The Quantum City Show

HqO
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Welcome to The Quantum City Show, the show where cities meet supercomputing. Hosted by Greg Gomer and Chase Garbarino, co-founders of HqO, we explore the boldest ideas and real-world breakthroughs at the intersection of AI, urban innovation, real estate, and public policy. Cities have always been civilization’s greatest supercomputers; concentrating talent, accelerating innovation, and scaling human potential. Now, it’s time for the next leap. Each week, we break down how Quantum Cities (intelligent, experience-driven urban systems) are reshaping how we live, work, and thrive. Through expert interviews, case studies, and grounded frameworks, we uncover how smart buildings, data-driven infrastructure, and civic design can transform complexity into clarity. If you're building, governing, investing in, or simply curious about the cities of tomorrow, you're in the right place. The Quantum City Show is powered by HqO and the Quantum City Initiative. Subscribe and join the mission to build a more dynamic, free, and human-centered urban future. Learn more here: https://www.hqo.com/the-future-of-cities-begins-now/

  1. Sep 22 ·  Video

    Tenant Retention Just Became CRE's Most Important Capital Metric | QCI Show, Ep 41

    The 10-year Treasury crossed 5% this week. Everyone blamed the Fed. The real reason was AI.   Fed Chair Kevin Warsh called the 10-year "the most important asset in the world," and this week we found out why. Alphabet, Amazon, Meta, and Oracle have issued about $225 billion in bonds this year, more than double all of 2025, just to keep building AI infrastructure. AI used to just pay the rent. Now it's competing for the same money that funds everything else, and the hyperscaler-bank credit spread already widened from close to zero to 60 basis points because of it. This is the capital competition, live, and it's landing directly on refinancing.   We get into why $875 billion in commercial mortgages maturing this year just got a lot more expensive to refinance, why a $420 million senior loan on the old CBS building in Manhattan just landed in special servicing (even with an extension option), and why Boston landlords posted 51% renewals last quarter, up 17% from a year ago, and are still worried.   We also cover more than 50 cities switching off their license plate reader cameras; Dario, Sam, and Elon all agreeing AI should slow down (Zuckerberg does not); Massachusetts making data centers over 100 megawatts pay for their own power instead of sticking it on your electric bill; a billionaire getting sued for $20 million after finding his yacht on ChatGPT; and yes, Chase showed up to a black-tie BXP event in a t-shirt and blazer, and I have not let him forget it.   In this episode: Why the 10-year Treasury crossing 5% this week is really an AI story, not a Fed story $225 billion in hyperscaler bonds, and why AI is now competing with everyone else for capital Why $875 billion in commercial mortgages maturing this year just got more expensive to refinance Inside the $420 million Manhattan office loan that just landed in special servicing Boston's renewal boom: 51% of all leasing last quarter, and why Tishman Speyer says retention is the whole game The real cost of losing a tenant: $214 a square foot in build-out, up 20% in a year Why tenant retention just became commercial real estate's most important capital markets metric Flock Safety's license plate cameras getting switched off in more than 50 cities Dario Amodei, Sam Altman, and Elon Musk agreeing AI should slow down, and why Zuckerberg doesn't The billionaire getting sued for $20 million after finding his yacht on ChatGPT, and what it means for commercial real estate brokers   TIMESTAMPS: 00:00 Episode 41  00:26 BXP University Event Recap 01:08 Only 5% Know Their Landlord 02:21 AI School and BXP Speakers 03:47 Fed Hike Sends 10-Year to 5% 04:51 AI Competing for Capital 09:05 CRE Refinancing and Special Servicing 13:47 Tenant Retention as Capital Strategy 16:04 Measuring Tenant Success and ROI 20:57 Shorter Leases and Flexible Space 23:10 Outcome-Based Lease Pricing 23:47 South Station Tower Lease Buzz 24:54 Headshots and Playoff Haircuts 25:45 Flock Safety Camera Backlash 29:51 AI Slop and Data Privacy 31:25 Should AI Labs Slow Down 36:20 Data Centers Pay for Power 37:56 ChatGPT vs Real Estate Brokers 39:15 Machine-Readable Buildings for AI 42:04 Episode 41 Wrap-Up   Hosts:   Greg Gomer: Co-founder & Chief Customer Officer, HqO Chase Garbarino: Co-founder & CEO, HqO   More from the Quantum City Initiative   The future of cities begins now → https://www.hqo.com/the-future-of-cities-begins-now/  Listen to every episode → https://thequantumcityinitiativeshow.podbean.com/    Join the Quantum City Initiative: qci.hqo.com  Apple: https://podcasts.apple.com/us/podcast/the-quantum-city-show/id1830288682   Spotify: https://open.spotify.com/show/6KBhGHqQUblkyOcTAJlJdF?si=b961bd6046704fe7  YouTube: https://www.youtube.com/@HqOinc    Produced in partnership with OBEY Creative, building podcast-driven content engines for B2B founders. Learn more at https://obeycreative.com/    Let's Go!

