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Colliers
Spring Retail Report | 2025 – The Real Retail Reality: Stores Thrive Amid Uncertainty
Colliers' Spring 2025 Retail Report examines how the U.S. retail sector is adapting to a fast-changing consumer and economic environment, including an interview with Hotel Chocolat's CEO.
RetailU.S. National
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Walker & Dunlop
Ten critical considerations for exploring your small-balance multifamily financing options
A financing guide comparing ten factors borrowers should weigh when selecting small-balance multifamily debt sources, including loan structure, hold period, and lender type. Contrasts direct lenders versus intermediaries.
Debt & FinancingMultifamilyU.S. National
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Newmark
United States Capital Markets Report
Newmark's U.S. capital markets report covering investment sales, debt maturities and pricing trends, including an estimated $582 billion of potentially troubled debt maturing in 2025-2026.
Capital MarketsDebt & FinancingOfficeU.S. National
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Newmark
2025 North America Industrial Outlook
Newmark's outlook for the North American industrial market, weighing near-term softness from trade policy uncertainty against long-term tailwinds from manufacturing growth and supply-chain regionalization.
Industrial & LogisticsU.S. NationalCanada
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Berkadia
2025 Inaugural Multifamily Investment Sentiment Survey: Opportunities and Trends to Watch
Survey of 200+ clients on 2025 multifamily expectations: 65% plan moderate portfolio expansion, Fannie Mae and Freddie Mac expected as most active lenders, and stable cap rates with exit rates 25-50 bps higher than entry.
MultifamilyCapital MarketsDebt & FinancingU.S. National
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Avison Young
Viewpoints Spring 2025: Sector Overview
Sector-by-sector breakdown of the outlook for UK commercial real estate investment in 2025, assessing how economic recovery and interest-rate moves shape each asset class.
OfficeIndustrial & LogisticsRetailUnited KingdomLondon
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Walker & Dunlop
Key takeaways from MBA CREF 2025
Field report from the MBA Commercial/Multifamily Finance Convention covering capital availability, lending competition, and credit-spread compression across CRE sectors. Notes spreads as tight as 2021 and shifting lender risk tolerance.
Debt & FinancingCapital MarketsMultifamilyU.S. National
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Newmark
2025 U.S. Data Center Market Outlook
Newmark's outlook on the U.S. data center sector, highlighting an AI-driven structural boom with record annualized spending on new construction and intense competition for power and industrial-zoned development sites.
Data CentersIndustrial & LogisticsCapital MarketsU.S. National
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Colliers
EMEA Capital Markets – 2025 Outlook
Building on the 2025 Global Investor Outlook and EMEA survey, this report identifies key capital-markets trends and shifting investor strategies for EMEA real estate in 2025.
Capital MarketsIndustrial & LogisticsEuropeGlobal
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LaSalle Investment Management
LaSalle's ISA Outlook 2025: The start of a new cycle for US and Canadian real estate
LaSalle's ISA Outlook 2025 North America chapter, forecasting that US and Canadian real estate is on the verge of a new cycle as interest rates fall from peak and transaction volume grows slowly.
Capital MarketsEconomyOfficeU.S. NationalCanada
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CBRE
U.S. Real Estate Market Outlook 2025 - Capital Markets
CBRE projects a gradual recovery in U.S. commercial real estate investment in 2025, with cap rates moderately compressing and industrial and multifamily assets remaining investor favorites.
Capital MarketsIndustrial & LogisticsMultifamilyU.S. National
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CBRE
European Real Estate Market Outlook 2025 - Living
Europe faces a housing shortage of roughly 9.6 million homes amid declining construction permits and rising rents, framing the investment case and policy debate for the living sector.
MultifamilyAffordable HousingEurope
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CBRE
European Real Estate Market Outlook 2025 - Sustainability
European real estate investors face new climate-disclosure and retrofitting requirements in 2025, with sustainability-compliant assets commanding premiums and stronger financial performance.
SustainabilityOfficeRetailEurope
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CBRE
European Real Estate Market Outlook 2025 - Capital Markets
European real estate investment is set to keep recovering in 2025 as bid-ask spreads narrow, financing conditions improve, and international capital returns to the market.
