Despite all the economic uncertainty swirling around, commercial real estate giant CBRE just delivered a standout second quarter that should have CRE investors feeling cautiously optimistic. The Dallas-based firm saw operating revenue jump 16.2% to $9.75 billion, with adjusted net revenue up 14% to $5.67 billion. The real standout? Advisory services (including leasing) drove much of the growth, with leasing revenue up over 14% both in the U.S. and globally, particularly strong in office and industrial. Even better news: CBRE raised its full-year earnings forecast and said it no longer expects a recession this year. CEO Bob Sulentic noted that "despite the uncertainty in the macro environment, occupier and investor clients largely proceeded with executing their plans. The market might not be back to peak levels, but it's definitely moving in the right direction.

Joseph Hoffman's Bushburg, a Brooklyn-based real estate development company, just secured a hefty construction loan from Bridge City Capital and Deutsche Bank to transform half of the 1.2 million-square-foot Financial District tower into 713 rental apartments. The developer snagged the 40-story building from the Rudin family for $160 million last year—a steal considering it's half-empty and prime for conversion. The project's using New York's 467-m tax incentive, which grants 35 years of tax breaks in exchange for affordable units. With construction already underway and the first phase launching in January, this joins the growing wave of office-to-residential conversions as developers capitalize on cheap, outdated office buildings in a market hungry for housing.

The Federal Reserve kept rates unchanged for the fifth straight meeting Wednesday, despite intense White House lobbying for cuts. In a rare show of internal discord, two Fed governors dissented for the first time since 1993—but they wanted lower rates, not higher ones. Chair Jerome Powell cited above-target inflation and tariff uncertainty as reasons to stay put, though he left the door open for September cuts pending incoming data. The real drama wasn't monetary policy but Powell's political survival: Trump's theatrical Fed visit last week and public pressure campaign highlight the stakes for central bank independence. Markets now see September rate cuts as a coin flip, down from near certainty.

My friend Nikita Zhitov told me something on the podcast we recorded a few weeks ago that made me completely rethink how I approach market knowledge.

"I'd rather have my team know a three-block by five-block area better than anybody on the planet than kind of know the entire county."

He wasn't kidding around.

Before he lets anyone in his office hunt for deals, they have to pass his test.

He'll drive them to a random property in their area of expertise, point at it, and they need to instantly tell him the lot size, house size, zoning, who owns it, when they bought it, how much they paid, and what their dog's name is.

That last part might be a joke.

But the rest?

Dead serious.

This level of knowledge matters because time kills all deals.

When a seller calls and says they want $1.5M for the building, most investors say "let me get back to you" while they scramble to pull comps and run numbers.

By the time they call back, the deal's gone to someone else.

Nikita knows his market so well that he can tell you instantly if $1.5M is a deal or not.

No appraisal needed.

No broker consultation.

He just knows.

Same thing with construction costs.

He's memorized the cost per square foot for every single component.

Painting, sprinkler systems, electrical work.

When he looks at a project, he can put together a budget in five minutes that would take others weeks to assemble.

This isn't about being smart.

It's about being prepared.

Your competitive advantage as a small operator is speed.

You can adjust and make moves quickly while big funds are still stuck in committee meetings.

But this is only if you know your market better than anyone else breathing.

Most people will study their entire city and know close to nothing about anywhere.

Nikita studies three blocks and owns them completely.

Pick a neighborhood in your area.

Study every property, every owner, every transaction from the last three years.

Memorize your construction costs.

Drive the comps until you can spot value instantly.

When opportunity calls, you'll be the one ready to move while everyone else is still Googling.