Large investors have bought $4.6 billion more U.S. property than they sold so far in 2025—the first time in three years that they have been net purchasers. However, deal activity is weak compared with historic norms.
Office to Residential
Over the past two decades, developers in New York have converted nearly 30 million square feet of office space into residential living, with the pace of transformation picking up in recent years.
U.S. Deals
Deal value in the U.S. so far this year is up more than 40% from the same period in 2024 to about $1.9 trillion. And there have been roughly twice as many deals valued above $10 billion than in the same period in 2024.
RealPage Data
The Justice Department resolution limits how RealPage can use nonpublic data to propose rents that corporate landlords should charge to optimize occupancy and maximize revenues. Under the proposed settlement, RealPage can still use some nonpublic data to train its artificial-intelligence models if the information is older than 12 months. It also can use the confidential data to estimate what a new building, without any rental-property history, should charge to tenants.
Residential Pricing
About 57% of homes sold in 2025 through October had at least one price cut, indicating that a significant number of sellers are entering the market with unrealistic expectations. Between 2020 and 2024, that share was closer to 47%. For homes that sold this year with a price cut, the sale price was an average of 3.7% below the asking price.
AI GDP
Business investment in AI might have accounted for as much as half of the growth in gross domestic product, adjusted for inflation, in the first six months of the year.
Ritz-Carlton Kenya
Leaders of the Maasai ethnic group in Narok, Kenya are seeking a court order to demolish a new Ritz-Carlton luxury safari camp they say blocks a key route of the famous Serengeti migration.
Crypto Leverage
The dollar-denominated value of outstanding loans from centralized crypto lenders and decentralized lending platforms ballooned to a record high around $74 billion at the end of September, exceeding the previous record of $69 billion set in the fourth quarter of 2021.
Office Stats
The U.S. office vacancy rate is 14.1%, near a record high. Office mortgage delinquency rates for commercial mortgage-backed securities reached 11.8%, nearly six times the 2019 rate. Office property sales totaled $45.4 billion in the first three quarters of this year, less than half of 2019’s $102.6 billion.
AI Spending
Big tech companies are expected to spend nearly $3 trillion on AI through 2028 but only generate enough cash to cover half that tab.