deal under the new R&D and advanced manufacturing strategy.
Hendrie Lane principal Tony Calabrese said in a statement that the Riverside Drive asset was acquired at a significant discount to replacement cost and to historical market pricing, and is leased long-term to tenants who have invested heavily in their space.
Oxford Properties sold the four-asset, 238,473-square-foot light industrial portfolio in Riverside, California. Sierra Ridge Capital acquired the assets, with Pacific Properties Group of Los Angeles providing the equity. JLL Capital Markets represented Oxford Properties in the transaction, according to JLL's September 21, 2026 news release.
JLL Capital Markets' Debt Advisory team arranged a $25 million acquisition loan from a correspondent life insurance company on behalf of the new owner, Sierra Ridge Capital. The debt team was led by Senior Managing Director Jeff Sause, Analyst Danny Ryan, and Analyst Jenny Barger, according to JLL.
The portfolio contains two distinct property types. The first is 12000 Magnolia Ave., a 132,800-square-foot, 100% leased multi-tenant facility built in 2018 with 30-foot clear heights. The second is Hunter Business Park at 1110-1130 Palmyrita Ave., comprising 105,673 square feet across 14 suites constructed in 1990 with 18-foot clear heights, according to JLL.
Sierra Ridge Capital invests as principal alongside institutional, family office, and private capital partners, and operates assets on behalf of ownership groups, according to Sierra Ridge Capital's own description. The firm focuses on industrial properties in the western U.S. and emphasizes well-located assets held at a durable basis and managed for long-term income growth.
Pacific Properties Group, Inc. is a regional owner and operator of grocery-anchored shopping centers and multi-tenant industrial parks primarily in California, with additional holdings in Arizona, Nevada, and Texas. Pacific Properties Group was founded in 1990 and is headquartered in Los Angeles, according to the company's description.
Ambrose, a vertically integrated investment manager headquartered in Indianapolis and focused exclusively on industrial, logistics and e-commerce real estate, sold Westpoint Business Park, Building IV. SkyREM, a privately owned real estate investment company with offices in New York and Philadelphia, acquired the asset. JLL Capital Markets represented Ambrose in the transaction.
Westpoint Business Park, Building IV totals 500,406 square feet on approximately 42.7 acres. The Class A cross-dock facility features a 40-foot clear height, 52 dock-high doors, three drive-in doors, a 140-foot truck court, 319 automobile parking spaces, 60 trailer parking positions, and 12,417 square feet of office space. The building was completed in 2022 and is LEED Silver-certified.
According to SkyREM, the company owns and operates in excess of 12 million square feet across approximately 30 properties in 20 major U.S. industrial, logistics and trade-gateway markets, along with strategic land holdings and an integrated solar business. SkyREM invests as a principal for its own account.
According to the source, the facility supports food-grade packaging and manufacturing governed by stringent sanitation, traceability and quality-control standards tied directly to food safety and food security. Industrial space capable of meeting those requirements is described as scarce, and the tenant improvements required to qualify and operate the space make Westpoint Building IV a node in a nationally significant food supply chain rather than interchangeable distribution square footage.
The JLL Capital Markets team was led by Senior Managing Director John Huguenard, Managing Director Ed Halaburt, Director Will McCormack, and Associate Cameron Chandra.
Data center deals have accounted for roughly 8% of new CMBS issuance since early 2025, with about $17 billion sold. That volume is more than triple the total from the prior two years. Citigroup expects issuance to reach between $18 billion and $20 billion next year, representing a 50% increase.
AAA-rated data center CMBS trade at spreads of 1.65 percentage points above floating-rate benchmarks, wider than office, retail, and industrial properties. Underwriting is complicated by confidential tenant identities, specialized infrastructure, and lease provisions around minimum capacity commitments and downtime clauses that determine who bears unexpected costs.
Facilities designed for one generation of AI chips can become outdated within years as power and cooling requirements surge. If hyperscale tenants depart when leases roll, highly specialized buildings may prove costly to repurpose or re-lease. Oversupply concerns are also mounting as billions in new projects seek financing, and local opposition has made the regulatory environment harder to predict.
CWCapital Asset Management is developing new stress tests for the data center CMBS sector. Axonic Capital has kept its data center exposure small and has emphasized geographic and tenant diversification as risk-management strategies, according to the source.
CMBS investors must now assess grid capacity, power costs, cooling infrastructure, and computing density rather than traditional real estate metrics. Tenant identities often remain confidential, making underwriting more opaque. The sector's dependence on cheap electricity and transmission capacity means the risk profile looks more like infrastructure finance than traditional real estate.
Baron Real Estate Income Fund returned 12.18% in the second quarter of 2026 (Institutional Shares), according to the fund's Q2 2026 shareholder letter. The fund modestly outperformed the MSCI US REIT Index, which returned 11.84% over the same period.
As of June 30, 2026, Baron Real Estate Income Fund held 80.6% of net assets in REITs, 15.8% in non-REIT real estate companies, and 3.6% in cash and cash equivalents, according to the fund's Q2 2026 shareholder letter.
Baron Real Estate Income Fund acquired shares in Curbline Properties Corp. during the second quarter of 2026, according to the fund's shareholder letter. No additional detail on position size or rationale was provided in the source text.
Baron Capital said the first half of 2026 offered early evidence that a multi-year recovery in real estate is beginning to take shape. Baron also said it maintains a constructive outlook for the broader equity market, public real estate, and the fund.
Stockdale Capital Partners' new real estate credit platform aims to make $300 million worth of loans in the next 12 months. Individual loans are expected to range between $15 million and $75 million and will focus on office, life sciences and hospitality assets across different U.S. regions, according to a company release.
Stockdale Capital Partners hired Alec Maki as senior vice president of credit investments to lead the new credit platform. Maki spent the last seven years at Fortress Investment Group specializing in real estate debt origination, according to a company release. Maki will work alongside Chase Jensen, Stockdale's managing director of acquisitions and a former Fortress colleague.
The Stockdale Capital Partners credit platform will specialize in deploying capital as senior bridge loans, mezzanine debt, special situation investments and note purchases, according to a company release. The platform will operate across numerous asset classes and different U.S. regions.
Stockdale Capital Partners' new credit platform will prioritize office, life sciences and hospitality assets, according to a company release. The platform will also deploy capital across other asset classes and different U.S. regions through senior bridge loans, mezzanine debt, special situation investments and note purchases.
Stockdale Capital Partners manages $4.5 billion of assets, according to co-founder and managing partner Daniel Michaels. Michaels said the firm aims to leverage its operating platform to originate debt investments with greater scale, focus and consistency through the newly launched credit platform.
Approximately $17 billion of data center CMBS has been issued since the start of 2025, more than triple the amount sold during the previous two years. Data centers now represent roughly 8% of new commercial property bond deals. Citigroup forecasts issuance will rise about 50% next year, reaching $18 billion to $20 billion.
Barclays data show AAA data center bonds averaging 1.65 percentage points over their floating-rate benchmark. That compares with 0.93 percentage points for office, 1.05 for retail, and 1.25 for industrial. A recent $356 million bond on a 30-megawatt Illinois facility also priced wider than initial guidance.
Investors are widening their underwriting lens to cover power access, grid capacity, cooling systems, computing density, tenant concentration, and technology-driven obsolescence. Beach Point Capital Management's Ben Hunsaker said tenant identities and lease details may remain confidential, which complicates underwriting. CWCapital's Alex Killick said his firm is developing new stress tests for the sector.
Axonic Capital has responded cautiously and keeps data centers a small portfolio allocation, according to portfolio manager Steven Jury. Axonic also emphasizes diversification across tenants, uses, and geographies. Jury said Axonic questions what these facilities will be worth in five, 10, or 20 years, citing changes in technology, tenant demand, and supply as major uncertainties.
Trepp's Stephen Buschbom said data center assets resemble infrastructure and technology plays more than conventional property. Technology can shorten the useful life of the underlying real estate, and new AI chips can require sharply more power and cooling, meaning a facility built around one hardware generation can lose competitiveness within a few years.
Brookfield Asset Management's affiliates agreed to buy a minority stake in American Real Estate Partners, a McLean, Virginia-based developer with a vertically integrated data center development platform. American Real Estate Partners has deployed or committed more than $30 billion across data center, residential, industrial and office assets, giving Brookfield exposure to one of the most active real estate themes.
American Real Estate Partners has deployed or committed more than $30 billion and acquired over 40 million square feet across data center, residential, industrial and office assets, according to the September 14, 2026 announcement of the Brookfield minority stake investment.
American Real Estate Partners is headquartered in McLean, Virginia, according to the September 14, 2026 announcement of Brookfield Asset Management's minority stake acquisition.
American Real Estate Partners operates across data center, residential, industrial and office assets, according to the September 14, 2026 announcement. The firm has deployed or committed more than $30 billion and acquired over 40 million square feet across these property types.
The agreement for Brookfield Asset Management's affiliates to buy a minority stake in American Real Estate Partners was announced on September 14, 2026.
Blue Owl Capital is considering creating a publicly traded data center REIT seeded with about $6.5 billion of its own assets, according to Bloomberg. The vehicle would raise additional capital through an IPO and later share sales to fund acquisitions and portfolio growth. Deliberations remain ongoing and details could change. Blue Owl declined to comment on the report.
People familiar with the matter compared Blue Owl's proposed vehicle with Blackstone Digital Infrastructure Trust, but noted Blue Owl's version would differ by using seeded assets as an anchor from the start. Blackstone's vehicle was structured as a blind pool, meaning investors bought shares before knowing which assets it would own.
Blue Owl closed its latest digital infrastructure fund in May with $7 billion of commitments. The firm has more than $319 billion of assets under management across credit, real assets, and strategic capital. Blue Owl's data center holdings include Stack Infrastructure, with operations in the Americas, Europe, and Asia.
Bloomberg Intelligence analysts Steven Tseng and Rebecca Wang projected that annual global data center capital expenditures could exceed $1.2 trillion by 2028, up from $421 billion last year. AI infrastructure spending is drawing more private-equity-backed data center companies toward public markets, according to the source.
The CRE CLO distress rate reached 28 percent in August 2026, up from 19 percent in July, according to CRED iQ data. CRED iQ senior product manager Liam Mulcahy attributed the surge to 2021 and 2022 vintage bridge loans built on rent growth projections that never materialized, with floating-rate plans now running out of runway before balloon maturities.