Capital MarketsEurope
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Heitman
Insurance on the Rise: Climate Risk and Real Estate Investment Decisions
Heitman and ULI's fifth climate-risk report examines the impact of rising property insurance costs on commercial real estate, with strategies for securing affordable coverage and emerging trends reshaping the market.
SustainabilityMultifamilyCapital MarketsU.S. NationalGlobal
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Berkadia
Optimizing Debt Solutions Amid Seniors Housing Industry Growth
Examination of seniors housing financing options across traditional lenders, debt funds, and GSEs (Freddie Mac, Fannie Mae, HUD), noting a 23% rise in acquisition activity and tighter refinancing terms.
Debt & FinancingCapital MarketsSenior HousingU.S. National
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Invesco
Invesco Listed Real Assets: Real estate performance commentary for the sector
Invesco's Listed Real Assets team's recurring commentary on the listed real estate market and outlook, covering market and sector performance, sub-sector reviews and regional forecasts.
REITsCapital MarketsEconomyU.S. NationalGlobal
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Mortgage Bankers Association
Quarterly Commercial/Multifamily Mortgage Debt Outstanding
MBA's quarterly research series tracking the level of commercial and multifamily mortgage debt outstanding by capital source, with a downloadable latest report.
Debt & FinancingCapital MarketsMultifamilyU.S. National
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Wolf Street
The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Big Expensive Cities, May 2026
Home prices fell from prior peaks in 28 of 33 major expensive U.S. cities tracked in May 2026, with the largest declines in Austin (-27%), Oakland (-26%), and New Orleans (-19%), while prices rose year-over-year in only eight cities, notably Chicago and New York City which reached new all-time highs, and San Francisco where AI-driven compensation packages created a "mansion shortage" effect that boosted mid-tier prices 7.8% year-over-year. The analysis attributes prior price spikes from mid-2020 to mid-2022—led by Austin (+62%), Phoenix (+60%), and Fort Worth (+50%)—to Federal Reserve monetary policies including near-zero mortgage rates through quantitative easing, which created the current affordability crisis.
EconomyHomebuildersSingle-Family RentalU.S. National
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Calculated Risk
Hotels: Occupancy Rate Increased 4.4% Year-over-year
Hotel occupancy was weak in 2025. It is difficult to tell early in the year because travel is always weak in early January. From STR: U.S. hotel results for week ending 3…
EconomyHomebuildersHospitalityU.S. National
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Calculated Risk
Friday: Employment Report, Housing Starts, Flow of Funds
The document announces four U.S. economic data releases scheduled for Friday, January 10, 2026: the December employment report (consensus expectation of 55,000 jobs added and unemployment declining to 4.5%), Housing Starts for September and October, the University of Michigan Consumer Sentiment Index preliminary reading for January, and Q3 Flow of Funds Accounts from the Federal Reserve.
EconomyHomebuildersU.S. National
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Calculated Risk
Fed’s Flow of Funds: Household Net Worth Increased $6.1 Trillion in Q3
The Federal Reserve released the Q3 2025 Flow of Funds report today: Financial Accounts of the United States . The net worth of households and nonprofits rose to $181.6 trillion during the third quarter of 2025. The…
EconomyHomebuildersU.S. National
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Calculated Risk
Wholesale Used Car Prices Increased Slightly in December; Up 0.4% Year-over-year
From Manheim Consulting today: Manheim Used Vehicle Value Index: December 2025 Trends The Manheim Used Vehicle Value Index (MUVVI) rose to 205.5, reflecting a 0.4% increase for wholesale used-vehicle prices…
EconomyHomebuildersU.S. National
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Calculated Risk
ISM® Services Index Increased to 54.4% in December
(Posted with permission). The ISM® Services index was at 54.4%, up from 52.6% the previous month. The employment index increased to 52.0%, up from 48.9%. Note: Above 50 indicates expansion, below 50 in…
EconomyHomebuildersU.S. National
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Calculated Risk
MBA: Mortgage Applications Decreased Over a Two-Week Period
From the MBA: MMortgage Applications Decreased Over a Two-Week Period in Latest MBA Weekly Survey Mortgage applications decreased 9.7 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA)…
EconomyHomebuildersDebt & FinancingU.S. National
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Calculated Risk
1st Look at Local Housing Markets in December
Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in December A brief excerpt: Last year (2025) might have seen the lowest number of existing home sales since 1995.…
EconomyHomebuildersSingle-Family RentalU.S. National
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Calculated Risk
Heavy Truck Sales Collapsed in Q4; Down 32.5% Year-over-year in December
This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the December 2025 seasonally adjusted annual sales rate (SAAR) of 311 thousand. Note: "Heavy trucks - trucks more than 14,000 pounds gross vehicle weight."
