Commercial real estate financing remains frozen as the Fed holds rates higher for longer, leaving transaction volumes down nearly 20% year-over-year. In New York, Brookfield’s $400M overhaul of 666 Fifth proves the “flight-to-quality” is alive and well, while the U.S. industrial market cools with vacancy climbing back to 7.1%. In today’s CRE360 Signal Daily Brief, we break down what these shifts mean for operators, lenders, and investors — and why discipline and liquidity matter most right now.