The global economy, trade, and business investment are making the near term difficult to navigate.

Interest rates, weak demand, hybrid work, and rising vacancies created challenges.

Completions should fall below half of their 2025 starts, which amid tariff uncertainty, could be a silver lining.

Multifamily and lodging saw "substantial increases," according to Trepp.

Tariffs have reduced total returns, and continued unpredictable actions will likely negatively affect performance.

The Multi-tenant sector seems to provide greater stability.

One saw a 9.8% year-over-year increase. The other lost volume, although it improved as the quarter went on.

Year-over-year capital markets volumes and revenues jump.