Property Play: Sonny Kalsi on AI, apartments and the data center debate

Watch on YouTube ↗  |  June 02, 2026 at 12:34  |  39:13  |  CNBC
Speakers
Sonny Kalsi — CEO, SLC Management

Summary

Sonny Kalsi, CEO of SLC Management, discusses his investment views on various real estate sectors, emphasizing long-term secular trends in multifamily, industrial, and cold storage while avoiding US office. He also touches on data centers, life sciences, climate resilience, and the impact of AI and reshoring on real estate.

  • Kalsi is constructive on US multifamily real estate, seeing a cyclical buying opportunity.
  • He remains positive on US industrial and cold storage real estate due to secular demand.
  • He avoids US office properties, having made no purchases since 2019.
  • He is cautious on data centers despite strong demand, citing late-cycle timing.
  • He believes energy efficiency and climate resilience are critical for long-term asset value.
  • He discusses reshoring and changing trade patterns as drivers for industrial demand.
  • He views AI as a continuation of technological progress, not a threat to real estate investing.
  • He emphasizes the importance of emotional intelligence (EQ) in a world increasingly shaped by AI.
Trade Ideas
Sonny Kalsi CEO, SLC Management 8:29
Avoid US office real estate.
US office real estate is unattractive for direct investment. The firm has not bought an office building in the US since 2019 and sees a high bar for any new investment, given weak demand and a bifurcated market where only the top buildings perform.
US office real estate HIGH
Sonny Kalsi CEO, SLC Management 11:57
Multifamily is a cyclical buying opportunity.
US multifamily real estate is a cyclical opportunity. Short-term headwinds from oversupply and weak household formation are creating a buying window, while long-term secular tailwinds (housing demand, limited new supply) will drive recovery. The firm is actively investing via acquisitions like Bell Partners.
US multifamily real estate HIGH
Sonny Kalsi CEO, SLC Management 15:57
Industrial real estate has strong secular tailwinds.
US industrial and distribution real estate benefits from secular trends in e-commerce, reshoring, and the need for logistics infrastructure. Short-term vacancy concerns are outweighed by long-term demand; the firm has maintained its industrial exposure.
US industrial real estate MED
Sonny Kalsi CEO, SLC Management 17:36
Cold storage has long-term secular demand.
Cold storage real estate is a subset of industrial with positive long-term secular demand driven by the permanent shift in grocery delivery habits. Short-term headwinds are cyclical, but the long-term outlook is very positive.
Cold storage real estate MED
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This CNBC video, published June 02, 2026, features Sonny Kalsi discussing US office real estate, US multifamily real estate, US industrial real estate, Cold storage real estate. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Sonny Kalsi  · Tickers: US office real estate, US multifamily real estate, US industrial real estate, Cold storage real estate