Only 0.5% of U.S. land works for large-scale data center development.

On this episode of First Draft Live, Tract President and Tract Capital managing director Graham Williams, whose firm is behind some of the biggest data center developments in the country, breaks down why power, water, a shrinking skilled workforce and rising regulation and public backlash are making viable sites surprisingly difficult to find.

Multifamily is under pressure from every direction, and yet it is still expected to fix America's housing crisis.

A record wave of new supply has hit the market, pushing vacancy higher and rent growth flat or negative in several Sun Belt metros. At the same time, Washington is turning up the heat, with voices like Sen. Elizabeth Warren targeting institutional ownership and the Federal Trade Commission applying new scrutiny to rental fees.

But with the bulk of the supply tsunami behind us, could 2026 be the turnaround year? Or will it be just another step in a longer reset?

On this episode of First Draft Live, Bisnow sits down with Bob Hart, president and CEO of TruAmerica Multifamily, to break down where the market actually stands, where capital is flowing and how investors are making the math work in a sector caught between rising pressure and uncertain recovery.

This was supposed to be commercial real estate’s year.

The industry entered 2026 expecting interest rates to fall, liquidity to rise, and for long-stalled transactions to finally put the pedal to the metal. For a while, it seemed as though CRE would finally be experiencing a true recovery from the massive hit it took during the pandemic.

But today, things are looking a little shakier.

Global instability surrounding the escalating conflict between the U.S. and Iran has escalated tariff and trade tensions. Meanwhile, $1.2T in real estate loans are expected to mature by 2027, a significant amount of which were originated when borrowing costs were much lower.

On this episode, Greg Friedman, CEO of Peachtree Group, one of the most active private credit platforms in CRE, breaks down the impacts as it stands today.