Private investors led first-quarter volumes, but tightening credit conditions are starting to surface.

Vacancy is contracting for warehouses larger than 500,000 square feet, while newer mid-sized facilities continue to work through excess supply.

Quick-turn visits are weakening even as sit-down dining stabilizes, challenging long-held assumptions about the safest restaurant formats for investors.

It comes months after Apollo Commercial dumped a loan portfolio for $9 billion.