CRE Analyst

Growth, gut punches, and CRE's shifting center of gravity. Get the takeaways in this week’s Quick Hits!

Lots of talk about the Fed cutting rates, but not much focus on what most affects real estate. What’s your call?

Just wrapped up an incredible 8 weeks with the latest FastTrack cohort. Special thanks to our guest speakers and the following team leaders who brought industry fundamentals to life! Blake Jones Octavio Rivas Jack Grewe David Desatnick Andy Boettcher Jack K. Peyton Wensinger Jack Fernandez Steven Lanz Aaron Davis Aaron Craig Tony Maldonado Cole Smith Patrick Leary Hayden Glasstetter, CFA Tatum Meeks Jack Campbell Azalie Corona Caroline Morris Makenna Barbara Jenkins Bender Huge Garrett Marler, CCIM Madeleine Supplee Jeremy Ludwig Austin Parrish PS -- The average student said this cohort was worth 8x the cost. DM us if you want to explore joining the next cohort!

7 surprising takeaways from Blackstone's primer on infrastructure investing... 1. Largest infrastructure market: Europe 2. Infrastructure AUM since 2010: 9x growth 3. 10-year average return: 9.9% 4. Funding gap: $15T more needs and current investment 5. Data growth since 2010: 100x 6. Data created in last 3 years: More than in all of history 7. Anticipated data center power growth over next 5 years: 4x

It's not every day a 90%-leased REIT falls by nearly 20%. ...down 44% over the last year. Office may have bottomed but that doesn't appear to be the case for life science office.

Power shifts and CRE magic tricks - read more in this week's Quick Hits!

Last call for CRE Daily's first Night Cap event in a week and a half. Looking forward to seeing friends, alumni, and colleagues!

Why would one of the industry's brightest stars leave a 7-figure job with a $90B investment manager? Headline answer... An 8-figure job at a $110B investment manager. Below-the-surface answers... Fundraising: Apollo’s now a top-five CRE manager after its recent Bridge acquisition, with strong momentum in real estate credit and non-core equity. Capital mix: Apollo has cracked the code with its insurance capital engine and discretionary equity funds. Strategic bet: Crouch is trading a traditional/defensive model for one positioned to grab share from Blackstone and Brookfield. Few firms can take on the 800 lb gorillas. Economics: Big base, more profit participation, fewer entrenched stakeholders. Fun to build: Traditional managers are built around a fixed pie of capital. Apollo has stormed onto the scene over the last 15 years and is actively building a new engine, which could be a lot more fun to build out vs. selling last year's model of investment management products. ---- Three warnings/observations ---- 1. Don't bet against Bert Crouch. Try to find someone with something bad to say about him or that he's anything but one of the strongest students of our game. 2. Don't bet against Apollo. They're obviously making very big bets to take on Blackstone and Brookfield. 3. Don't bet against Invesco. A star's departure creates big opportunities for talent, especially when it's unplanned and not driven by performance. Invesco seems very well positioned to thrive.

Global RE capital is pulling back. Distress is more complicated than "office". Learn more in this week's Quick Hits!

FYI – our friends at CRE Daily are pulling together what looks to be a great networking opportunity. It’s a free event, but we checked yesterday and they’re almost at capacity. Link to register is in the comments. See you there!