SWTCH

Friday, October 30, 2026

On Tap Today

  • Access tax: Measuring the cost of fragmented access systems that drain staff time and resident goodwill.

  • Grid expectations: Mexico's state utility targets $1 billion to bring private capital back into the grid.

  • Lab report: A six-broker team moved from CBRE to JLL to accelerate Chicago's lab buildout.

  • Office webinar: Join us Nov. 12 for a look at how owners are repositioning office portfolios heading into 2027.

Daily Market Snapshot
S&P 500 7,720.39 −23.59 (−0.30%)
FTSE Nareit All Equity REITs 825.96 +17.81 (+2.20%)
10-Year Treasury 4.99% −6 bp
SOFR 3.94% −1 bp
Data as of market close October 29, 2026. SOFR reflects the October 28 trade date.
The S&P 500 fell 0.30 percent to 7,720.39 on Thursday, ending a three-session winning streak, as Alphabet posted its steepest one-day drop on record after weak search growth and negative free cash flow revived doubts about the payoff from AI spending. The 10-year Treasury yield fell 6 basis points to 4.99 percent, slipping back under the 5 percent line that has anchored fixed-rate take-out pricing, after September PCE inflation came in at 3.6 percent, a tenth below forecasts, and third-quarter GDP grew at a 3.4 percent annual rate. The FTSE Nareit All Equity REITs index jumped 2.20 percent to 825.96, snapping a two-day slide, as investors rotated into rate-sensitive sectors and office REITs gained 2.62 percent. SOFR eased 1 basis point to 3.94 percent on the October 28 trade date, a step back from Tuesday's monthly high.

Presented by SWTCH

Your parking facility already has the spaces, the traffic, and the drivers. EV charging helps you earn more from all three. Win the drivers who’d otherwise park down the street, charge for both parking and charging, and put idle spaces to work overnight. SWTCH handles the hard parts: driver billing, idle-time enforcement, and revenue remittance. Then, integrate charging with your parking payment system, so drivers park, charge, and pay in fewer steps. And with charging-as-a-service, you can start without the upfront cost. Same lot, more revenue.

Perspectives

Access is one of the most basic functions of a multifamily property, yet it remains one of the least connected. The cost of that gap tends to go unmeasured because it arrives in small pieces. Lost fobs, rekeys, and after-hours lockout calls are each manageable on their own, which is a large part of why they rarely register as a real expense.

Across a portfolio, the picture gets harder to see. Properties run different systems, credentials, and vendors, and residents often meet a new process at every gate, garage, and amenity door. Staff end up serving as the fallback system, which pulls time away from the work that matters most to the people living there.

Treating access as an operational system rather than a hardware decision changes the question owners ask. We may see more operators start by quantifying what their current approach costs in labor, avoidable expense, and resident experience before deciding what to change, since that baseline shapes every investment that follows.

Flash Poll

What’s the biggest thing holding you back from adding/expanding EV charging?

Login or Subscribe to participate

Fast Take

CFE Taps Private Equity Markets to Fund Mexico's Grid Expansion

Comision Federal de Electricidad plans to raise approximately $1 billion in November through a share offering in CFE Capital, an investment vehicle structured to finance new transmission lines across Mexico. CFE Chief Financial Officer Eugenio Amador Quijano said officials will meet investors in New York in early November ahead of a possible offering before Thanksgiving. CFE Capital, which resembles a real estate investment trust and holds revenues from state-owned transmission lines, has been dormant since its 2018 listing. The sale would mark Mexico's largest cash equity offering since 2020.
President Claudia Sheinbaum's administration is reviving the vehicle to attract private capital into the power sector after years of underinvestment under former President Andrés Manuel López Obrador led to seasonal blackouts and strained grid infrastructure. CFE intends to grow the transmission grid by close to 7% during the current administration, compared to no more than 1% growth over the previous eight years. About 40% of the transmission investment will come from the private sector, with the remainder from public funds. CFE also plans to list a trust backed by power plants in coming years and expects to return to equity markets repeatedly for follow-on offerings.
The fundraising represents a reversal from López Obrador's nationalistic energy policies that had shuttered private capital participation. Sheinbaum's government has been reviving tenders for joint projects with private players, sparking renewed interest from global funds in Mexico's energy sector. CFE Capital has posted the highest returns of Mexico's REIT vehicles but trades at a steep discount to global peers. About one-third of the original 2018 offering came from foreign investors, though international interest later dried up, leaving ownership concentrated among Mexican pension funds.
CFE plans to sell roughly a third of the new shares to foreign investors and expects follow-on offerings to support more active trading. The utility plans to triple recent transmission investment levels over the next two years, bringing spending in line with BloombergNEF estimates for what Mexico needs to meet growing demand and accommodate 32 gigawatts of planned generation projects through 2030. Citigroup is expected to divest more of its stake in Banamex through an offering as soon as January, potentially leading a more active Mexican equity market after eight sluggish years for major listings.
 
Fast Take

JLL Poaches Six-Person CBRE Team to Expand Chicago Life-Sciences Practice

JLL hired a six-person brokerage team from CBRE, led by Kyle Kamin and Dan Lyne, to expand its Chicago office and life-sciences practice. Kamin's clients have included Google, while Lyne co-founded tech hub 1871 and healthcare incubator Matter. The group has completed more than 75 million square feet of transactions valued at over $50 billion. Other members include Jon Milonas, Brandon Green, Abigail McFadyen and Joe Davis.
Kamin represented Google in its 2015 move to Fulton Market and later its acquisition of the Thompson Center, where the team also helped Morningstar secure more than 275,000 square feet as co-anchor. Their portfolio includes leasing for Trammell Crow's Fulton Labs, Evanston Labs and Hyde Park Labs. Fulton Labs has leased more than 220,000 square feet since opening in 2021.
Kamin said the team's theory was that capital investment and new lab construction would draw life-sciences tenants to Chicago, a market that had lacked the trophy buildings found in Cambridge or San Diego. But finding capital remains difficult, with lenders requiring 40% to 50% pre-leasing for new projects. No new lab buildings are under construction, capping the city's life-sciences expansion until developers can launch additional product.
Office Market Trends and Portfolio Strategies webinar
Free Live Webinar · Thursday, Nov. 12
Office Market Trends and Portfolio Strategies Heading Into 2027
1:00 PM ET / 10:00 AM PT
Office markets are still adjusting to shifting tenant demand, new workplace expectations, and changing investment conditions. Join us for a look at the trends shaping the office market heading into 2027 and how owners and asset managers are positioning their portfolios to perform.
✓ Evaluating asset performance and repositioning properties
✓ Adapting leasing strategies to shifting tenant demand
✓ How tenants are actually using office space, and what that means for layouts
Speakers
Peter Miscovich Peter Miscovich
Executive Managing Director, Global Future of Work Leader, JLL
Thierry Ondet Thierry Ondet
Managing Director, ROOM
Todd Burner Todd Burner
Chief Product Officer, Kastle Systems
Franco Faraudo Franco Faraudo
Editor and Co-Founder, Propmodo (Moderator)
Save My Spot →
Presented by ROOM   Kastle  

Overheard

Popular Articles

🗣
What real estate topic do you wish got more coverage?

Reply with a topic, a trend, or a question you keep running into — we'll cover the best ones. Email [email protected].

Please add our newsletter email, [email protected], to your contacts to make sure you don’t miss any updates.