FSRIA 2021-FL3 is the largest contributor, with $353 million of multifamily collateral in special servicing across seven loans and $131 million moved into distress since spring 2026. ARCLO 2022-FL1 added $210 million of newly distressed collateral in August alone. Five deals account for 38 percent of all CRE CLO special-servicing balance, according to CRED iQ.
The SASB distress rate has held near 22 percent since June 2026 and has not materially worsened, according to CRED iQ. Four single-borrower office and lab deals account for 64 percent of the $1.7 billion SASB distressed balance, with California, New York and Washington D.C. hosting two-thirds of that balance.
No. Distress rates for conduit, Freddie Mac and single-family rental loans have barely moved in eight months and each remain under 5 percent, according to CRED iQ data. CRE CLO and SASB are the only categories that have crossed into double digits, a divergence specific to 2021 and 2022 vintage collateral.
Office and mixed-use loans maturing over the next nine months are pricing 170 to 180 basis points above their in-place notes, according to CRED iQ, which characterizes that as the widest refinancing gap of any property type.
According to Colliers, office sector sales reached $7.6 billion in July 2026, a 31% year-over-year increase. CBD sales volumes rose 46%, driven by individual asset sales that more than doubled. Suburban sales were up 26%, boosted by portfolio activity including medical office portfolios. Office was the only commercial property type to post a price increase, with prices up 4% year over year.
Colliers reported hospitality July volume rose 61% year over year to $2.5 billion. Gains were led by full-service hotels, which saw stronger portfolio and individual asset sales. Limited-service volume also rose with a focus on portfolio sales. However, the hotel CPPI fell 8.6% year over year and trailing 12-month cap rates rose to 8.3%.
According to Colliers, multifamily July sales totaled $12.4 billion, down 16% year over year. Individual asset sales declined 25%. Portfolio and entity activity rose 21%, but Colliers noted that gain was attributable to one large California portfolio transaction; without it, mid- and high-rise portfolio sales would have been down year over year. The apartment CPPI also fell 4.1% since last July.
Colliers reported industrial sector July volume was flat year over year at $9 billion. Portfolio and entity activity rose 9% while single-asset sales fell 4%. Warehouse volume fell 1% but flex sales increased 5%. The industrial sector's trailing 12-month cap rates rose to 6.6% from last year's 6.3%, according to Colliers.
Colliers reported retail July sales volume of $4.7 billion, down 13% from a year earlier. Portfolio and entity sales fell sharply, while single-asset activity was down 1%. Shopping centers continued to be a standout category within retail. The retail CPPI declined 0.9%, according to Colliers.
Lone Star Funds completed the acquisition with TMG Partners and Grove as joint-venture partners. TMG Partners and Grove will operate the portfolio. The source does not disclose additional details about ownership stakes or management responsibilities beyond those roles.
The portfolio consists of Class A, predominantly single-story research-and-development real estate assets in Silicon Valley. The source describes the space as laboratory and R&D style, sitting at the intersection of life sciences and technology-related real estate demand.
Lone Star Funds described the acquisition as the largest institutional aggregation of Class A, predominantly single-story R&D real estate assets in Silicon Valley. The characterization comes from the buyers; the source does not cite an independent third-party verification of that claim.
According to the source, the portfolio targets laboratory and research-and-development style space at the intersection of life sciences and technology-related real estate demand, and the transaction adds to the life sciences and innovation-property market in Northern California.
Keppel DC REIT and sponsor Keppel agreed to pay 190 billion yen, or about $1.19 billion, for a 90% effective interest in two data centres in Tokyo, according to Reuters.
Keppel DC REIT is funding its contribution to the acquisition partly through a private placement aimed at raising at least S$600 million, with those proceeds directed toward the transaction.
Keppel DC REIT will hold an 88.62% effective interest in each of the two Tokyo data centre assets. Sponsor Keppel will retain 1.38% and the existing operator will keep 10%.
According to the report, the Keppel DC REIT transaction highlights continued investor demand for data-centre assets even as capital-raising remains necessary to close large transactions.
JVP Development is committing $37M of its own money to the speculative office project in Frisco, Texas, according to Bisnow's Dallas-Fort Worth reporting dated August 1, 2026. The developer is moving forward without a tenant secured.
JLL Capital Markets arranged the $62.5 million loan on behalf of the borrower, a partnership between Wheelock Street Capital and Camber Development. Blue Light Capital provided the financing. The JLL team was led by Senior Managing Directors Brett Paulsrud and Steve Klein, Director Ryan Parker, Vice President Hugh Doherty, and Analyst Libby Horton.
The 148,458-square-foot first building at 44 Middlesex Turnpike delivered at the end of 2024 and is currently 32% leased to Fourth Power, an energy sustainability and grid resilience company. Fourth Power is commercializing a long duration thermal energy storage system that spun out of MIT, where its founder is a Professor.
The facility features 36-foot to 40-foot clear heights in high-bay areas, 8,600 amps of power per building totaling 17,200 amps across the campus, flexible mezzanine space with 20-foot clear heights, 40-foot by 40-foot column spacing, and six loading docks per building. The reinforced roof structure accommodates rooftop mechanical systems.
The campus includes a 12.3-acre pad-ready development site adjacent to the existing building, entitled for an additional 147,000 square feet. Upon completion of that second phase, the campus at 44 Middlesex Turnpike would total 295,000 square feet of advanced manufacturing space.
According to the JLL announcement, Greater Boston has experienced significant growth in advanced manufacturing tenant demand over the last 12 months, driven by venture capital investment in physical AI and robotics, aerospace and defense, energy storage and climate technology, semiconductor development, 3D printing, medical devices, and biomanufacturing. Massachusetts ranks second nationally in advanced manufacturing investments since 2020 and first in per capita investment.
Peter Muoio of SitusAMC said investors view commercial real estate as stable in turbulent times relative to other asset types, amid circumstances including tariffs, the war in Iran, and heightened uncertainty. Muoio noted that cash has also been strong for similar reasons, while stock and bond markets can exhibit wide fluctuations.
Peter Muoio of SitusAMC said the preference to buy and the preference to sell met in the second quarter of 2026 for the first time in several years. Muoio said this suggests a potential meeting of the minds between buyers and sellers and that if market perceptions are becoming more aligned, it can indicate a growing potential for more transactions to take place.
Peter Muoio of SitusAMC said that since the Federal Reserve raised interest rates in June 2022, CRE transaction flow has averaged approximately $42 billion per month. Muoio said the average in the year prior to that period was $192 billion per month, representing a significantly lower deal flow environment that has persisted for four years.
SitusAMC's ValTrends 2Q 2026 data showed retail investor preference at 21 percent for the quarter versus 9 percent a year earlier. Office preference stood at 11 percent in second quarter 2026, still significantly higher than the persistent zero-to-2 percent range of recent years. Peter Muoio said investors are looking more broadly across CRE asset classes than they recently have.
Peter Muoio of SitusAMC said the industry needs less uncertainty and lower interest rates, which he described as intertwined. Muoio noted the 10-year Treasury was at 4.7 percent in recent weeks and said that if uncertainty and interest rates begin to ease, it would allow the volume of transactions, refinancings, and investments to begin to open back up.
Invesco Real Estate acquired Crossroads Logistics Park. The sellers were Brennan Investment Group and Grandview Partners. JLL Capital Markets represented the sellers in the transaction, with the JLL team led by Senior Director Dave Andrews, Senior Managing Director Pete Pittroff, SIOR, and Director Michael Scarnato.
Crossroads Logistics Park reached 100% stabilization during the marketing process after leasing its final suite. The tenant roster is described as diversified and credit-worthy, and the average remaining lease term exceeds five years, according to JLL.
Crossroads Logistics Park is located near the intersection of Interstate 85 and Interstate 26, less than 10 miles from Greenville-Spartanburg International Airport, less than 90 miles from Charlotte Douglas International Airport, and has immediate access to the South Carolina Inland Port and the nearby BMW Manufacturing campus, according to JLL.
Brennan Investment Group, a Chicago-based private real estate investment firm, has acquired or developed $6.5 billion in industrial real estate in 30 states since 2010. The company's current portfolio spans 30 states and encompasses approximately 58 million square feet.
Invesco Real Estate had $86.3 billion in real estate assets under management as of December 31, 2025, with 596 employees and 21 regional offices across the U.S., Europe, and Asia Pacific, according to Invesco Real Estate.
Data centers were the primary driver, accounting for nearly half of July's $74.4 billion in total commercial real estate sales at $33.8 billion, according to Bisnow citing MSCI's Capital Trends report. The largest single transaction was the BlackRock Global Infrastructure Partners and Abu Dhabi's MGX acquisition of Aligned Data Centers in a $40 billion deal.
According to MSCI's monthly Capital Trends report as cited by Bisnow, urban office sales rose 48% year over year in July and suburban office sales rose 28% year over year, indicating a broad acceleration across both office submarkets.
BlackRock Global Infrastructure Partners and Abu Dhabi's MGX acquired Aligned Data Centers in a $40 billion transaction, according to Bisnow. The deal was cited as the lead transaction behind data centers accounting for $33.8 billion of July's total commercial real estate volume.
Hotel sales rose 61% year over year in July, according to MSCI's monthly Capital Trends report as cited by Bisnow, making hospitality one of the sectors showing broadening activity alongside data centers and office properties.
A newly formed joint venture between Open Industrial and Heitman acquired 700 Jernee Mill Road. The purchase was made on behalf of a separately managed account with the State of Hawaii, according to the JLL Capital Markets announcement dated October 21, 2026.
700 Jernee Mill Road comprises 6.5 usable acres and 28,600 square feet of maintenance and office space. The facility includes 15 drive-in doors, clear heights ranging from 24 to 28 feet, and 2,000 amps of power. The property was constructed in 1988, according to the JLL announcement.
The sellers were a joint venture between Ridgecut Road, Brennan Investment Group, and Global Gate. JLL Capital Markets represented the seller and also procured the buyer. The JLL team was led by Managing Directors Jason Lundy and Nicholas Stefans, along with Senior Analyst Luke Ceccoli.
700 Jernee Mill Road is 100% leased on a long-term basis to a global leader in temporary power generation and temperature control solutions, according to the JLL Capital Markets announcement. Nicholas Stefans of JLL described the tenancy as globally recognized.
Apollo will invest $1.34 billion of equity capital for an approximate two-thirds interest in the joint venture. The 19-property, 7,059-unit portfolio is valued at approximately $2.0 billion. UDR, Inc. will retain the remaining one-third ownership stake and continue to manage the properties, according to Connect CRE and TokenPost.
