Key Takeaways:

Industrial real estate remains resilient, with low vacancy rates, but older buildings may need upgrades to meet modern standards.

The multifamily market is bifurcating, with Class A urban properties seeing more challenges, while Class B and workforce housing have stronger fundamentals in certain areas.

The office market has structurally changed, with high vacancy rates, but there are pockets of resilience in medical office, Class A trophy spaces, and suburban mixed-use developments.

In retail, grocery-anchored centers and experiential retail are performing well, while malls and big box retail continue to struggle, especially in weaker markets.

Potential opportunities exist in distressed office, hospitality with expiring CMBS loans, retail repositioning, and affordable office/multifamily in good secondary markets, but caution is advised to avoid overpaying.