Multifamily rents post their steepest September drop since 2009 as new supply overwhelms demand. Office CMBS delinquencies climb past 8%, rent-stabilized New York portfolios face foreclosure pressure, and only top-tier towers are finding refi lifelines. Plus, the Fed hints at ending QT, nudging yields lower and reopening the CRE debt window — slowly.

🎧 In this 3-minute brief:

• Apartment rents fall 0.3% month-over-month — sharpest in 15+ years.
• Office CMBS delinquency jumps to 8.1%.
• $165M Queens rent-stabilized loan heads to foreclosure.
• Two Manhattan trophies lock in $1.9B of new financing.
• Powell signals “QT end in view” — 10Y Treasury near 4.0%.

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