Real Estate

The recent decline in mortgage rates—staying below 6.5% for most of September—is a meaningful shift for housing. Though it may not feel like much for those accustomed to 2% or 3% rates, even small drops can have a major impact on affordability.   For example, moving from 7% to 6.5% puts 2.125 million more households in a position to buy. If rates were to fall to 6%, that number more than doubles, pricing in another 4.246 million households.   That said, it's important to consider the underlying reason behind the decline: the cooling labor market. Our historical research shows a consistent two-phase dynamic between the economy and housing:   Phase 1. A slower job market initially reduces housing demand despite lower rates. This is driven by job insecurity and weaker consumer confidence. Phase 2. Falling interest rates eventually outweigh those headwinds, helping revive sales activity.   Right now, the housing market is still in Phase 1. This is consistent with the historical pattern where housing acts as a leading indicator—it slows before the broader economy but also turns the corner sooner. Zonda Alexander Edelman Trevor Tetzlaff Sean Fergus Sarah Bonnarens Tim Sullivan Keith Hughes Cameron McIntosh Kyle Cheslock

Over the last year, nearly every FMCG executive I’ve spoken to whether sitting in Chicago, Paris, or São Paulo has echoed the same challenge: “We need to get closer to the consumer, faster.” Global brand, local nuance the future of FMCG growth depends on how well your leadership understands the street, not just the spreadsheet. It’s no longer enough to run a global playbook and hope for local resonance. Why? Because the center of gravity in FMCG has shifted. 84% of FMCG companies are now increasing local decision autonomy in key growth markets. (Bain FMCG Operating Model Report, 2023) → That means your CMO can’t be the only one with a finger on the pulse. → Your regional GM can’t just execute HQ strategy. → And your global leaders can’t lead with assumptions they need cultural fluency and operational humility. In other words: local-for-local is not just a supply chain shift. It’s a leadership shift. The most successful candidates weren’t those who had rotated through five global hubs. They were the ones who could… → Read the cultural nuances of consumer behavior in that specific region → Navigate the regulatory quirks that could derail a product launch → Influence global teams while building trust with local retailers → Speak the language literally and commercially They understood the street not just the spreadsheet. And they had the rare ability to connect what’s happening on the ground with what needs to be shifted at the center. These are the leaders FMCG needs now. → Strategists who don’t just adapt to the market, they anticipate it. → Operators who don’t wait for HQ they build and test in-market. → Connectors who know when to push back and when to align. Because in today’s world, speed and relevance win. And that doesn’t come from waiting for global sign-off. It comes from empowering the right local leaders. Here’s where I see many companies trip up: They treat “local” as junior. As operational. As reactive. The truth? Your next competitive edge may be a GM in Manila, a Marketing Director in Lagos, or a Commercial Lead in Warsaw who’s trusted enough to build strategy from the ground up. That’s what global FMCG companies are starting to understand and what we’re helping them solve for in every executive search we run. Not just global leaders who can work across regions…but local leaders who can lead across functions, cultures, and expectations while driving growth with urgency and empathy. This is the new face of global FMCG. Not centralized, but coordinated. Not rigid, but responsive. Not top-down, but built from the middle out. #ExecutiveSearch #FMCGLeadership #GlobalGrowth #ConsumerGoods #TalentStrategy #LeadershipHiring