EconomyHomebuildersU.S. National
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NAHB — Eye on Housing
Gains for Household Real Estate Assets
The household real estate asset market value reached $48.7 trillion in the first quarter of 2026, representing a 1.7% increase from the fourth quarter and a 2.6% increase year-over-year, while owners' equity in real estate totaled $34.9 trillion with a 71.6% equity share. Among generational cohorts as of the fourth quarter of 2025, Baby Boomers held the largest real estate assets at $19.4 trillion, followed by Gen X at $14.3 trillion and Millennials at $10.2 trillion, with Millennials experiencing the highest percentage gain of 80.4% since the fourth quarter of 2020.
HomebuildersEconomyU.S. National
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NAHB — Eye on Housing
Builder Sentiment Remains Weak Amid Affordability Concerns
Builder confidence in newly built single-family homes fell to 35 in the NAHB/Wells Fargo Housing Market Index for June 2026, marking the 14th consecutive month below 50, driven by rising material costs, elevated mortgage rates, and affordability challenges. The survey found that 35% of builders cut prices in June with an average reduction of 6%, while 62% used sales incentives, and regulatory costs were estimated to add more than 26% to the price of an average single-family home.
HomebuildersEconomyU.S. National
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NAHB — Eye on Housing
Home Building Regulatory Cost Burdens Increased 40% from 2021 to 2026
An NAHB study estimates that government regulations account for $131,734, or 26.4% of the average price of a new single-family home, comprising $46,795 in lot-development regulatory costs and $84,939 in builder-phase construction costs. The regulatory cost burden increased 40% from the 2021 estimate of $93,871, more than double the 2011 estimate of $65,224, based on surveys conducted in March 2026 and calibrated against a January 2026 average new home price of $499,500.
HomebuildersEconomyU.S. National
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NAHB — Eye on Housing
Highest Paid Occupations in Construction in 2025
The median wage of construction payroll workers in 2025 was $61,370, exceeding the U.S. median of $50,980, with Chief Executive Officers earning the highest median wages in the industry at over $198,000. Among construction trades specifically, elevator installers and repairers topped the list with a median wage of $113,710, while carpenters, plumbers, and electricians all earned substantially above the national median, with wage variation generally correlating to required education, training, and expertise levels.
HomebuildersEconomyU.S. National
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NAHB — Eye on Housing
House Price Appreciation by State and Metro Area in the First Quarter of 2026
National house prices rose 1.7% year-over-year in the first quarter of 2026, the slowest annual appreciation since the second quarter of 2012, driven by higher mortgage rates and affordability challenges. Regional variation was pronounced: Puerto Rico led with 16.3% appreciation while Colorado recorded the largest decline at 2.4%, and among the 100 largest metro areas, annual appreciation ranged from −6.9% to +10.8%, with Midwest and Northeast metros outperforming while markets in Florida and Texas weakened.
HomebuildersEconomyU.S. National
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NAHB — Eye on Housing
State-Level Employment Situation: April 2026
In April 2026, nonfarm payroll employment increased in 41 states and the District of Columbia with a national gain of 115,000 jobs, while construction employment added 9,000 jobs nationwide with 32 states recording gains. State unemployment rates ranged from 2.2 percent in South Dakota to 6.2 percent in the District of Columbia, which experienced significant federal workforce reductions exceeding 300,000 positions in 2025.