The 19-property portfolio in the UDR-Apollo joint venture carries a roughly 6% cap rate, according to Multifamily Dive. L'AGEFI also described the transaction as providing Apollo with a target real estate return of 6%.
The 19 properties in the UDR-Apollo joint venture have an average age of 39 years, according to Multifamily Dive.
The transaction is expected to close on the 29th of this month, subject to customary closing conditions and document execution, according to Yield PRO.
UDR, Inc. will retain a one-third ownership stake and manage the properties within the joint venture, according to TokenPost.
Realty Income Corp. raised $1 billion through a private offering of convertible senior notes, which it completed on August 14, 2026, according to the source text. No additional terms such as interest rate, maturity date, or conversion price are provided in the source.
Latham & Watkins LLP advised Realty Income Corp. on its $1 billion private offering of convertible senior notes, according to the source text. No other advisors are named in the source.
Realty Income Corp. issued convertible senior notes in a private offering that closed on August 14, 2026, according to the source text. The source does not provide additional structural details such as maturity, coupon, or conversion premium.
Yes. The source text identifies Realty Income Corp. as a real estate investment trust in connection with its August 14, 2026 closing of a $1 billion private offering of convertible senior notes.
The Marriott International headquarters tower in downtown Bethesda was valued at $430 million in the transaction. BXP sold its 50 percent ownership interest to joint venture partner The Bernstein Cos. and netted $83 million in proceeds from the sale, according to a April 21, 2026 report by REBusinessOnline.
Tommy Cleaver, Bill Shanahan, Dan Grimes and Chloe Neal of CBRE represented BXP in the sale of its 50 percent stake in the Marriott International headquarters tower in downtown Bethesda, Maryland, according to REBusinessOnline.
The Marriott headquarters tower holds LEED Gold and Fitwel certifications. Features include a rooftop terrace, a grand lobby with an LED wall and three-story atrium, a 7,500-square-foot fitness center, two dining offerings, an 11,000-square-foot childcare center, and an innovation center with a test kitchen, according to REBusinessOnline.
BXP delivered the 21-story Marriott International headquarters tower in 2021. Marriott fully debuted the tower in fall 2022, according to REBusinessOnline.
According to Marriott, the headquarters tower in downtown Bethesda can accommodate roughly 3,500 workers across 2,842 workspaces, as reported by REBusinessOnline on April 21, 2026.
Jemal Real Estate Strategies and DivcoWest are the joint venture partners, according to Connect CRE. The two firms announced the partnership on October 8, 2026, to acquire and convert 1255 23rd Street in Washington, D.C.'s West End from office to residential use.
The building being converted is located at 1255 23rd Street in Washington, D.C.'s West End neighborhood, according to Connect CRE. Jemal Real Estate Strategies and DivcoWest acquired the property through a joint venture announced on October 8, 2026.
According to Connect CRE, Jemal Real Estate Strategies and DivcoWest acquired 1255 23rd Street in Washington, D.C.'s West End with the intention of converting the office property to residential use. No additional details about the conversion scope, unit count, or timeline were provided in the source text.
RSM's survey found that 55% of family offices have no succession plan in place. Among those that do have a plan, only 37% have formalized it in a written document. The remaining family offices with plans rely on drafts, verbal agreements, or informal arrangements.
According to RSM's survey, only 37% of family offices that have a succession plan have formalized that plan in a written document. The rest rely on drafts, verbal agreements, or informal arrangements rather than a formal written succession plan.
According to RSM's survey, family offices that have a succession plan but have not formalized it in writing rely on drafts, verbal agreements, or informal arrangements.
RSM conducted the survey finding that 55% of family offices have no succession plan, and that among those with a plan, only 37% have a formal written document in place, according to Family Office Daily.
Rithm Capital retains a 51% majority stake in 1301 Avenue of the Americas and will operate the building through its subsidiary Elecor Properties. DRA Advisors is acquiring a 49% stake. The property is currently valued at $1.3 billion, according to sources close to the deal.
1301 Avenue of the Americas is fully leased. Tenants named in the source include KeyBank, Piper Sandler, Crédit Agricole, and O'Melveny & Myers.
The Elecor Properties office portfolio includes 745 Fifth Avenue, 900 Third Avenue, and 31 West 52nd Street in New York City, as well as One Market Plaza and 300 Mission Street in San Francisco, according to the source.
Rithm Capital acquired Paramount Group's entire office portfolio for $1.7 billion and rebranded the firm as Elecor Properties in April 2026. Elecor Properties, as a subsidiary of Rithm Capital, manages 1301 Avenue of the Americas.
A Newmark team consisting of Adam Doneger, Adam Spies, and Ben Lushing arranged the transaction, according to sources. Adam Doneger said in a statement that 'DRA's investment alongside Rithm reflects strong conviction in both 1301 Avenue of the Americas and the broader New York City office market.'
According to CoStar, the three tenants at 11400 Steeles Avenue East are DHL, Relay Logistics, and Speedy Transport. BGO acquired the 639,839-square-foot property for $143 million in September 2026.
CoStar cited BGO's $143 million acquisition of a 639,839-square-foot distribution facility in Toronto's GTA West market in September 2026 as evidence of ongoing demand for larger logistics assets, broadening the set of such transactions beyond U.S. deals to include Canadian properties.
The facility BGO acquired is located at 11400 Steeles Avenue East in the GTA West market, according to CoStar. BGO paid $143 million for the 639,839-square-foot property in September 2026.
An investment affiliate of 1788 Holdings, LLC acquired 51 Ritchie Road, a single-story light industrial building totaling nearly 103,000 square feet in Capitol Heights, Prince George's County, Maryland, for $15 million. The property is 100 percent leased and occupied by Bay Crane Mid-Atlantic.
Bay Crane Mid-Atlantic is the sole tenant and occupies 51 Ritchie Road at 100 percent occupancy. Bay Crane Mid-Atlantic was formed after Bay Crane Companies' 2024 acquisition of United Crane & Rigging and Crane Rental Company, making it one of the largest crane companies operating in the Mid-Atlantic region.
51 Ritchie Road is a single-story light industrial building of nearly 103,000 square feet on nearly eight acres, including two acres of industrial outside storage land. The building features 18- to 22-foot clear ceiling heights, 11 drive-in doors, and three dock doors, and is surrounded by a paved surface lot. It was delivered in the mid-1950s and renovated in the mid-1970s and in 1997.
1788 Holdings is a privately-owned real estate investment firm that owns and manages a national commercial real estate portfolio spanning 13 states with a market value exceeding $250 million, according to the source.
CBRE's Matt Laraway and Luke Wilson represented the seller in the $15 million transaction. 1788 Holdings was self-represented in the acquisition.
Stockbridge acquired 8511 Pepco Place in Upper Marlboro, Maryland from TA Realty for $56.6 million. Cushman & Wakefield's Mid-Atlantic Industrial Advisory Group represented TA Realty in the transaction.
Harris Company is the sole tenant and fully leases 8511 Pepco Place. Cushman & Wakefield described Harris Company as one of the nation's largest mechanical contractors and a provider to data center hyperscalers. Harris Company recently expanded into the balance of the building and also occupies 75,000 square feet at the neighboring 8520 Pepco Place.
Jonathan Carpenter, Executive Managing Director with Cushman & Wakefield, said the property offered a compelling opportunity to acquire a Class A industrial asset with strong existing tenancy from Harris Company and immediate access to the entire Washington, D.C. metropolitan region.
8511 Pepco Place is a 202,976-square-foot industrial facility in Upper Marlboro, Maryland, located adjacent to I-495/I-95 and approximately 15 miles from Washington, D.C., according to Connect CRE.
Cushman & Wakefield's Mid-Atlantic Industrial Advisory Group team of Jonathan Carpenter, Graham Savage, Dawes Milchling, and James Check represented TA Realty in the $56.6 million sale of 8511 Pepco Place to Stockbridge.
A joint venture of Brand Street Properties and AEW Capital Management acquired Deer Park Town Center for $125 million. The seller was PGIM Real Estate. The property is a 410,000 SF open-air shopping center located at 20530 N. Rand Road.
Deer Park Town Center is approximately 85% leased, according to the news release. Tenants at the property include Apple, Crate & Barrel, Gap and Lululemon. Brand Street Properties manages operations and leasing for the center and plans to rework public gathering spaces to drive traffic.
Two other large Chicago suburban retail transactions closed in September 2026. Las Vegas-based Rhino Investments Group acquired the 932,000 SF Randhurst Village in Mount Prospect for $95 million. Fairbourne Properties paid $122 million for Village Crossing, a 722,000 SF retail center in Skokie, at the beginning of September.
The $125 million Deer Park Town Center sale is the largest retail transaction in the Chicago area in a decade, according to the deal announcement. Prior to the Deer Park deal, the Fairbourne Properties acquisition of Village Crossing in Skokie for $122 million, which closed earlier in September 2026, had been the largest Chicago area retail deal since 2016.
Brand Street Properties manages operations and leasing for Deer Park Town Center and plans to rework public gathering spaces to drive traffic, according to the news release. Brand Street Properties Senior Vice President of Acquisitions Jordan Brandes said the firm looks forward to building upon the asset's success long-term.
Brixmor Property Group and Everview Partners agreed to acquire Slate Grocery REIT for $2.34 billion. Brixmor will directly acquire 23 shopping centers in Florida, Georgia and the two Carolinas for $636 million. A joint venture with Everview Partners and the Abu Dhabi Investment Authority will acquire the remaining 92 assets for $1.71 billion.
Brixmor will hold a 20 percent common equity interest in the joint venture covering the 92-asset portion of the Slate Grocery REIT portfolio. Brixmor will also serve as the portfolio's asset manager, property manager and leasing representative for those assets.
The transaction has already been approved by the boards of both Brixmor and Slate Grocery REIT and is expected to close in the first quarter of 2027, according to the announcement.
Brixmor CEO Brian Finnegan said the deal was motivated by a large amount of institutional capital entering the open-air, grocery-anchored retail space in recent years that validated the asset class. Finnegan said the acquired markets offer upside in rents and redevelopment opportunities, and noted a 70 percent market overlap between the new portfolio and Brixmor's existing assets.
Brixmor Property Group is a publicly traded REIT valued at $9 billion and holds a portfolio of 346 shopping centers spanning more than 63 million square feet, according to the announcement. Brixmor's existing tenants include Kroger, Publix, TJ Maxx, Burlington, Ross, Amazon and Whole Foods.
