12 books that'll make you fall in love with commercial real estate (and investing)
---- The Intelligent Investor ----
The concept of Margin of Safety anchors valuation, which is the most important skill in real estate.
---- King of Capital ----
An early history of Blackstone, the biggest alternative investment manager in history. The EOP chapter is especially insightful.
---- The Birth of a Building ----
An innovative, ground-up approach, illustrating how a building evolves from vision to reality.
---- The Outsiders ----
A book about capital allocation. Not real estate, but our business follows capital. Full stop. Insightful cases into how capital managers create value.
---- The Liar’s Ball ----
A cautionary tale about what happens when diligence falls short. Entertaining, but a reminder that real estate fortunes are won and lost in the details.
---- How to Invest ----
Rubenstein is a unique thinker, creator, investor, and PE pioneer. His interview with Jon Gray is particularly interesting for real estate folks.
---- The Big Short ----
A vivid reminder that markets can blow up spectacularly.
---- Fooled by Randomness ----
An exploration into how randomness can create (and destroy) wealth with a stark warning about overconfidence.
---- Liar’s Poker ----
The rollicking origin story of mortgage-backed securities, essential background on the instruments that forever changed real estate finance.
---- The Real Estate Game ----
Poorvu's approach to real estate analysis is refreshingly simple yet profoundly effective. A timeless classic for beginners and veterans alike.
---- Too Big to Fail ----
A gripping deep dive into the biggest financial crash ever, centered around over-leveraged real estate.
---- Trammell Crow: A Legacy of Real Estate Innovation ----
A captivating biography of the first true master developer. Crow built, lost, and rebuilt multiple fortunes, forever reshaping how we think about real estate.
PS -- If you have a summer intern this summer, feel free to add a comment and/or forward this to them. Don't forget what made you engage with commercial real estate as a career path. ...and we always welcome your book recommendations.
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