  2. Sep 15 ·  Video

    Is AI Killing the Office? What JLL's 2026 Survey Shows | QCI Show, Ep 40

    Over 60% of companies are planning to grow their headcount this year. You'd think that means real estate is booming. It means something else.   JLL's 2026 Future of Work survey polled more than 2,200 C-suite and real estate leaders across 21 countries, and yeah, headcount's going up. Dig deeper, though, and AI is making companies so efficient it's crushing lease length. More people, shorter commitments, landlords getting squeezed right when demand looks strongest.   That's the real story this week.   So how do you make the math work on shorter leases and higher tenant expectations? Platform financing, real vertical integration, a lot less free TI up front. Manhattan just posted its best office leasing pace since 2000, and JLL says the biggest design problem now isn't the open floor plan. It's the noise.   Then there's everything else. Massachusetts just became the first state to make data centers cover their own power, while Google restarts a 1975 nuclear plant to do exactly that for the next 25 years. A taco stand and a steak house in Louisiana are booming because a $50 billion data center moved in down the road. GPT-6 Astra dropped, Anthropic signed a new lease two floors up from us in Cambridge, and the "AI is going to kill us all" crowd still hasn't stopped building the thing. LIV Golf filed for Chapter 11 after guaranteeing golfers hundreds of millions regardless of whether they won. Apple's fall announcement was mostly a price hike wrapped around a five-years-late foldable phone. And yes, I'm still mad about the US Open starting a primetime match at 11:30 PM in an empty stadium. Let's go!   In this episode: Why JLL's 2026 Future of Work survey is really a lease-length story hiding inside a headcount story The math behind shorter office leases, and why landlords are going to need real platforms, not just buildings Manhattan's best office leasing pace since 2000, and what's driving $234 billion in first-half CRE volume Why acoustics, not open floor plans, are JLL's biggest office design problem right now Massachusetts becoming the first state to make data centers cover their own clean power Google's $2 billion deal to restart a 1975 nuclear plant in Iowa, just to keep one customer's lights on Why a taco stand and a steak house in Louisiana are booming because of a data center down the road GPT-6 Astra, Anthropic's new Cambridge lease, and the fight for who owns the AI consumer market LIV Golf filing for Chapter 11 after guaranteeing golfers hundreds of millions regardless of performance Apple's foldable iPhone, and why one host loved it and the other one still isn't buying it   TIMESTAMPS: 00:00 Episode 40 Intro 00:34 9/11 Tribute 01:29 US Open Scheduling Fail 03:25 AI Shortens Office Leases 09:17 Interest Rates Squeeze CRE 10:26 Shorter Lease Economics 16:20 Platform Financing Model 22:04 Quiet Pods Office Design 27:15 Data Center Power Fight 32:01 Holy Tacos Preview 32:17 Holy Tacos Boomtown 33:18 Data Centers As Factories 36:34 GPT-6 Astra Launch 40:02 Anthropic Cambridge Lease 41:58 AI Safety Debate 43:52 LIV Golf Bankruptcy 48:01 Apple Foldable iPhone 52:06 Social Media Age Debate 54:15 Episode 40 Recap Hosts:   Greg Gomer: Co-founder & Chief Customer Officer, HqO Chase Garbarino: Co-founder & CEO, HqO   More from the Quantum City Initiative   The future of cities begins now → https://www.hqo.com/the-future-of-cities-begins-now/  Listen to every episode → https://thequantumcityinitiativeshow.podbean.com/    Join the Quantum City Initiative: qci.hqo.com  Apple: https://podcasts.apple.com/us/podcast/the-quantum-city-show/id1830288682   Spotify: https://open.spotify.com/show/6KBhGHqQUblkyOcTAJlJdF?si=b961bd6046704fe7  YouTube: https://www.youtube.com/@HqOinc    Produced in partnership with OBEY Creative, building podcast-driven content engines for B2B founders. Learn more at https://obeycreative.com/    Let's Go!