Investing ₹20 lakhs in an under-construction flat in Hyderabad could have made you ₹1 crore in 4 years. No, this isn’t a clickbait ad. It’s an actual deal that early buyers in a project I visited just exited from. ⸻ Last week, I flew to Hyderabad to meet Ajitesh Korupolu, founder of ASBL — a developer who’s building over 10,000 homes and scaled to ₹6,000 Cr in sales. I wanted to learn what real estate investors really do to make 2X, 3X, even 5X returns — and how everyday folks can do it too. Here are the 5 Things Nobody Tells You About Real Estate Investing in India: 1. Timing beats location. Buying during “excavation stage” (literally when the builder starts digging) gives the highest upside. In the project I saw: ₹1.2 Cr (early stage) → ₹2.2 Cr (ready to move in) That’s ₹1 Cr appreciation in 4 years. 2. Leverage is your friend — if you understand it. With just ₹20L down, buyers took home ₹1 Cr net after selling. Why? Because construction-linked loans mean you pay EMI only as the building goes up. 3. Ready-to-move-in = ready-to-trap-yourself. If you’re buying to invest, stop chasing finished flats. Capital is locked, returns are capped, rental yields are 2–3%. 4. Risk isn’t in the property. It’s in the builder. 30% of under-construction projects still face delays. Do this before investing: → Study builder’s past projects → Compare scale continuity → Understand their financing cycle 5. Hyderabad is exploding — for real. Amazon, Google, Apple are setting up their second-largest global HQs here. Tech jobs → housing demand → appreciation cycle → investor opportunity. ⸻ Real estate isn’t slow money. If you play it like the pros, it’s high-leverage, high-upside, timed risk. And I’m going to keep learning, testing, and sharing every play. Watch the full episode to learn it all. I'm adding the link in the comments. #rentvsbuy #realestate #investinginahome #hyderabad

Climate Change Risk Assessments 🌎 Climate-related financial disclosure requirements are expanding across jurisdictions, increasing expectations for companies to assess and report on climate-related risks and opportunities. A structured climate change risk assessment (CCRA) is central to meeting these evolving regulatory demands. CCRAs evaluate both physical risks—such as extreme weather events, water stress, and sea level rise—and transition risks, including policy changes, carbon pricing, and shifts in market or technology landscapes. They also help identify potential opportunities linked to decarbonization, energy efficiency, and new revenue models. Scenario analysis is a core component. It enables companies to test strategic resilience under divergent climate pathways, including high-emissions futures and low-emissions transitions aligned with the Paris Agreement. Most regulatory frameworks now require both perspectives. Benefits of a robust CCRA include improved risk management, reduced exposure to disruptions, and strengthened alignment with investor expectations. Insights from these assessments can be embedded into enterprise risk systems, capital planning, and strategic roadmaps. Key challenges include short-term thinking in risk registers, limited access to forward-looking climate data, and misalignment between climate risk analysis and existing sustainability goals. These gaps can reduce the effectiveness of disclosures and slow organizational response. Recommended approaches include leveraging established scenarios (e.g. IPCC, IEA), integrating outputs into ERM systems, using frameworks like ISSB and TCFD for structure, and applying competitive benchmarking to validate assumptions. Cross-functional engagement improves practical relevance. As regulatory standards converge, CCRAs are becoming a baseline expectation. Those who develop structured, forward-looking assessments will be better positioned to adapt business models, manage uncertainty, and align with capital markets under increasing climate scrutiny. Source: Ramboll #sustainability #sustainable #business #esg #climatechange #risk

