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112 STORIES / PSV ORIGINAL REPORTING

AI in CRE

AI model releases, capability shifts, and deployment news that matter to CRE teams running AI in production.

An aerial view of the Navy’s Old Town Campus in San Diego: a row of long, low white industrial buildings with grey and red roofs running beside a multi-lane freeway and rail tracks, a neighborhood of houses and trees in the foreground, and an airport runway and San Diego Bay under a hazy sky in the distance.

THE LEAD / CRE AI NEWS

6 MIN READ6 SOURCES

A 400 MW Data Center Pitched for the Navy’s NAVWAR Campus

Manchester Financial Group, the Navy’s selected developer for the 70.3-acre NAVWAR Old Town Campus in San Diego, has explored a 400 megawatt data center on the site, according to public records reported on October 15. The developer says no agreements are in place. Rep. Scott Peters said on October 16 that he opposes it.

PSV ORIGINAL REPORTING & ANALYSIS

More from this desk.

Every AI in CRE story PSV has filed, newest first. Each one is written in-house and traced to a primary record.

Developing stories

A power station on a flat horizon seen across dark farm fields, with two tall smokestacks releasing plumes that drift to the right, a large boiler building at their base, silos and an inclined conveyor to the right, transmission towers at the far left, two wooden utility poles in the foreground and a heavy bank of cloud across the top of the sky.

DEVELOPING STORY / 01

CRE AI NEWS

01 / 04

Applied Digital Signs a 1,200 MW Gas Power Deal With a Company Its CEO Runs

Applied Digital’s Form 10-Q, filed October 7, discloses a 15-year power purchase agreement signed October 4 for capacity and energy from a roughly 1,200 megawatt gas-fired plant that Base Electron plans to build in Center, North Dakota, for the Polaris Forge 3 data center campus. The filing says Base Electron is owned and managed by Applied Digital officers and directors, and that Applied Digital’s chief executive is also Base Electron’s.

9 MIN READ4 SOURCES
Read the operator view
A long, low grey data center building with rows of dark rooftop cooling units stands behind a black steel picket fence at the foot of a mown grass slope, with a line of young trees in early autumn color running down the slope at the right, a road beyond them, and a bright sky streaked with thin cloud.

DEVELOPING STORY / 02

CRE POLICY NEWS

02 / 04

Loudoun Leaves 15 Grandfathered Data Center Projects Alone

Loudoun County’s Board of Supervisors on October 6 took up a proposal to end early the 2025 rule that lets 15 pending data center site plans, 30 buildings and about 10.5 million square feet, proceed without a board vote. Staff warned of $45 million to $60 million in potential liability. The board changed nothing, and local outlets report it tabled a $200,000 audit of those projects 7-2.

9 MIN READ8 SOURCES
Read the operator view
A gas-fired power plant seen across a field of green brambles and reeds, with three tall grey exhaust stacks rising from a block of steel pipework at the left, a long low cooling tower structure at the right, and dry golden hills under a clear blue sky behind.

DEVELOPING STORY / 03

CRE CAPITAL NEWS

03 / 04

LS Power Closes a $6 Billion Fund and Points $1.7 Billion at Gas Plants in PJM and Texas

LS Power said on October 6 that its sixth flagship fund closed with about $6 billion of commitments against a $4 billion target. About $1.7 billion is already committed to buying gas-fired plants from Constellation in Delaware, Pennsylvania and Texas. Constellation’s filings price those sales at $5.86 billion in total. The fund release never mentions data centers. An earlier LS Power release does.

8 MIN READ5 SOURCES
Read the operator view
A row of large grey and green industrial enclosures with louvered panels and tall silver exhaust stacks, linked by steel walkways and stairs, standing behind a black steel palisade fence beside a strip of mown grass and an empty two-lane road, under heavy white and grey clouds with a patch of blue sky at the right.

DEVELOPING STORY / 04

CRE AI NEWS

04 / 04

General Catalyst and Koch Put $2 Billion Into Flex’s Data Center Power Spin-Off at a $37.5 Billion Value

Flex filed a Form 8-K on October 5 for an agreement signed October 2: investors led by General Catalyst will buy $2.0 billion of convertible preferred stock in Axiom, the data center power and cooling business Flex plans to spin off in early 2027. Flex’s release puts Axiom’s initial enterprise value at $37.5 billion. The money helps pay for EPC Power.

9 MIN READ5 SOURCES
Read the operator view

Latest from PSV

05BRIEF

CRE AI NEWS

TeraWulf Doubles Contracted Power at Its Kentucky Campus to 1 GW, and Flags the Collateral

TeraWulf’s Form 8-K filed October 5 says a subsidiary signed amended agreements with Kentucky Power on October 1 that raise contracted power at its Muskie Data Campus in eastern Kentucky from 500 megawatts to 1 gigawatt and move the second phase from 2030 to 2029, subject to state utility regulators. The same filing says the company is seeking more debt to back letters of credit for its utility agreements.

8 MIN READ6 SOURCES
06BRIEF

CRE POLICY NEWS

Cheyenne and Arapaho Citizens Vote a Three-Year Data Center Moratorium on Tribal Land

At their annual Tribal Council meeting in Concho, Oklahoma on October 3, citizens of the Cheyenne and Arapaho Tribes voted on Resolution 100326ATC-004, a moratorium on building new data centers on tribal land. News 9 reported it passed 261 to 83. The resolution says the tribal administration was considering a data center, and that non-disclosure agreements are not in the Tribes’ best interests.

7 MIN READ6 SOURCES
07BRIEF

CRE AI NEWS

Amazon’s Built Together: $1 Billion for Data Center Towns and No More Government NDAs

Amazon Web Services CEO Matt Garman announced on October 2 a written Amazon Data Center Commitment and Built Together, a program that adds more than $1 billion over five years for U.S. communities that host its data centers. The tenets include no nondisclosure agreements with government agencies, Tier 4 backup generators at new sites and annual energy and water reporting.

