Build everything
This week, JP Morgan employees began moving into the firm’s recently completed USD 3 billion office tower on Park Avenue in New York City. The investment is a clear vote of confidence in the office as the center of corporate culture, and a reminder that data centers are not the only physical assets attracting capital. Tracking USD 3.1 trillion in projects across 26 industries, Goldman Sachs estimates that global capital spending will expand at a 5.9% compound annual growth rate, more than twice the historical average of 2.6%. While investment in data centers continues to expand at the fastest rate, energy-related projects, semiconductor manufacturing and real estate investment trust investments are also expanding at an accelerated rate.
Expanding at a steady state of one per weekday, this note marks our Thematic Investment Team’s 1,000th Robeco Daily Sketch. Thank you for reading.
Source: Goldman Sachs, July 2025