The recapitalization of TEP Government Holdings consists of three components: senior debt provided by Centennial Bank, a preferred equity investment from Eagle Point Credit Management LLC, and existing common equity controlled by Tanenbaum Equity Partners' principals. The transaction consolidated multiple property-level financings into a unified capital structure, resulting in a total portfolio value of approximately $450 million.
The TEP Government Holdings portfolio is leased primarily to 30 federal government agencies across 98 properties in 24 states. Properties in the portfolio are occupied by agencies including the Social Security Administration, U.S. Customs and Border Protection, the Federal Bureau of Investigation, and the Department of Veterans Affairs, according to the company announcement.
TEP Government Holdings reported a portfolio occupancy rate of 98% and a weighted average remaining lease term of 5.2 years, according to the transaction highlights released September 24, 2026.
Eagle Point Credit Management LLC served as the preferred equity partner in the $450 million recapitalization of TEP Government Holdings. Eagle Point manages $14 billion on behalf of institutional and retail investors and has over 120 professionals. Jaime Milgram, Vice President at Eagle Point, said the TEP portfolio aligns well with Eagle Point's investment strategy.
Tanenbaum Equity Partners is led by CEO Sunny Sajnani, COO Becky Tanenbaum Mallace, and Chairman Richard Tanenbaum. Richard Tanenbaum has a real estate career spanning more than 35 years. Since 1997, Tanenbaum oversaw the expansion of the affiliated Gardner Tanenbaum commercial portfolio from approximately 800,000 square feet to more than 8 million square feet, completing nearly 50 projects totaling more than $1 billion.
Pacific View Mall is an 884,000-square-foot, two-level enclosed super-regional shopping center located at 3301 East Main Street in Ventura, California, at the intersection of Highway 101 and Highway 126. The property has direct access to two major highways and two entrances off Main Street and Mills Road.
Pacific View Mall's anchors include Target, Macy's and JCPenney, alongside more than 130 national retailers including Sephora, Ross, Victoria's Secret, Trader Joe's and 24 Hour Fitness. The property also features an 11-option food court and dining destinations including Wood Ranch, Red Robin and California Pizza Kitchen.
PRCP will assume leasing and operational responsibilities for Pacific View effective immediately, contributing retail operating and leasing expertise. Conversant Capital contributes flexible capital capabilities and experience investing across real estate asset classes, according to the announcement.
Pacific View Mall is described as the only super-regional, two-level, enclosed shopping destination within its 25-mile trade area extending along California's Gold Coast, according to the announcement. The property features sweeping views of the Pacific Ocean and Pierpont Bay.
PRCP strategically leads over $2.5 billion and 22 million square feet in assets under direct management and leasing, according to the company. PRCP additionally manages four million square feet of asset management, advisory and master planning services.
Related Ross acquired Boca Raton Innovation Campus (BRiC), which spans more than 1.7 million square feet across two office buildings on a 124-acre site at 5000 T-Rex Avenue in Boca Raton, Florida. The property was originally developed by IBM as its North American research and development campus.
Newmark Group, Inc. arranged the financing on behalf of Related Ross. The Newmark team included Jordan Roeschlaub, Co-President of Global Debt & Structured Finance; Nick Scribani, Vice Chairman; John Caraviello, Managing Director; and Josh King, Executive Vice Chairman. Financing was arranged with Ares.
Related Ross plans to continue operating BRiC as an office and technology campus while advancing a long-term vision that introduces a curated mix of amenities, retail and restaurants. The acquisition also expands Related Ross's presence across Palm Beach County and marks its entry into Boca Raton.
BRiC offers two cafés, an 800-seat presentation hall, multiple event spaces and direct shuttle service to the Boca Raton Tri-Rail station. The campus is situated near Florida Atlantic University, Boca Raton Airport and two Interstate 95 interchanges.
BRiC was originally developed by IBM as its North American research and development campus and is recognized as the birthplace of IBM's first personal computer. The property remains one of Boca Raton's largest employment centers, according to the press release.
AEW sold the Walnut Tech Business Center to Irvine-based CIP, according to Commercial Observer. The transaction was published on September 23, 2026, and involved the 11-building industrial campus located in Walnut, California, for a total price of $60.7 million.
Irvine-based CIP paid $60.7 million for the Walnut Tech Business Center, according to Commercial Observer. The campus consists of 11 buildings and is located in Walnut, California. The transaction was published on September 23, 2026.
The Walnut Tech Business Center is located in Walnut, California, which is in the Los Angeles area of Southern California, according to Commercial Observer. The 11-building industrial campus was acquired by Irvine-based CIP from AEW for $60.7 million.
CIP acquired an industrial campus, specifically the 11-building Walnut Tech Business Center in Walnut, California, according to Commercial Observer. The transaction was published on September 23, 2026, and the purchase price was $60.7 million. The seller was AEW.
Ares Real Estate funds sold the eight-asset, 2.7-million-square-foot UK logistics portfolio to KKR and Mirastar, according to the September 22, 2026 announcement. KKR and Mirastar were advised by DTRE and DLA Piper on the transaction.
The portfolio is fully occupied with a weighted average lease term to break of nine years. Approximately 60% of the rent roll is derived from investment-grade tenants or subsidiaries of investment-grade parent companies, according to the announcement.
The assets are located across established distribution markets in the Midlands, South East and North of England, with specific locations including Corby, Doncaster, Stoke-on-Trent and Milton Keynes, according to the announcement.
Mirastar is a pan-European logistics developer, investor and asset manager founded in 2019 by Ekaterina Avdonina and Anthony Butler. Through Mirastar, KKR currently manages approximately €3.5 billion of assets under management totalling around 1.4 million square metres across the UK, France, Germany, Sweden, Italy, Spain and the Netherlands, according to the announcement.
Mai-Lan de Marcilly, Co-Head of European Real Estate Equity at KKR, said KKR continues to see strong fundamentals in UK logistics, underpinned by resilient occupier demand and constrained supply in key markets, and described the portfolio as offering durable income and meaningful growth potential.
Invesco Real Estate acquired Knightdale Marketplace for $86.7 million. The 323,000-square-foot super-regional shopping center sits on nearly 44 acres in Knightdale, North Carolina, roughly 10 miles east of downtown Raleigh, and was fully leased at the time of sale.
The seller was a joint venture between affiliates of Bailard Inc. and M&J Willow Ltd. Tom Kolarczyk, Andrew Kahn, Ella Glover and Katie Sanger of JLL represented the seller in the transaction.
Tenants at Knightdale Marketplace include Academy Sports + Outdoors, Best Buy, T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Michaels, PetSmart, Barnes & Noble, Starbucks, Five Guys, Jersey Mike's, Qdoba, Tropical Smoothie Café, Subway and Visionworks. Three separate parcels are occupied by Wells Fargo, Arby's and Saltgrass Steak House.
Knightdale Marketplace was delivered in 2007 and 2008. The property spans 323,000 square feet of retail space across nearly 44 acres and was fully leased at the time Invesco Real Estate acquired it in September 2026.
Knightdale Marketplace is located in Knightdale, North Carolina, roughly 10 miles east of downtown Raleigh. Invesco Real Estate acquired the 323,000-square-foot super-regional shopping center for $86.7 million in September 2026.
An affiliate of Stockbridge Capital Group paid $86.5 million for an Amazon fulfillment center at 1125 Remington Blvd. in Romeoville. The warehouse totals 767,000 square feet. The deal closed Thursday, according to property records.
BGRE, the rebranded name of Brookfield Properties, sold the Romeoville warehouse to Stockbridge Capital Group. When BGRE acquired the property in 2024, it was valued at $58.1 million, according to CoStar News, which first reported the sale.
Axiom Properties sold two suburban Chicago apartment buildings for a combined $67.2 million. The properties are Westmore Apartments, a 230-unit complex in Lombard, and Whispering Trails, a 120-unit building in Naperville. Northmarq's Parker Stewart, Dominic Martinez, Alex Malzone and Jake Lamb brokered the deal.
Seefried Industrial Properties completed demolition of three functionally obsolete office buildings at the northeast corner of Algonquin Road and Mount Prospect Road in Des Plaines and is progressing with construction on a three-building, 520,000-square-foot Class-A industrial development. This marks Seefried's 17th, 18th and 19th industrial development in the O'Hare submarket.
Sterling Bay and Ascentris landed a $93.5 million refinance for The Elizabeth, a 28-story apartment tower at 225 N. Elizabeth St. in Fulton Market. The property was completed in 2024 and includes 350 apartments. Draper and Kramer's Billy Barry and Bill Stewart led the team that closed the deal.
Funds managed by AB CarVal acquired a $340 million portfolio of 10 performing multifamily and single-family build-to-rent construction loans located across seven U.S. metros. North River Partners, an existing AB CarVal partner, will manage the portfolio, which consists of properties in various stages of construction.
AB CarVal funded $98 million worth of construction loans with North River Partners in 2025. The $340 million portfolio acquisition announced on September 14, 2026, extends that relationship into portfolio-level investing, according to the press release.
AB CarVal has approximately $26 billion in assets under management. Since 1987, AB CarVal's team has invested $162 billion across 5,905 transactions in 82 countries, according to the firm. AB CarVal is part of AllianceBernstein's Private Alternatives business.
According to AB CarVal, the firm focuses on real estate debt deals across bridge and construction lending, structured credit, and special situations. AB CarVal also invests in whole loan portfolios, forward flow agreements, specialty finance platform investments, commercial real estate loans, and structured credit.
Scott Greenfield, principal with AB CarVal, commented on the transaction. Greenfield said AB CarVal continues to 'leverage our flexible mandate and broad sourcing network to acquire what we believe to be high-quality assets that may generate compelling risk-adjusted returns for our investors.'
The source does not identify the seller. CBRE's Jimmy Slusher, Mark Damiani, James Tyrrell, and Shaya Northrup held the listing for the Shoppes at Chino Hills.
Stockdale plans to rename the property the Shops at Chino Hills and pursue a broader rebranding, remerchandising, and repositioning program to attract more national retailers, restaurants, and experiential concepts that the buyers said are underrepresented in the market.
The Shoppes at Chino Hills is anchored by Trader Joe's and Barnes & Noble. The tenant roster also includes national retailers, restaurants, and experiential concepts serving more than 300,000 residents within five miles, according to the buyers.
Hamilton Lane co-head of real estate Scott Davies said the combination of 'limited supply and strong demand from both consumers and retailers' made the Chino Hills asset attractive. The acquisition comes as investors have become increasingly more confident in retail, especially open-air and grocery-anchored shopping centers, according to the source.
