Every month, Trepp lists its three top bulls (best performers) and bears (worst performers) out of the 50 metropolitan statistical areas it follows. The choices are based on a composite comprising various commercial real estate performance indicators.

In July, the bulls were Seattle-Tacoma-Bellevue, WA; Phoenix-Mesa-Scottsdale, AZ; and San Jose-Sunnyvale-Santa Clara, CA. The bears were Memphis, TN-MS-AR; Milwaukee-Waukesha-West Allis, WI; and Kansas City, MO-KS.

August saw one change in either category. The middle bull became San Diego-Carlsbad, CA, and the middle bear was, Hartford-West Hartford-East Hartford, CT.

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