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We’re back for the first episode of the year, and instead of pretending we have crystal-clear answers for 2026, we do what we do best: zoom out, look at the data, and call out what actually feels different this time. 

2025 was loud, messy, and very AI-heavy, so we start there, breaking down why this so-called “AI bubble” isn’t behaving like past tech cycles. This isn’t just software hype. It’s physical infrastructure, energy, data centers, and real adoption finally showing up in the numbers. 

The “office is dead” narrative continues to fall apart, just not evenly. Leasing is back in a big way in places like New York, Boston, and even San Francisco, but the gap between winners and losers has never been wider. Experiential, flexible, high-quality workplaces are pulling ahead, while everything else keeps sliding. We talk through why the old Class A, B, and C labels are starting to feel useless, and why office is quickly becoming less about square footage and more about experience.

We wrap things up by playing a little bull-or-bear across asset classes, markets, and cities, where we’re bullish, where we’re cautious, and where we’re honestly just waiting to see how things play out. Along the way, we hit data centers, housing affordability, late-stage SaaS, capital finally coming off the sidelines, and a few city calls that spark some pushback. It’s a loose but grounded start to the year, focused less on dramatic predictions and more on how AI, office, and capital are quietly lining up as the next cycle takes shape.

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TIMESTAMPS:

00:38 Podcast Beginnings and Achievements

01:07 Year in Review: Highlights and Predictions

01:27 Corporate Purchases of Homes: Trump's Stance

04:20 AI Industrial Bubble: 2025 Recap

09:04 Data Centers and AI Infrastructure

15:53 Commercial Real Estate: Office Market Trends

26:10 Future of Brokerage and Flex Spaces

29:10 Bull or Bear: Asset Class Predictions

30:26 Bull Case for Experiential Retail

31:43 Bearish Outlook on Single Family and Multifamily Housing

34:13 Office Market Predictions

34:29 Bullish Sentiment on Public Markets

36:07 Late Stage SaaS Comeback

40:21 City Predictions: Winners and Losers

44:17 Wild Card Predictions for 2026

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Social media bans, AI data centers, and real estate signals—what a week.

Australia’s move to ban social media for teens and why the feed is starting to look like “digital cigarettes,” plus the debate over an age “sweet spot” for social platforms.

We jump to SpaceX’s potential 2026 IPO and why liquidity matters far beyond stocks—impacting commercial real estate and infrastructure capital flows.

We also go deep on AI and data centers: why Norway’s sovereign wealth fund is avoiding the asset class, how hyperscalers hold the leverage, and why the real AI bottleneck isn’t the tech—it’s energy and the power grid. Meanwhile, Brookfield is going the other way with a $20B bet on AI infrastructure.

We wrap with youth sports as a $50B+ business driving hotels and mixed-use development, plus quick hits on San Diego, Fed cuts vs the stuck 10-year, Lever House hitting 100% occupancy, Boston’s JPM branding fight, Disney + OpenAI, social cannabis in Massachusetts, and an Amsterdam detour.

In this episode: social media ban, SpaceX IPO, AI + energy, data centers, youth sports real estate, Fed rates, office recovery, Boston skyline, and more.

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TIMESTAMPS:

04:30 SpaceX IPO Announcement

07:27 Norway's Wealth Fund and Data Centers

11:10 Youth Sports as a Real Estate Driver

14:22 Irvine's Exit from Downtown San Diego

17:46 Fed Rate Cuts and Economic Impact

22:13 Lever House Achieves 100% Occupancy

24:11 JP Morgan's New Deal in Boston

25:03 Boston Skyline Branding Debate

27:02 Norwegian Sovereign Wealth Fund and Data Centers

28:46 Miami's Freedom Park and Experiential Real Estate

31:14 Alcohol Trends and Topgolf's Corporate Shift

32:05 SL Green's Opportunistic Debt Fund

33:09 Disney's Investment in OpenAI

39:44 Amsterdam's Canals and Social Cannabis Legislation

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Adoption is high—many firms are running AI pilots—but results are still limited, with only a small share reporting that they’ve achieved their AI goals. We discuss why the performance gap between tech leaders and laggards is widening, and what that could mean for NOI, operating costs, vacancy, and tenant retention.