  3. Sep 1 ·  Video

    Data Center Deals Are Up 2,000%. Here's What It Means for CRE | QCI Show, Ep 39

    The best month for commercial real estate transactions since 2005 just happened. Almost half of it wasn't really real estate. It was data centers.   MSCI's July capital trends report puts total CRE transaction volume at $75 billion, up 78% year over year. Great headline. Strip out the $34 billion that came from data centers, though, and the rest of the market (apartments, retail, office) is basically flat. Data center volume alone is up almost 2,000%. This is the K-curve, live, and it's not slowing down.   That's the real story this week.   We get into where Chase is putting capital over the next 18 months (multifamily's a hard pass, for the record), why Google is paying north of $50 million a year for a building in Austin that's sat empty for six years, and why "leased," "occupied," and "utilized" need to stop being treated like the same word.   We also cover Jensen showing up again with a $96.2 billion quarter, up 106% year over year (yes, that's roughly two Coca-Colas' worth of annual revenue in three months); our own very real, very generous new deal with Anthropic; Big Tech's trillion-dollar CapEx bill turning Microsoft, Amazon, Alphabet, and Meta into the world's biggest landlords; the AvalonBay/Equity Residential merger catching a monopoly side-eye over 0.4% of the national apartment stock; 50% tariffs on Canadian cement and plywood (RIP my kids' hockey sticks); and yes, I got hammered on Instagram again for my take on San Francisco.   In this episode: Why MSCI's "best month since 2005" for commercial real estate is really a data center headline in disguise The $34 billion in data center deals driving a nearly 2,000% surge, while apartments and retail slide Where Chase is deploying capital over the next 18 months, and why multifamily didn't make the list Google's $50 million-a-year building in Austin that's been empty for six years, and the "leased vs. occupied vs. utilized" problem it exposes Nvidia's $96.2 billion quarter, up 106% year over year, measured against a full year of U.S. commercial real estate volume Our own eyebrow-raising deal with Anthropic, and two theories on why the token credits suddenly got 10x more generous Big Tech's trillion-dollar 2026 CapEx bill, and why Microsoft, Amazon, Alphabet, and Meta are becoming the world's biggest landlords The AvalonBay/Equity Residential merger, and the Massachusetts AG's monopoly case over 0.4% of the national apartment stock 50% tariffs on Canadian cement and plywood, and what it means for construction costs (and hockey sticks) A robot that broke Usain Bolt's 100-meter record, then ran itself straight into a wall   Timestamps:  00:00 Show Intro 00:49 San Francisco Real Estate Debate 05:22 Commercial Real Estate Volume Surge 08:51 Where To Deploy Capital 13:01 Data Centers In Office Buildings 15:58 Google's Empty Austin Tower 19:50 Nvidia Earnings Explode 24:20 OpenAI Vs Anthropic Pressure 26:19 Anthropic Enterprise Deal 27:03 Anthropic Token Credits 27:42 Why Anthropic Offered This 29:42 AI Subsidies And Moats 32:30 Big Tech CapEx Boom 34:29 Apartment Merger Antitrust 38:35 Tariffs Hit Construction 41:44 World Cup Economic Win 45:12 Robot Beats Usain Bolt 48:19 Show Wrap Up   Hosts:   Greg Gomer: Co-founder & Chief Customer Officer, HqO Chase Garbarino: Co-founder & CEO, HqO   More from the Quantum City Initiative   The future of cities begins now → https://www.hqo.com/the-future-of-cities-begins-now/  Listen to every episode → https://thequantumcityinitiativeshow.podbean.com/    Hosted by Greg Gomer and Chase Garbarino, co-founders of HqO. The Quantum City Show is presented by HqO.   Join the Quantum City Initiative: qci.hqo.com  Apple: https://podcasts.apple.com/us/podcast/the-quantum-city-show/id1830288682   Spotify: https://open.spotify.com/show/6KBhGHqQUblkyOcTAJlJdF?si=b961bd6046704fe7  YouTube: https://www.youtube.com/@HqOinc    Produced in partnership with OBEY Creative, building podcast-driven content engines for B2B founders. Learn more at https://obeycreative.com/    Let's Go!

