Contributor
Boston, MA
Principal at Foundry Workplace Advisors. Advises owners and occupiers on the future of office.
National housing statistics are nearly useless for an investor. Real estate is local, and the local variable that dominates everything is net migration into a submarket. Follow the Movers, Not the Headlines Domestic migration into the Sunbelt and Mountain West has reshaped rent…
Regional banks financed a huge share of middle-market real estate, and many have pulled back hard. The gap they left is being filled by private credit — at a price. Know What You're Paying For Private debt is more expensive but faster, more flexible, and more certain to close.…
Anyone can design a waterfall that feels fair when a deal triples. The test is the structure that still aligns everyone when the deal merely survives. Clawbacks and Catch-Ups A well-built waterfall has a clawback so early promote does not outrun final results, and a catch-up…
Leaving a stable seat to sponsor your own deals is the dream. Most who try it underestimate the same three risks, so it is worth pre-morteming them while you still have a paycheck. Capital, Runway, Loneliness First-time sponsors run out of fundraising runway before the first…
Turnover is the silent killer of multifamily returns — every move-out is lost rent, make-ready cost, and leasing expense. Operators chase exotic fixes while the real levers stay unglamorous. Maintenance Speed and Fair Renewals The two things that move retention most are how fast…