7 MIN READ3 SOURCES
08BRIEF

CRE PROPTECH NEWS

JLL Technologies CEO Mihir Shah Is Leaving: What Clients of JLL’s Software Should Ask

JLL disclosed in a September 30 SEC filing that Mihir Shah, CEO of JLL Technologies and a member of its Global Executive Board, will leave the company effective April 1, 2027, with about $3.6 million in separation payments. The exit comes nine months after JLL folded its software business into its property and facilities management segment.

6 MIN READ6 SOURCES
09BRIEF

CRE AI NEWS

Ken Griffin’s $3 Billion Gift Puts a Carnegie Mellon AI-Era Campus in Miami’s Wynwood

Carnegie Mellon University announced a $3 billion gift from Citadel founder Ken Griffin on September 30, including $2 billion to launch CMU Miami on a campus of more than 35 acres in Wynwood. CMU says construction is slated to begin in 2027, pending regulatory approvals, for a campus built around AI-era research, industry labs and venture studios.

6 MIN READ4 SOURCES
10BRIEF

CRE PROPTECH NEWS

EliseAI Raises $350 Million to Push AI Deeper Into Apartment Operations

EliseAI, which sells AI agents for apartment leasing, resident service, maintenance and renewals, raised $350 million at a $4 billion valuation on September 29, led by Andreessen Horowitz and Bessemer Venture Partners with Ontario Teachers’ Pension Plan participating. It says the money goes to automating more of its customers’ operations, weeks after launching an agent that can act anywhere in its platform.

7 MIN READ4 SOURCES
11BRIEF

CRE AI NEWS

Glendale Advances Project Eagle, a Data Center With Its Own Gas Plant

Glendale’s Planning Commission heard ZON26-05 on September 24: a rezoning of about 160 acres next to Luke Air Force Base for three data centers and eighteen 72-foot natural gas turbines that would power the campus until APS builds a substation, anticipated in 2030. Local press reported a 4-2 vote to recommend it. The City Council votes on October 27.

8 MIN READ11 SOURCES
12BRIEF

CRE POLICY NEWS

Texas Halts Data Center Permits Until ERCOT’s Audit Is Done

Governor Greg Abbott directed the Texas Commission on Environmental Quality on September 21 to pause the issuance of all permits related to data center projects until ERCOT completes its review, and said no state agency should move forward with data center approvals until the audit information is in. ERCOT’s responses are due October 12 and its report by December 10. No end date is set.

9 MIN READ8 SOURCES
13BRIEF

CRE PROPTECH NEWS

HouseCanary’s Chapter 11 and the AI Valuation Vendor Question

HouseCanary, the AI valuation and property data company whose customers include mortgage lenders, government-sponsored enterprises and single-family rental REIT operators, filed Chapter 11 in New Jersey on September 22, the day its lender had set to auction its operating assets. The court has approved $3 million of interim financing. The filings show a vendor whose model is pledged to its financiers.

9 MIN READ8 SOURCES
14BRIEF

CRE CAPITAL NEWS

Oracle’s Force Majeure Notice on Project Jupiter

Oracle has sent a force majeure notice to Stack Infrastructure, the developer of Project Jupiter in Doña Ana County, New Mexico, that reportedly lets it defer some rent for up to three years if the campus’s power is late. Oracle’s own July release already conditioned its commitments on a pipeline and air permit that remain unresolved.

9 MIN READ6 SOURCES
15BRIEF

CRE POLICY NEWS

Maryland Puts Every 25 MW Data Center Through State Review

Governor Wes Moore signed Executive Order 01.01.2026.16 on September 23, putting any Maryland data center of 25 megawatts or more through one state review the moment it asks the state for a permit, incentive or letter of support. A new task force grades each project Aligned, Conditionally Aligned or Not Aligned on a public dashboard, and the governor will ask lawmakers to repeal the 2020 sales tax exemption.

10 MIN READ5 SOURCES
16BRIEF

CRE AI NEWS

Brookings Paper Puts the AI Build-Out at $10.3 Trillion

A Brookings Papers on Economic Activity conference draft by Columbia real estate professor Stijn Van Nieuwerburgh, posted September 23 for presentation September 25, projects $10.3 trillion of U.S. AI infrastructure investment from 2025 to 2032, about 3.63 percent of GDP a year, and warns that the financing is moving into leases, joint ventures and special-purpose vehicles that are hard to see.

10 MIN READ4 SOURCES
17ANALYSIS

UNDERWRITING

Can Claude Read ARGUS? What Altus Has Shipped, and What It Hasn’t

Can Claude read ARGUS? Underwriting teams ask because their cash flows live in ARGUS and their questions increasingly start in Claude. The answer has three parts: what Altus Group has shipped, which is its own AI inside ARGUS; what Anthropic’s directory lists, which is no ARGUS connector; and what Claude can already do with the reports a team exports. Here is each, and the reconciliation workflow PSV would run.

9 MIN READ6 SOURCES
18ANALYSIS

PROPERTY OPERATIONS

Does AppFolio Work With Claude? What the Realm-X Connector Hands Off

Does AppFolio integrate with Claude? Since June 2026 it does, through a connector AppFolio calls agent-to-agent: Claude asks, and AppFolio’s own Realm-X AI runs the job inside AppFolio. That design decides what a property manager can delegate, what a connected seat can change, and which plan unlocks it. Here is what AppFolio and Anthropic have published, and the workflow PSV would run.

9 MIN READ5 SOURCES
19BRIEF

CRE POLICY NEWS

Prince William Ends By-Right Data Center Development

Prince William County’s supervisors voted September 22 on DPA2026-00006, a zoning text amendment that closes the county’s Data Center Opportunity Zone Overlay District to any future expansion and routes new data centers outside it through the special use permit process. County staff put the revised overlay at roughly 214 parcels and 3,504 acres, down about 6,194 acres, or approximately 64 percent.

