In this episode of Durable Value, we explore the concept of real estate—especially multifamily and industrial properties—as essential infrastructure. We discuss how these asset types function as a public good, their role in the economic grid, and why secondary and tertiary markets are becoming increasingly important. Tune in for insights on market dynamics, institutionalization, and the future of real estate investment.

Timestamps:
00:00 – Introduction
00:51 – Real estate as a public good: Housing and industrial as community essentials
01:15 – The “capillaries” of commerce: Small businesses and last-mile industry
01:36 – Real estate as a quasi-utility; the Western US grid analogy
02:30 – Institutionalization of secondary and tertiary markets
02:57 – Infrastructure as an investible asset class
03:22 – Needs-based assets: Comparing real estate to bridges and utilities
04:08 – Asset desirability vs. discretionary assets
04:31 – Monopoly vs. competition: Utilities and real estate supply
04:55 – The economics of new construction vs. existing apartments
06:34 – Demographic shifts: Millennials, Gen Z, and housing demand
07:21 – Post-COVID trends: Remote work and changing lifestyles
08:23 – Owning the grid: The I-5, I-15, and I-25 corridors
09:02 – The network lens: How properties reinforce each other
09:21 – Data-driven conviction and deal flow
09:42 – Building alpha through authentic data and off-market deals