No one is factoring in Absorption ..  

Some neighborhoods such as Fishtown, Northern Liberties and the surrounding areas are struggling with absorption because of an influx of new housing that was built over the course of the past few years.

Absorption rate is currently at 15 months.   

I've looked at like 500 plots of land and made about 40 LOIs, most of what we targeted was land owner contributed to the development and underpriced land identification that we can get at least a 5x value bump on entitlement. the numbers are much higher in columbus where the downtown district in 43215 isn't bought out like Brickell or Edgewater. we can justify any land cost by just going more vertical. columbus is untapped with less than 1000 units proposed per year it's unbelievably open with 50,000 units behind and very high absorption. 

Additionally, absorption reached a four-year high in the latter half of 2023 (93.3 MW), pushing vacancy rates down to a four-year low of just 2.5%.Market Share and Preleasing: Hillsboro’s data center stock now represents 5.1% of the total primary market inventory.

As such I am able, over time, to generate a higher ROI, but with some absorption of losses along the way.  

Moreover, demand and absorption rates are currently at 25-year highs and are continuing to trend in that direction with a 70% reduction in new construction permits and drop off in deliveries in early 2025.We will maintain flexibility to sell Elliot Roswell as markets improve and anticipate doing so within the next 24 months.

For a building that size I would expect they would have had someone like a John Burns or someone else provide a report to understand the comps and current absorption rates and vacancy rates for this class of building.Now that you have invested, it cannot hurt to go out and view the property but what are you trying to accomplish by visiting ? 

Meanwhile, the percentage of companies planning to downsize dropped to 37%, the lowest since 2021.Julie Whelan of CBRE noted positive net absorption for the first time since Q3 2022, signaling potential recovery.

.📉 Take a look at the $/SF trends by segment for these markets:📈 Here are the Rent/Absorption trends:🤔 So, I’m curious—have you noticed this trend in your area?