Thursday, November 5, 2026Commercial real estate news
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RATE WATCHDaily benchmarks10-year Treasury4.84%-6 bpAs of Nov 55-year Treasury4.59%-10 bpAs of Nov 5SOFR3.92%-2 bpAs of Nov 5Effective Fed funds3.88%UnchangedAs of Nov 5
STATE MARKET PULSESeptember 2026 · BLS · Monthly
New YorkJobs YoY +0.2%Unemployment 4.3%FloridaJobs YoY +0.6%Unemployment 4.4%TexasJobs YoY +1.1%Unemployment 4.4%CaliforniaJobs YoY +0.7%Unemployment 5.1%New JerseyJobs YoY +0.1%Unemployment 4.2%North CarolinaJobs YoY +1.3%Unemployment 3.4%AlabamaJobs YoY +1.0%Unemployment 3.5%AlaskaJobs YoY +1.2%Unemployment 4.3%ArizonaJobs YoY +0.6%Unemployment 4.9%ArkansasJobs YoY +0.9%Unemployment 3.9%ColoradoJobs YoY +0.4%Unemployment 4.1%ConnecticutJobs YoY +0.9%Unemployment 5.1%DelawareJobs YoY +0.3%Unemployment 4.6%District of ColumbiaJobs YoY -3.5%Unemployment 5.6%GeorgiaJobs YoY 0.0%Unemployment 3.3%HawaiiJobs YoY +0.1%Unemployment 2.8%IdahoJobs YoY +1.0%Unemployment 3.6%IllinoisJobs YoY +0.2%Unemployment 4.6%IndianaJobs YoY -0.4%Unemployment 3.4%IowaJobs YoY +0.3%Unemployment 3.2%KansasJobs YoY +0.3%Unemployment 3.8%KentuckyJobs YoY 0.0%Unemployment 4.7%LouisianaJobs YoY +1.8%Unemployment 4.0%MaineJobs YoY +0.1%Unemployment 3.3%MarylandJobs YoY -0.5%Unemployment 3.9%MassachusettsJobs YoY +0.4%Unemployment 4.3%MichiganJobs YoY 0.0%Unemployment 5.0%MinnesotaJobs YoY +1.2%Unemployment 4.5%MississippiJobs YoY +0.6%Unemployment 3.3%MissouriJobs YoY +1.0%Unemployment 3.6%MontanaJobs YoY -1.0%Unemployment 3.1%NebraskaJobs YoY +0.4%Unemployment 2.9%NevadaJobs YoY +1.6%Unemployment 4.7%New HampshireJobs YoY +0.3%Unemployment 2.6%New MexicoJobs YoY +1.3%Unemployment 4.7%North DakotaJobs YoY +0.2%Unemployment 2.2%OhioJobs YoY +0.3%Unemployment 3.4%OklahomaJobs YoY +0.8%Unemployment 4.2%OregonJobs YoY -0.1%Unemployment 5.0%PennsylvaniaJobs YoY +0.7%Unemployment 3.6%Rhode IslandJobs YoY -0.1%Unemployment 3.6%South CarolinaJobs YoY +2.3%Unemployment 4.0%South DakotaJobs YoY +0.4%Unemployment 2.0%TennesseeJobs YoY +0.8%Unemployment 3.4%UtahJobs YoY +1.5%Unemployment 3.5%VermontJobs YoY -0.1%Unemployment 2.6%VirginiaJobs YoY -0.6%Unemployment 3.6%WashingtonJobs YoY +0.7%Unemployment 4.8%West VirginiaJobs YoY 0.0%Unemployment 4.0%WisconsinJobs YoY +0.4%Unemployment 3.2%WyomingJobs YoY +0.9%Unemployment 3.0%
All states
THE BASIS / PHOTOGRAPHY

Photo credits.

Archival photographs selected for our coverage. Images are illustrative and do not establish that a pictured property is affected by a particular event.

A Washington, D.C., apartment building at dusk, May 2021. Archival illustration of multifamily ownership; no sale of this property is implied.
A Washington, D.C., apartment building at dusk, May 2021. Archival illustration of multifamily ownership; no sale of this property is implied. Photo: Kurt Kaiser / Wikimedia Commons · CC0 1.0. Resized by Wikimedia; cropped for display.
Apartment buildings in Arlington, Massachusetts, October 2023. Archival illustration; no operating figures for these buildings are presented.
Apartment buildings in Arlington, Massachusetts, October 2023. Archival illustration; no operating figures for these buildings are presented. Photo: Daderot / Wikimedia Commons · CC0 1.0. Resized by Wikimedia; cropped for display.
Centro NoDa apartments on East 36th Street in Charlotte, July 2024. Archival market illustration; the article does not report this property’s leasing results.
Centro NoDa apartments on East 36th Street in Charlotte, July 2024. Archival market illustration; the article does not report this property’s leasing results. Photo: City Dweller 2 / Wikimedia Commons · CC BY-SA 4.0. Resized by Wikimedia; cropped for display. Adapted photo remains under CC BY-SA 4.0.