Stockdale Capital Partners manages more than $3 billion across real estate sectors including retail, multifamily, hospitality, health care, and office, according to the source.
Independence Realty Trust will acquire Centerspace in an all-stock transaction. Each Centerspace share will be swapped for 3,800 IRT shares, leaving Centerspace shareholders with roughly 22% of the merged company's combined equity. The deal creates roughly 67.6 million new IRT shares and gives the combined company an $8.1 billion enterprise value. The transaction is expected to close in the fourth quarter, pending shareholder approval.
Before the deal, IRT had a 79% concentration in the Sun Belt. After adding Centerspace's entirely Midwest and Mountain West portfolio, IRT's Sun Belt exposure will fall to 58%, with 27% in the Midwest and the remainder in the Mountain West, according to a filing with the Securities and Exchange Commission.
IRT management identified $24 million of annual synergies from the Centerspace transaction. Of that total, $19 million is at the corporate level, with the remaining synergies coming from property-level savings. IRT management also said the deal is neutral on debt and expects it to be immediately accretive.
IRT leadership will take over management of the combined portfolio. IRT CEO Scott Schaeffer will continue to lead the board, and Jim Sebra will remain as IRT's chief financial officer. The board of directors will expand by two seats to be filled by Centerspace representatives. IRT did not disclose whether any Centerspace executives would join the management team.
Longpoint Partners paid $195 million for a 10-building Miami-Dade industrial portfolio totaling 729,901 square feet. The portfolio was 90% occupied by 74 tenants at closing, with 231 loading positions, clear heights up to 25 feet, both rear- and front-loading configurations, and a 40% floor area ratio, according to CRE Daily.
Longpoint Partners' two disclosed South Florida acquisitions together exceed 2.1 million square feet. The firm acquired a 1.4 million square foot portfolio across 12 Miami and Fort Lauderdale locations for $262 million in 2023, and has now added another 729,901 square feet through the $195 million Miami-Dade portfolio purchase, according to CRE Daily.
Longpoint co-founder Dwight Angelini said the firm's strategy focuses on functional small-bay industrial assets in well-located markets, with diversified tenant bases and locations where new supply is hard to create. Longpoint said the strategy centers on operating existing infill buildings rather than a near-term development program, according to CRE Daily.
Longpoint said the assets benefit from Miami's population growth, access to major transportation infrastructure, and proximity to consumer markets. Longpoint also pointed to limited new supply for well-located infill product and said it believes limited new supply can support durable value for institutional investors, according to CRE Daily.
Longpoint Partners' 2023 purchase of a 1.4 million square foot South Florida industrial portfolio for $262 million, spanning 12 Miami and Fort Lauderdale locations, was the largest single industrial deal recorded in Florida that year, according to CRE Daily.
CBRE Investment Management acquired Tenet Equity's net-lease platform for $1.6 billion. The portfolio includes 208 assets across 39 states totaling 12 million square feet of commercial real estate, fully leased to middle-market industrial tenants with an average lease term of roughly 17 years, according to CBRE.
CBRE Investment Management is the global investment arm of CBRE with $155 billion in assets under management, according to the announcement.
Tenet Equity, described as a sale-leaseback specialist and capital provider, will remain as an operating partner. CBRE Investment Management will partner with Tenet Equity on managing the assets and growing the net-lease platform, according to CBRE.
CBRE Investment Management appointed senior portfolio manager Akash Shivashankara to lead the management and growth of the net-lease platform. Truist Securities advised CBRE Investment Management on the transaction, according to the announcement.
Adam Gallistel, co-CEO and chief investment officer of CBRE Investment Management, said the net-lease sector is a hedge against persistent inflation due to its long lease terms and lack of capital expenditures.
Hines acquired three retail park assets totaling approximately 438,000 square feet, according to CRE Herald. All three assets are fully leased and located across Greater London. No purchase price was disclosed in the source.
The three retail parks acquired by Hines are located across Greater London, according to CRE Herald. The source does not identify the specific towns or submarkets within Greater London where the assets are situated.
Yes. According to CRE Herald, all three retail park assets acquired by Hines are fully leased at the time of acquisition.
Yes. According to CRE Herald, the three-asset acquisition expands Hines's existing retail park holdings in the UK, specifically in the Greater London region. The source does not detail the size or composition of the prior portfolio.
According to Avison Young, commercial real estate transaction volume reached $233.6 billion in the first half of 2026, as reported by Commercial Real Estate Direct on September 4, 2026.
Avison Young reported that first-half 2026 CRE transaction volume of $233.6 billion was up 14.7% from the $203.7 billion recorded in the first half of the prior year.
The $233.6 billion first-half 2026 CRE transaction volume figure came from Avison Young, as cited by Commercial Real Estate Direct in a September 4, 2026 staff report.
Ares Management paid a combined $108.7 million for two fully leased warehouses in Miami-Dade County, according to property records. The seller was BGRE, formerly called Brookfield Properties, which developed both buildings and completed them between 2022 and 2023.
Target is the sole tenant of the Hialeah distribution center, having signed a 10-year lease in 2022 with two five-year extension options, according to county records. E-commerce parcel delivery company LaserShip has leased the entire warehouse near Sweetwater.
The larger property is a 230,147-square-foot, 15-acre distribution center at 3811 West 108th Street in Hialeah, situated between Florida Turnpike and Interstate 75. The second is a 142,472-square-foot, 8-acre warehouse at 13190 Northwest 17th Street, west of the Florida Turnpike near Sweetwater, approximately 13 miles south of the first.
Since opening a Miami Beach office in 2024, Ares Management has made several South Florida industrial acquisitions. In addition to the $108.7 million two-warehouse purchase, Ares bought a 230,976-square-foot warehouse in Weston for $56 million and a 456,219-square-foot industrial portfolio in Broward County for $121 million last year.
A spokesperson for Ares Management declined to comment, and a representative for BGRE did not immediately respond to requests for comment, according to the article by Julia Echikson published September 4, 2026.
ExchangeRight Real Estate paid $94.8 million, or $126.48 per square foot, for the 749,550-square-foot industrial property at 9800 217th St. West in Lakeville, Minnesota, according to Commercial Real Estate Direct.
The industrial property acquired by ExchangeRight Real Estate in Lakeville, Minnesota totals 749,550 square feet, according to Commercial Real Estate Direct.
The acquisition of the Amazon-leased industrial property in Lakeville, Minnesota is associated with ExchangeRight Net-Leased Portfolio 61 DST, according to Commercial Real Estate Direct.
Arch Street Capital Advisors is tagged in connection with the ExchangeRight Real Estate acquisition of the Amazon-leased industrial property in Lakeville, Minnesota, according to Commercial Real Estate Direct. The source does not specify the advisory role.
The 749,550-square-foot Amazon-leased industrial property in Lakeville, Minnesota traded at $126.48 per square foot, for a total sale price of $94.8 million, according to Commercial Real Estate Direct.
Traditions Management, a Dallas-based developer and operator of senior living communities, purchased Doral Marketplace for $83 million, according to property records. Traditions Management assumed a loan with $50 million in outstanding debt, which has been assigned to Bank of Texas. The sale excluded a 1.8-acre parcel leased to Chick-fil-A.
The buyer, Traditions Management, assumed a loan with $50 million in outstanding debt as part of the $83 million transaction. That loan has been assigned to Bank of Texas, according to property records.
Whole Foods anchors Doral Marketplace with a 43,000-square-foot location. Other tenants include J. Crew Factory, Ulta Beauty, Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa, and Apizza Brooklyn Resto + Vino. A Chick-fil-A occupies a separately leased 1.8-acre parcel excluded from the sale.
During the second quarter of 2026, Miami-Dade County retail average asking rents reached $42.50 per square foot, up 2.6 percent quarter-over-quarter, while the vacancy rate fell to 3 percent. More than 1.3 million square feet of retail space remains under construction in the county.
Atlanta-based SJC Ventures completed Doral Marketplace last quarter, prior to the $83 million sale, according to the source. The property is described as newly completed at the time of the transaction.
Yes. Under 26 U.S.C. § 1400Z-2(a)(1), gain from selling any property to an unrelated person — including appreciated stock or a business — can be deferred by investing it in a Qualified Opportunity Fund within the 180-day period beginning on the sale date. A 1031 exchange, by contrast, covers only real property held for business use or investment.
The One, Big, Beautiful Bill Act (OBBBA, Public Law 119-21, signed July 4, 2025) rewrote the Qualified Opportunity Zone rules and extended the program past its original 2026 cutoff by allowing deferral elections after December 31, 2026. New zone designations also take effect January 1, 2027, according to Notice 2026-40.
Holding a QOF interest for at least 10 years allows an investor to elect a basis equal to the asset's sale price, making any growth inside the fund potentially free of federal capital gains tax, according to the Internal Revenue Code. Notice 2026-55 notes this rule now has a 30-year limit. A five-year hold earns a 10% basis boost, or 30% for a qualified rural opportunity fund.
No. A QOF investor only has to invest the gain itself — the original capital can be returned to the investor. A 1031 exchange generally requires reinvesting the full sale proceeds to defer the entire gain, according to the article's side-by-side comparison.
The rules are still being written. Notice 2026-40 announced upcoming proposed regulations, and Notice 2026-55 asks for public comments by November 23, 2026. Proposed regulations published September 11, 2026 under REG-116506-25 would require QOFs to file annual information returns on Form 8996 and send statements to investors who sell.
Treasury proposed an 18-month grace period after the January 7, 2027 effective date during which large investors may still purchase newly constructed, purpose-built rental homes that have not been previously owner-occupied. Developers who complete such properties within that window but hold them beyond it would be unable to place them with large investors unless another exemption applies. Treasury solicited feedback on whether 18 months is sufficient.
According to Scotsman Guide's reporting on the ROAD Act, investors who own 350 or more single-family homes cannot purchase additional properties under the legislation. The bill also drew scrutiny toward build-to-rent, rent-to-own, and rehabilitate-to-rent investor activities.
Treasury's proposed rules maintain a rehabilitate-to-rent exemption only for institutional investors who make renovations and improvements totaling at least 15% of the purchase price. Treasury described this threshold as a barrier to investors claiming rehabilitation exceptions on the basis of merely cosmetic upgrades.