  4. Aug 18 ·  Video

    Commercial Real Estate's Data Is Completely Broken | QCI Show, Ep 38

    A 49-story, two-million-square-foot tower in Midtown Manhattan just went back to the bank. Not ideal.   When Kravath, the building's anchor tenant, packed up and left for a Brookfield address, SL Green's occupancy at Worldwide Plaza tanked and the property landed in receivership, bleeding $484,000 a month. And here's the kicker: nobody can even agree on what "occupancy" meant when this deal got underwritten in the first place.   That's the real story this week. Commercial real estate is still running on data built for a different era, and it's catching up with everybody, fast.   We get into why an industry sitting on trillions of dollars in hard assets still can't measure a building the way software tracks a subscription, why the $65 billion CMBS maturity wall hitting by year-end (with $37 billion of it carrying zero extensions left) turns that data gap into a real problem, and why the same week handed us a genuinely weird counter-signal: 58% of prime office leases this year were expansions, not renewals. Corporate America shrinking? Depends who you ask.   We also cover San Francisco's wild reversal from doom-loop punchline to the tightest, priciest rental market in the country, a jobs report that lost jobs while inflation cooled and the 10-year yield went up anyway (make it make sense), a Syracuse mall buying back its own debt for 20 cents on the dollar, oil landowners in the Permian Basin chasing the data center gold rush, and the San Francisco billboard stunt that had an entire industry fooled.   In this episode:   Why SL Green handed the keys to Worldwide Plaza back to the bank, and what losing one law firm as a tenant did to a 2-million-square-foot tower The $65 billion CMBS maturity wall hitting by year-end, and the $37 billion of it with no extensions left Why commercial real estate still can't agree on what "occupancy" even means, and what that data gap cost SL Green A surprising counter-signal: 58% of prime office leases this year were expansions, not renewals San Francisco's reversal from doom-loop headlines to the highest apartment rents and lowest vacancy since 2019, fueled by AI money and talent A surprise July jobs loss and cooling inflation that should have lowered rates, and why the 10-year yield rose instead Destiny USA mall in Syracuse buying back its own debt at 20 cents on the dollar West Texas oil landowners turning the Permian Basin into a data center land grab Elon Musk's eclipse tweet on solar energy, and what the Kardashev scale has to do with it The San Francisco billboard stunt "ChatTJB" that had an entire industry fooled   The thread running through all of it: real estate's oldest metrics weren't built for an economy moving this fast, and the operators who actually modernize how they track a building, a tenant, or a market are the ones who'll see the next collapse coming before it happens. Everyone else finds out when the keys hit the bank's desk. Timestamps: 00:00 Intro & Market Banter 01:03 SL Green Loses Worldwide Plaza 03:01 Kravath Tenant Loss Fallout 05:22 Why CRE Data Is Broken 11:16 $65B CMBS Maturity Wall 14:01 Office Leasing Expansion Surge 19:05 Old School CRE Culture 21:13 San Francisco Rent Surge 24:54 AI Bubble Risk Warning 26:36 AI Revenue Round-Tripping 27:56 Interest Rates Defy Data 30:14 Mall Debt Buyback Deal 33:21 Permian Basin Data Centers 39:18 Solar Eclipse Energy Stat 42:26 Fake AI Chatbot Billboard 48:44 Final Thoughts & Outro

