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lackstone's Jon Gray says the company has invested $22 billion in real estate this year, nearly double its investment during the same period last year. This comes as the firm reported strong quarterly earnings, with net income totaling $780.8 million and a stock price that shot up over 6 percent to an all-time high of $170.28.

    Blackstone's real estate segment saw inflows fall to $5.8 billion from $9.1 billion in the previous year, but the firm deployed nearly $1 billion more capital into real estate in the third quarter. Gray attributed this to the Federal Reserve's decision to lower interest rates, which he believes will drive more real estate deals.

    As the world's largest commercial property owner, Blackstone's earnings are closely watched as a barometer of the broader market. The firm has made a lucrative bet on logistics and is now adopting a similar strategy with data centers, driven by developments in AI and the resulting need for computing power. Blackstone recently acquired AirTrunk, the largest data center operator in the Asia-Pacific region, in a $24 billion deal.

    Chairman and CEO Stephen Schwarzman said real estate is in the middle of a broad-based recovery, citing positive signs such as increased demand from buyers and a projected fall in construction starts and availability of apartments and warehouses. He also mentioned that Blackstone will consider opportunities to buy higher quality office buildings, benefiting from its investments in logistics and rental apartments.