Hello Brick Brief readers, 

Today we’re seeing February existing-home sales unexpectedly rise, AI infrastructure investment accelerate, Amazon’s bond sale draw massive investor demand, Morgan Stanley raise billions for its latest global real estate fund, and Sagard and La Caisse launch a new industrial outdoor storage acquisition venture.

🏠 Housing Demand Waiting On Rates

February existing-home sales unexpectedly rose 1.7% MoM to a 4.09M annual rate in February as mortgage rates briefly dipped below 6%. The demand is there and quickly returns when affordability improves, but buyers are waiting for mortgage rates to fall again; the question remains whether rates will drop enough to meaningfully restore affordability.

⚡ Data Center Infrastructure Race

AI infrastructure expansion is accelerating across telecom networks and power systems as companies race to support rising compute demand. AT&T is planning a $250B U.S. investment over the next five years to expand fiber, 5G, and satellite networks as AI, cloud, and connected devices drive upgrades; Google and Tesla also launched the Utilize coalition to address data center power constraints by promoting distributed generation and flexible loads that increase grid utilization.

Other key news today includes:

NFIB Small Business Optimism Index falls 0.5 points to 98.8 in February – Sales improved, uncertainty declined, compensation increases accelerated, and price hikes slowed (NFIB)

U.S. private employers added average 15,500 jobs per week in four weeks ending Feb. 21 – Hiring gains held steady after five consecutive weeks of strengthening (ADP)

U.S. construction backlog rises to 8.1 months in February but remains near four-year lows – Nonresidential starts fell 15.4% and residential starts dropped 6.4% as tariffs and rising material costs weigh on development (Bisnow)

Florida lawmakers consider eliminating Miami’s 78-mile Urban Development Boundary to allow more housing near Everglades – Bill would lower approval threshold for development beyond boundary; builders like Lennar support expanding supply (Bloomberg)

Existing-home sales rose 1.7% MoM to 4.09M annual rate in February as mortgage rates briefly dipped below 6% – Inventory rose 4.9% YoY and median home price reached $398K (WSJ)

The demand is there and quickly returns when affordability improves. Buyers are waiting for mortgage rates to fall again, although the question remains whether they will drop enough to meaningfully restore affordability.

First-time buyers accounted for 34% of existing-home purchases in February, highest share since April 2025 – Sales rose 1.7% MoM to 4.09M annual rate as mortgage rates briefly dipped below 6% (Homes.com)

78% of Atlanta companies maintain formal in-office policies with three days per week the most common mandate – 74% have not reduced office space as attendance policies stabilize and utilization rises (CushmanWakefield)

Point72 Asset Management leases 60K SF at Tishman Speyer’s Spiral office tower at 66 Hudson Boulevard in Manhattan, NY – Steve Cohen’s hedge fund expands its Hudson Yards footprint with space spanning the 31st floor and part of the 21st floor (CommercialObserver)

Procter & Gamble plans $1B Gillette global headquarters and innovation center in South Boston, MA – Company will buy 232 A St. and build new facility for ~750 corporate and research employees (Bisnow)

Darden restaurant visits rose 1.2% YoY in 2025 as LongHorn Steakhouse and premium brands drove traffic growth – Strong performance from higher-income diners helped offset weakness across other chains (Placerai)

Amazon’s Zoox plans San Francisco storefront and rider lounge to promote robotaxi service – Location at 301 Sutter St. will showcase autonomous vehicles as company expands U.S. rollout (CoStar)

AT&T plans $250B U.S. investment over five years to expand fiber, 5G, and satellite infrastructure – Telecom will hire thousands of technicians as AI, cloud, and connected device demand drives network upgrades (Reuters)

Nexthop AI raises $500M funding round led by Lightspeed Venture Partners, Andreessen Horowitz at $4.2B valuation – Startup builds networking hardware and software for AI data centers as hyperscaler infrastructure spending surges (Bloomberg)

Google and Tesla launch “Utilize” coalition to address data center power constraints – Group advocates distributed generation and flexible loads to increase grid utilization and avoid costly new power infrastructure (Bisnow)

Natelli Investments scraps proposed 250 MW New Hill Digital Campus data center in Apex, NC – Developer withdrew rezoning plans after months of local opposition and political resistance (Bisnow)

Oracle shares jump ~10% after AI cloud revenue surged 84% to $4.9B – Company forecast $90B revenue next fiscal year as demand for AI computing outpaces supply (Bloomberg)

Kohl’s says value-conscious consumers continue to pressure sales – Comparable sales fell 2.8% last quarter as low-to-middle-income shoppers remain financially strained (Bloomberg)

Amazon’s $37B bond sale draws $126B in orders, among largest ever for corporate offering – Hyperscaler demand remains strong as company markets multi-tranche debt from 2 to 50 years (Bloomberg)

KeyBank provides $6.25B revolving credit facility for Welltower – Financing arranged with J.P. Morgan Chase and Wells Fargo allows senior housing REIT to refinance $1.25B of debt and fund acquisitions (CommercialObserver)

Audax Private Equity acquires NYC property management firms Akam and Orsid months after their merger – Deal expands Audax’s residential management platform across multifamily and co-op buildings (CommercialObserver)

Morgan Stanley raises $2.9B first close for North Haven Real Estate Fund XI Global targeting $4B opportunity fund – Strategy will pursue global opportunistic real estate investments across U.S. and Europe (Bisnow)

Sagard and La Caisse launch joint venture targeting $360M industrial outdoor storage acquisitions in U.S. port markets – Partnership will focus on infill sites near major trade hubs including Southern California, NYC, Houston, and Baltimore (Bisnow)

TrueBuilt acquires Capabuild mobile field documentation platform – Preconstruction proptech startup says deal boosted revenue 124% over the past three months (CommercialObserver)

Better Home & Finance partners with Credit Karma to launch AI-powered mortgage refinance platform – Tool allows users to get preapproved in five clicks and close refis in as little as 10 days using Better’s Tinman AI system (HousingWire)