10 MIN READ6 SOURCES
20BRIEF

CRE POLICY NEWS

New York Starts RAISE Act Registration for Frontier AI

Governor Kathy Hochul said on September 21, 2026 that New York will direct large frontier AI developers to register with the state starting in November, ahead of the RAISE Act’s January 1, 2027 compliance date, and named the first full-time hire of the new DIGIT office. Some coverage called it new data center rules. The statute never mentions data centers.

8 MIN READ5 SOURCES
21BRIEF

CRE POLICY NEWS

Data Center Watch Q2 2026: $68B of Projects Disrupted

Data Center Watch, a research project of 10a Labs that tracks local opposition to data center development, says at least 45 U.S. projects worth nearly $68 billion were blocked or delayed by local opposition from April through June 2026. That is below its Q1 count of 75 projects and about $130 billion, but the first half of 2026 now exceeds its full-year 2025 total.

7 MIN READ7 SOURCES
22BRIEF

CRE AI NEWS

Meta Expands Its Eagle Mountain Data Center in Utah

On September 14, 2026 Meta said the Eagle Mountain Data Center is growing, bringing its total investment in Utah to more than $3 billion. Eagle Mountain City published its own record the same day. Together they itemize what a hyperscale campus expansion costs a town and what the town gets, in named dollar figures, but neither states the expansion’s megawatts, square footage or delivery date.

9 MIN READ2 SOURCES
23BRIEF

CRE AI NEWS

Amodei’s “Pace the Frontier” and Data Center REITs

On September 12, 2026 Anthropic chief executive Dario Amodei published “We Must Pace the Frontier,” an essay calling on AI companies to slow the rate at which model capabilities improve. Data center landlords sold off in the next session: Digital Realty fell 5.0 percent and Equinix 3.8 percent on September 14. By September 18 both had recovered part of the drop.

7 MIN READ5 SOURCES
24BRIEF

CRE POLICY NEWS

Ratepayer Protection Act Stalls in Senate

The House passed H.R. 9340, the Ratepayer Protection Act, by 417 to 3 on September 16, 2026. It would add a federal standard to the Public Utility Regulatory Policies Act making data center campuses of 100 megawatts or more pay the full incremental cost of the grid upgrades built for them. On September 17 Senator Martin Heinrich blocked fast passage in the Senate.

8 MIN READ8 SOURCES
25BRIEF

CRE POLICY NEWS

Virginia Proposes $2.5M Penalty on Microsoft Data Center

Virginia’s Department of Environmental Quality has proposed a consent order requiring Microsoft to pay a $2,499,000 civil charge after its Leesburg data center ran 62 emergency diesel engines for seven days during a 2025 substation failure and exceeded its permitted fuel and emissions limits. Public comment runs through October 14, 2026. All but $99,000 goes to air quality monitoring for data center areas.

9 MIN READ7 SOURCES
26BRIEF

CRE POLICY NEWS

Loudoun Votes to Pause New Data Center Applications

Loudoun County’s Board of Supervisors voted 7-1-1 on September 15 to direct staff to draft a resolution pausing new data center applications for up to 12 months while it rewrites its data center zoning rules, over a staff recommendation to take no action. A final vote is reported for October. The Planning Commission is not expected to take up the new rules until February 2027.

10 MIN READ7 SOURCES
27BRIEF

CRE AI NEWS

Cipher, Fluidstack and Anthropic Pledge $10 Million for a Data Center Town’s Water

Cipher Digital, Fluidstack and Anthropic committed a combined $10 million on September 14 to repair and expand the water system of Colorado City, Texas, home of Cipher’s 300 MW Barber Lake data center, which the company says draws no city water. PSV read the release against Cipher’s filings, whose risk factors name water and local benefit as the reasons towns stop data centers.

10 MIN READ6 SOURCES
28BRIEF

CRE CAPITAL NEWS

SB Energy’s IPO Filing Put OpenAI’s Data Center Leases on the Record

SB Energy, SoftBank’s AI data center and power developer, filed its S-1 on September 1 and added the leases themselves on September 4. It reports about $430 billion of data center backlog across 8.8 GW-IT of signed leases and no data center capacity in operation, with OpenAI the tenant on all but 50 MW. PSV read the prospectus and the filed leases the way a lender would.

10 MIN READ5 SOURCES
29BRIEF

CRE PROPTECH NEWS

Procore Paid $845 Million to See the Jobsite

Procore closed its acquisition of DroneDeploy on September 9, forty-four days after signing, for approximately $845 million in cash. The construction software company that holds the RFIs, submittals and inspections now owns the drone and camera record of the physical build too, and it paid with $950 million of zero-coupon convertible notes. PSV read the three 8-Ks and Procore’s own announcement.

11 MIN READ7 SOURCES
30BRIEF

CRE AI NEWS

NAR’s Data Center Report: The Commercial Finding Was the Clear One

The National Association of REALTORS® published its 2026 Data Center Impact Report on September 8, and the coverage led with housing, where its surveyed agents split 25 percent positive against 22 percent negative on nearby home values. The commercial answers were not close. Fifty percent reported increased nearby commercial property values and 42 percent reported increased demand for nearby commercial space, particularly industrial properties and land.

11 MIN READ5 SOURCES
31BRIEF

CRE POLICY NEWS

SpaceX’s Terafab Suit Tests What a Texas Incentive File Keeps Secret

SpaceX has sued Texas Attorney General Ken Paxton and Grimes County to stop the county releasing records behind the incentives for Terafab, its planned chip plant, including its tax abatement application. Much of the deal is already public: eight state JETI filings with an estimated $1.66 billion in school tax benefit, and county agreements that set its county tax payments at $20 million a year for a decade, then cap them there through 2061.

14 MIN READ13 SOURCES
32BRIEF

CRE POLICY NEWS

Massachusetts’ Data Center Order Puts a Contract Before the Permit

Governor Maura Healey signed Executive Order No. 658 on September 8, barring MassDEP, the Energy Facilities Siting Board, the MEPA Office and other permitting agencies from issuing any permit to a data center above 25 megawatts of peak demand until it conforms with her June 25 framework and files a community benefits agreement reviewed by the state’s environmental justice office. It also orders a clean energy mandate with a payment alternative.