Under Treasury's proposed rules, violations of the various single-family purchase restrictions by large investors could trigger a civil penalty of up to $1 million or three times the property's purchase price. Treasury said additional rulemaking would follow to implement other aspects of the investor restrictions.
The 21st Century ROAD to Housing Act takes effect on January 7, 2027. Treasury published its first proposed rule on October 26, 2026 and requested public comment submissions by November 23, 2026, according to Scotsman Guide's reporting by Ryan Kingsley.
The U.S. Tax Court limited the deductions that Sysco Corp. can take on repatriated income. The court held that Sysco failed to distinguish its case from Varian Medical Systems Inc.'s earlier failed bid for identical deductions, applying the Varian precedent against Sysco. The ruling was issued on September 14, 2026, according to Law360 Tax Authority.
Sysco Corp. lost deductions on repatriated income, according to Law360 Tax Authority. The U.S. Tax Court ruled on September 14, 2026 that these deductions were identical to those previously denied to Varian Medical Systems Inc., and that Sysco failed to distinguish its case from the earlier Varian ruling.
Washington, D.C., legislation before the district council would impose additional property tax on homes worth about $2.6 million or more that are not rented out or used as primary residences. The tax targets high-value second homes or vacant properties that fall above that valuation threshold and are not generating rental income.
The Washington, D.C., legislation sets the threshold at homes worth about $2.6 million or more. Properties below that value would not be subject to the additional levy under the proposal currently before the district council.
No. According to Law360 Tax Authority, the Washington, D.C., legislation would impose the additional property tax only on homes that are not rented out and are not used as primary residences. Properties that are actively rented out would not be subject to the additional levy.
As of the September 23, 2026 Law360 Tax Authority report, the proposal is legislation before the district council and has not been described as enacted. The source does not indicate the bill has passed or been signed into law.
Tim Steffen, managing director and director of advanced planning at Baird Private Wealth Management, said properly structured 351 deals remain viable. Mohsen Ghazi, a partner at Ashurst Perkins Coie, said the Treasury is not looking to kill the strategy altogether, describing the ruling as drawing a line between legitimate tax planning and strategies that manufacture tax outcomes.
Rev. Rul. 2026-20 targets deals in which investors seed a new ETF with appreciated securities that do not fit the fund's strategy. The ETF issues shares to an authorized participant for securities that do fit, then quickly redeems those shares in kind using the investors' original holdings. The IRS treats the ETF as a conduit and recharacterizes the arrangement as a taxable exchange.
Law firm Ropes & Gray noted the ruling carries no effective date, suggesting the IRS sees it as existing law that can reach completed transactions. Mohsen Ghazi of Ashurst Perkins Coie said advisors should not assume a completed transaction is automatically invalid but should review how the transaction was structured and what tax analysis supported it.
Tim Steffen of Baird Private Wealth Management said the most common misconception involves a single concentrated holding, with clients believing they can trade one appreciated stock for an ETF. Steffen clarified that the strategy requires a portfolio of diversified stocks. He also noted many clients misread the strategy as tax elimination rather than tax deferral.
More than 100 ETFs have been seeded in-kind under Section 351 since 2021, representing more than $40 billion in AUM, according to a tracker maintained by Tax Alpha Insider. Mohsen Ghazi of Ashurst Perkins Coie said the Treasury could issue regulations, additional rulings, designate certain strategies as reportable transactions, or challenge arrangements retroactively or prospectively.
The Ninth Circuit held that a long gap between transferring property and receiving replacement property did not, by itself, prevent Section 1031 tax nonrecognition treatment. The court affirmed the district court in part and reversed it in part, ruling against T.J. Starker on the Timian and Bi-Mart properties and on the characterization of the 6% growth factor as interest.
The IRS assessed a deficiency of $300,939.31 plus interest against T.J. Starker and a deficiency of $35,248.41 against Bruce and Elizabeth Starker. Bruce and Elizabeth won their refund case, and the government voluntarily dismissed its appeal against them. The dispute involving T.J. Starker continued to the Ninth Circuit.
In 1967, the Starkers transferred their interests in 1,843 acres of timberland in Columbia County, Oregon to Crown Zellerbach Corporation. Crown credited $1,502,500 for T.J. Starker and $73,000 for Bruce and Elizabeth Starker, and had up to five years to acquire and transfer replacement real estate in Oregon and Washington selected by the Starkers, with a 6% annual growth factor added to the outstanding balance.
The Ninth Circuit ruled against T.J. Starker on the Timian and Bi-Mart properties because Crown Zellerbach transferred those properties directly to his daughters rather than to him.
The Ninth Circuit's 1979 ruling in T.J. Starker v. United States became known for establishing that a delay between the transfer of original property and the receipt of replacement property did not, by itself, disqualify a transaction from Section 1031 tax nonrecognition treatment, countering the IRS argument that both transfers had to occur simultaneously.
The Maryland tax court struck down the digital advertising tax because it violates the federal Internet Tax Freedom Act by applying only to electronic commerce, according to Law360. The court issued a group of decisions on Friday reaching that conclusion.
Yes. According to Law360, Maryland's digital advertising tax was described as the first-in-the-nation such tax, making Maryland the only state to have enacted this type of levy before it was struck down by the state's tax court.
According to Law360, the Maryland tax court found that the digital advertising tax violated the federal Internet Tax Freedom Act. The court's reasoning centered on the tax targeting only electronic commerce.
According to Law360, the Maryland tax court issued its group of decisions striking down the digital advertising tax on Friday, August 14, 2026.
The IRS announced Wednesday it has formed a dedicated office to resolve disputes over charitable deductions for conservation and historic preservation easements. The agency said the office centralizes expertise to address the hundreds of such cases that have long overwhelmed existing capacity. No additional structural or staffing details were disclosed.
Investment volume in U.S. commercial real estate grew nearly 20% annually in the first quarter, according to a Cozen O'Connor report. The report found the gains were uneven, driven largely by a recovery in the office and hotel sectors, while upheaval from the Iran conflict and other factors remain headwinds.
The Eighth Circuit decided Wednesday to affirm a more than $1 billion class action settlement resolving antitrust claims against the National Association of Realtors and multiple real estate brokerages. The brokerages had been accused of running an anticompetitive scheme involving NAR rules that artificially inflated buyer-broker commissions.
Machine Investment Group LP capped its second fund targeting distressed real estate opportunities at $350 million, the firm announced Wednesday. Machine Investment Group LP was advised by Kirkland & Ellis LLP.
Equity Residential agreed to sell off two high-rise apartment buildings in Boston to avoid state and federal antitrust claims following its $69 billion merger with AvalonBay Communities, according to an agreement with the Massachusetts attorney general.
The new Opportunity Zone designations take effect January 1, 2027 and remain in place for 10 years, according to the source text. Governors face a September 28 deadline to submit nominations, with a 30-day extension available upon request, and Treasury will certify the final designations.
Roughly 6,500 zones could be selected nationwide under the new maps, according to Bisnow on September 15. That would be nearly 26 percent fewer than the 8,764 zones designated under the original program, due to tighter eligibility rules.
While the original program attracted significant multifamily investment, developers are now pursuing designations for a broader range of real estate projects, including mall redevelopments and data centers, according to Bisnow on September 15.
Sen. Hawley (R-MO) introduced the No Tax Breaks for Data Centers Act, which would exclude data centers from OZ tax benefits while preserving the incentive for other eligible investments, according to a September 17 press release. A separate House Democratic proposal, the Reverse Big Ugly Tax Breaks for Data Centers Act, would also deny covered data centers both OZ eligibility and 100% bonus depreciation.
The Real Estate Roundtable's Opportunity Zone Working Group urged Treasury and the IRS to adopt clear, workable rules allowing existing projects to continue through the transition to the permanent program. In July 29 comments, RER sought clearer rules for multiphase projects, property improvements, and continued investment in original OZ tracts through their statutory expiration in 2028.
According to AP, the surcharge applies to one-, two- and three-family homes valued above $5 million, as well as condos and co-ops valued at $1 million or more, in each case only when the property is not used as the owner's primary residence.
New York City's luxury second-home surcharge is expected to raise about $500 million annually, according to AP.
Steve Wynn and Wilbur Ross argue the levy is unconstitutional because it discriminates against people who do not primarily live in New York State, according to AP.
Casino mogul Steve Wynn and former Trump administration secretary Wilbur Ross sued New York State over the luxury second-home surcharge, according to AP.
The U.S. Tax Court issued a decision endorsing the use of the income approach to value a Los Angeles-area donated property in a conservation easement case. According to a September 10, 2026 report, the IRS has historically been adversarial toward taxpayers using this method, and the Tax Court's ruling significantly reinforced the income approach's legitimacy.
According to a September 10, 2026 report, the IRS has been adversarial toward taxpayers using the income approach to value conservation easements. The U.S. Tax Court's recent endorsement of the method in a Los Angeles-area donated property case significantly reinforced its legitimacy despite that IRS resistance.
An Alabama real estate developer told the U.S. Tax Court on September 3, 2026 that the IRS was wrong to disallow two conservation easement deductions worth a combined $78 million. The developer argued the IRS based its disallowance on potential mining activity without adequately explaining why.
According to a September 10, 2026 report, the U.S. Tax Court decision that endorsed the income approach to valuing conservation easements involved a donated property located in the Los Angeles area.
New York City's Industrial Development Agency deferred a vote on the property-tax incentive at its September 15, 2026 meeting. The EDC stated that projects often need more review time and said it looks forward to presenting the project at a future meeting. The agency's next scheduled meeting is November 17.
The IDA's analysis puts the incentive's price tag at $92.2 million in tax benefits for 99 Hudson Boulevard. In return, the IDA's analysis forecasts almost $860 million in combined direct and indirect tax revenues from the project.
Tishman Speyer's application describes a $2.7 billion project at 99 Hudson Boulevard slated to start construction in January. The tower would be 48 stories and 1.3 million square feet, becoming Tishman Speyer's second high-rise in Hudson Yards on Manhattan's Far West Side.
Tishman Speyer estimates roughly 2,385 full-time construction positions during the build phase of 99 Hudson Boulevard. After construction, Tishman Speyer estimates over 1,780 office and building service positions at the tower.
If the subsidy moves forward, it could put the mayor at odds with progressive supporters who argue tax breaks for developers shortchange public services and housing, according to the source text. Mamdani's office did not respond to a request for comment, and a Tishman spokesperson also declined to comment.
According to the Reuters commentary, prohibited service revenue is deemed at least 150% of the REIT's direct cost of providing the service. If that deemed income exceeds 1% of gross income, qualifying rent treatment for the entire property — not just the service revenue — can be jeopardized.
