Data suspension raises concerns about the accuracy of CPI and future inflation measures.

Looser lending standards may fuel deal volume into 2026.

But key hubs remain resilient.

Signs of improvement emerge in lending despite policy headwinds.

Debt maturities loom, but lower rates offer hope for refinancing.

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.