Texas

A $175M bond backed by Midtown’s 475 Fifth Avenue was postponed, one of several real-estate debt deals stalling as credit conditions weaken.

Landlords are handing out fewer rent breaks, but the ones that remain stay historically generous.

Houston’s office market is splitting, with tenants crowding into Class A towers as overall leasing keeps sliding.

Sun Belt apartment distress is now reaching the biggest owners, not just the small syndicators.

Renters are crossing the river as a tight Manhattan pushes apartment demand into Brooklyn.

The era of predictable, cheap building is gone, and the new math reshapes every pro forma.