🏢 Multifamily Capital Returns as Fundamentals Cool
Multifamily investment volume rose 9% in 2025 to $161.6B as capital returned to the sector despite weakening operating conditions. Vacancy climbed to 4.9%, net absorption turned negative for the first time since 2022 with an 8,300-unit decline in Q4, and rent growth slowed to 0.2% YoY as construction deliveries remained elevated.

🤖 Meta Accelerates AI Capex Push
The $3T AI infrastructure buildout is only continuing to accelerate. Meta Platforms boosted planned 2026 capex to $115B–$135B as it deepens its superintelligence push; spending is up ~73% YoY on AI data centers and compute, subsidized by its core advertising business. Zuckerberg still intends to build and operate Meta’s own frontier AI models rather than rely on third-party platforms like OpenAI or Google, despite the company lagging significantly behind current leaders. 

☕ Starbucks Reenters Expansion Mode
Starbucks is back in expansion mode and plans to open 600 to 650 new stores in 2026 after closing 627 underperforming locations last year. U.S. same-store sales rose 4% as higher transactions and increased spend per visit reflected improved in-store execution under Brian Niccol, driven by faster service, reduced menu complexity, and a renewed focus on the in-store experience

Fed holds rates steady at 3.5%-3.75% - 10-2 vote drops downside employment risk language as Powell cites a stabilizing job market; markets are pricing no move before June (Bloomberg)

Commerce Department plans national AI center in San Francisco - Move places federal AI and export officials closer to Bay Area firms central to defense, energy, and semiconductor initiatives (Bloomberg)

Indiana lawmakers propose state override of local zoning to boost housing supply – Bill would allow by-right approval of new homes and missing-middle housing to address affordability pressures (HousingWire)

Mortgage demand drops 8.5% as rates rise to 6.24%, highest in three weeks – Refinance activity fell 16% WoW while purchase demand remained flat, underscoring continued rate sensitivity (CNBC)

Multifamily investment volume rose 9% in 2025 to $161.6B – Capital returned despite softer fundamentals as vacancy climbed to 4.9% and net absorption turned negative for first time since 2022 (CBRE)

Multifamily fundamentals softened in Q4 2025 as supply outpaced demand – Net absorption fell by 8,300 units and rent growth slowed to 0.2% YoY while construction deliveries remained elevated (CBRE)

Fannie Mae multifamily lending jumps 25% in 2025 to $68.9B – Volume concentrates among top originators as Walker & Dunlop, CBRE, and Wells Fargo gain share (GlobeSt)

Investors returned to office property in 2025 - Office investment sales rebounded sharply, with San Francisco volume more than doubling as buyers priced assets at steep discounts to pre-pandemic valuations (CoStar)

Tech-driven office demand jumped 87% nationally in 2025 – AI-heavy markets like Seattle and San Francisco posted ~45% YoY growth; overall U.S. office demand rose just 6% (ConnectCRE)

Home Depot mandates five days in-office starting April 6 - Corporate staff ordered back as a frozen housing market slows home-improvement demand (Bloomberg)

General Services Administration signs 74K SF office lease at 145 South Spring Street in Downtown Los Angeles, CA – Federal Public Defenders Central District of California relocates to Onni Group-owned former LA Times headquarters in Civic Center (TheRealDeal)

D-Wave Quantum signs 25K SF office lease at Boca Raton Innovation Campus in Boca Raton, FL – Quantum computing firm relocates headquarters to CP Group and DRA Advisors-owned campus (CommercialObserver)

Trans-Pacific container rates hold steady at $2,675 to West Coast and $3,928 to East Coast – Early carrier discounts signal softer demand amid trade uncertainty (FreightWaves)

Local park visits stay well above 2019 levels - Longer dwell times and rising evening traffic signal a durable shift toward local outdoor leisure that is driving downstream demand for nearby retail, dining, and mixed-use real estate (Placerai)

Starbucks plans 600 to 650 new stores in 2026 - Expansion follows last year’s closure of 627 underperforming locations as rising traffic signals an early-stage turnaround (CoStar)

Starbucks U.S. same-store sales rose 4% as the turnaround gained traction – Higher transactions and increased spend per visit drove growth under CEO Brian Niccol, despite continued margin pressure from labor and coffee costs (Bloomberg)

CEO Brian Niccol has focused on improving in-store execution by increasing service speed, reducing menu complexity (parallels to Chillies’ strategy here), and exiting underperforming locations. The company is also working to improve store atmosphere so customers linger longer; about 200 cafés have already been renovated, and the company plans to refresh more than 1,000 locations by the end of the fiscal year. With same-store sales up 4%, the turnaround appears to be working.

Meta boosts 2026 capex to $115B–$135B on superintelligence push - Spending up ~73% YoY on AI data centers and compute as ad revenue funds aggressive infrastructure expansion (Reuters)

Meta still intends to build and run its own frontier AI models rather than rely on third-party platforms like OpenAI or Google, despite lagging significantly behind the current leaders. 

Zuckerberg’s ~$600B three-year data center spend is looking increasingly inevitable

Blackstone weighs expanding its role in Oracle’s Michigan data center - Asset manager considers adding debt financing alongside equity as Bank of America targets $14B amid investor concerns over project risk (Bloomberg)

Apollo Commercial REIT sells $9B loan book to Apollo-owned insurer Athene - Deal prices assets at ~99.7% of commitments, unlocking ~$1.4B of net cash as public-market discounts push capital toward private insurance balance sheets. (Bloomberg)

Deutsche Bank seizes three downtown Oakland, CA office towers from Starwood Capital via deed-in-lieu after $365M loan default – Lender takes control of ~975K SF as Bay Area office distress deepens (TheRealDeal)