{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Commercial Real Estate Investment Conference Podcast (CREIC)","title":"Where The Money's Going","html":"","width":"100%","height":180,"duration":305,"description":"Amazon, Google, Microsoft, and Meta are spending $700 billion on data centers in 2026. But it's not going to chips. It's going to power infrastructure. Grid connections. Cooling systems. The backbone that runs these things. Power availability is the real bottleneck right now. Gartner projects 40 percent of AI data centers will be power-constrained by 2027. You can have all the chips you want. If you don't have power, you can't run them. While $700 billion is flowing into data centers, something completely different is happening in multifamily. Rents are moving again.\nAfter a year and a half of getting crushed, occupancy is stabilizing. The bleeding has stopped. Nationally, we're looking at 0.5 to 2 percent rent growth. That might sound modest, but after near-zero growth, it's a signal. A signal that the supply wave is fading. New deliveries are down significantly. Absorption is picking up. The market is finding equilibrium. But not all multifamily is created equal right now. If you own quality multifamily in a strong market, you're stabilizing. You're seeing rent growth. You're in a good position. If you own mediocre multifamily in a weak market, you're still getting crushed. That divergence is happening because capital is being selective. Investors are rotating. They're holding quality multifamily. They're moving into data centers. They're avoiding weak assets entirely. Because the returns are clearer in data centers right now.\nThe math is simple. AI is the future. Data centers are essential. The capital flows there. But multifamily still works. It's just not a play for everyone anymore. You need the right asset in the right location. Real occupancy. Real cash flow. Real location. Those are the three things that matter. Everything else is noise. If you have those three things, you're fine. You're stabilizing. You're seeing rent growth. Capital will find you. If you don't, capital is moving past you. It's going into data centers. It's going into assets with clear...","thumbnail_url":"https://img.transistorcdn.com/PkdcFoklt6Pt1rv3cF5LhC5NMbLiO82QPyaLOkUVqc8/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9lOTZm/YmE3MTkwMDcyMGI2/ZTZiOGE3MmYzZThk/ZjE3Ni5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}