12 MIN READ5 SOURCES
33BRIEF

CRE CAPITAL NEWS

CenterPoint Wrote Data Centers Into Its Covenants

On September 9, 2026 CenterPoint Energy and three subsidiaries replaced four revolving credit facilities with new ones totaling $4.6 billion. The new agreements add a defined term the December 2022 versions did not contain anywhere: Data Center Development Indebtedness, which is subtracted from the debt the banks measure in the leverage covenant. The definition names synthetic leases and built to suit lease financings.

8 MIN READ5 SOURCES
34BRIEF

CRE AI NEWS

Manhattan’s Office Squeeze Is Measured. Its AI Story Is Not.

Colliers reported on September 1 that Manhattan office availability fell to 65.40 million square feet in August, the lowest since September 2020, with the availability rate at 12.5 percent and sublet supply at its lowest since 2019. Year to date leasing of 29.91 million square feet puts 2026 on pace for the strongest year since 2000. Colliers does not attribute any of it to AI.

13 MIN READ4 SOURCES
35BRIEF

CRE POLICY NEWS

PJM’s Firm Power Exemption Is a 10 Year Commitment

PJM told this desk’s readers in July what its Board had directed. The filings themselves are now at the Federal Energy Regulatory Commission, in dockets ER26-3380-000 and ER26-3515-000, and the comment window closed on September 3. They contain terms the Board letter never stated, and the most consequential one is what a site has to promise to keep firm power.

14 MIN READ5 SOURCES
36BRIEF

CRE POLICY NEWS

Wisconsin Made Its 100 Megawatt Customers Sign for the Power

WEC Energy Group filed a Form 8-K on September 4 attaching the investor deck that finally puts numbers on Wisconsin’s Very Large Customer tariff. The Public Service Commission approved it in docket 6630-TE-113 and made it mandatory for any customer with 100 megawatts or more of annual demand. WEC now forecasts 3.9 gigawatts of new electric demand through 2030, and two data center campuses are all of it.

16 MIN READ6 SOURCES
37BRIEF

CRE AI NEWS

Flex Agreed to Pay $4.4 Billion for the 800 Volt Power Stack

Flex filed a Form 8-K on September 4 disclosing a Stock Purchase Agreement signed the day before: $4.4 billion in cash for EPC Power, a California maker of power conversion systems engineered for 800 volt DC data center architectures. The buyer says the platform consolidates functions traditionally provided by UPS systems and AC power distribution. That is a change to the electrical room, not only to a supplier list.

13 MIN READ7 SOURCES
38BRIEF

CRE POLICY NEWS

APS Has Not Committed to Serve a New Large Load Since 2024

Closing briefs in the Arizona Public Service rate case were docketed on August 27, and they carry a fact no site selection memo in metro Phoenix can ignore. Microsoft, an intervenor, told the Arizona Corporation Commission that APS has been unable to commit to serve any new large load customer since January 1, 2024. APS’s own brief describes a large queue of uncommitted customers. PSV read the briefs.

15 MIN READ6 SOURCES
39BRIEF

CRE POLICY NEWS

A 22 Million SF Data Center Rezoning Died Over an Ad

The Court of Appeals of Virginia held on March 31, 2026 that Prince William County’s three Digital Gateway rezoning ordinances are void from the beginning, because the county advertised the December 2023 hearing defectively. The county chose not to appeal on April 14, 2026. Compass Datacenters withdrew on April 29, and QTS told the Supreme Court of Virginia on July 2 that it was terminating the project.

8 MIN READ6 SOURCES
40BRIEF

CRE CAPITAL NEWS

Vertiv Agreed to Pay $1.45 Billion for the Power Blueprint

Vertiv Holdings Co filed an 8-K on Wednesday disclosing that its Vertiv Corporation subsidiary agreed on September 1 to acquire Utility Innovation Holdings, Inc., which operates as UtilityInnovation Group, for approximately $1.45 billion in cash at closing plus up to $1.15 billion more if earnout targets are met. UIG designs microgrids and behind-the-meter power architecture for data centers. Vertiv says the point is time to power. PSV read the filing and the merger agreement behind it.

13 MIN READ4 SOURCES
41BRIEF

CRE CAPITAL NEWS

Google Signed for 396 Megawatts Before It Named a Building

Fervo Energy filed an 8-K on Tuesday morning disclosing that a wholly owned subsidiary signed a 15-year power purchase agreement with Google Energy for 396 megawatts of enhanced geothermal capacity at Cape Station in Beaver County, Utah, plus an option that would take the total to roughly 950 megawatts. Fervo calls the power a building block for a potential Utah data center. No building has been announced. PSV read the filing and the statute behind it.

13 MIN READ5 SOURCES
42BRIEF

CRE AI NEWS

SLB Agreed to Pay $4.1 Billion for the Cooling Loop

SLB furnished an 8-K on Monday morning announcing an agreement to buy Kelvion, a German thermal management and heat exchange manufacturer, for approximately $3.4 billion in cash plus roughly $0.7 billion of assumed debt. Apollo, the seller, headlines the same deal at $4.1 billion. An oilfield services company is buying the heat rejection layer of the AI buildout. PSV read both records.

12 MIN READ4 SOURCES
43BRIEF

CRE POLICY NEWS

Texas Paused the Data Center Grid Queue, and the Gate Is Paperwork

Governor Greg Abbott directed a verification and audit of every data center advancing through ERCOT’s interconnection process on August 3. The Public Utility Commission of Texas made it operative on August 20, granting ERCOT good cause exceptions that suspend Batch Zero classification deadlines. ERCOT then told the market it intends to issue conditional classifications by August 31. PSV read the letter, the order and ERCOT’s filed presentation.

12 MIN READ7 SOURCES
44BRIEF

CRE CAPITAL NEWS

IREN Wrote Off $638.8M to Turn Mining Halls Into AI Data Centers

IREN Limited reported FY26 results on August 27 and filed its annual report the same day. Revenue rose to $707.0 million and the company still booked a $702.6 million net loss, because $638.8 million of impairment came out of retrofitting air-cooled mining halls into liquid-cooled AI capacity. PSV read both records. The conversion cost, and the spread on who signs the contract, are the real estate story.

