Development

The Same Loan Five Percent More Expensive

Canyon lent BCT $393,000 a door in March. In August it took $415,000.

A 96-Year-Old Statute Just Repriced Your Cement

Fifty percent lands Saturday on Canadian building materials. USMCA does not exempt you.

The Guarantor Who Will Never Occupy the Building

Nvidia agreed to backstop up to $105 billion of an Ohio campus it will not own.

The Tariff Shield Expired. The Cost Floor Didn't.

A temporary tariff cap lapsed on July 24, and every H2 2026 groundbreaking now clears a higher, harder number.

The Office Glut Is Becoming the Housing Pipeline

Conversions hit a record 90,300 units as Chicago breaks ground on another.

The Grid Became the Deal

A $20 billion AI campus was sited by the megawatt, and paid for with a county's tax base.

The Government Just Bet $100 Billion on Power

Washington backstopped 4.5 gigawatts of energy for an AI campus, before a single tenant signed.

Who's Still Building

The only ground-up that pencils today solved its hardest constraint before breaking ground — land and entitlement via public-private partnership, power via joint venture.

The Gap Beneath the Number

Construction input prices are climbing twice as fast as the bids builders are winning — moving the tariff off the owner's budget and onto the contractor's balance sheet, and turning the cheapest bid into a solvency question.

The Glut Ends Early

Apartment demand outpaced new supply for the first time since 2022 — and the pipeline just hit a 2013 low.

🟡U.S. Apartment Construction Pipeline Shrinks to Lowest Level Since 2015

A sharp pullback in development sets up a 2026–27 supply drought.