  5. Aug 11 ·  Video

    Why "Permission" Is Now America's Most Valuable Currency | QCI Show, Ep 37

    The federal government just became a landlord for artificial intelligence. Last week it handed a shuttered Cold War uranium plant, ground lease and all, over to Brookfield and NextEra. $100 billion committed. A 1.2 gigawatt data center on the way. No tenant named yet, which might be the smartest part of the whole deal. Meanwhile, two bridges connecting Massachusetts to Cape Cod need $4.5 billion and more than a decade to rebuild. The math doesn't math. Elon Musk can stand up a data center in 60 days. The same country can't fix a bridge built in 1937 without a fight over eminent domain and thirteen homes standing in the way of 35 million cars a year. That's the story underneath every story this week. Power isn't the bottleneck anymore. Permission is. We get into why entitlement has become the real currency in American development, why abandoned infrastructure (a dead uranium plant, a retired coal reservoir) is suddenly buried treasure, and why a data center with no name attached might travel faster through zoning than one with Zuckerberg's on it.  We also cover the hidden money in office rooftops, a rough month for CMBS delinquencies, a surprise jobs report that complicates the Fed's next move, Chicago's office-to-residential conversions, Musk's 100 million square foot chip plant in Texas, and Microsoft quietly stretching the useful life of its data centers from 15 to 25 years on the books. In this episode: Why "permission" has replaced power as the scarcest resource in real estate and infrastructure The government's move to hand AI developers a Cold War uranium site, and why no tenant has been named Rooftops as a hidden seven-figure revenue line for landlords Why Cape Cod's bridges will take 10 years and $4.5 billion, and what eminent domain means for the 13 families in the way CMBS delinquencies jump 8%, multifamily leads the slide, and what it means for rents A surprise July jobs loss and what it does to the Fed's September decision Chicago's 26 office-to-residential conversions, and why they barely dent a 100,000-unit housing gap Elon Musk's 100 million square foot chip plant in Texas, built to fuel orbital data centers Microsoft's quiet accounting shift on data center depreciation, and the AI bubble debate it reignited Why hotel and motel construction is spiking 150% in data center markets, and whether that economy sticks around The thread running through all of it: the companies and governments that figure out how to move fast on permission, not just capital, are the ones who'll win this next build cycle. Everyone else is still waiting in line.   TIMESTAMPS: 00:00 Hot Mic Banter 00:25 Golf, Influencers, and Small Talk 01:26 Government Becomes an AI Data Center Landlord 02:49 Why Permission Is the New Currency in Real Estate 04:57 AI Politics: Entitlements and Party Divides 07:45 No Named Tenant: The PR Play Behind Data Centers 09:29 Zuckerberg's Bunker and Hawaii Detour 11:08 Rooftop Amenities Turned Revenue Machines 14:08 Dynamic Space and the Utilization Shift 17:37 Cape Cod Bridges: A $4.5B, 10-Year Fix 20:26 Eminent Domain: 13 Homes vs. 35 Million Drivers 25:29 CMBS Delinquencies and Fed Rate Pressure 27:35 Rising Rates, Rising Rents 28:42 Office Market Winners vs. Losers 29:19 Class B Buildings: The Next Value Play 30:27 Chicago's Office-to-Residential Conversions 31:56 Housing Math: Permission vs. Progress 34:36 Elon Musk's Terafab and Orbital Data Centers 39:36 Microsoft's Data Center Depreciation Shift 43:35 Hotels and Motels Follow the Data Center Boom 47:17 Ted Lasso Talk and Show Wrap   Hosts:   Greg Gomer: Co-founder & Chief Customer Officer, HqO Chase Garbarino: Co-founder & CEO, HqO   More from the Quantum City Initiative   The future of cities begins now → https://www.hqo.com/the-future-of-cities-begins-now/ Listen to every episode → https://thequantumcityinitiativeshow.podbean.com/   Subscribe on Spotify: https://open.spotify.com/show/6KBhGHqQUblkyOcTAJlJdF?si=522551611b294a67 Subscribe on Apple Podcasts. https://podcasts.apple.com/us/podcast/the-quantum-city-show/id1830288682   Hosted by Greg Gomer and Chase Garbarino, co-founders of HqO. The Quantum City Show is presented by HqO.   Join the Quantum City Initiative: qci.hqo.com  Apple: https://podcasts.apple.com/us/podcast/the-quantum-city-show/id1830288682  Spotify: https://open.spotify.com/show/6KBhGHqQUblkyOcTAJlJdF?si=b961bd6046704fe7 YouTube: https://www.youtube.com/@HqOinc   Produced in partnership with OBEY Creative, building podcast-driven content engines for B2B founders. Learn more at https://obeycreative.com/   Let's Go!

