Field notes from the operating layer.

Quarterly thinking on commercial real estate, AI, operations, and the messy work of building software for a 100-year-old industry.

6 posts · 2 years

Latest · Q2 2026

AI ran a marathon. CRE took a walk.

AI moved faster than any technology shift in modern history. Real estate moved like it always has.

Vip Sandhir May 2026 7 min read

The archive.

Capital Markets

Cap rates compressed for a decade on cheap money. They expanded in 18 months. Now what?

The end of the easy decade.

February 2026 6 min read

Single-tenant NNN warehouses are the calmest-looking assets in real estate. The fundamentals beneath them are not.

The quiet repricing of industrial.

November 2025 5 min read

Every other industry uses AI to compress months of work into hours. Real estate is still scheduling the kickoff meeting.

The diligence gap.

August 2025 6 min read

The office sector is being declared dead every quarter by people who have not been in one since 2019.

Office is not dead. It is bifurcating.

May 2025 5 min read

You cannot manage what you cannot measure. Most CRE operations cannot measure most of what they do.

The measurement gap in property operations.

November 2024 5 min read