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Good morning. The debt markets are showing signs of real recovery. CBRE reports a 112% jump in lending momentum year-over-year, with strong participation from alternative lenders and banks.

Today’s issue is brought to you by LendingOne—the nation’s fastest-growing build-to-rent (BTR) and SFR portfolio lender for institutional investors.

We’re tracking whether CRE investors are leaning in or pulling back—across multifamily, industrial, retail, and office. Take the Q3 Fear & Greed Survey.

Market Snapshot

*Data as of 11/10/2025 market close.

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• Coverage gaps: Millions of U.S. homes face hidden flood risks due to outdated FEMA maps that miss rainfall-driven urban flooding. 

• CRE pulse: CRE leaders express steady optimism in Q4 2025, buoyed by stabilizing markets and hopes for rate cuts. 

• Rate shock: Long-term Treasury spikes are shaking CRE dealmaking and valuations, reigniting duration risk concerns and widening the buyer-seller gap. 

• Servicer stress: CMBS special servicing rates hit 10.84% in October, with office and mixed-use loans reaching record highs.

• Sale scrapped: Altus Group has ended Argus sale talks, is bringing back former CEO Mike Gordon, and will refocus on software growth after a solid Q3. 

• Cap check: Cap rates are holding steady on average, but sector-level shifts reveal where investors see risk and resilience across CRE. 

• ESG retreat: New federal policies under Trump’s second term are dampening public ESG commitments and creating uncertainty for CRE’s climate goals.

• Rent rebound: U.S. apartment rents are set to rise 2.3% in 2026, reversing this year’s decline as demand strengthens in key markets. 

• Rental strategy: Investor homebuying cooled in 2025, but small players dominated activity, targeting lower-priced markets while outpacing large firms in purchases. 

• Slow buy-in: Chicago’s multifamily market is gaining momentum with rising rents and low supply, but institutional investors remain hesitant. 

• Southern snag: Boston-based West Shore acquired a 542-unit apartment complex in Palm Beach Gardens, FL for nearly $118M. 

• Freeze factor: NYC Mayor-elect Zohran Mamdani’s push for a rent freeze and aggressive affordable housing reforms could reshape the city’s rental landscape.

• Offer pending: Blackstone extended its deadline to bid for Big Yellow as UK tax policy uncertainty clouds the deal outlook.

• Next frontier: Google plans to launch AI-powered data centers into orbit by 2027, pushing Big Tech deeper into space-based computing. 

• Amazon expansion: Amazon paid a record $700M for a Northern Virginia site entitled for 3.5M SF of data centers. 

• Houston build: Hanover and Pearlmark have begun construction on Ella 45, a $17.3M, 254K SF light industrial facility in North Houston. 

• Warehouse trade: LBA Logistics sold seven industrial assets, with MDH Partners taking six in the Sun Belt and Venture One acquiring a Chicago cold storage facility.

• Food factor: Grocers and fast-food chains are keeping net lease retail strong, with low vacancies and rising rents, even as other segments struggle.

• Format flip: Wayfair is launching a smaller 70K SF store in Columbus to test downsized retail as it expands its physical presence. 

• Job slump: Retail remains one of the hardest-hit sectors for job cuts in 2025, with over 88K layoffs YTD. 

• Sushi spotlight: SORA is bringing upscale Japanese dining to Midtown with a 14.4K SF lease at One Grand Central Place.

• Regional rise: Office demand is rebounding in Sun Belt cities like Dallas, Atlanta, and Charlotte as corporate relocations fuel leasing momentum, benefiting landlords like Cousins, Highwoods, and Piedmont. 

• Corporate roots: A striking 1924 skyscraper helped define corporate branding and white-collar culture, marking the rise of the modern American corporation. 

• Starwood skepticism: Starwood CEO Barry Sternlicht says the firm may leave NYC over concerns about Mayor-elect Zohran Mamdani’s policies on policing, rent control, and development.

• Brickell borrowing: OKO Group and Cain aim to refinance 830 Brickell with a $600M loan amid a surge in major Miami real estate financings. 

• Landlord losses: An Orange County office park hits special servicing amid rising defaults, as LA landlords face deepening losses despite lease gains.

• Maturity mastery: KBS CEO Marc DeLuca reflects on steering the firm through $1.3B in office debt maturities during COVID-19 by prioritizing transparency, adaptability, and a leadership style inspired by teamwork.

• Fashion meets hospitality: Chrome Hearts bought Malibu’s Surfrider Hotel for $37.5M, setting a Southern California record at $1.8M per room. 

• SF revival: Blackstone is close to acquiring San Francisco’s Four Seasons Hotel, signaling renewed confidence in the city’s hospitality market. 

• Theme park pivot: Six Flags is selling underperforming parks to reduce debt and focus on top-performing properties after a tough year and merger with Cedar Fair.

📈 CHART OF THE DAY