An aerial view of Dallas apartment buildings, August 2016. Archival market illustration, not a view of current leasing conditions.
An aerial view of Dallas apartment buildings, August 2016. Archival market illustration, not a view of current leasing conditions. Photo: alfred twu / Wikimedia Commons · CC0 1.0. Resized by Wikimedia; cropped for display.
The Memphis skyline, February 2026. Illustrative regional photograph; not a property offered for sale.
The Memphis skyline, February 2026. Illustrative regional photograph; not a property offered for sale. Photo: Quintin Soloviev / Wikimedia Commons · CC BY 4.0. Resized by Wikimedia; cropped for display.
Agee Apartments Historic District in Kansas City, Missouri, August 2018. Archival market illustration; no transaction involving these buildings is implied.
Agee Apartments Historic District in Kansas City, Missouri, August 2018. Archival market illustration; no transaction involving these buildings is implied. Photo: Bartokie / Wikimedia Commons · CC BY-SA 4.0. Resized by Wikimedia; cropped for display. Adapted photo remains under CC BY-SA 4.0.
Apartment kitchen with wood cabinets, stone counters and stainless steel appliances beside a dining area.
Apartment kitchen and dining area. Illustrative interior, not a property analyzed in the DFW brief. Photo: Francesca Tosolini / Unsplash, Unsplash License. Display cropped to fit.
A Tudor-style apartment building in Oakland, Pittsburgh, August 2021. Archival illustration; no financing terms for this building are reported.
A Tudor-style apartment building in Oakland, Pittsburgh, August 2021. Archival illustration; no financing terms for this building are reported. Photo: Cbaile19 / Wikimedia Commons · CC0 1.0. Resized by Wikimedia; cropped for display.
Apartment buildings in Chicago, August 2013. Archival illustration; no sale or buyer interest in these buildings is implied.
Apartment buildings in Chicago, August 2013. Archival illustration; no sale or buyer interest in these buildings is implied. Photo: Roman Boed from The Netherlands / Wikimedia Commons · CC BY 2.0. Resized by Wikimedia; cropped for display.
The U.S. Capitol at dusk. Archival photograph, 2013.
The U.S. Capitol at dusk. Archival photograph, 2013. Photo: Martin Falbisoner / Wikimedia Commons, CC BY-SA 3.0 (cropped). Converted to WebP for display. Adapted photo licensed under CC BY-SA 3.0.
The New York Stock Exchange facade. Archival photograph, 2023.
The New York Stock Exchange facade. Archival photograph, 2023. Photo: Jakub Hałun / Wikimedia Commons, CC BY 4.0 (cropped). Converted to WebP for display.
Server racks at Pi Data Centers in Amravati, India. Archival illustration; not a Texas facility.
Server racks at Pi Data Centers in Amravati, India. Archival illustration; not a Texas facility. Photo: PiDatacenters / Wikimedia Commons, CC BY-SA 4.0 (cropped). Converted to WebP for display. Adapted photo licensed under CC BY-SA 4.0.
Florida’s historic Capitol in Tallahassee, photographed October 14, 2025. Archival illustration.
Florida’s historic Capitol in Tallahassee, photographed October 14, 2025. Archival illustration. Photo: Civil10 / Wikimedia Commons · CC0 1.0. Resized, converted to WebP and cropped to fit.
Office buildings under clouds. Archival photograph, 2015.
Office buildings under clouds. Archival photograph, 2015. Photo: Anthony Delanoix on Unsplash, CC0 (cropped). Converted to WebP for display.
An apartment building in Berkeley, California. Archival photo, April 18, 2017.
An apartment building in Berkeley, California. Archival photo, April 18, 2017. Photo: Alfred Twu / Wikimedia Commons · CC0. Resized, converted to WebP and cropped to fit the layout. Adapted image remains under CC0.
The Miami skyline. Archival photo, April 18, 2025.
The Miami skyline. Archival photo, April 18, 2025. Photo: Wilfredor / Wikimedia Commons · CC0. Resized, converted to WebP and cropped to fit the layout. Adapted image remains under CC0.
Downtown San Francisco viewed from Coit Tower. Archival photo, July 14, 2019.
Downtown San Francisco viewed from Coit Tower. Archival photo, July 14, 2019. Photo: GyozaDumpling / Wikimedia Commons · CC BY-SA 4.0. Resized, converted to WebP and cropped to fit the layout. Adapted image remains under CC BY-SA 4.0.
A Muni trolleybus in San Francisco. Archival photo, September 24, 2023.
A Muni trolleybus in San Francisco. Archival photo, September 24, 2023. Photo: Evan0512 / Wikimedia Commons · CC BY-SA 4.0. Resized, converted to WebP and cropped to fit the layout. Adapted image remains under CC BY-SA 4.0.