🌎 Designing Cross-Cultural And Multi-Lingual UX. Guidelines on how to stress test our designs, how to define a localization strategy and how to deal with currencies, dates, word order, pluralization, colors and gender pronouns. ⦿ Translation: “We adapt our message to resonate in other markets”. ⦿ Localization: “We adapt user experience to local expectations”. ⦿ Internationalization: “We adapt our codebase to work in other markets”. ✅ English-language users make up about 26% of users. ✅ Top written languages: Chinese, Spanish, Arabic, Portuguese. ✅ Most users prefer content in their native language(s). ✅ French texts are on average 20% longer than English ones. ✅ Japanese texts are on average 30–60% shorter. 🚫 Flags aren’t languages: avoid them for language selection. 🚫 Language direction ≠ design direction (“F” vs. Zig-Zag pattern). 🚫 Not everybody has first/middle names: “Full name” is better. ✅ Always reserve at least 30% room for longer translations. ✅ Stress test your UI for translation with pseudolocalization. ✅ Plan for line wrap, truncation, very short and very long labels. ✅ Adjust numbers, dates, times, formats, units, addresses. ✅ Adjust currency, spelling, input masks, placeholders. ✅ Always conduct UX research with local users. When localizing an interface, we need to work beyond translation. We need to be respectful of cultural differences. E.g. in Arabic we would often need to increase the spacing between lines. For Chinese market, we need to increase the density of information. German sites require a vast amount of detail to communicate that a topic is well-thought-out. Stress test your design. Avoid assumptions. Work with local content designers. Spend time in the country to better understand the market. Have local help on the ground. And test repeatedly with local users as an ongoing part of the design process. You’ll be surprised by some findings, but you’ll also learn to adapt and scale to be effective — whatever market is going to come up next. Useful resources: UX Design Across Different Cultures, by Jenny Shen https://lnkd.in/eNiyVqiH UX Localization Handbook, by Phrase https://lnkd.in/eKN7usSA A Complete Guide To UX Localization, by Michal Kessel Shitrit 🎗️ https://lnkd.in/eaQJt-bU Designing Multi-Lingual UX, by yours truly https://lnkd.in/eR3GnwXQ Flags Are Not Languages, by James Offer https://lnkd.in/eaySNFGa IBM Globalization Checklists https://lnkd.in/ewNzysqv Books: ⦿ Cross-Cultural Design (https://lnkd.in/e8KswErf) by Senongo Akpem ⦿ The Culture Map (https://lnkd.in/edfyMqhN) by Erin Meyer ⦿ UX Writing & Microcopy (https://lnkd.in/e_ZFu374) by Kinneret Yifrah

Multifamily housing starts dropped to the lowest levels in a decade, according to U.S. Census data released yesterday, further evidence that the apartment supply cooldown will be deeper than a mere return to pre-COVID norms. Total multifamily starts over the last 12 months tallied 336,100 units. That compares to the peak of 538,700 units started in the T-12 period ending in November 2022. Also notable: On a monthly basis, multifamily housing starts in November 2024 were the third lowest of ANY month since 2015 -- only higher than March 2024 (same headwinds) and April 2020 (COVID lockdowns). It's worth noting (as several media articles did) that permits have not cooled quite as dramatically as starts. So the number of units permitted but not started remains well above normal -- and actually re-accelerated a tick after dropping off in 2023. So that remains an interesting data point to watch. Remember that permitting rules vary by city (in terms of costs and how long you have to start the project once permitted), so in some cases, developers may be pulling permits to get shovel ready once capital is lined up. But in today's environment of sticky/elevated rates plus reluctant LP equity, I would think a good chunk of those projects won't be able to break ground any time soon. Bottom line: Construction starts data continues to play out as expected -- feeding into the the consensus forecast for a low-supply environment in 2026-27, and possibly helping justify some of the industry's bullish expectations for that period. Other thoughts?

What if shipping containers become the most disruptive real estate asset of the next decade... what do you think about this implementation? AI is turning steel boxes into: 🏡 Luxury villas 🏢 Modular tech campuses 🌱 AI-powered vertical farms 🏥 Emergency medical units deployed in days But this is no longer “creative architecture.” This is AI-designed adaptive infrastructure. Let’s look at the numbers: + The global modular construction market is projected to exceed $150–200B within this decade, growing ~6–8% CAGR. + Construction productivity has grown less than 1% annually for decades — while manufacturing improved ~3–4% per year. Modular + AI changes that equation. + AI-driven generative design can reduce material waste by up to 20–30% through structural optimization. + Digital twin simulations can reduce project delays by 15–20% by identifying risks before physical build. + Container-based vertical farms can use up to 90–95% less water than traditional agriculture. Now combine: Containers = speed + mobility + standardized structure AI = optimization + simulation + predictive intelligence Together → programmable real estate. In high-density markets like Singapore, climate-sensitive regions, or fast-growing tech corridors, this becomes strategic infrastructure — not alternative housing. The next wave isn’t just “smart homes.” It’s: • Self-optimizing buildings • Plug-and-play campuses • AI-managed micro-cities • Rapid-deployment economic zones The companies that integrate: Generative AI + Digital Twins + IoT + Modular Engineering …will redefine urban development. #AI #ModularConstruction #Innovation via @diycraftstvofficial #PropTech #DigitalTwin #SmartInfrastructure #Innovationvia

