Everest Holdings

03/04/2026

AI-driven demand is pushing data center development costs sharply higher, creating a major predevelopment financing gap.

With traditional lenders hesitant, developers are turning to capital recycling, securitized debt, sale-leasebacks, and new investment structures to fund early-stage projects.

Innovative financing has become essential to bridge the “land and power before tenants” Catch-22

The AI boom has increased the upfront capital needs of data center developers, but many investors are still wary of funding a project before it has a tenant.

03/02/2026

Apartment demand has shifted upmarket, with 1.1M renters added in Class A units over the past three years, while lower-tier units saw net losses. Record supply, rent cuts, concessions, and strong wage growth improved affordability and fueled “filtering.”

But as new supply fades and concessions burn off, expect normalization: tighter availability and renewed rent growth across price points.

Here's something we aren't talking about enough: Apartment demand continues to shift UP market to pricier units. Why is that the case given all the (very rightful) focus on housing affordability and the shortage of lower-income housing? Some thoughts: 1) Let's start with the chart. Over the past thr...

02/27/2026

Office CMBS loan delinquencies recently hit a record 12.34%.

As with most things these days, this is the headline that produces clicks.

The truth is, the office environment is bifurcated among winners and losers. And the winners are doing quite well, thank you.

https://www.wsj.com/real-estate/commercial/lenders-to-commercial-real-estate-owners-pay-up-now-a4509562?st=ZyeuFc&reflink=desktopwebshare_permalink

02/24/2026

U.S. apartment transaction activity continued its steady rebound in late 2025, with fourth-quarter sales rising to $60 billion across 1,910 properties (up 4% year-over-year and 10% quarter-over-quarter). While still below long-term averages, annual volume climbed 9% in 2025.

We expect the market to show more signs of healing and return to relative normalcy soon as signs of improving fundamentals continue.
https://www.realpage.com/analytics/apartment-transactions-4q-2025/

02/16/2026

U.S. apartment rent cuts might be bottoming. In January 2026, 41 of the top 50 MSAs showed improved rent momentum versus 2025 lows (often still negative, but less so), led by San Francisco, New York, and several Sun Belt markets, including Phoenix.

This is good. Thanks to Jay Parsons for sharing.

https://www.linkedin.com/posts/jay-parsons-a7a6656_apartments-multifamily-rents-activity-7426635688244178944-HreO?utm_source=share&utm_medium=member_desktop&rcm=ACoAACi2PNcBxUL0EbyZmzrt_mdMhQ8DqQMwG0s,

Have rent cuts bottomed out for the U.S. apartment market? Maybe. Check out this chart comparing year-over-year effective rent change in January 2026 compared to each MSA's low point in 2025. In 41 of the top 50 largest MSAs, rent change in January 2026 showed improvement over 2025's low point. This...

02/13/2026

We all know there has been substantial supply growth across the Sunbelt.

At the same time, annual demand as a share of existing inventory remained strongest in high supply growth markets such as Atlanta, Austin, Charlotte, and Phoenix per Newmark and RealPage data.

The math is promising.

02/11/2026

The U.S. apartment market posted seasonal net move-outs last quarter for the first time in three years.

Out of the nation’s largest 50 apartment markets, 14 continued to log positive apartment demand in the 4th quarter. Of those, four garnered more than 1,000 units of demand.

New York, Phoenix, Fort Worth, and Newark each exceeded 1,000 units of demand. Phoenix logged its 8th consecutive quarter of apartment demand above or very close to the 4,000-unit mark.
https://www.realpage.com/analytics/apartment-demand-4q25/

02/09/2026

The typical buyer who scored a home for below the list price in 2025 got a 7.9% discount, the largest since 2012.

1 in 4 buyers who got discounts scored 10% or more off the list price, the highest share since 2012.

Nearly two-thirds of all homebuyers got discounts last year, the highest share since 2019.

Among all homebuyers (not just those who paid less than the list price), the average discount was $15,196, or 3.8%.

It seems the housing market is showing signs of normalization after years of a strong seller’s market.

The typical buyer who scored a home for below the list price in 2025 got a 7.9% discount—the largest since 2012.

02/03/2026

The data is clear: according to NMHC, multifamily firms avoid rent-regulated markets.

Fewer projects today means tighter supply tomorrow—ultimately impacting housing availability and pushing rents higher.

Sharp rent moderation is happening for all to see in markets that kept building.

Supply and demand is a much more powerful thing than regulation.

A new survey found that 35% of multifamily developers have curtailed investment in markets with rent regulation, while 41% avoid the markets entirely.

01/29/2026

The U.S. construction labor shortage is set to worsen. Associated Builders and Contractors estimates the industry will need 349K new workers in 2026 and 456K more in 2027, driven by retirements, data center demand, and tighter immigration policy.

With data centers alone accounting for ~85% of projected labor needs in 2026, any broader rebound in construction could further strain labor supply and push costs higher.

As if things could get any more expensive.

Associated Builders and Contractors predicts the construction industry will need 349,000 net workers to meet demand in 2026, then 456,000 more in 2027.

01/28/2026

After 10 straight quarters at historically high levels, U.S. apartment supply is finally normalizing. Q4 2025 deliveries fell below 100K units for the first time in nearly three years.

All regions of the U.S. saw supply volumes ease, with the South region continuing to deliver the most units but experiencing the steepest pullback.

Oversupply = declining rents

Current cost to build + declining rents = new projects don’t pencil

It’s going to be like this for a minute.

In 4th quarter 2025, apartment supply fell to more normal historical levels.

01/27/2026

Office loan volume was up 92% year over year, coming at nearly $46B.

So, capital is flowing back into office, but it’s very selective. 70% of this loan volume was tied to trophy assets in top gateway markets.

Office capital markets remain bifurcated: open for the best, constrained for the rest.

But loan delinquencies also rose last year and are expected to accelerate in 2026.