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Despite what no one denies has been a challenging year for commercial real estate, Commercial Observer’s 2023 Power Gala, held Sept. 19 at CORE: New York, the new club at 711 Fifth Avenue, proved that there is plenty of optimism — and reasons for that optimism — to be found in commercial real estate today. “We’re in an environment where you have to look beyond the headlines, because everything is not moving at the same speed, and where you invest matters,” said Ken Caplan, global co-head of Blackstone (BX), which won the night’s Acquisition Deal of the Year Award for its $12.8 billion acquisition of American Campus Communities, the largest developer, owner and manager of student housing in the United States.

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