10 MIN READ3 SOURCES
45BRIEF

CRE POLICY NEWS

EPA Would Let a Data Center Break Ground Before Its Air Permit

Two EPA proposals now sitting in the docket would change data center permitting from opposite ends: one narrows what counts as starting construction, so site work could begin before an air permit issues, and the other drops the federal floor requiring public notice on minor source permits. PSV read both rules. Neither is final, and neither says “data center” once.

10 MIN READ6 SOURCES
46BRIEF

CRE POLICY NEWS

Six Federal Cases Are Testing Where a Data Center Can Sit

Five federal class actions filed since April accuse data center operators of pushing unreasonable noise onto neighboring homes, and a sixth case runs the other direction: a developer suing Nashville over a permit moratorium. PSV read all six dockets. Two of the five have already ended, neither of them on the merits, and the pattern is not the one the trade press is describing.

10 MIN READ8 SOURCES
47BRIEF

CRE AI NEWS

AI Searched 200 Title Files. The Misses Clustered in One Place.

DataTrace released a study on July 29 comparing public-record-only AI title search against search supported by its own title plant data. Across 200 residential title files, the AI search missed at least one meaningful matter in 40.8 percent of searchable files, and could not search 16 of the files at all. The company sells the title plant data it benchmarked against.

11 MIN READ4 SOURCES
48BRIEF

CRE CAPITAL NEWS

NVIDIA Backstopped a 20-Year Lease. CRE Has a Name for That.

NVIDIA filed a Form 8-K on August 17 disclosing multiple residual value guaranties behind leases covering approximately 4.25 gigawatts of IT load at the PORTS Technology Campus in Pike County, Ohio. SB Energy will build, own and operate the campus, an affiliate of OpenAI Group PBC is the tenant on a 20-year lease, and NVIDIA’s aggregate payment obligation is cumulatively capped at $105 billion.

11 MIN READ4 SOURCES
49BRIEF

CRE POLICY NEWS

TVA Repriced Data Center Power. The Tariff Isn’t Public.

The TVA Board voted in Memphis on August 20 to move data centers out of the manufacturing rate class and onto a rate of their own. Officials at the meeting described an October 1 start, a roughly 10 percent increase, a three-year phase-in for existing sites, and an upfront capacity commitment charge on new load above 5 megawatts. TVA’s own release names none of those terms.

12 MIN READ5 SOURCES
50BRIEF

CRE AI NEWS

AI Is Leasing Offices and Cutting the Jobs That Fill Them

CBRE published its Scoring Tech Talent 2026 report on August 18. AI-skilled tech talent across the U.S. and Canada grew 45 percent year over year to 751,000, and AI roles now account for 31 percent of open U.S. tech talent jobs, 57 percent in the San Francisco Bay Area. The same report records 101,743 job cuts this year that employers attributed directly to AI.

12 MIN READ4 SOURCES
51BRIEF

CRE POLICY NEWS

Pennsylvania’s Data Center Order Turns on One Number

Governor Josh Shapiro signed Executive Order 2026-05 on August 18, directing Commonwealth agencies to hold every data center proposal with peak demand over 25 megawatts to the Governor’s Responsible Infrastructure Development Requirements. Data centers come out of the Permit Fast Track Program entirely, and the Department of Environmental Protection will not issue a permit until a project has its local and municipal approvals in hand.

16 MIN READ4 SOURCES
52ANALYSIS

AI TOOL SELECTION

Can You Put a CoStar Export Into Claude or ChatGPT? Read the July 2026 Clause First

Can you upload a CoStar export to Claude or ChatGPT, paste comps into a chat, or connect CoStar through an MCP server? CoStar revised its Terms of Use and its License Agreement Terms and Conditions on July 6, 2026, and both now address AI directly. Here is what the clauses say, which version binds your firm, and the AI work that stays clearly allowed.

22 MIN READ18 SOURCES
53BRIEF

CRE PROPTECH NEWS

Claude Talks to Yardi Now. Most Operators Haven’t Caught Up.

Does Claude integrate with Yardi? It is one of the most common questions in PSV client scoping calls and Institute office hours, and the answer changed while most of the industry was not looking. Yardi announced Virtuoso Connectors in September 2025, and by June 2026 it had published two MCP connectors on Anthropic’s marketplace: live Yardi operational data and Yardi Matrix market data, both readable from inside Claude.

10 MIN READ7 SOURCES
54ANALYSIS

AI TOOL SELECTION

Claude vs Copilot: What CRE Firms Get Wrong About Both

Every CRE firm on Microsoft 365 is having the same meeting: IT wants Copilot because it is already in the tenant, an analyst wants Claude because of what they saw it do with a rent roll, and someone is asking why the firm should pay for both. The question gets argued as a rivalry. It is actually a category error, and the firms that see through it end up with a cheaper, better stack than the ones that pick a side.

12 MIN READ7 SOURCES
55BRIEF

CRE AI NEWS

Contractor Backlog Is Thin Everywhere But Data Centers

Associated Builders and Contractors reported on August 11 that its Construction Backlog Indicator fell to 8.0 months in July, down 0.8 months from both a month and a year ago and the lowest reading since January. Every industry, region and company size declined. The 12 percent of ABC contractors under contract to work on a data center carry 11.4 months of backlog. The other 88 percent carry 7.5.

13 MIN READ5 SOURCES
56ANALYSIS

CRE AI SOLUTIONS

Every BOV Deck Is Stale by Thursday. Claude in Excel Fixes That.

The model changed Tuesday. The deck still says Monday. Every brokerage and investment sales team knows the gap: the Excel model is alive, the BOV or OM deck is a snapshot, and someone spends Thursday night retyping numbers into slides that were current when the week started. Members keep asking whether AI can close that gap, and the tooling finally has a real answer, with one catch nobody mentions in the demos.

