A steep drop in warehouse development is tightening supply and laying the groundwork for another phase of industrial rent growth, especially in modern bulk facilities.

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

Trepp's review of Q2 results shows broad-based commercial loan growth at PNC, U.S. Bancorp, M&T and others, with limited detail on AI-related exposure.

The project, in part, is backed by the state.