HomebuildersEconomyU.S. National
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NAHB — Eye on Housing
HBGI Q1 2026: Single-Family Construction Slips Across All Geographies
Single-family construction declined across all geographies in Q1 2026, with large metro core counties experiencing the sharpest pullback of 16.0% year-over-year, driven by elevated interest rates, rising material costs, and labor shortages, while multifamily construction expanded in most markets with large metro core counties leading at 20.8% growth. The data reflects a decade-long structural shift away from dense population centers toward smaller and outlying markets in single-family construction, while multifamily construction has recently begun regaining share in large metro core counties after a period of migration to smaller markets.
HomebuildersEconomySingle-Family RentalU.S. National
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Trepp
Chief Economist's Weekly Watch – June 15 2026: FOMC Meetings, Treasury Yield Curve, and CRE Credit Spreads
The document discusses three key developments affecting commercial real estate finance for the week of June 15, 2026: the FOMC meeting on June 16–17 under new chair Kevin Warsh, movements in the Treasury yield curve reflecting short- and long-term rate expectations, and tightening of balance sheet lending spreads amid competitive loan markets. The analysis focuses on how Fed communication and rate signals will influence borrower and lender assumptions, the relative pressure on floating-rate versus fixed-rate refinancing structures, and whether recent spread tightening in loan markets will persist or diverge from wider spreads in lower-rated CMBS bonds.
CMBSDebt & FinancingCapital MarketsU.S. National
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Trepp
Basel III Re-Proposed: What the New Rules Mean for CRE Lending and Credit Risk Transfer – Part 3
On March 19, 2026, the Federal Reserve, FDIC, and OCC jointly proposed Basel III capital rules that expand access to credit risk transfer (CRT) structures for U.S. banks, eliminating the prior requirement for case-by-case Federal Reserve approval and allowing standardized regulatory treatment instead. The document examines how synthetic risk transfer and credit-linked notes work for commercial real estate portfolios, illustrating with a stylized example how a regional bank holding a $500 million multifamily portfolio could reduce risk-weighted assets from $500 million to $78.1 million (16% of original) through a CRT, and identifies strongest CRT candidates as stabilized income-producing properties and smaller-balance owner-occupied commercial properties with strong fundamentals that diverge from their regulatory risk weights.
CMBSDebt & FinancingCapital MarketsU.S. National
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Trepp
Detroit Office CMBS: Limited Securitization, Divergent Credit Outcomes
Detroit's office CMBS market totals approximately $2.0 billion across fewer than 200 properties, with office loans representing $741.83 million of upcoming maturities. Despite Detroit office assets showing weaker utilization metrics than national CMBS averages—including weighted-average occupancy in the high-70% range and over a quarter of securitized balances reporting vacancy above 25%—the market exhibits materially lower credit stress than national benchmarks, with fewer loans above 100% LTV, lower delinquency rates, and below-average watchlist exposure, a disconnect attributed to Detroit's small, less-impaired securitized base rather than superior operating fundamentals.
CMBSDebt & FinancingCapital MarketsU.S. National
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Trepp
The Agencies Replace SR 11-7: What the 2026 Model Risk Management Guidance Means for Model Use in Banking
The document examines how the Federal Reserve, OCC, and FDIC's new model risk management guidance SR 26-02 (issued April 17, 2026) replaces the 15-year-old SR 11-7 framework, with key changes including a narrower model definition that excludes spreadsheet arithmetic and deterministic rule-based systems, explicit carve-outs for generative and agentic AI, and applicability primarily to institutions above $30 billion in assets. The guidance creates a governance gap for AI-driven commercial real estate workflows by placing statistical models within the MRM perimeter while excluding generative layers, extraction pipelines, and orchestration logic, meaning banks have regulatory latitude in deploying agentic AI for CRE underwriting but remain responsible for downstream risks that feed into pricing and credit estimates.