8 MIN READ3 SOURCES
57ANALYSIS

OPERATING STANDARD

Is Claude Safe for CRE Data? Depends Which Claude You Bought.

Where does the data go? Every CRE firm evaluating Claude asks it, and for regulated managers it is the question that decides the purchase. The answer depends entirely on which Claude: the consumer plans and the commercial products run under different terms, with different training defaults and different retention. Here is the record as Anthropic publishes it, organized the way a compliance review actually proceeds.

9 MIN READ4 SOURCES
58ANALYSIS

UNDERWRITING

One Claude Prompt, Full Underwriting: What Has to Be True First

Can Claude or ChatGPT run a full underwriting workflow, intake to IC draft, from a single prompt? It is the single most common question in PSV’s prospect calls and Institute office hours, usually asked by a team that has seen each step work in isolation and wants the button that runs them all. The honest answer is yes, the chaining is the easy part, and the reasons it fails have nothing to do with the prompt.

8 MIN READ3 SOURCES
59ANALYSIS

CRE AI ADOPTION

Skip the Yardi API? Run This Test Before Claude Connects

Two operators, same week, same sentence: the API quote was more than the problem is worth. The question behind the Yardi connector news is older and more practical: for a small or mid-size portfolio, does programmatic Yardi access ever pay for itself, or do scheduled report exports cover everything the AI workflows actually need? There is a test that answers it in an afternoon, and most firms have never run it.

8 MIN READ4 SOURCES
60ANALYSIS

BROKERAGE

The CRM Claude Builds From Your Sent Folder. No Scraping.

Are people using AI to build their own CRMs, tracking the brokers, owners, and managers rather than just the deals? The question comes up in PSV office hours in almost those words, usually followed by the wrong plan: scrape LinkedIn for everyone I used to work with. The right plan is better and cleaner, because the highest-value relationship dataset a CRE professional owns is one no vendor sells and no scraper reaches: their own correspondence.

8 MIN READ4 SOURCES
61ANALYSIS

AI AGENTS

When Your AI Vendor 10x’s the Price, This Is What Saves You

What happens if the vendor goes public and decides to 10x the usage cost? A principal asked PSV that question about an AI stack built on Claude, and it applies equally to ChatGPT, Copilot, and every workflow tool on top of them. It deserves a better answer than reassurance. Prices move, vendors get acquired, models deprecate. The firms that survive repricing without drama share one property, and it is not a clever contract. It is an architecture decision made on day one, and it costs nothing extra to make.

9 MIN READ4 SOURCES
62ANALYSIS

CRE AI ADOPTION

Why Claude and Copilot Pilots Flop in CRE. It’s Never the Model.

How should a CRE firm structure SharePoint or Drive so Claude, Copilot, or any AI tool can actually use it? Multiple operating teams have put the same question to PSV in almost the same words, usually after a pilot underperformed and the tool took the blame. The uncomfortable finding is that the AI was fine and the files were the problem: five versions of the rent roll, three naming conventions, and the real number in someone’s inbox.

8 MIN READ4 SOURCES
63ANALYSIS

CRE AI ADOPTION

Will AI Replace CRE Brokers? What Claude and ChatGPT Can’t Do

Will AI replace real estate brokers, analysts, appraisers? People type those exact questions into Google every day, usually late at night, and the answers they find are either vendor reassurance or doom content. Both are wrong in the same way: they treat a job as one thing. Every CRE job is a bundle of tasks, and the honest answer requires unbundling it, because Claude and ChatGPT are already doing some of those tasks today, and there is a set they cannot touch, and knowing which is which is now career information.

9 MIN READ5 SOURCES
64BRIEF

CRE CAPITAL NEWS

Riot’s $573M Bridge Matures Before the Rent Starts

Riot Platforms filed a Form 8-K on August 14 reporting that a project subsidiary closed a senior secured delayed-draw term loan of up to $573.0 million, with Morgan Stanley Senior Funding as administrative agent, to buy long-lead equipment for the 191 critical IT megawatt data center at its Rockdale campus. The loans mature December 31, 2026. The first megawatts are not due to energize until December 2027.

15 MIN READ5 SOURCES
65BRIEF

CRE CAPITAL NEWS

Fermi’s 2.6 GW Plant Is Now a Ground Sublease

Fermi filed its second quarter Form 8-K on August 13 and furnished two exhibits describing the same move. A third party will finance, construct, own and operate roughly 2.6 GW of generation at Project Matador under a long-term ground sublease, and Fermi commits no capital and issues no debt for the plant. The power plant became a real estate instrument.

14 MIN READ5 SOURCES
66BRIEF

CRE CAPITAL NEWS

NVIDIA’s $500B: Compute Joins the Real Asset Stack

NVIDIA said on August 10 that it signed memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish independent compute financing platforms and mobilize over $500 billion of third-party capital. Read the About sections of that same release and the CRE fact is already on the page: three of the six describe real estate as a core business, and one of them calls itself the world’s largest alternative asset manager.

12 MIN READ4 SOURCES
67BRIEF

CRE CAPITAL NEWS

Fermi’s $6.5B Lease: The Guarantee Line Vanished

Fermi Inc. said on August 10 that it executed its first binding customer lease at Project Matador in Carson County, Texas: 222 MW of total facility power to TensorWave, at approximately $6.5 billion of contracted revenue over an initial 15-year term. The wire then carried a corrected version of the same release. The sentence about a guarantee from one of the global leaders in AI is not in it.

13 MIN READ5 SOURCES
68BRIEF

CRE CAPITAL NEWS

Prologis’ $18.8B SEGRO Deal: Power Is the Asset

Prologis agreed on August 4 to acquire SEGRO plc in a recommended share offer with a partial cash alternative, valuing SEGRO at approximately $18.8 billion. The press release sells European scale: 368 million square feet and a 126 percent larger European land bank. The Rule 2.7 announcement filed with the SEC names the thing scale does not describe, which is 2.5 GVA of power.