  6. Aug 4 ·  Video

    Bring Your Own Power: PJM's Warning to Data Centers | QCI Show, Ep 36

    PJM Interconnection (the grid operator serving 67 million people across 13 states) went to market to buy power for 2028 and couldn't buy enough. So it did something no grid operator in America has done before: it told data centers in writing that if they don't bring their own power supply, it reserves the right to unplug them. Greg Gomer and Chase Garbarino unpack what that single sentence does to commercial real estate underwriting, why powered land just split into two different asset classes, and what a 6.5-gigawatt buildout is actually buying El Paso, Texas. Plus: how a 24-year-old's $45 billion AI fund got margin-called out of existence in 24 hours, and why eBay just wrote a Massachusetts couple a check for $55.7 million. What you'll learn Why PJM's "bring your own power" letter is a repricing event, not a policy announcement The difference between firm land and interruptible land What one gigawatt actually costs and produces: ~$10B of investment, ~4,000 construction jobs, ~300 permanent jobs, and enough power for ~750,000 homes How Meta and BlackRock structured a $14B data center so the capex stays off Meta's balance sheet — and why Blue Owl's $27B Hyperion deal proves it's now a repeatable playbook Why a $500,000 check to a school district isn't a community benefit agreement, and what one with teeth would actually contain The QCI scorecard applied to El Paso and why the November 3 city council election is the real verdict How a correct thesis and 4x leverage still equals a margin call Why the FIFA World Cup was the largest building-technology pilot ever run, and what edge compute in a stadium teaches you about a tower Why US office net absorption just posted its strongest quarter in seven years and why "the recovery" is a K curve, not a line TIMESTAMPS: 00:00 — Cold open 00:55 — Anchor: PJM tells data centers to bring their own power 02:26 — Infrastructure as a political football 06:54 — What "bring your own power" does to cap rates 09:08 — Firm vs. interruptible: powered land splits in two 09:58 — Bringing your own power at the household level 11:02 — The QCI tension: system efficiency vs. city compute 12:57 — Who's talking their book on open source 14:16 — Quantum Review: El Paso, Texas 16:24 — What one gigawatt actually buys 18:19 — The BlackRock deal and the off-balance-sheet playbook 19:50 — The civic fight: tax breaks, special use permits, "vote them out" 22:05 — The QCI scorecard for El Paso 24:44 — Why $500K to a school isn't a community benefit 27:24 — What a community benefit agreement with teeth looks like 28:43 — Why November 3 is the real verdict 29:34 — Quick Hits 29:58 — Situational Awareness: $45B, 4,439%, margin-called 33:22 — Right thesis, wrong structure 37:39 — Travis Kalanick's Atoms raises $1.7B 38:29 — The proptech TAM problem: your market is not the AUM 44:06 — The World Cup as the biggest building-tech pilot ever run 46:11 — Controlling the vertical stack, from arrival to seat 48:29 — Inside the Meta–BlackRock deal structure 50:23 — DoorDash Air gets FAA Part 135 certification 51:36 — Office absorption rips: "I got this one wrong" 54:36 — One More Thing: eBay's $55.7M cyberstalking settlement 58:20 — Wrap Hosts: Greg Gomer: Co-founder & Chief Customer Officer, HqO Chase Garbarino: Co-founder & CEO, HqO More from the Quantum City Initiative The future of cities begins now → https://www.hqo.com/the-future-of-cities-begins-now/   Subscribe on Apple Podcasts. https://podcasts.apple.com/us/podcast/the-quantum-city-show/id1830288682   Produced in partnership with OBEY Creative, building podcast-driven content engines for B2B founders.  Learn more at https://obeycreative.com/ Let's Go!

