Good morning. It's Sunday, June 21, and in this week's edition, we're covering the class-action antitrust suit naming CBRE, JLL, Cushman, and CoStar in an alleged data-sharing scheme that let landlords coordinate rents across 49 markets, Kevin Warsh's first FOMC meeting and the hard shift in tone that took rate cuts off the table for 2026, and the three things I do before every negotiation that changed how my deals close. First time reading? Sign up here.
And, as always, send us feedback at [email protected].
CBRE, JLL, Cushman & Wakefield, Colliers, Newmark, and CoStar have been named in a class-action antitrust suit filed June 12 in the Northern District of Illinois. The plaintiff, a commercial tenant, alleges CoStar ran a "hub-and-spoke" scheme - collecting nonpublic, deal-specific lease data from broker subscribers and redistributing it in ways that let landlords coordinate above-market rents across industrial, office, and retail properties. CoStar's alleged market share in the 49 metro areas named: 58-97%. The suit seeks class-action status for commercial tenants in those markets from June 2022 to present. CoStar denies everything and called the case frivolous. The structure mirrors the DOJ's RealPage lawsuit, which settled in November 2025. Initial status hearing is set for August 19.
"In 30 Years, I've Only Seen This Real Estate Opportunity Twice": Ken McElroy has been active in multifamily for three decades. He says the current combination of distressed sellers, softening prices, and intact rent demand is something he's only encountered twice - and explains exactly why buyers with capital ready to deploy are sitting at an unusual advantage right now. Watch here
"The Cash Flow Trap That Keeps Real Estate Investors Stuck": Tyler Cauble breaks down a mistake he sees repeatedly - chasing yield at the expense of market quality. Over-indexing on cash flow pushes investors toward weaker assets in weaker markets, and the math that looks safe in year one starts working against you. He lays out how to balance current income with long-term upside in a CRE portfolio. Watch here
J.P. Morgan Wealth Management breaks down Warsh's first FOMC meeting: a unanimous hold at 3.50% to 3.75%, a shorter policy statement stripped of all easing language, and a dot plot that turned hawkish. The new statement's closing line - "The committee will deliver price stability" - left no ambiguity on where Warsh's priorities sit. All but one participating member see rates flat or higher by year-end, with the median dot ticking up to 3.80% for 2026. Warsh declined to submit his own projections. CPI ran 4.2% year-over-year in May on Iran-driven energy prices; core came in at 2.9%. Warsh also announced five new internal task forces - covering communications, balance sheet policy, data sources, productivity and jobs, and the inflation framework. Next meeting: July 28-29.
CRE Impact: A 25 bps hike is now the median projection for 2026. Rate cuts are off the table. Borrowers with maturities in the next 12-18 months need to model current debt costs or higher - stop underwriting to a Fed rescue that isn't coming.
In the past, I defined a good deal the way most people in this business do. I won. The other side lost.
Over the years, that changed.
After many hundreds of my negotiations in real estate, I started seeing a pattern. The deals that actually held - closed on time, didn't blow up in due diligence, kept compounding long after the wire hit - were the ones where every stakeholder at the table walked away with a piece of win. Seller, next buyer, tenants, lenders, everyone involved.
Most of what gets written about negotiating is positioning. Reading moves. Objection handling. But that's only surface level.
Most of the success in negotiations is decided in a completely different realm.
And it may sound woo-woo, but it's a lot about how the negotiation feels in the context of everyone involved.
Three things I do before any negotiation nowadays.
1. Am I truly okay to walk away?
If the other side says no, are you okay with that? Truly okay? Because if you'd regret walking, the seller is going to sense it before you even know you're showing it. The moment you're negotiating from need, leverage is gone. Negotiate from a place of genuine indifference to the outcome, and the whole dynamic shifts.
2. Feeling how the other side receives it.
Before I communicate my offer, I stop, close my eyes, and try to feel how the other side receives it - not analyze it, feel it. If something's off, I adjust. Both directions: sometimes I need to give more, sometimes I pull back. It works, I'm telling you.
3. Draft it. Walk away. Come back.
I write out the offer - price, terms. Then I don't send it. I leave it as a draft. A couple hours if I can, a full day if I have one. I can tell you: 100% of the time I come back, I change something. Every time. Fix what felt off. Then I send it, or pick up the phone and present it.
None of these are in any negotiation book.
But I'm telling you, it works. Try it.
Let me know how it goes.
Hit reply. I read every email.
LET ME HEAR IT
Until next Sunday.
Be well,
Saul
P.S. Missed my podcast with Danny Newberry? Here is the full episode.
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