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Good morning. Multifamily development trends are evolving as permitting remains strong but starts slow across most major markets. A few metros—like Miami and Houston—are breaking away from the pack.

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Market Snapshot

*Data as of 07/28/2025 market close.

Momentum Shift

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• Tragic loss: Blackstone exec Wesley LePatner was among four killed in a Manhattan HQ shooting Monday night, a devastating loss for CRE.

• Zone reset: Opportunity Zones are set to become permanent and more lucrative by 2027, but a looming tax bill in 2026 is triggering a short-term dip in investment. 

• Loan momentum: CRE loan volumes are accelerating in 2025 as confidence returns to capital markets, particularly in securitized and agency-backed debt.

• Market slide: CRE pricing slipped in Q2, dragged down by office and multifamily, though industrial posted the strongest performance.

• Hiring freeze: Entry-level CRE jobs are down 19% from pre-pandemic levels, leaving young professionals scrambling for fewer roles. 

• Intelligence upgrade: Green Street has acquired College House, expanding its property-level data coverage into the fast-growing US student housing sector.

• Strong demand: Multifamily demand remained historically strong in Q2, but developers and landlords are pivoting toward stabilized occupancy as new construction slows and rent growth softens. 

• Southern draw: Crow Holdings acquired the 376-unit 33 West apartment complex in Davie, FL for $97.5M, signaling renewed multifamily investment activity in South Florida. 

• Hudson heights: Barings sold its 418-unit Riverbank multifamily and retail tower near Hudson Yards for $243.5M to an unnamed institutional buyer. 

• International pairing: Hines and Japan’s Sumitomo Forestry are teaming up on a 365-unit multifamily project at Potomac Shores, the only rental community planned in the mostly single-family development. 

• Loan lifeline: Rabsky-affiliated Sky Equity secured $340M in fresh capital to finalize one of Brooklyn’s largest new multifamily builds.

• Global backing: Japan will fund a $550B U.S.-directed investment vehicle to boost American manufacturing, giving Trump control over spending. 

• Pipeline bump: Northeast industrial construction rose 6.1% in Q2 to 25.9M SF, driven by a rebound in starts and slower deliveries.

• Office-to-industrial: Foundry Commercial is converting outdated suburban offices into modern industrial hubs, starting with a three-building complex in Irving, TX.

• Climate capital: Tom Steyer’s Galvanize Real Estate acquired a five-property industrial portfolio in Maryland for $112M from Blackstone’s Link Logistics 

• Refi deal: Blackstone secured $805M from Wells Fargo to refinance part of its $3B Miami industrial portfolio, even after selling over $1B in Florida assets over the past year. 

• Chip pact: Tesla and Samsung signed a $16.5B deal to produce next-gen AI chips at Samsung’s under-construction Texas fab, with Elon Musk pledging to personally accelerate production.

• Retail wind down: Onyx Partners will acquire Copper Property Trust’s remaining 119-property portfolio for $947M in an all-cash deal. 

• Digital evolution: Walmart is rolling out a unified artificial intelligence framework built around four “super agents” to streamline operations for customers, associates, suppliers, and internal teams. 

• Spending priorities: Despite inflationary pressure and tariffs, US retail sales rose in June as consumers prioritized essentials, dining out, and online deal-hunting.

• Downtown downsizing: Redco is set to acquire Wells Fargo’s 409K SF San Francisco HQ, marking a major shift in the bank’s downsizing and relocation strategy.

• Tech layoffs: AI-driven workforce reductions are accelerating across major US companies, deepening the office market’s woes as employers shed headcount and shrink real estate footprints. 

• Office upgrade: Verizon is relocating its NYC HQ to Vornado’s newly redeveloped Penn 2 tower, leasing over 195K SF.

• Disposition plan: Park Hotels & Resorts is selling the rebranded Midland Hotel Chicago as part of a $400M offload of “non-core” assets.

• Revenue upside: Seaview Investors secured a $55M refinance from Mesa West Capital for the recently renovated Burton House Beverly Hills.

• Fraud fallout: A federal judge ruled that a class-action fraud suit against LuxUrban Hotels can proceed, citing allegedly false lease claims tied to high-profile properties in NYC and LA.

📈 CHART OF THE DAY