🚗 The Impact of autonomous vehicles on real estate
📣 Atlanta and Philly offer landmark office conversions at steep discount
🗽 $11B bet on NYC offices
📚 September courses & workshops on AI, family office capital

Data Viz of the Week: The Endangered Move

Last week, we shared apartment REIT data showing lease turnover dropping from 55% to 40% over the past decade as more renters stay put.

But that's just one piece of a bigger puzzle. Across the country, Americans today are far less likely to move than previous generations. The share of Americans moving every year has been cut in half since 1995.

The biggest decline? People moving within the same county, which dropped from 11% to just over 4% of all people per year over the past 30 years.

Upcoming Thesis Driven Courses & Classes

• 📣 LAST CALL (September 1): Selling Into Real Estate Owners (💻 Online): A bootcamp for people selling technology and products into the real estate industry - Sign up

• September 3-4: Workshop: Raising Capital from Family Offices (💻 Online): A two-day interactive workshop for real estate sponsors, entrepreneurs & capital raisers looking to raise capital from family offices - Sign up

• September 8-9: Fundamentals of Capital Raising (🗽 Live): a two-day live bootcamp in NYC on playbooks for raising capital from HNWIs, family offices and institutional investors - Sign up

• September 10-11: Workshop: AI in Real Estate (💻 Online): A two-day interactive workshop for real estate owners, operators, and developers exploring how to use AI in the sector - Sign up

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (Driverless Digest) The Impact of Autonomous Vehicles on Real Estate with Brad Hargreaves

   Our own Brad Hargreaves joins Harry Campbell to explore how autonomous vehicles are reshaping real estate—changes in exurban growth, urban infrastructure, commutes, and emerging investment strategies

2. (NY Post) Two iconic office hubs just went on sale in the heart of 2 major U.S. cities
   The massive Peachtree Center in Atlanta and Centre Square in Philadelphia—both with steeply dropping occupancy (as low as 8% and 36%, respectively)—are now listed for sale, signaling increasing opportunities for redevelopment in aging office hubs.

3. (FT) Investors pile billions into New York office market
   Total commercial mortgage-backed securities lending in New York’s office sector reached $11 billion this year—the highest level since 2021—covering both trophy and older assets across Midtown and Times Square as leasing improves.

Developer of the Week: Skanska Commercial

A new 25-story Seattle-area office tower is coming online, and it's already 80% leased.

Skanska Commercial Development - the construction firm's development arm - just completed the 800,000 square foot building in downtown Bellevue, WA.  While office may be suffering overall, highly-amenitized projects like this one are doing fine.

The anchor tenant? Pokemon.

You can read more about Skanska on the Thesis Driven GP database here.

Know about a developer doing something cool? Reach out to [email protected] with the tip!

—Brad and Paul