We also explore the “Quantum City” idea: buildings as connected nodes in a living city network, followed by quick hits on Crexi’s record listings, signs of leasing improvement in San Francisco tied to AI-driven growth, and a final discussion on private equity’s growing role in youth sports and the rising cost of streaming access.

In this episode we also cover:

🏙️ Boston’s CRE hit and city budget impact

📊 JLL 2025 Tech Survey: adoption, priorities, barriers

🧪 AI pilots vs real results (the 5% problem)

📉 Tech leaders vs laggards (ROI gap)

🌐 Quantum City + buildings as network nodes

⚡ Quick hits: Crexi, SF leasing, and more

🏒 One more bit: PE in youth sports + the $300/month shock

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TIMESTAMPS

02:30 “Code Red” (AI Race)

03:20 Boston CRE + City Budget

05:00 JLL Tech Survey Deep Dive

07:10 AI Pilots vs 5% Goals

16:10 Tech Leaders vs Laggards

18:40 Quantum City + Building Nodes

31:00 Quick Hits (Crexi + SF)

34:30 Boston Return-to-Office

39:30 Premium Malls Comeback

41:30 One More Bit (Youth Sports + PE)

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 🏗 The Great Office Bifurcation — Why trophy assets are soaring, while Class A, B, and C buildings are fighting for survival. 

🧠 The Autonomy Gap — Exclusive data on why employees feel more productive at home and how offices must adapt to overcome the commute. 

🌆 The Quantum City of Austin — Why Texas is attracting corporate giants and what makes it the fastest-growing U.S. metro. 

🤖 AI & CRE Jobs — Real estate billionaire Barry Sternlicht reveals his plan to replace analysts and asset managers with AI. 

💰 Lending is Back — Commercial real estate lending momentum hits a seven-year high. 

📈 The 50-Year Note — The proposed mortgage plan and its potential impact on housing affordability and interest rates. 

😂 Quick Hits — The U.S. Mint stops making the penny (it cost 3 cents to produce) and Apple's $250 iPhone "sock."

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TIMESTAMPS:

00:22 Government and Market Updates

00:48 Michael Burry's Big Short 2.0

01:57 Office Market Trends and Analysis

12:57 Leaseman Data and Work From Home Insights

23:49 Spotlight on Austin, Texas

30:13 Momentum in Commercial Real Estate

30:32 Lending Momentum Hits a Seven-Year High

31:35 Concerns Over Labor Numbers and Inflation

32:42 Liquidity and Market Activity

33:40 REITs and Banks: A New Merger Trend

37:49 Tenant Improvement Allowances Surge

41:15 AI in Real Estate: Barry Sternlicht's Bold Move

44:21 The End of the Penny: A 238-Year Run

47:43 Trump's 50-Year Mortgage Proposal

50:07 Apple's $250 iPhone Pocket: Innovation or Gimmick?

53:06 Kim Kardashian and the Tesla Robot: The Unexpected News

53:37 Conclusion and Recap

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In this episode, we unpack how Nvidia’s meteoric rise is rippling through the global economy and commercial real estate — from AI-powered infrastructure to speculative data center builds that might be running on “assumed demand.” Then we go orbital: Google’s new plan to beam power to data centers from space, and Saudi Arabia’s billion-dollar “Sky Stadium” floating a thousand feet above the desert.

We also get into OpenAI’s trillion-dollar ambitions (and that awkward “maybe the government can cover our $1.4T chip tab” comment), Microsoft’s new office-attendance surveillance trick, and why southern cities like Atlanta and Dallas are suddenly on fire with new leases. Plus, a little Mission Impossible, a lot of free-market philosophy, some old-school espionage — and, as always, Tom Cruise still saving the world.