13 MIN READ5 SOURCES
69BRIEF

CRE CAPITAL NEWS

Hadrian’s $1.37B Raise: One Building Is 77% of It

Hadrian said on August 6 that it raised $1.37 billion at a $7.87 billion valuation to build more highly automated factories, with JPMorganChase’s Strategic Investment Group as anchor co-lead. The company puts its footprint at just under 3 million square feet across four sites. Its own earlier release shows that 2.2 million of that is a single repurposed railcar plant in rural Alabama.

11 MIN READ5 SOURCES
70BRIEF

CRE CAPITAL NEWS

Alpaca’s $223M Close: The AI Stack Was the Pitch

Alpaca Real Estate said on August 6 that it held the final close of its debut fund at approximately $223 million, inclusive of roughly $21 million of co-investments, about 18 months after the first close. Public pensions, foundations and RIAs underwrote a first-time manager whose stated differentiator is a proprietary AI platform. The interesting number is not the fund size.

10 MIN READ5 SOURCES
71BRIEF

CRE CAPITAL NEWS

Brookfield’s Record $77B Quarter: Real Estate Took 5.6 Percent

Brookfield Asset Management furnished its second quarter results to the SEC on August 6, reporting a record $77 billion raised in the quarter and more than $1 trillion of assets under management. Read the segment lines and the story changes. Real estate strategies took $4.3 billion of that, roughly 5.6 percent, while credit took $51 billion and AI infrastructure got a fund of its own.

10 MIN READ4 SOURCES
72BRIEF

CRE CAPITAL NEWS

Meta, BlackRock, and the $13B Residual Value Guarantee

Meta and BlackRock will co-develop a roughly $14 billion, 1 gigawatt data center campus in El Paso, with BlackRock funds owning 80 percent and Meta 20. Meta’s own quarterly filing adds the part the press release does not lead with: each lease runs an initial four-year term, and Meta backs the campus with residual value guarantees of approximately $13 billion.

9 MIN READ3 SOURCES
73BRIEF

CRE CAPITAL NEWS

DOE Leases Paducah for a $100B AI Campus: The CRE Read

The Department of Energy said on July 29 that it selected Brookfield to lease land and develop a data center campus at its Paducah Site in western Kentucky, and selected NextEra Energy to build and own the power behind it. The partners put the privately funded investment above $100 billion, with up to 1.8 gigawatts of utility capacity and more than 1.2 gigawatts of compute. No tenant has been named.

12 MIN READ3 SOURCES
74BRIEF

CRE CAPITAL NEWS

Amazon Ran Free Cash Flow Negative to Build AI: The CRE Read

Amazon reported second quarter results on July 30 and filed its Form 10-Q on July 31. Net sales were $200.6 billion, up 20 percent, and AWS grew 37 percent, its fastest in 18 quarters. The number that matters to real estate sits lower in the release: trailing twelve month free cash flow swung to an outflow of $7.6 billion, and Amazon attributes the swing to artificial intelligence.

12 MIN READ4 SOURCES
75BRIEF

CRE CAPITAL NEWS

Microsoft Says Its Data Centers Last 25 Years: The CRE Read

On its July 29 earnings call, Microsoft told investors it is extending the estimated useful lives of its datacenters and office buildings from 15 years to 25 years, effective with fiscal 2027, and that more of its future datacenter leases will therefore shift from finance leases to operating leases. The reported capital expenditure number falls to about $175 billion. The commitment behind it does not.

11 MIN READ5 SOURCES
76BRIEF

CRE CAPITAL NEWS

CBRE’s Infrastructure Line Outgrew Leasing: The CRE Read

CBRE reported second quarter revenue of $11.2 billion on July 29, up 15.5 percent, and raised its 2026 core EPS outlook to $7.80 to $7.90. Buried in the segment detail is the number that matters to operators: revenue from critical infrastructure services reached $676 million, up from $403 million a year earlier, and that one line added more new revenue in the quarter than global leasing did.

9 MIN READ5 SOURCES
77BRIEF

CRE POLICY NEWS

PJM Moves to Curtail Data Centers: The CRE Read on Firm Power

The PJM Board of Managers issued a decisional letter on July 27 directing two filings to FERC by the end of July. One creates a Reliability Backstop Procurement to backfill a 6,831 megawatt capacity shortfall. The other creates an Interim Resource Adequacy Service, under which new large loads that have not brought their own new capacity by June 1, 2027 are cut before anybody else is.

10 MIN READ5 SOURCES
78BRIEF

CRE POLICY NEWS

OpenAI’s $20B Project Camellia: The CRE Read on an Unfiled Entitlement

Effingham County, Georgia announced on July 22 that OpenAI will build a $20 billion, 3.2 gigawatt campus inside the Savannah Gateway Industrial Hub. Five days later the county published a second statement: the only document it has received is a Development of Regional Impact cover page, no completed application has been submitted, and the site plan circulating online is a blank state template someone filled in.

9 MIN READ5 SOURCES
79ANALYSIS

OPERATING STANDARD

The PSV Production Standard: How AI Work Ships in Commercial Real Estate Operations

Every PSV workflow guide closes by applying the same operating standard to its own workflow: appraisal, underwriting, leasing, due diligence, and the rest. This is the canonical statement of that standard. It defines what a production AI workflow needs before a commercial real estate team should trust it with consequential work: a named job, a disciplined source boundary, separated output layers, a designed exception path, a durable approval record, and measurement based on decision quality.

7 MIN READ
80BRIEF

CRE CAPITAL NEWS

Brookfield Buys Aypa for $7B: The CRE Read on AI Power

Brookfield said on July 22 that it agreed to acquire Aypa Power, the largest standalone battery storage developer in North America, from Blackstone Energy Transition Partners for roughly $7 billion enterprise value and $3 billion of equity. Aypa brings about 6.5 GW operating and contracted, 95 percent of it under contracts averaging 17 years, plus a pipeline above 20 GW. For real estate, the binding constraint on AI has moved from land to electrons.

