This morning, we snapped Chicago Mayor Rahm Emanuel kicking off DLA Piper's state of the real estate world conference in the Windy City for 500 clients and friends of the law firm, including an impressive cohort from DC. Kudos to Jay Epstien for conceiving and putting on this top-tier confab every 18 months.

Vornado CEO Steve Roth and EQR boss Sam Zell did their usual colorful show. Roth: The single most important trend in the economy is easy money—asset prices will keep rising as long as central bankers keep playing Santa Claus. Zell: Your level of optimism is unjustified. (There was more fun back and forth, but this is a family e-newsletter.)

DC's own Mitchell Schear with top officials of Forest City, WeWork, and LiquidSpace, discussing whether the next five years will be the great era of "unbuilding," as the workforce becomes more and more virtual and mobile, or whether the desire for 24/7 access to colleagues and activities will make physical location even more important.