Land is the only real estate asset with no depreciation, no OpEx, and pure optionality. In an environment of structurally elevated inflation, acute supply scarcity, and compounding demand from data centers, logistics, and Sun Belt in-migration, institutional land banking has become one of the highest-return, lowest-overhead strategies in commercial real estate. The core insight is simple: entitlement takes time that capital can monetize — and the investors who buy ahead of infrastructure extensions are being paid an information and patience premium that public markets cannot replicate.