San Francisco and Manhattan near pre-pandemic norms.

Government shutdown, weak labor market and modest inflation are shaping the outlook.

Explosive spending on data centers and AI infrastructure accounts for 92% of growth.

Growing financial uncertainty is prompting Americans to rethink home and car purchases.

Young movers are increasingly relocating to suburbs and small metros.

Memphis has emerged as the clear leader in occupancy growth.

Deloitte survey shows resilient confidence in CRE fundamentals through 2026.

The United States is the most valuable CRE market.