Office dominates new transfers to special servicing as refinancing pressure persists, even as loan modifications and extensions help return some troubled assets back to normal servicing.

Sun Belt expansion markets continue absorbing elevated apartment deliveries while Coastal metros like Los Angeles and San Francisco benefit from supply constraints.

Southeast, Midwest and Southwest emerge as key beneficiaries of automotive supply chain realignment and leasing activity.

The decline reflects a measured pullback in construction exposure despite stable credit performance.

Supply contraction outpaces demand as deliveries fall, construction slows and vacancy stabilizes.

San Francisco and San Jose lead a small group outperforming national trends.

Berkadia Research finds rent gains concentrated in markets with limited new deliveries.

Leasing momentum is recovering, while a tenant flight to newer facilities is reshaping vacancy dynamics.