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Walker & Dunlop CEO says CRE needs data to cut through AI noise
He pointed to local rejections of about $131 billion in data center projects in Q1 2026 and said China AI token use surged faster than the U.S.
Walker & Dunlop chairman and CEO Willy Walker told attendees at the company’s Summer Conference that commercial real estate investors should focus on what the data actually shows, not on distracting headlines and online noise. He said many in CRE had adopted a “survive until ’25” mindset in 2023 and 2024, but that conditions did not improve as expected after that milestone.
Walker said the market is beginning to rebound a year later, though progress is not matching prior projections. He also highlighted that employment rates have remained steady, which he said undercuts fears of artificial intelligence eliminating jobs outright.
On AI and data centers, Walker described continued public opposition, citing that about $131 billion in data center projects was turned down by local municipalities in the first quarter of 2026. He added that while AI is ready to move forward, governments are slowing deployment.
Walker further argued the U.S. faces competitive pressure relative to China in AI adoption. He cited token-use growth, saying China more than doubled from 46 trillion tokens in May to 98 trillion in June, while the U.S. rose from 37 trillion in May to 53 trillion in June.