The TreppWire Podcast: A Commercial Real Estate Show 392. Gigawatts & Green Shoots: Data Center 101, Blue Owl's Healthcare Grab, & NYC's Pension Housing Bet
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Apr 24, 2026 A wide look at selective stabilization in commercial real estate and where capital is flowing. A deep dive into data centers covers operational resilience, power stacks, and recent AI campus builds. Coverage of big transactions includes Blue Owl’s $2.4B REIT buy and a record $5.7B high-yield deal tied to data center expansion. New York’s $4B pension commitment to affordable housing also gets attention.
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2026 Is A Selective Stabilization Year
- 2026 feels like selective stabilization where capital returns to durable sectors but not a broad reopening.
- TREP hosts point to strong retail and pending home sales, private capital targeting defensive assets, and constrained housing affordability.
Blue Owl’s $2.4B Healthcare Play
- Blue Owl's $2.4 billion acquisition of Sela Realty Trust bought 137 healthcare properties and pushed that REIT stock up ~20% on the news.
- Lonnie frames the deal as strategic diversification into outpatient healthcare, a durable post‑COVID sector.
Big Developers Dominate Shrinking Multifamily Starts
- Multifamily development is contracting and larger developers now command a record share of starts at 26% in 2025.
- Jay Parsons' NMHC data shows no developer started 8,000+ units in 2025 and the top‑25 floor fell under 2,000 units.