Refinancing volume has recovered, but the gap between today's proceeds and peak-period withdrawals reveals a more disciplined market.

Unlike sectors whose gains were concentrated in large transactions, industrial and logistics posted widespread growth in individual-asset acquisitions.

The sector would need to increase annual construction roughly tenfold to keep occupancy at 90% as population growth outpaces inventory.

Federal regulators are directing examiners to focus on material financial risks, continuing a broader rollback of post-crisis bank rules.