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Market rankings

Where we’d put
capital now.

Updated Oct 26, 2026

Multifamily · United States

Ranked capital-allocation calls, with the thesis in view.

Methodology
Multifamily · United StatesReviewed synthesis · Conviction 3/5

San Diego

16

Market-weight · priced scarcity

San Diego scarcity earns attention, but only at a basis that prices the gates.

Investment condition
rent ceiling and California regulatory risk
Allocation stance
Market-weight scarcity only where basis prices rent-ceiling and regulatory risk.
Vacancy (C&W Q1 2026p)
7.2%As of Mar 31, 2026
Net absorption (C&W Q1 2026p)
1,318 units

As of Mar 31, 2026

Under construction (C&W Q1 2026p)
8,269 units

As of Mar 31, 2026

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4 source pages · Call updated Oct 26, 2026

Across the other asset classes.

Leading call in each ranking

Industrial · #1

Nashville

Advance only in proven tight Nashville corridors, and price the speculative pipeline explicitly.

Retail · #1

Charlotte

Overweight Charlotte grocery and service retail, in SouthPark / South End-quality trade areas.

Office · #1

NYC Midtown / Hudson Yards

Advance Midtown trophy and Class AA income; commodity Midtown submarket beta is not the call.

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