The Reuters commentary states that when impermissible tenant service income exceeds 1% of a property's gross income, the consequence is not limited to the service revenue itself — the entire property's qualifying rent treatment is at risk of disqualification.
According to the Reuters commentary, prohibited tenant service income is deemed to equal at least 150% of the REIT's direct cost of providing the service, regardless of what the REIT actually charges the tenant.
The Reuters commentary says the customary-services rules are relevant to private real-estate investors because they highlight tax-sensitive structuring issues for real-estate vehicles, particularly for those evaluating REIT compliance, data-center platforms, and service-heavy property operations.
The U.S. Commodity Futures Trading Commission announced on September 14, 2026 that it has handed out more than $150 million to whistleblowers over the past two months. The CFTC's general counsel described this as a record year for awarding tipsters.
The CFTC's general counsel said the agency is having a 'record year' for awarding tipsters, according to the agency's September 14, 2026 announcement, which also confirmed more than $150 million in whistleblower awards over the prior two months.
Senator Ron Wyden's white paper proposes a new federal 'Data Center Public Investment excise tax' at a rate in the low single-digits on data center development. Wyden also calls for repealing existing tax breaks that 40 states currently provide to data center developers, many of which come in the form of sales tax exemptions on servers and equipment.
Wyden said approximately $700 billion in data centers are currently under development nationwide. Wyden also said data center construction has quadrupled nationwide over four years, and McKinsey estimates the AI industry will pour $7 trillion into infrastructure by 2030.
The libertarian Cato Institute argued the proposed tax could drive data center tax rates over 100% and that taxing revenue rather than business activities could penalize the least profitable data centers. Cato's analysis said such a tax could end new data center development and risk stripping the U.S. of its status as the global leader in AI and cloud-based technologies.
Ohio has paused tax incentives for data center facilities after realizing the state is losing billions in foregone taxes, according to the source text.
The IRS disallowed the two conservation easement deductions based on potential mining activity, according to court filings reported by Law360. The Alabama developer argued the IRS failed to adequately explain why potential mining activity was sufficient grounds to reject the combined $78 million in deductions.
Court documents associated with the dispute include two petitions identified as Petition (Hollow Oak) and Petition (Singh Moore), according to Law360. The two easements together represent a combined $78 million in disallowed deductions.
The Alabama developer told the court the IRS was wrong to disallow the two conservation easement deductions without adequately explaining why potential mining activity justified the disallowance, according to Law360's September 3, 2026 report.
The two conservation easement deductions at issue have a combined value of $78 million, according to Law360. The IRS disallowed both deductions, and the Alabama real estate developer is seeking to have them restored through a legal challenge.
Each 1031 exchange carries the original cost basis forward into the replacement property, deferring gain rather than erasing it. If the owner holds the final property until death, Internal Revenue Code Section 1014 gives heirs a stepped-up basis equal to fair market value on the date of death, permanently eliminating all deferred gain from every prior exchange for income tax purposes, according to the source.
The replacement property must be formally identified within 45 calendar days of closing the sale of the relinquished property, and the purchase of the replacement must close within 180 calendar days of that same original sale closing. Both clocks run concurrently, include weekends and holidays, and missing either deadline collapses the exchange and makes the full accumulated gain taxable, according to the source.
An ordinary cash sale triggers all accumulated deferred gains in a single tax year. On the source's example of a $2 million property with a basis tied to a 1994 purchase, selling rather than exchanging exposes up to $1.85 million in gain to a 20% federal capital gains rate, a 3.8% net investment income tax, and a 25% unrecaptured depreciation recapture tax, according to the source.
Yes. Unrecaptured Section 1250 gain, which represents depreciation recapture and is taxed at a federal rate of up to 25% on an ordinary sale, is deferred through each 1031 exchange along with the capital gain. The stepped-up basis under Section 1014 wipes both the deferred capital gain and the depreciation recapture away at death, according to the source.
Since the Tax Cuts and Jobs Act took effect on January 1, 2018, only real property qualifies for 1031 exchanges. Both the relinquished and replacement properties must be held for investment or business use. A primary residence does not qualify, nor does a property bought primarily to resell. Exchanges of equipment, artwork, or vehicles are no longer permitted, according to the source.
According to Michael Kovalev, agency owner of Kovalev Insurance Agency in Newton, Massachusetts, insurance is often the second-largest operating expense for a property owner after debt service, making it a constant top-of-mind concern for rental property owners.
Michael Kovalev of Kovalev Insurance Agency cited the hard insurance market, increasing maintenance costs, recalled electrical panels, aging infrastructure, higher labor costs, COVID-19-era rent freezes, proposed rent control initiatives, and constantly increasing tenant expectations as factors that have all driven operating expenses significantly higher.
Michael Kovalev of Kovalev Insurance Agency said short-term rentals have gone from booming to being heavily restricted in many communities, a shift that affects insurance costs, insurance eligibility and long-term risk management strategies alongside elevated commercial vacancies.
Michael Kovalev said the long-term solution has to include loosening zoning restrictions, converting underutilized office space where it makes sense, and creating incentives for builders to increase the housing supply. Kovalev noted those conversations around housing supply, zoning restrictions, office vacancies and affordability are not going away anytime soon.
Michael Kovalev of Kovalev Insurance Agency said most of the landlords and investors he works with are not massive institutional owners but local business owners trying to maintain safe, well-run buildings while dealing with rising insurance costs, taxes, labor and maintenance expenses.
Both states allege First Street's property-level climate-risk scores are inaccurate, misleading and lack adequate uncertainty disclosures. Florida alleges First Street presents scores as accurate, transparent and scientifically validated when the models contain significant uncertainties. Nebraska alleges the scores are based on incomplete or incorrect property information and fail to account for homeowner mitigation measures.
First Street's climate risk data appears on real estate listing portals including Zillow, Redfin and Realtor.com, where consumers can view it alongside property listings. As of the Tuesday morning referenced in the article, all three portals were still displaying First Street data or links to First Street data with listings.
In December 2025, Zillow removed some First Street data after California Regional MLS questioned its accuracy. Redfin chose to continue displaying the data, with chief economist Daryl Fairweather writing on LinkedIn that homebuyers find climate risk scores valuable when making major financial decisions.
Florida Attorney General Uthmeier is seeking injunctive relief to permanently prevent First Street from making accuracy claims without disclosing uncertainty, equitable financial relief including consumer redress and disgorgement of allegedly ill-gotten gains, and civil penalties ranging from $10,000 to $15,000 per violation. The attorney general's office is also demanding a jury trial.
According to the Nebraska lawsuit, buyers are being 'spooked' by elevated risk scores, forcing some sellers to accept reduced offers and leaving others with longer marketing times or no sale at all. Nebraska Attorney General Mike Hilgers said First Street 'drives down home values and increases costs and frustrations for Nebraskans.'
First Street's analysis of 120 U.S. metro areas, drawing on 25 years of commercial performance data from the National Council of Real Estate Investment Fiduciaries, found that properties in high-natural-disaster-risk markets trade at a 16.9% discount to otherwise comparable assets in lower-risk areas. For multifamily specifically, the discount reaches 25%, according to First Street.
Premiums across multifamily, office, industrial, and retail assets grew 154% between 2017 and 2024, at a compound annual growth rate of 14.3%, according to First Street. That pace outran the prior 17-year average by more than three to one. Insurance consumed 4.1% of average CRE net operating income in 2024, up from 1.9% in 2017.
Commercial property rate growth decelerated from 5.6% in the fourth quarter of 2024 to 2.9% by the fourth quarter of 2025 following a relatively quiet 2025 hurricane season, according to Stephen Pantano, senior vice president of market transformation at the Urban Land Institute. Pantano cautioned that commercial insurance market cycles are short-lived and that the structural premium reset means even a soft period is unlikely to return to the prior floor.
James Stuart, corporate chief sales officer and practice leader for Hub International's North American real estate specialty, said lenders are now requiring minimum carrier financial-strength ratings, commissioning insurance-to-value studies, and in some cases mandating full excess coverage as a loan condition. Stuart said insurance has moved from a closing-checklist item to an active credit-committee topic.
Miami and Fort Lauderdale are the two most insurance-burdened office markets in First Street's data, with premiums consuming roughly 5% of office net operating income in each, versus 1.4% in Nashville. Fort Lauderdale office values fell 17% between 2020 and 2024 as insurance costs doubled, according to First Street. Miami office buildings traded at a 2025 average of $360 per square foot, nearly double the national average of $190 per square foot, according to Yardi Matrix.
Brian Burke said he is not convinced the multifamily market has reached its bottom. Burke pointed to rent concessions being plentiful, negative lease trade-outs where new renters are paying less than previous renters, and cap rates that have not expanded enough as evidence that more pain is ahead.
Brian Burke said the 10-year bond rate, which sets long-term debt rates, has risen alongside short-term rates. Burke said owners who were hoping to escape expensive floating-rate debt by refinancing into long-term debt are now finding that long-term debt is more expensive than it was, leaving them stuck with no solution.
Brian Burke described a second wave driven by rising 10-year bond rates making long-term refinancing prohibitively expensive. Burke said the first wave was triggered by the Fed raising overnight borrowing rates, which increased SOFR and hurt floating-rate debt holders, and the second wave follows from long-term debt becoming equally costly.
Brian Burke said that when a property's cap rate is lower than the interest rate on the debt used to buy it, that is negative leverage, meaning the investor loses money on the spread. Burke said you cannot sell real estate at 4% and 5% cap rates in a 5.25% treasury market because the numbers do not work.
Newmark identified $179 billion in low-rate commercial real estate debt maturing through 2028 as exposed to refinancing risk. Most of those loans were underwritten when the cost of debt was near historic lows and valuations were high, and they now face refinancing into a significantly higher rate environment.
Newmark analysts wrote that lenders are moving away from the extend-and-pretend approach that has dominated the past four years. The analysts noted that the market largely expects rates to stay elevated, which makes loan extensions a less viable strategy for both borrowers and lenders.
Yields on the 10-year Treasury have soared past 5% over the last month, according to the source. Newmark found that roughly 78% of fixed-rate securitized commercial real estate debt maturing through 2028 carries an interest rate below that benchmark, meaning most maturing loans face materially higher refinancing costs.
Newmark research highlights that multifamily stress is climbing as apartment operators with loans extended from before the pandemic or relying on bridge financing face impending maturity dates and rate resets at significantly higher costs. CMBS delinquency data from Trepp showed multifamily delinquencies increased or were flat in September.