In this episode, we cover:

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01:26 Nvidia's Historic Milestone

02:51 The Impact on Commercial Real Estate

09:20 Quantum City Initiative

12:55 AI and Smart Cities

21:20 Quick Hits and Future Trends

27:06 Real Estate Earnings Reports

27:14 Piedmont and Highwoods Leasing Success

28:55 Boston Properties' Strong Quarter

29:47 OpenAI's Ambitious IPO Plans

35:21 Saudi Arabia's Sky Stadium

38:40 Sex Warfare in Silicon Valley

41:25 Elon Musk's $1 Trillion Pay Package

43:34 Episode Recap and Closing Remarks

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Blockchain is finally making its way into commercial real estate. Deloitte claims $4 trillion worth of property could be tokenized by 2035 — a bold forecast that has everyone from brokers to blockchain believers talking. Whether it’s a revolution or just another consulting daydream, it’s the biggest shift the industry’s seen in decades.

In this episode, we explore how technology, capital, and culture are reshaping the built world. From China’s skyscrapers so tall they’ve created a new job — last-mile food runners — to Boston’s $100-million One Lincoln revival with rooftop basketball and whiskey bars, the real estate market is reinventing itself floor by floor.

We also get into Meta’s AI layoffs, the U.S. government’s plan to shed 80 million square feet of office space, and why Class B buildings are suddenly cool again (as long as they’re B-plus). Plus: bedbugs at Google, Travis Kelce’s bid to rescue Six Flags, and an NBA gambling scandal that feels like a rejected Scorsese script.

In this episode, we cover:

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03:18 The Future of PropTech

06:04 Meta's AI Strategy

11:32 New Job Categories in Skyscrapers

14:16 Government Real Estate Overhaul

16:53 Class B Office Spaces Making a Comeback

21:33 Return to Office Challenges

23:01 Return to Office Benefits

23:16 Boston's Office Building Makeover

25:33 South Station and Surrounding Developments

27:32 KKR's Earnings and Global Capital Shift

31:15 Six Flags and the Revival of Theme Parks

36:35 NBA Gambling Scandal and Mafia Involvement

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In this episode, we look back at what went down: Travis Kalanick shared his vision for an “operating system for the physical world,” Joe Pine reminded us why experiences matter more than ever, and we learned how innovation, design, and capital are colliding to reshape urban life.

We also got into what surprised us most — how cities can get smarter without losing their soul, and why the real change-makers might be the builders, not the algorithms.

It was a big day, full of ideas, laughs, and a few curveballs (yes, we ended up talking about OpenAI’s new adult content policy).

In this episode, we cover:

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TIMESTAMPS:

03:12 Defining the “Quantum City”

06:03 Panel 1 – Retrofitting the City

10:55 Detroit’s Comeback & Cultural Preservation

13:45 Who’s Responsible for the Future of Cities?

15:05 Panel 2 – The Great Real Estate Reset (Dubai, Africa, California Forever)

18:45 Malls, Culture & the “Fifteen-Minute City” Debate

22:15 Lunch Activation – Picnic App Success

24:18 Keynote – Joe Pine and the Experience Economy

28:21 Keynote – Travis Kalanick on CloudKitchens and Urban Efficiency

33:59 Building Cities for Computers, Not People

36:02 Panel – Capital Markets & Funding the Future

40:31 Blockchain, REITs, and the Future of Real Estate Investment

44:22 Panel – Cities at the Speed of Change

46:12 Parking, Autonomous Cars & Silent Drones

50:27 Quick Hits – Biometrics, Market Recovery & Real Estate News

57:03 OpenAI’s Adult Content Controversy

59:41 Closing Thoughts & STRATA 2025 Tease

Last day! 🎟️ RSVP for Strata (Oct 16, MIT Kendall Square): https://www.hqo.com/strata-summit-waitlist/

The AI boom is building the physical world — massive data centers, chip factories, and new energy grids — at a speed that feels unreal. Venture capital keeps pouring fuel on the fire, while commercial real estate scrambles to keep up with the demand for land and power.

