Real Estate as an Infrastructure | Durable Value Ep 86

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n this episode of Durable Value, we explore the concept of real estate—especially multifamily and industrial properties—as essential infrastructure. We discuss how these asset types function as a public good, their role in the economic grid, and why secondary and tertiary markets are becoming increasingly important. Tune in for insights on market dynamics, institutionalization, and the future of real estate investment.

Timestamps:

00:00 – Introduction

00:51 – Real estate as a public good: Housing and industrial as community essentials

01:15 – The “capillaries” of commerce: Small businesses and last-mile industry

01:36 – Real estate as a quasi-utility; the Western US grid analogy

02:30 – Institutionalization of secondary and tertiary markets

02:57 – Infrastructure as an investible asset class

03:22 – Needs-based assets: Comparing real estate to bridges and utilities

04:08 – Asset desirability vs. discretionary assets

04:31 – Monopoly vs. competition: Utilities and real estate supply

04:55 – The economics of new construction vs. existing apartments

06:34 – Demographic shifts: Millennials, Gen Z, and housing demand

07:21 – Post-COVID trends: Remote work and changing lifestyles

08:23 – Owning the grid: The I-5, I-15, and I-25 corridors

09:02 – The network lens: How properties reinforce each other

09:21 – Data-driven conviction and deal flow

09:42 – Building alpha through authentic data and off-market deals