The Bottom of the Pyramid: Small Tenants, Big Demand

Host Vladimir Bosanac is joined by co-host David Arscott (CEO & Co-Founder, Baycrest Capital) for a read on the multifamily and industrial markets — then sits down with David Klein (EVP & Managing Principal, Lee & Associates SF) on the most underserved corner of life science real estate.In this episode:Multifamily is bouncing off the bottom — national vacancy near 4.3%, Bay Area rents up ~9% YoY, and Green Street projecting ~8% CAGR rent growth in Northern California over three years.Industrial is a step behind in the cycle — construction costs outpacing rent growth, small-bay and last-mile flex space holding demand while big-box supply gets absorbed.Rent control's double edge — lessons from New York's five boroughs, plus Redwood City's November ballot measure and California's Builders Remedy push.The energy question — Texas chasing a staggering 474 GW of grid demand (vs. 12.7 GW for all of PG&E territory), why the real number may be 10–20x smaller, and Google's not-quite-sci-fi pitch for data centers in space.Life science's forgotten 40% — David Klein on the "demand pyramid," why sub-10,000 SF lab space runs 0.1–2.2% vacancy while the broader market sits near 29%, and how Lab Space Directory advocates for the small tenants nobody represents.Guests:David Arscott — CEO & Co-Founder, Baycrest Capital (LinkedIn)David Klein — EVP & Managing Principal, Lee & Associates San Francisco (LinkedIn)