Overall, the Midwest dominates regionally, with 11 of the 30 most in-demand cities.

More than 35 GW is under construction and 92% is pre-leased, as hyperscalers drive growth in frontier markets.

San Francisco divestments and relocations underscore the bank's evolving corporate focus.

Stronger-than-expected second-half construction activity has pushed the under-construction pipeline higher.

Manhattan, Dallas and Silicon Valley lead recovery while vacancy declines and rents hit new highs.

Limited new supply, labor pressures and rising tech needs are widening cost variability for outpatient projects.

Seasonally adjusted FHA delinquencies surge 74 basis points in Q4 while serious delinquencies remain elevated across loan types.

Originations surged 37% year-over-year in Q4, and sales hit $50.9 billion.