Q3 Overall Office Vacancy Rate Atlanta 25.0% Austin 27.1% Charlotte 23.1% Chicago 25.9% Cincinnati 26.1% Dallas 24.8% Denver 27.1% Fairfield County, CT 25.8% Houston 24.6% Jacksonville 20.6% Los Angeles CBD 33.3% Los Angeles non-CBD 21.8% Memphis 20.1% Milwaukee 23.2% Minneapolis/St. Paul 27.0% New York Downtown 21.0% New York Midtown 17.0% New York Midtown South 21.5% Northern VA 23.6% Oakland/East Bay CA 22.0% Oklahoma City 28.1% Phoenix 25.1% Portland 23.9% Puget Sound - Eastside 22.4% Raleigh/Durham 21.5% Salt Lake City 21.9% San Francisco 29.3% Seattle 32.6% Suburban MD 22.3% Washington DC 23.5% Westchester County, NY 24.0% -Cushman and Wakefield #CommercialRealEstate

Wow, how often do we see this?

Trust the process.

I’m Polish. If France is your future, I come from the end of that road. France shows you the slow version. We lived the full one – the version where the state doesn’t just take care of everything. It owns everything. In Poland it arrived with Soviet bayonets. In America it would arrive by vote – slower, softer, with better slogans. But the destination is the same, and so is the mechanism. It starts with prices. When the state decides what things should cost, prices stop telling the truth. A price is a message: this is scarce, this is wanted, make more of this. Abolish the message, and the whole economy goes deaf. So the shelves emptied – first of meat, then of almost everything. Every Pole knew the joke. A man walks into a shop: "No meat?" The clerk: "No, sir. Here is no fish. No meat is across the street." We queued for everything. People wrote their place in line on their palms and kept lists through the night. You waited years for a small car, and often more than a decade for an apartment. Not because Poles were lazy. Because nobody in the system had any reason to produce what we needed. At work, we had another joke: we pretended to work, and they pretended to pay us. And the promise of equality? It produced the most unequal system of all. The party elite had their own shops – Poles called them the shops behind the yellow curtains. Those with dollars shopped in special stores. Everyone else got the queue. Then the system needed informers, because nobody believed in it anymore. Our neighbors were recruited to report on us. You never knew who was listening – the colleague, the friend, sometimes family. So we learned to live a double life: one language in public, another at home. Those who spoke up got the wolf ticket: no job, no promotion, sometimes no university place for their children. Nobody needed to send them to prison. They just couldn’t live. The newspapers reported record harvests while the shelves stood empty. Everyone knew. Nobody said it. That is what a society looks like when the lie becomes the system. In 1950 we were about as rich as Spain. By 1989, Spain was twice as rich. That is what forty years of "fairness" cost us. Today in America, the method is softer. Your neighbor won’t inform on you to the secret police. Someone will report your post, and you’ll be cancelled – no job, no account, no platform. Different tools, same machine. We got out. Ten million of us joined Solidarity, and in 1989 a system that looked eternal collapsed. Since then, Poland has become one of the great success stories of Europe – because people were finally free to build. But we still carry it. More than thirty years later, you can see it in the careful answers, the closed faces - the system leaves faster than the fear does. It takes generations to get out of it fully once you fall into that trap. Nobody votes for the queue. Nobody votes for the informer. They come with the promise. Trust me, you don’t want to go down that road.

FOR EVERYONE SAYING THAT ICE AGENTS ARE JUST DOING THEIR JOBS, WE'LL SEND THEM TO YOUR NEIGHBORHOOD.

I’m French. I want to talk to Americans who are about to vote Democrat. Not to insult you. To warn you. I come from your future. In France we did everything your progressive politicians promise. Free healthcare, free college, generous welfare, strong unions, heavy regulation, high taxes on the rich, a state that takes care of everything. Public spending close to 57% of GDP, one of the highest on the planet. On paper, it’s the dream. Here’s what it looks like from the inside. France hasn’t passed a balanced budget since 1974. Our debt is above 3,300 billion euros. Interest on that debt is becoming one of the biggest items in the national budget. Our hospitals are collapsing despite record funding. Our schools rank lower every year. Young people with degrees can’t afford an apartment in the city they were born in. Our best engineers leave for London, Zurich and San Francisco. And the rich you wanted to tax? They left too, and took the jobs with them. The promise was protection. The result is stagnation. The worst part is that nobody in France voted for decline. Every single step sounded generous, compassionate, reasonable. One more program. One more regulation. One more tax to fund it. Each step alone makes sense. Fifty years of them, and you wake up in a country that can no longer build a nuclear plant on time or keep its streets safe. I love America because it’s the one place on earth where people still believe they can build something from nothing. I came to Silicon Valley as a self-taught kid and it changed my life. That spirit is the most precious thing your country has. Before you vote, ask yourself one question: is the program you’re voting for making America more like America, or more like France? Trust me. You don’t want to be France.

🚨 THE WORLD IS RUNNING OUT OF SHIPS TO TRANSPORT OIL. JPMorgan warns that the global oil market is facing another major supply shock, but this time the problem isn't a shortage of oil. It's a shortage of tankers needed to transport it. Oil flows through the Strait of Hormuz jumped from 7.5 million to 12 million barrels per day in September, putting massive pressure on the global tanker fleet. Of the world's 923 supertankers, 766 are already in use, while another 124 Iranian tankers remain largely unavailable due to US sanctions. And the situation is getting worse. Longer shipping routes, delays and rising demand mean even more tankers are needed to transport the same amount of oil. The Middle East alone now needs 35 additional supertankers compared with the 2025 average. And this shortage is starting to affect shipping markets far beyond the Middle East. The biggest concern is that oil could become much more expensive to transport, even if there is enough crude available. If shipping costs keep rising, fuel prices and inflation worldwide could come under even more pressure.