9 MIN READ3 SOURCES
81BRIEF

CRE CAPITAL NEWS

Alphabet Raises AI Spend to $205B: The CRE Read on the Capex Floor

Alphabet reported second-quarter results on July 22 and told investors it now expects to spend $195 billion to $205 billion on capital expenditures this year, up from $180 billion to $190 billion. Filed quarterly capex hit a record $44.9 billion, roughly double a year earlier, and free cash flow turned negative. Management says about 40 percent of the spend goes to data centers and networking. For real estate, that number is the demand floor under the entire data center thesis.

8 MIN READ4 SOURCES
82BRIEF

CRE CAPITAL NEWS

Fifth Wall Backs Atoms: Why the Biggest Proptech Fund Just Bet on Robots as Tenants

Travis Kalanick’s Atoms announced a $1.7 billion equity round on July 22, led by Andreessen Horowitz, with Ben Horowitz joining the board and Bain Capital, Uber, and Fifth Wall participating. Fifth Wall’s check has been reported at $135 million, which would be the real estate fund’s largest single investment. The read that matters for CRE: physical AI treats real estate as its storage layer, and the tenants it creates are robots.

7 MIN READ3 SOURCES
83BRIEF

CRE CAPITAL NEWS

Hut 8’s $9.8B Beacon Point Lease: The CRE Read on a Fully Leased AI Campus

Hut 8 said on July 20 it signed a second 15-year lease at its Beacon Point campus in Nueces County, Texas, a 352 megawatt deal with a base-term contract value of $9.8 billion. The lease fully commercializes the one-gigawatt campus, doubling the tenant’s contracted capacity to 704 megawatts. For real estate, the detail that matters is the structure: a triple-net, take-or-pay lease to a single investment-grade tenant, energizing in 2027.

7 MIN READ2 SOURCES
84BRIEF

CRE CAPITAL NEWS

IREN Signed $2.8B in AI Contracts. The CRE Read on a New Data Center Capital Stack

IREN Limited said on July 20 it signed $2.8 billion in new multi-year cloud contracts with leading AI developers, raising its 2026 AI Cloud run-rate revenue target above $4 billion. The detail that matters for real estate is how it is funded: customer prepayments covering roughly 45 percent of the associated GPU capital, on top of equipment-backed financing. The AI data center is being underwritten on contracted cash flow, not speculation.

6 MIN READ3 SOURCES
85BRIEF

CRE CAPITAL NEWS

BlackRock and ACS Launch Coravel: The CRE Read on a 1.7 GW Data Center Bet

ACS Group and BlackRock’s Global Infrastructure Partners launched Coravel on July 15, a 50-50 joint venture that turns their data center development platform into an operating brand with an initial 1.7 gigawatt portfolio and a signed long-term hyperscale lease at a Dallas-Fort Worth campus. For commercial real estate, it is another sign that the largest infrastructure capital pools are building the AI buildout as a real estate business.

6 MIN READ3 SOURCES
86BRIEF

CRE CAPITAL NEWS

Csquare Raised $1.05B. The Data Center Market Is Asking for Proof.

Brookfield-backed Csquare priced its initial public offering at $21 a share, below its marketed $23 to $27 range, raising $1.05 billion rather than the $1.35 billion implied at the top end. The result does not erase demand for digital infrastructure. It does put a sharper public-market price on leverage, delivery, and the difference between a data center story and a data center cash flow.

6 MIN READ3 SOURCES
87ANALYSIS

CRE AI ADOPTION

How Heads of Acquisitions Move AI Pilots to Production

Most commercial real estate AI pilots impress in a demo and then stall before the investment committee. The gap is rarely the model. It is the operating wrapper the pilot never had.

6 MIN READ3 SOURCES
88BRIEF

CRE CAPITAL NEWS

TSMC Lifts Arizona to $265 Billion: The CRE Read

TSMC used its record second quarter to commit another $100 billion to Arizona, lifting its total state investment to $265 billion across a planned ten fabs, two advanced packaging plants, and a research center. The expansion is driven by demand for AI chips, and for commercial real estate it concentrates one of the country’s largest advanced-manufacturing buildouts in a single Phoenix submarket.

6 MIN READ4 SOURCES
89ANALYSIS

CRE AI VALUATION

AI in Commercial Real Estate Appraisal: The Workfile, Not the Signature

AI can now read the deal file, assemble the comparable grid, and draft the narrative sections of a commercial appraisal. What it cannot do is sign. The useful question for a valuation team is how to take the first fact seriously without forgetting the second.

7 MIN READ3 SOURCES
90ANALYSIS

CRE AI EDUCATION

Choosing an AI Course for Commercial Real Estate: The Criteria That Matter

Search interest in an AI course for commercial real estate keeps climbing, and the supply of programs is climbing with it. Most will not change how you work on Monday. The ones that do share a recognizable shape, and it can be evaluated before you pay.

6 MIN READ3 SOURCES
91BRIEF

CRE POLICY NEWS

New York’s Hyperscale Data Center Moratorium: The CRE Read

Governor Kathy Hochul signed Executive Order 62 on July 14, pausing state environmental permits for new hyperscale data centers of 50 megawatts or more for up to one year while New York writes a statewide environmental study and new development standards. It is the first statewide freeze in the country, and it lands on the hottest development pipeline in commercial real estate.

6 MIN READ4 SOURCES
92BRIEF

CRE AI NEWS

Meta’s $50B Hyperion Expansion: The CRE Read on a 5 GW Campus

Meta says its Richland Parish campus will reach about 10 million square feet and 5 gigawatts, with more than $50 billion committed. The durable CRE signal is what a commitment this size does to land, power, housing, and industrial demand around it, and which documents actually move value.

6 MIN READ2 SOURCES
93BRIEF

CRE AI NEWS

Guthrie AI’s $4M Seed: The CRE Implication for Bid Coordination

Guthrie AI says its new funding will expand a hybrid bid-assistant program for glazing contractors. For developers and owners, the useful signal is not autonomous pricing. It is faster, more visible preparation of the bid package before an estimator makes the call.

6 MIN READ3 SOURCES
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