  7. Jul 28 ·  Video

    Dubai Just Built a Digital Twin of the Entire City. Why Can't America? | QCI Ep. 35

    Powered by HqO - Learn more and join the Quantum City Initiative here: https://www.hqo.com/the-future-of-cities-begins-now/ Dubai just launched a live digital twin of the entire city - 195,000 buildings, 1,500 geospatial data layers, and a real operating system running underneath it all. So why isn't every city doing this? In the dog days of summer, Greg and Chase dig into the widening gap between cities that build and cities that block. The anchor: Brookfield and CPP Investments are taking LXP Industrial Trust private in a $5.2 billion all-cash deal, paying a nearly 20% premium for pure-play industrial at a moment when office CMBS delinquencies are pushing toward 18%. The bifurcation isn't just trophy-versus-legacy anymore -- it's turning regional, market by market, tracking business climate and regulatory drag as much as building quality. That sets up the big one. Dubai's new digital twin isn't a gimmicky 3D flyover -- it's the foundation of a city operating system, and Chase breaks down why it looks like Apple's tightly controlled model while other cities will inevitably go open-source. The conversation runs from Phoenix's semiconductor boom and car-dependent sprawl to what an autonomous-vehicle city actually looks like when AV stations replace subway stops. Then Google's earnings land: $44.9 billion in CapEx in a single quarter, the first negative free cash flow since Alphabet's 2004 IPO, and a live debate on the horizon of ROI when the hyperscalers are set to spend north of $600 billion on AI infrastructure. In this episode: Why Brookfield paid a nearly 20% premium to take LXP Industrial private, and what public-vs-private pricing gaps signal for CRE The K-curve goes regional: how business policy and regulation now drive occupancy market by market Phoenix as a rising Quantum City -- semiconductors, no state income tax, and the heat-and-transit problem What a city's transit backbone looks like when autonomous vehicles leapfrog rail Dubai's digital twin: 195,000 buildings, a city operating system, and the Apple-vs-open-source future of urban tech Google's first-ever negative free cash flow, founder mode, and the "follow the CapEx" thesis on power land Why the New York data center moratorium looks like a missed opportunity Quantum computing as an emerging CRE asset class, plus the movie-theater and mall comeback The throughline: the cities and companies willing to build the infrastructure (physical and digital) are pulling away from the ones stuck reworking legacy. Everything else is just sorting. TIMESTAMPS: 00:00 Cold open: World Cup hangover 01:11 Anchor: Brookfield and CPP take LXP Industrial private for $5.2B 02:14 Chase's read: the 20% premium and pure-play industrial 03:29 Office CMBS delinquencies and the supply squeeze 04:10 Does private capital keep taking REITs private? 05:14 Quantum Review: Phoenix 06:42 No state income tax, semiconductors, and "fast to yes" 07:34 Car dependency, heat, and the transit gap 08:48 Do transit scores matter once AVs arrive? 14:07 eVTOLs, flying cars, and the Middle East head start 16:52 Data center backlash and permitting gridlock 18:44 The 24-month bet: bearish gateways, bullish Sun Belt 23:20 What a digital twin actually is 24:18 Dubai's digital twin: 1,500 data layers, 195,000 buildings 28:36 Dubai Live and Dubai Here: the city operating system 30:36 Why isn't every city doing this? 34:07 AI, surveillance, and competition as the real check 39:27 Quick Hits: CPI, rate hikes, and sticky inflation 43:30 The $70B quantum computing CRE boom 46:42 CMBS delinquencies split market by market 49:46 Google's $45B quarter and the founder-mode CapEx bet 54:56 The dark fiber counterargument 56:57 One More Thing: movie theaters and malls are back Sponsored by HqO - the leading tenant experience platform for commercial real estate.