In this episode we get into how AI infrastructure is reshaping real estate and venture capital, and why everyone from Bezos to Sequoia sees it as the next big frontier. From underwater data centers and flying taxis to Hollywood’s first AI actress (Tilly), the future is getting weirder — and more expensive — by the minute.

And yes, there’s still room for billionaire flexes: private golf courses, three-billion-dollar towers, and one bittersweet goodbye to Calhoon, the MSG-powered legend.

🧠 The AI infrastructure boom — billions are building the future, one server at a time.

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01:19 Funny Hockey Story

02:36 Strata Event Details

03:17 AI Bubble Discussion

19:04 Data Centers in Unusual Locations

22:47 Brookfield's New Fund

24:16 REITs to Watch

26:17 Irvine Family Drama

28:46 Car Clubs and AccountabilityAre We in an AI Bubble? How AI Is Rewriting Real Estate and Hollywood

29:21 Big Tower Energy: Ken Griffin's Ambitious Project

30:50 Boston Properties and the Refinance Trend

32:01 Lab Space Oversupply: Challenges and Trends

34:49 Flying Taxis: The Future of Urban Mobility?

39:35 OpenAI's New Video Generator: A TikTok Killer?

47:02 Billionaire Extravagance: Private Golf Courses

47:48 Calhoon Restaurant's Transformation

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Welcome to the future — it’s weird, lucrative, and slightly unhinged.

🔗 Links & Resources

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TIMESTAMPS:

03:13 Commercial Real Estate Trends

12:14 Residential Real Estate Legal Battles

16:28 CoStar vs. Zillow: The Data Wars

20:40 Private Capital and Market Trends

24:30 Casino Developments and Big Tower Energy

29:00 Big Tower Energy in Boston

29:09 South Station Tower Tour

29:12 Impact on Boston's Skyline

29:18 Tenant Highlights

29:26 South Station Terminal Expansion

30:28 Trendsetting in Real Estate

30:55 PropTech Developments

31:03 MRI's Potential Sale or IPO

33:29 Government Shutdown Effects

36:17 AI's Impact on Entertainment

36:41 AI-Generated Actress Tilly Norwood

42:52 AI and Legal Challenges

43:54 The Social Network Sequel

46:14 McDonald's Monopoly Returns

#CRE #DataCenters #AI #RealEstate #Hines #Zillow #CoStar #PrivateEquity #Blackstone #Brookfield #Citadel #JPMorgan #SteveCohen #UrbanDevelopment #GovernmentShutdown #Economy #Markets #Hollywood #TillyNorwood #Waymo #SocialNetwork2 #McDonalds #TQCIS #HQO

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We dive into multi-billion-dollar funds, cities panicking because their tax base depends on half-empty office towers, and Chicago proudly celebrating a glorious +12% office visit recovery (which is basically still zero, but hey, progress).

Meanwhile, AI becomes the perfect excuse to fire people (“don’t know how to use ChatGPT? You’re out”) while also being the shiny toy giants pass around like trading cards—except the cards are worth billions. 

And of course, the Quantum section reminds us that while we’re still arguing here, China and the BRICS are busy building futuristic city clusters like it’s no big deal.

🏢 Rhythm Capital buys Paramount for $1.6B — because CRE is nothing if not dramatic.

An episode packed with CRE, AI, quantum… and, yes, red swimsuits.

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02:23 Upcoming Strata Event

04:56 Commercial Real Estate Updates

05:35 RXR's Major Fund and Market Signals

07:51 Rhythm Capital's Big Move

09:53 Tax Revenue Shortfalls and City Impacts

16:49 Chicago's Office Traffic Recovery

17:55 Nuveen's Farmland Investment

20:06 Beverly Hills Mixed-Use Development

24:17 AI Industry Insights and Concerns

26:33 Data Center Expansion Across the US

27:47 The AI Factory Gold Rush

29:46 Job Creation and AI's Impact

32:21 The Rise of PropTech

36:48 AI's Role in Consulting and Job Market

42:16 Global Smart Cities and BRICS

48:50 Baywatch Reboot and Pop Culture

51:54 Show Wrap-Up and Announcements