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Good morning. Renters in five states are testing a bold new strategy: unionizing across an entire private equity landlord’s portfolio to demand better living conditions.

Today’s issue is brought to you by QC Capital—unlock high-cash flow alternatives with powerful tax benefits.

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Market Snapshot

*Data as of 09/25/2025 market close.

Collective Bargaining

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• Parking payoff: HAH Parking is an all-in-one parking platform that transforms underused parking lots into recurring income. CRE pros earn 50% gross profits for 12 months on every referred parking lot. (sponsored)

• Debt wall: A $1.26T CRE debt wave looms for 2027, but easing rates and lender flexibility may turn the cliff into a ramp.

• Tech slump: Major tech hubs like San Francisco, Denver, and Austin are losing momentum in job growth as pandemic over-hiring corrections, economic uncertainty, and AI shifts fuel employment declines. 

• Market pulse: CRE deals eased in August but remain above 2025’s pace, with strength in trophy assets contrasting sharp office discounts.

• Green premium: Properties in low-emission areas outperformed by ~1.5% annually, showing community sustainability boosts long-term CRE value. 

• Texas empire: Musk’s firms control 500+ properties and 6,000 acres in Texas, spanning factories, rockets, and energy sites.  

• Tax shelter: Trump’s bonus depreciation perk has turned racehorses into instant tax shelters, allowing wealthy buyers to write off the full cost of million-dollar yearlings.

• License leap: MGM’s $2.3B casino expansion in Yonkers clears its first major hurdle with unanimous local approval, positioning it as the front-runner in New York’s competitive downstate casino race.

• Loan trouble: A $60M CMBS loan for Austin’s Langdon at Walnut Park was sent to special servicing after losing a property tax exemption under Texas’ HB 21. 

• Case backlog: HUD faces accusations that political appointees weakened Fair Housing Act enforcement, as staffing cuts and new procedures stall discrimination cases.

• Refi boost: Buckingham landed $110M in bridge loans to refinance two luxury Sunbelt apartment communities.

• Transit push: L.A. Metro is racing to add 10,000 transit-linked homes by 2031 amid tight funding and fierce competition.

• Renter magnet: Build-to-rent homes are drawing Millennials, Gen Xers, and Boomers alike with flexible, pet-friendly living and single-family perks. 

• Fusion funding: Pivotal and Declaration bought CFS’s 165,000 SF HQ for $74M, betting big on advanced manufacturing tied to fusion energy. 

• IPO power: Rick Perry–backed Fermi, a development-stage data center REIT, is targeting a $13B valuation in its U.S. IPO. 

• Austin absorption: Austin’s industrial market is seeing strong tenant demand, but oversupply is driving vacancies up and rents down despite record leasing momentum.

• Seeing green: Fort Worth is offering up to $6M in tax breaks to eye-care giant Alcon, hoping to secure a $186M campus expansion. 

• Stargate scale: OpenAI, Oracle, and SoftBank are pouring billions into five new U.S. data center campuses, pushing their Stargate megaproject toward $500B.

• Venture launch: Pacific Elm and Ignite-Rebees formed 3-O Real Estate Partners, a new venture with $4B in planned retail and mixed-use projects.

• Seasonal slowdown: Retailers are expected to add fewer than 500,000 seasonal workers this holiday season, the lowest since 2009. 

• Outlet deal: Brookfield sold the Shoppes at Carlsbad for $71.5M (just $98 PSF), marking a steep discount compared to other recent SoCal mall trades.

• Store closures: Starbucks is launching a $1B restructuring that will close stores, cut 900 jobs, and retool cafes with seating and healthier menus

• Trophy hunt: RXR’s new $3.5B Gemini Office Venture—backed by Baupost and King Street—is scooping up trophy NYC office assets at steep post-pandemic discounts. 

• Big ticket: Preylock paid $225M for a Microsoft-leased office near the tech giant’s Redmond HQ, marking Seattle’s largest office sale of 2025. 

• Century lease: Brookfield has extended its ground lease at Manhattan’s Brookfield Place through 2119, locking in a 94-year presence and generating $1.5B for the city.

• AI magnet: San Francisco’s office market logged 450K SF of positive absorption in Q3, fueled by smaller tenants and strong AI-sector demand. 

• Debt spiral: Office Properties Income Trust is burdened with nearly $1B in looming debt, rising vacancies, and shrinking cash, raising bankruptcy risks.

• Extended edge: Extended Stay America and rivals are fueling a boom in midscale extended stay hotels, but rising costs, local resistance, and brand saturation threaten growth. 

• Coastal refresh: Florida’s One Ocean Resort & Spa will relaunch in 2026 as Dune House after a full-scale Sage Hospitality-led renovation and rebrand.

📈 CHART OF THE DAY