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Good morning. Investors are back in action—but their money’s more selective than ever. A flood of capital is fueling record-breaking single-asset deals in multifamily, logistics, and retail, even as the broader CRE market struggles to regain pre-pandemic momentum.

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Market Snapshot

*Data as of 10/09/2025 market close.

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• Loan stability: Bank-held CRE loans remained steady in Q2, with higher originations and low delinquencies.

• Ripple effect: The federal shutdown is squeezing D.C. businesses as lost foot traffic and spending cuts hit restaurants, retailers, and hotels near government offices.

• Growth move: Newmark acquired Dallas-based RealFoundations to grow its global management services arm. 

• Rate debate: Economist Peter Linneman expects three Fed rate cuts this year, citing politics and down payment barriers as key drags on housing demand.

• Rule reversal: The Labor Department plans to revoke the Biden-era contractor rule, reverting to looser standards that could again reshape worker classifications in CRE. 

• City within: Lennar and The Easton Group unveiled plans for City Park at West Kendall, a $2B, 990-acre “15-minute city.”

• Adaptive ambition: Developers will convert a Midtown South office building near Penn Station into 107 studio apartments as part of a $70M redevelopment project. 

• Lending lift: Mortgage credit availability rose 0.4% in September—the highest in four months—as adjustable-rate mortgage offerings expanded and eligibility standards loosened slightly. 

• Harbor haul: Harbor Group International bought a four-property, 1,817-unit multifamily portfolio across New England for $356M. 

• Market hold: Manhattan rents held at $4,550 in September, up 8% YoY amid tight supply and high mortgage rates. 

• Loan lifeline: Veritas is negotiating to restructure $652M in debt on 66 San Francisco properties to avoid foreclosure on 1,566 apartments.

• North star: McKinney has surged as DFW’s hottest industrial hub, fueled by sky-high rents and rapid development around its expanding airport. 

• Size matters: Smaller tenants and regional manufacturers are now driving U.S. industrial leasing as large users stay on the sidelines. 

• Refi of the day: Investcorp secured a $1B refinancing led by Morgan Stanley for a 14M SF U.S. industrial portfolio. 

• Freight focus: Realterm and J.P. Morgan Asset Management acquired seven industrial outdoor storage sites to expand their presence in key U.S. freight corridors.

  Warehouse upgrade: Industrial demand is shifting toward modern, high-tech warehouses as automation, reshoring, and AI outgrow the nation’s aging stock.

• Retail rotation: SuperFresh topped NYC’s September retail leases as Soho and Midtown drew new deals from Lululemon, Abercrombie & Fitch, and Sephora. 

• Brooklyn boost: Brooklyn retail rents held steady or rose across most corridors in 2025, led by strong leasing and sales in Dumbo, Downtown, and Williamsburg. 

• Burger battle: Mooyah Burgers plans new openings despite rising costs and a crowded fast-casual market. 

• Bankruptcy grab: Sun Holdings, one of the nation’s largest restaurant franchisees, acquired Bar Louie’s 39 locations out of bankruptcy. 

• Site strategy: Walmart will demolish Pittsburgh’s Monroeville Mall to build a new mixed-use retail hub.

• Office outlook: The office market is stabilizing unevenly, with rents up 4.7% year-over-year and more than half of leases set to roll by 2030.

• REIT rebellion: Oksenholt Capital urged shareholders to reject City Office REIT’s “lowball” Elliott deal, demanding new leadership and a U.S.-focused turnaround. 

• Billionaire buy: Zara founder Amancio Ortega made South Florida’s biggest office deal of 2025, purchasing Miami’s 1111 Brickell Avenue tower for $274M.

• Miami magnet: Miami’s office market continues to outperform peers, with visitation at 75.8%, well above the national average.

• Loop revival: New buyers snapping up discounted Chicago office buildings are breathing life into leasing, even as vacancy hovers near record highs.  

• Contractor comeback: A $29B Navy funding surge is drawing defense contractors to D.C.’s Navy Yard, boosting office demand near federal hubs. 

• Lab crunch: AI’s rise is reshaping biotech real estate, with JLL projecting nearly 19M SF of U.S. lab space to be repurposed by 2030.

• Travel trouble: Hotel stocks sank 4.1% in September, their biggest drop since March, as weak demand hit investor confidence. 

• Strategic unwind: Braemar Hotels & Resorts is offloading The Clancy in San Francisco for $115M as part of a broader plan to sell its entire luxury portfolio. 

• Margin pressure: Hoteliers face weak performance and economic uncertainty, turning to AI as a key tool to cut costs and modernize operations.

A MESSAGE FROM AGORA

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