CMBSDebt & FinancingCapital MarketsU.S. National
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Trepp
The Mid-Year 2026: Green Lights Across CRE Finance
The document is a letter from the editor of Trepp and Commercial Real Estate Direct's 2026 mid-year magazine covering commercial real estate finance and CMBS markets, reporting that CMBS issuance reached nearly $52 billion through mid-May 2026 (up 16% year-over-year), CRE CLO issuance totaled $21.61 billion (up 60% year-over-year), and lenders have increased lending against multifamily properties and office buildings despite acknowledged risks including inflation and geopolitical concerns. The editor notes that while CMBS delinquencies have increased month-to-month, overall special servicing volumes remain stable and market conditions are stabilizing, though investors and lenders continue to move cautiously.
CMBSDebt & FinancingCapital MarketsU.S. National
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GWL Realty Advisors
2026 Real Estate Market Perspectives: On the Cusp
The annual outlook reviews Canadian commercial real estate fundamentals and investment themes across the office, industrial, multifamily and retail sectors.
OfficeIndustrial & LogisticsMultifamilyCanadaU.S. National
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John Burns Research and Consulting
Dear Consultant: What Incentives Can We Offer to Drive Sales?
John Burns Research and Consulting reviews homebuilder incentive strategies designed to boost sales without reducing base prices amid muted new home demand.
Single-Family RentalEconomyHomebuildersU.S. National
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TPG
Asset-Based Finance: A Growing Frontier for Private Credit
TPG leaders discuss how asset-based finance is expanding across housing, commercial real estate, and digital infrastructure as bank retrenchment and structural demand reshape private credit.
Debt & FinancingAlternativesAffordable HousingU.S. National
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Goldman Sachs
Private Markets Are Expected to Have a Growing Role in Data Center Financing
With hyperscaler spending on AI and data centers projected to top $5 trillion by 2030, Goldman Sachs Research expects private infrastructure and real estate funds to supply a growing share of that capital.
Data CentersAlternativesDebt & FinancingU.S. NationalGlobal
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Clarion Partners
Building into the Future: The Case for U.S. Industrial Development
Clarion Partners examines the convergence of long-term structural drivers and emerging cyclical tailwinds supporting U.S. industrial development. The report makes the case for new logistics supply as demand normalizes.
Industrial & LogisticsU.S. National
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John Burns Research and Consulting
CRE Capital Markets Are Tightening
John Burns Research and Consulting analyzes tightening commercial real estate capital markets, covering inflation, Sunbelt rental growth and shifting build-to-rent policy across the apartment sector.
MultifamilyCapital MarketsDebt & FinancingU.S. National
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Brookfield
Midstream infrastructure: Essential assets in an undersupplied energy system
Brookfield argues that midstream infrastructure, widely viewed as a sector in decline a few years ago, is now benefiting from stronger demand, renewed investment and expanding opportunities to acquire and monetize assets. It positions the sector as essential within an undersupplied energy system.
AlternativesEconomyGlobalU.S. National
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Federal Reserve Board
Beige Book - June 2026
The June 2026 Beige Book provides a District-by-District summary of current economic conditions, including real estate demand, leasing and lending trends.
EconomyOfficeIndustrial & LogisticsU.S. National
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Arbor Realty Trust
Single-Family Rental Investment Trends Report Q2 2026
Developed with Chandan Economics, the report tracks single-family rental performance, documenting sector resiliency, build-to-rent supply additions and property-level yields amid a softening for-sale home market.
Single-Family RentalCapital MarketsDebt & FinancingU.S. National
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Apartment List
Apartment List National Rent Report
The monthly national rent benchmark reports a median rent of 1,379 dollars, up 0.5 percent in May 2026 and the fourth straight monthly increase entering the summer leasing season. National rents remain down 1.5 percent year over year and 4.4 percent below the 2022 peak.
MultifamilyU.S. National
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Redfin
Nashville, Miami and Austin Are This Spring's Strongest Buyer's Markets
Redfin reported there are 46.9 percent more home sellers than buyers in the U.S. housing market, signaling buyers hold the power. In May 2026, 35 of the 50 most populous U.S. metros were buyer's markets, led by Sun Belt locations.
EconomySingle-Family RentalU.S. NationalMiami
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