Compass’s $10B mega-merger with Anywhere Real Estate headlines today’s Brief, reshaping the brokerage landscape as U.S. home sales languish at 30-year lows. We also cover the launch of a national Climate Risk Playbook as insurance costs surge, a Baltimore last-mile industrial sale that shows resilience in logistics, and San Antonio’s bold office-to-tech campus conversion.

From consolidation and resilience to adaptive reuse, today’s signals reveal how capital is redefining survival and opportunity in commercial real estate.