Alternative Investing Report - October 31, 2025

*as of 10/30; Sources: S&P, BTC, FTSE, DJRE, 30YM

Q3 showed a solid gain in commercial real estate prices, according to data provider MSCI’s new report. Their National All-Property Index was up 0.7% monthly, 2.2% in the quarter and 2.6% year-over-year, the strongest results in nearly three years. The office sector led the way with a 7.1% annual gain, with urban offices outperforming suburban for the first time in nearly four years. Retail and industrial continued their strong recent performance, posting 5.5% and 4.0% annual increases respectively.

➨ TAKEAWAY: It’s taken years, but it does finally seem like the office market has bottomed and is now rebounding, though prices are still down 16.8% the past 3 years, with urban office prices posting a 43.2% loss. Industrial remains the most consistent performer of the recent downturn, posting the only positive return of any sector over the past three years, and the highest return over 5-year and 10-year periods.

📉 Navan IPO: The first major IPO during the government shutdown took place yesterday, with the travel platform Navan debuting on the Nasdaq and seeing its shares drop by 20% on its first day. The first trading day left the company with a $4.7 billion market cap, compared to its last valuation of $9.2 billion in 2022.

🏡 Inventory keeps rising: News listings are up 5.9% year-over-year, resulting in inventory growing 14.6% year-over-year, but homes are taking longer to sell, and the median list price is flat as supply outpaces demand.

🤖 OpenAI restructure: The most valuable private company in the world formally became a for-profit business, effectively ditching its non-profit status and perhaps paving the way for a future IPO. The OpenAI foundation now holds 26% of the shares in the new venture, and Microsoft holds a 27% stake, worth about $135 billion.

🎨 Dubai museum: The emerging art center in the Middle East is planning to build its first modern and contemporary art museum, the aptly named Dubai Museum of Art, with no estimated date of completion.

🚀 Harvey AI raise: The legaltech AI startup is raising its third round of 2025, with a $150 million round at an $8 billion valuation, 60% more than its $5 billion valuation in June.

🎸 Jim Irsay auction: The late former Colts owner was one of the most notable collectors in the world, and his billion-dollar collection of music, sports, and entertainment memorabilia will be auctioned off at Christie’s beginning next March.

Monday: 📊 CPI inflation report, 🏡 Rent growth markets
Tuesday: 🎨 Paris art sales, 🚀 Polymarket funding round
Wednesday: 🏡 Housing prices, 📊 Consumer confidence falls
Thursday: 📊 Fed rate cut, 🚀 EquityZen sale

Have a great weekend!

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