Construction costs, interest rate pressure, secular shifts in demand, and a surplus of capital have made real estate investing in tried-and-true opportunities increasingly difficult. In response, more sponsors are identifying and executing on new real estate concepts that align with emerging trends.

Between my work at Common and as an advisor & director to other companies in the proptech world, I regularly see new, creative approaches to design, deliver, utilize, and monetize space. So I'm starting a newsletter series - Thesis Driven - that will dive deep into emerging themes and real estate operating models and feature a handful of GPs executing on each theme. The deep dives will give an investor enough context to understand the trend as well as opportunities for personal introductions to relevant GPs actively executing on opportunities.

I don't expect it to go out particularly often - perhaps every few weeks. Some of the themes on the docket:

• When Can Office-to-Residential Conversions Work?

• Community-heavy Multifamily: What's going on with Flow?

• New Urbanism in Middle America

• Host-to-Own: Leveraging Flex-Term Stays in the SFR Market

I hope you find these thought-provoking and informative. More to come soon!

yours,

Brad