Aerial view of the Meta Los Lunas campus as of November 7, 2025, showing six completed server halls in the lower quadrant alongside active Phase III construction in the upper center, with the dedicated on-site substation visible at lower right and additional graded expansion pads extending to the east. Photo taken November 7, 2025. Source: MMCG Invest, LLC / EagleView. In the spring of 2016, a small agricultural village of roughly 15,000 people on the western bank of the Rio

Executive Summary Market Cooling After Frenzied Growth:  The U.S. industrial real estate sector in mid-2025 is experiencing a moderate cooldown after the pandemic-era boom. Vacancy rates have climbed to a decade high (~7.4%) as of Q3 2025  – up from historic lows under 4% in 2022 – amid nearly three years of supply outpacing demand. Softer market conditions have shifted bargaining power towards tenants, with annual rent growth slowing to just 1.6%, the weakest since 2012 . In