Loan performance improved across most property types and capital sources, though office, lodging and CMBS debt remain under pressure.

All four U.S. regions recorded positive absorption as vacancy declined and sublease availability continued retreating from its 2023 peak.

The flex provider's roster of major global companies contracted, but total seats increased as remaining users favored larger, dedicated offices.

Improving employment appears to be supporting household formation, helping fill more than 194,000 units during the second quarter.

Evening visits and longer dwell times are helping reshape downtown shopping districts as weekday commuter traffic continues to lag pre-pandemic levels.

Sixteen of the top 20 metros also appeared in the spring top 20, highlighting the structural strengths that continue to separate them from the pack.

Tenants face fewer options as shrinking development pipelines and aging stock drive renewals and rent growth.

Property returns reached their highest trailing four-quarter level since late 2022, although appreciation remained nearly flat and office performance weakened.