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Thor Equities Chairman and CEO Joe Sitt Appears on CNBC to Discuss Global Real Estate, AI's Impact on Office Markets, and New York City Politics
New York, NY, May 13, 2026 (GLOBE NEWSWIRE) -- Joe Sitt, Chairman and CEO of Thor Equities Group returned to CNBC's Money Movers on May 13th to discuss his forward-looking perspective on the evolving commercial real estate landscape, the transformative impact of artificial intelligence on office markets, and the political outlook for New York City.
Sitt opened by reflecting on his early conviction in data centers, a thesis he began building years ago before AI entered the mainstream. Having pivoted capital away from office real estate to fund that strategy, he acknowledged it required patience and that while skeptics questioned the sector, Thor Equities was already developing its first data center project in Madrid. Thor Equities remains very active in the data center sector with projects across Texas, Ohio, Georgia; and throughout Europe.
Sitt then made a contrarian case for office real estate, arguing that investors are broadly misreading the market. He emphasized the importance of distinguishing between cities that house the disruptors and those that do not. "There are markets that are winners and losers. The difference is markets that have the disruptors, not just the disrupted," he said. "The best examples are New York, San Francisco, and Austin. The voracious need for space is incredible." He pointed to three converging forces driving his view: surging demand from AI and technology firms for premium office space; a coming wave of entrepreneurship among displaced workers, who he views as among the brightest talent in the market and who are now armed with AI as a force multiplier; and a newly created 35-year tax incentive that eliminates taxes for building owners who convert to residential, which Sitt noted is steadily pulling inventory out of the commercial market just as demand is about to surge. "I actually see it the exact opposite of everybody else," Sitt said. "I think that within the next six months to a year, you're going to hear people talking about New York City like, 'Where do I get space? I can't get a proper location.'"
Turning to New York City politics, Sitt expressed optimism about the city's future while drawing on lessons from cities abroad. He pointed to the UK as a cautionary tale of what happens when leadership prioritizes taxing and spending over fostering a business-friendly environment, and urged New York's new mayor not to follow the same path.
Sitt concluded by framing AI, and technological disruption broadly, as a creator of opportunity rather than a destroyer of it, drawing on historical examples from the steam engine to the internet to illustrate how efficiency gains have consistently produced more economic activity, not less.
Mr. Sitt's full interview can be found on CNBC.com and Thor Equities YouTube.
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About Thor Equities Group: Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
Katie Smith Thor Equities Group ksmith@Thorequities.com
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