  8. Jul 14 ·  Video

    Follow the Power: Where CRE Money Is Really Going | QCI Ep 34

    Powered by HqO - Learn more and join the Quantum City Initiative here: https://www.hqo.com/the-future-of-cit... Greg and Chase just got back from HqO's EMEA customer advisory board, and the money in commercial real estate is telling on itself. Last week Digital Realty bought Blackstone's stake in three Northern Virginia data centers for three and a half billion dollars. This episode follows that power, from Miami's record office rents to the 200 buildings a top Manhattan landlord studied before deciding only 11 could actually convert.   What you'll learn   Why capital keeps flowing to power and compute, and what the Blackstone data center exit really signals How underwriting has to change, and why below-trophy office starts to look like hospitality Miami by the numbers, and where it wins and loses against the five principles of the Quantum City The office-to-residential conversion math, and why "just convert it" breaks down at scale What the June jobs miss and a stuck 10-year mean for refinancing   Chapters    00:00 Episode Kickoff 00:45 Customer Advisory Board Recap 02:06 US vs Europe AI Adoption 06:56 The Collection’s Hospitality Model 11:50 AI Cheating in Higher Education 14:49 Data Centers and the Power Boom 20:26 Office Underwriting Must Change 25:42 Miami’s Office Market Strength 32:43 Commercial Real Estate Quick Hits 32:59 Interest Rates Stay High 34:39 Fed Policy and Inflation Risk 37:01 Money Supply and US Debt 38:26 Gold Repricing Theory 41:03 Office-to-Residential Conversions 44:19 Office Demolition and Adaptive Reuse 47:41 Starwood Avoids Office Investments 49:53 Taylor Swift Wedding Strategy 51:41 FIFA and World Cup Politics 53:44 Tilly Norwood, the AI Actress 57:03 Final Takeaways and What’s Next   Hosted by Greg Gomer and Chase Garbarino, co-founders of HqO. The Quantum City Show is presented by HqO.   Join the Quantum City Initiative: https://www.hqo.com/the-future-of-cit... Apple: https://podcasts.apple.com/us/podcast/the-quantum-city-show/id1830288682  Spotify: https://open.spotify.com/show/6KBhGHqQUblkyOcTAJlJdF?si=b961bd6046704fe7 YouTube: https://www.youtube.com/@HqOinc   Let's Go!

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3 Ratings

About

Welcome to The Quantum City Show, the show where cities meet supercomputing. Hosted by Greg Gomer and Chase Garbarino, co-founders of HqO, we explore the boldest ideas and real-world breakthroughs at the intersection of AI, urban innovation, real estate, and public policy. Cities have always been civilization’s greatest supercomputers; concentrating talent, accelerating innovation, and scaling human potential. Now, it’s time for the next leap. Each week, we break down how Quantum Cities (intelligent, experience-driven urban systems) are reshaping how we live, work, and thrive. Through expert interviews, case studies, and grounded frameworks, we uncover how smart buildings, data-driven infrastructure, and civic design can transform complexity into clarity. If you're building, governing, investing in, or simply curious about the cities of tomorrow, you're in the right place. The Quantum City Show is powered by HqO and the Quantum City Initiative. Subscribe and join the mission to build a more dynamic, free, and human-centered urban future. Learn more here: https://www.hqo.com/the-future-of-cities-begins-now/

Information

  • Creator
    HqO
  • Years Active
    2025 - 2026
  • Episodes
    42
  • Rating
    Clean
  • Copyright
    © Copyright 2025 All rights reserved.
  • Show Website
    The Quantum City Show