A 5.22% 30-year Treasury makes it harder for acquisitions, refinancings and development to pencil without stronger fundamentals.

Phoenix, Atlanta and Dallas posted the largest gaps among properties backing loans securitized during the 2021 multifamily boom.

Retailers have announced slightly more closures than openings this year, but the incoming locations are nearly twice as large on average.

This comes even during a time when borrowing costs remain elevated and geopolitical uncertainty.