Why Zoning is Civil Rights Work When most people hear the word zoning, they think about technicalities: setbacks, height limits, density allowances. It sounds dry, like something only planners or lawyers care about. But here’s the truth: zoning is not neutral. It’s about who gets to live where, and under what conditions. Which means zoning is civil rights work. A Tool of Exclusion Zoning has long been used to draw invisible lines that separated people by race and class. -Early 20th-century zoning explicitly barred Black families from white neighborhoods until the Supreme Court outlawed it in 1917. -When race-based zoning was struck down, cities pivoted to “exclusionary zoning”, large-lot single-family requirements, bans on apartments, and parking mandates. The effect was the same: keeping certain people out. -Combined with redlining and urban renewal, zoning became a powerful tool for segregation and disinvestment. The legacy is visible today. In many cities, the neighborhoods with the best schools, green space, and transit are zoned for single-family homes only, shutting out renters, working-class families, and first-generation buyers. Why Reform Matters Now When we talk about equity in housing, zoning is often left out of the conversation. But it shapes everything else: -Housing access. If only single-family homes are allowed, and those homes start at $500K, who can afford to move in? -Opportunity. Zoning dictates whether a child grows up near strong schools, jobs, and transit, or in an isolated area with fewer resources. -Affordability. Allowing duplexes, triplexes, and small multi-family homes can open the door to more affordable options without subsidies. In other words, zoning is not just land use policy. It’s opportunity policy. Zoning as Repair If zoning has been used as a tool of exclusion, it can also be a tool of repair. Reform doesn’t mean eliminating single-family homes. It means giving communities more choices: -Legalizing missing middle housing like duplexes, fourplexes, and accessory dwelling units. -Reducing parking requirements that inflate costs and limit walkability. -Supporting mixed-use neighborhoods that connect housing to small businesses, schools, and services. When we talk about housing as a civil rights issue, we can’t only talk about programs and subsidies. We have to talk about the rules that shape the very ground we build on. The Call Take Away Zoning may look like a technical detail, but it determines who belongs where. And that makes it one of the most important levers we have for building equitable cities. Civil rights isn’t only about who can vote or who can ride the bus. It’s also about who gets to live in safe, affordable, opportunity-rich neighborhoods. If we want to live up to our values, zoning reform has to be part of the civil rights agenda. What’s one zoning rule in your city that you think needs to change?

