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November 25, 2024

Why The Winners Of The Trillion-Dollar Data Center Gold Rush Are Overwhelmingly White Men

2 Million CRE Prospects Await: Start With 25 Free Contacts

Hundreds of billions of dollars are pouring into artificial intelligence data centers, creating an unprecedented development wave that is spreading to every corner of the U.S.

But as data centers captivate the attention of the business world, it has become glaringly apparent the sector is remarkable in another way: It is mostly white and male. 

The pressure on data center providers to keep up with the explosive demand driven by Big Tech’s AI ambitions has led them to prioritize growth. The industry’s talent pipeline is already strained, and its hiring practices center on increasing its ranks by any means necessary to get the job done. 

Diversity, industry professionals say, has taken a back seat — even though those efforts could help solve the greater data center labor shortage issues.

This has led data centers to fall behind other sectors that have made progress on bringing in women and people of color in recent years, and those pushing for more diversity worry it will have a hard time catching up.

“The broader commercial real estate space doesn’t have the greatest diversity numbers, but it’s even more stark in the data center space,” said Bobby Little II, a Black data center professional based in Atlanta at NTT Global Data Centers Americas. 

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Tysons Site Approved For 25-Story Apartment Tower Sells For $18.5M

Tysons Site Approved For 25-Story Apartment Tower Sells For $18.5M

A piece of the 40-acre Scotts Run development that was approved for a high-rise apartment project has traded hands for the second time in five years. Northmarq announced Friday it brokered the $18.5M sale of the 1.3-acre site, and a spokesperson for…

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FOR LEASE: Merriweather Row, A Better Office Ecosystem In Columbia, Maryland

PRESENTED BY:   Howard Hughes Holdings, Inc.
 
FOR LEASE: Merriweather Row, A Better Office Ecosystem In Columbia, Maryland  

Welcome to Merriweather Row, the collection of seven newly renovated office buildings ideally situated overlooking Merriweather Post Pavilion in the heart of Maryland’s second-largest city, Columbia. 

Merriweather Row includes seven office buildings: 10400, 10420, 10440, 10480, 10490 and 10500 Little Patuxent Parkway, plus 11000 Broken Land Parkway.

In 2023, Howard Hughes completed a $10M renovation delivering a refreshed amenity set that aligns with the needs of today's workers. This includes new fitness centers, tenant lounges, yoga studios, bike storage and an interconnected pathway that complements the 100 miles of paths already in and around Columbia. Tenants also enjoy more than 20 restaurants and a destination Whole Foods — all within an easy walk. With this renovation, Merriweather Row delivers on what employees are looking for, providing a vibrant environment in and outside the office. 

Merriweather Row is an integral part of the thriving business ecosystem Howard Hughes Holdings has created in Columbia. The master plan for the city encompasses a  30-year, $5B initiative to deliver on the vision of the city founder, James Rouse, for Columbia to be a “city in the…

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Weekend Interview: How Farmland Partners' Paul Pittman Is Growing Cash Crops For Shareholders

Weekend Interview: How Farmland Partners' Paul Pittman Is Growing Cash Crops For Shareholders  

This series goes deep with some of the most compelling figures in commercial real estate: the dealmakers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

When Paul Pittman looks at farmland, he sees more than dirt and crops — he sees a stable, appreciating asset class with high growth potential and market resilience. And shareholders in the public REIT he founded a decade ago in Denver, Farmland Partners, are seeing big dividends.

The commercial real estate industry across asset classes is wrestling with postpandemic market shocks, rising interest rates and inflation, but Farmland Partners is making moves and raking in significant cash. The REIT just closed on the $289M sale of a 46-farm portfolio spanning more than 41,000 acres across seven states to a subsidiary of The Church of Jesus Christ of Latter-day Saints — and made a $50M profit in the process.

Farmland Partners sold about $200M worth of farmland in 2023, still has a portfolio worth about $1B, and is shopping for more, Pittman told Bisnow during a recent interview.

The Farmland Partners REIT has distributed an average of 7% in dividends over the past two years, he said — about double the average of U.S. equity REITS. It expects to issue a special year-end dividend of as much as $1.10, according to Pittman and Farmland Partners’ third-quarter earnings report. The NYSE-traded company was selling for $12.35 when trading closed on Nov. 21.

Pittman took the time to discuss with Bisnow the evolution of farmland investing, the challenges of sustainability, and why he believes this alternative asset class is primed for continued growth — even in turbulent economic times.

This interview has been edited for style, clarity and brevity.

Bisnow: Tell us about your background and how you got into farmland investing. Paul Pittman: I grew up on a farm and in a farming family. My dad was a school teacher, not a day-to-day farmer, but he was a part owner of the extended family farm.…

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