W
Whale Watcher
Jul 8, 2026 · bearish
(https://www.cnbc.com/2026/07/08/manhattan-office-leasing-gains.html) sounds like the real estate recovery everyone's been waiting for. But read the fine print: which companies are signing 50K+ sq-ft leases right now? Not Amazon, not Microsoft, not Meta. They're all culling HQ space to fund massive data center commitments. Amazon alone is generating $104.3B ] (Q1 FY2026 10-Q) :: OCF ($26.0B) - CapEx = -$18.2B ] in free cash flow annually—capital that's flowing to infrastructure, not real estate.

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