FHFA Director Bill Pulte said on September 18 that Fannie Mae and Freddie Mac were 'beginning to buy even more, large quantities, as we speak,' according to Scotsman Guide. However, Fannie Mae's and Freddie Mac's own monthly filings show combined holdings peaked in April and have declined since, with net buying of roughly $39 billion over eight months—about one-fifth of the $200 billion White House directive.
Total federal debt rose from $23.41 trillion on February 28, 2020, to $40.31 trillion on October 8, 2026—an increase of $16.9 trillion or 72%, according to the U.S. Treasury. Greater Treasury supply may force investors to demand higher yields on the 10-year, pushing up mortgage rates, while a retreating government mortgage buyer leaves fewer hands for mortgage bonds and widens the spread.
The mortgage spread widened to 2.12 percentage points from 1.98 the week before, according to HousingWire. The historical spread has run about 1.6 to 1.8 percentage points. On a $400,000 loan at 7.48%, every 20 basis points of spread adds about $55 a month, or roughly $19,800 over 30 years, according to The Skeptical Investor Newsletter's calculations.
The 30-year mortgage rate stood at 7.48% as of the article's publication, down 0.09% from the prior week, according to Mortgage News Daily. The economy added just 29,000 jobs in September, unemployment ticked up to 4.2%, and July and August payrolls were revised down a combined 60,000, according to the Bureau of Labor Statistics.
Marty McDaniel of The Northstar Companies said the risks that get obscured include management depth, labor efficiency, revenue execution, franchise obligations and capital timing. McDaniel said weak leadership, poor revenue strategy, labor inefficiency, deferred maintenance and a capital plan that exists only in a spreadsheet can alter the return profile quickly even when the underlying property and market look sound.
JLL reported $24 billion of US hotel transaction volume in 2025, up 17.5 percent year-over-year. JLL also reported approximately $88 billion of hotel loans scheduled to mature through 2027. Marty McDaniel of The Northstar Companies said refinancing pressure, capex needs and ownership transitions will create opportunities, but some will simply be undercapitalized operating businesses wearing attractive real estate.
Marty McDaniel of The Northstar Companies said buyers should establish: who is accountable for revenue strategy; whether labor is scheduled to demand or to habit; the real condition of the building behind the engineering log; what brand obligations or property-improvement requirements are coming; and whether the management team can explain in plain English how the property will produce the underwritten cash flow.
Marty McDaniel of The Northstar Companies said a family office with patient capital does not have to force a three-year exit and can fund a sensible renovation or repositioning without manufacturing short-term performance. However, McDaniel said patient capital still requires impatient operating discipline, and the longer the intended hold, the more important it becomes to know whether management is protecting the physical asset, the brand, the team and the cash flow simultaneously.
Marty McDaniel of The Northstar Companies said the best hotel investments he observed were governed well rather than micromanaged. According to McDaniel, effective ownership knew which decisions belonged to the operator, monitored a small set of leading indicators rather than only the prior month's profit-and-loss statement, made capital decisions before the building forced them, and treated management depth as part of the asset rather than an HR issue.
The memo 'Sounding the Alarm,' from Inside Track, a UK nonprofit, alleges that catastrophe modelers and actuaries at some insurers are being pressed to give forward-looking climate estimates a 'haircut' or to 'manage down the numbers.' The memo states that where higher physical-risk estimates could hurt profitability or market share, model adjustments are often constrained by commercial considerations.
According to the National Association of Insurance Commissioners, insurers initiated just over 2 million non-renewals in 2024, about 61% more than the year before. Between 2018 and 2024, company-initiated non-renewal rates rose in every NAIC region by between 96% and 216%. The West more than tripled in just two years, and the Southeast saw the sharpest overall increase.
The memo warns that if cover is restricted or withdrawn at scale, the result could precede a financial crash, drawing a parallel to sub-prime lending before 2008. A study highlighted by NYU Stern found a one-percentage-point rise in non-renewals was associated with an 8.3% fall in average single-family home values, rising to 16.5% for lower-value homes, and a 0.91-point increase in the foreclosure rate.
According to the article, much of the reinsurance capacity behind US carriers comes from European groups. Munich Re and Swiss Re alone accounted for around a quarter of reinsurance premiums written by the world's 50 largest reinsurance groups in 2022, according to AM Best. The memo names North America among the regions where the impact of trimmed models and reduced capacity will be felt.
The memo names coastal, mountain and flood-prone communities as the most exposed to insurer withdrawal. The NAIC found the Southeast saw the sharpest increase in non-renewal rates between 2018 and 2024, and the West more than tripled in just two years. The Midwest is also exposed, as the NAIC found it was the only region where operating profits declined almost every year from 2018, driven largely by severe convective storms since 2021.
The known purchase or sale prices of four British SDB properties total approximately £110 million, nearly NIS 440 million at current exchange rates, or approaching half a billion shekels at the exchange rates prevailing when the properties were purchased. These figures represent property transaction values, not the amount lost by investors, and full current values and total capital at risk are not publicly available, according to Calcalist.
The U.S. Federal Reserve's benchmark rate rose from 0%–0.25% in early 2022 to 5.25%–5.5% within roughly a year and a half, while the Bank of England's rate rose from 0.1% at end-2021 to 5.25% by August 2023. Calcalist attributed the distress to properties acquired during cheap-money conditions, high leverage, a sharp rise in interest rates and difficulty refinancing debt.
SDB co-CEOs Shrulik Hanoch and Dan Liberman said, according to Calcalist, 'We will continue to act with all means at our disposal to protect the interest of the investors.' Calcalist also reported that SDB offered some clients the option of waiving certain claims in exchange for the right to participate in profits from other projects, and that many clients agreed, while some investors who suffered losses are seeking to organize through legal proceedings.
The UK Government's 2026 update to Minimum Energy Efficiency Standards requires larger privately rented commercial buildings to reach an EPC rating of B by 2031. The requirement applies to buildings above 1,000 square metres and is subject to cost-effectiveness tests and exemptions. Buildings below 1,000 square metres remain subject to the existing EPC E minimum.
No. The UK Government's 2026 update to Minimum Energy Efficiency Standards applies the EPC B by 2031 requirement only to privately rented commercial buildings above 1,000 square metres, and only those within the policy's scope subject to cost-effectiveness tests and exemptions. Buildings below 1,000 square metres remain subject to the existing EPC E minimum.
No. According to the UK Government's 2026 update to Minimum Energy Efficiency Standards, operational details are still expected. Owners will need to monitor future guidance while assessing retrofit requirements, capital costs and asset-strategy implications.
L&G and NTR secured approximately $385 million at the first close of their Clean Power Transition IV Fund, supported by four returning institutional investors from their previous fund. The previous joint vehicle raised more than $747 million and reached its final close in March 2025.
The fund completed three acquisitions: Kandalos, a 125 MW battery energy storage project near Tornio, Finland, with 250 MWh of capacity; Vindr AB in Sweden, a development platform with more than 1 GW of clean power projects; and Swordlestown in County Kildare, Ireland, combining 138 MWp of solar generation with a 200 MW, 400 MWh battery storage system.
Clean Power Transition IV broadens the investment mandate beyond renewable generation to include battery storage and infrastructure supporting the electrification of transport, heating, and industry, according to the source. The prior fund focused on European clean power infrastructure and raised more than $747 million before its March 2025 final close.
Heather Mulahasani, Managing Director of Real Assets, Asset Management at L&G, and Rosheen McGuckian, CEO of NTR, are named as the senior executives associated with the fund. Mulahasani said the fund evolves L&G's clean power strategy within its private markets platform. McGuckian said electrification requires continued investment in clean power generation alongside storage, grid, and connection infrastructure.
L&G and NTR have collaborated since 2015, when L&G became a cornerstone investor in NTR's first two funds, according to the source. Their strategy combines NTR's project origination and asset management expertise with L&G's institutional investment capabilities. Clean Power Transition IV is described as their second joint fund.
A Robeco survey found 82% of investors expect climate risks to impact asset prices over the next decade, according to ESG Today's October 11, 2026 weekly review.
South Korea launched a $750 billion decarbonization and energy transition plan, according to ESG Today's October 11, 2026 weekly review. No further details about the plan's structure or timeline are provided in the source.
Constellation signed a 20-year deal with Google to unlock 890 MW of new nuclear capacity, according to ESG Today. The deal is described as multistate in scope.
Zelestra secured $350 million in green financing to build a U.S. solar project backed by Meta. Rezolv Energy secured $630 million to build what ESG Today describes as the EU's largest onshore renewable energy project. Hong Kong issued a record $2.6 billion digital green bond, according to ESG Today's October 11, 2026 weekly review.
The SEC dropped its investigation into BlackRock and State Street, issuing a warning to investors over participation in climate groups, according to ESG Today's October 11, 2026 weekly review. No further details about the warning's content are provided in the source.
Crunchbase data shows global proptech startups raised about $8.7 billion through August 2026, compared to $12.3 billion raised in all of 2025 and $24 billion in 2019, which was the second-highest year on record after the 2021 venture funding spike. With four months remaining in 2026, funding is on pace to roughly match or slightly exceed 2025 levels.
According to Crunchbase data, venture investors in 2026 are backing startups working in AI-driven construction, property operations, underwriting, and transaction infrastructure with demonstrable ROI. More generic real estate software and later-stage companies without exceptional growth face significant funding challenges.
Four of the five largest proptech deals in 2026 took place outside the United States, according to Crunchbase data. The three largest rounds went to Stockholm-based Stegra ($1.6 billion), Madrid-based Hydnum Steel ($695 million), and Amsterdam-based Mews ($300 million), with Montreal-based Nesto ($216 million) also making the top five.
Autodesk announced a $3.6 billion cash purchase of MaintainX in May 2026. Other major deals included Compass completing its $1.6 billion all-stock acquisition of Anywhere in January, The Real Brokerage completing its $880 million acquisition of RE/MAX Holdings in August, Procore announcing an $845 million cash purchase of DroneDeploy in July, and CoStar Group completing an $800 million cash purchase of Zonda in August.
The only known significant proptech IPO in 2026 was conducted in January by Columbia, Missouri-based EquipmentShare, a construction-equipment rental company with a jobsite technology platform. EquipmentShare raised about $747 million in primary proceeds by pricing 30.5 million shares at $24.50, with the total offering including shares sold by existing holders reaching approximately $859 million.
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