I spent the week trying to answer the question: How can I build a property management company with zero human employees? After studying every AI tool in multifamily, I found something surprising. Here's what would happen if machines ran your apartment building: A few months ago, I designed a hypothetical zero-employee development firm. Now, I'm tackling property management. I can't stop thinking about how close we are to this reality. From leasing to maintenance, there's now an AI tool for almost every step. So I designed a hypothetical property management company with zero employees: Asimov Management. The goal: a full-service multifamily property manager that happens to have no full-time staff. For this to work, we'll use AI and automation to cover: • Marketing and leasing • Pricing optimization • Virtual and self-guided tours • Tenant screening and onboarding • Customer service • Maintenance coordination • Renewals and reporting While the tech isn't 100% there yet, here's what I learned: What's already possible: → AI-powered leasing assistants handle most prospective tenant questions → Self-guided tours work through automated access control systems → Maintenance requests can be routed to third-party gig workers → Renewal offers can be automatically generated and negotiated Where we're stuck: → Physical maintenance still requires humans (robots can't fix toilets...yet) → Many residents still prefer talking to a human at a front desk → Preventative maintenance relies on technicians' intuition → Larger buildings (250+ units) struggle with full automation The reality: • The most valuable application isn't replacing property managers • It's giving them superpowers to handle more properties with less effort Here's what this means for property management: • Class definitions may shift as service expectations change • Tasks will be centralized rather than eliminated • Resident preferences may actually evolve to favor AI interactions • The best operators will blend automation with strategic human touchpoints From my experience founding Common in 2015, I learned something critical: The approaches that worked well at 50-unit properties often broke at 250 units. Technology can centralize most functions. But, some residents always prefer walking to the front desk rather than using an app. This could change as AI improves. Meaning residents may prefer the predictability of AI over unpredictable humans. We're already seeing this in ride-sharing, where Waymo beats Uber and Lyft in user retention. So how close are we to machines running property management? Perhaps far closer than we expect. What parts of property management do you think AI will transform first? Full letter on how I designed Asimov Management is linked in the comments.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗧𝗿𝗲𝗻𝗱𝘀: 𝗪𝗵𝗼'𝘀 𝗕𝘂𝘆𝗶𝗻𝗴 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗶𝗻 𝗗𝘂𝗯𝗮𝗶 𝗡𝗼𝘄? (𝟮𝟬𝟮𝟱 𝗨𝗽𝗱𝗮𝘁𝗲) Last year's buyer nationality analysis was one of my most discussed posts. Full-year 2025 data tells a sharper story. Dubai's buyer base is more diversified than at any point in the city's history, and the motivations driving capital here have broadened well beyond pure speculation. ↳ 𝗜𝗻𝗱𝗶𝗮 (𝟮𝟮%, #𝟭): Expanded to 22%, driven by Golden Visa uptake, Rupee hedging, and a growing share of buyers purchasing as primary residents rather than pure investment. ↳ 𝗨𝗻𝗶𝘁𝗲𝗱 𝗞𝗶𝗻𝗴𝗱𝗼𝗺 (𝟭𝟳%, #𝟮): Highest UK share in recent history. Non-dom tax reforms and fiscal uncertainty at home are driving structural reallocation into Dubai lifestyle assets: waterfront properties, golf communities, and branded residences. ↳ 𝗖𝗵𝗶𝗻𝗮 (𝟭𝟰%, #𝟯): The 2025 story. Chinese capital returned at scale after years of pandemic suppression and domestic property market stress. Geopolitical neutrality, Belt and Road alignment, and expanded direct flights accelerated the reentry. Strong preference for off-plan, new-build product. ↳ 𝗦𝗮𝘂𝗱𝗶 𝗔𝗿𝗮𝗯𝗶𝗮 (𝟭𝟭%, #𝟰): Highest average ticket size among all top nationalities, concentrated in Palm Jumeirah and Dubai Hills Estate. Dubai complements Riyadh's build-out as the established regional second-home market. ↳ 𝗥𝘂𝘀𝘀𝗶𝗮 (𝟵%, #𝟱): Stabilized from the 2022 surge (15%, #1) to a steady 9%. Capital now reflects settled community and portfolio expansion, concentrated in super-prime waterfront. ↳ 𝗘𝗺𝗲𝗿𝗴𝗶𝗻𝗴 𝗦𝗶𝗴𝗻𝗮𝗹𝘀: Pakistan holds at #6. Italy and France anchor a growing European lifestyle bloc. Egypt and Turkey entered the top 10 as currency and inflation hedgers, with Egyptian buyer activity up 150% in early 2025. The deeper signal is diversification itself. Five years ago, two or three source markets drove most of Dubai's transaction volume. Today, 10 or more nationalities each hold meaningful share, and their motivations span tax optimization, currency hedging, geopolitical safety, lifestyle relocation, and yield. That breadth is a buffer. When one corridor cools, others absorb. The question for developers and investors: does your product strategy reflect who is actually buying, or are you still underwriting for the buyer mix of 2022?