The Oakland skyline viewed from Kensington. Archival photo, December 23, 2025.
The Oakland skyline viewed from Kensington. Archival photo, December 23, 2025. Photo: Ligocsicnarf89 / Wikimedia Commons · CC BY 4.0. Resized, converted to WebP and cropped to fit the layout. Adapted image remains under CC BY 4.0.
Young Circle Park in Hollywood, photographed November 4, 2018. Neighborhood context; this image does not show the completed Bread Building.
Young Circle Park in Hollywood, photographed November 4, 2018. Neighborhood context; this image does not show the completed Bread Building. Photo: Tamanoeconomico / Wikimedia Commons · CC BY-SA 4.0. Resized, converted to WebP and cropped to fit. Adapted photo remains under CC BY-SA 4.0.
InterContinental Miami, photographed August 27, 2012. Archival view, predating the recent renovation and acquisition.
InterContinental Miami, photographed August 27, 2012. Archival view, predating the recent renovation and acquisition. Photo: qwesy qwesy / Wikimedia Commons · CC BY 3.0. Resized, converted to WebP and cropped to fit.
The office tower then known as Wells Fargo Center, photographed June 23, 2017. Archival exterior; it does not depict the newly completed improvements.
The office tower then known as Wells Fargo Center, photographed June 23, 2017. Archival exterior; it does not depict the newly completed improvements. Photo: Jedi94 at English Wikipedia / Wikimedia Commons · CC BY-SA 4.0. Resized, converted to WebP and cropped to fit. Adapted photo remains under CC BY-SA 4.0.
Crandon Park on Key Biscayne, photographed November 3, 2011. Island context only; this is not the Silver Sands development site or a project rendering.
Crandon Park on Key Biscayne, photographed November 3, 2011. Island context only; this is not the Silver Sands development site or a project rendering. Photo: Pintsmasher / Wikimedia Commons · CC BY 3.0. Resized, converted to WebP and cropped to fit.
Houston skyline, April 14, 2020. Illustrative regional photograph; not Northwoods Industrial Park.
Houston skyline, April 14, 2020. Illustrative regional photograph; not Northwoods Industrial Park. Photo: Leeannoneal / Wikimedia Commons · CC BY-SA 4.0. Resized, converted to WebP and cropped to fit. Adapted photo remains under CC BY-SA 4.0.
Addison skyline, October 3, 2008. Archival illustrative photograph; not a verified view of The Colonnade.
Addison skyline, October 3, 2008. Archival illustrative photograph; not a verified view of The Colonnade. Photo: Justin Cozart / Wikimedia Commons · CC BY 2.0. Resized, converted to WebP and cropped to fit.
Old Parkland Hospital in Dallas, photographed May 20, 2019. Archival context from the historic property; this is not a photograph of the newly refinanced East Campus buildings.
Old Parkland Hospital in Dallas, photographed May 20, 2019. Archival context from the historic property; this is not a photograph of the newly refinanced East Campus buildings. Photo: Renelibrary / Wikimedia Commons · CC BY-SA 4.0. Resized, converted to WebP and cropped to fit. Adapted photo remains under CC BY-SA 4.0.
Lake Travis viewed from the former Iguana Grill, September 28, 2013. Archival landscape illustration; not the resort. The photograph shows historical low-water conditions and must not be presented as the lake's current level.
Lake Travis viewed from the former Iguana Grill, September 28, 2013. Archival landscape illustration; not the resort. The photograph shows historical low-water conditions and must not be presented as the lake's current level. Photo: © 2013 Larry D. Moore / Wikimedia Commons · CC BY 4.0. Resized, converted to WebP and cropped to fit.
Main Street in downtown Prosper, August 19, 2026. Illustrative town context; not The Marco site or a rendering of the planned development.
Main Street in downtown Prosper, August 19, 2026. Illustrative town context; not The Marco site or a rendering of the planned development. Photo: Ranch9613 / Wikimedia Commons · CC0 1.0. Resized, converted to WebP and cropped to fit.
Apartment buildings along a New York City street. Illustrative photograph supplied with the article.
Apartment buildings along a New York City street. Illustrative photograph supplied with the article. Photo: Andre Carrotflower / Wikimedia Commons · CC BY-SA 4.0. Cropped in the supplied PDF; converted to WebP. Adapted photo remains under CC BY-SA 4.0.
Apartment buildings. Illustrative photograph supplied with the article.
Apartment buildings. Illustrative photograph supplied with the article. Photo: Joshua T. Garcia / Wikimedia Commons · CC0. Cropped in the supplied PDF; converted to WebP.
A retail property. Illustrative photograph supplied with the article.
A retail property. Illustrative photograph supplied with the article. Photo: Frank Schulenburg / Wikimedia Commons · CC BY-SA 4.0. Cropped in the supplied PDF; converted to WebP. Adapted photo remains under CC BY-SA 4.0.
Power infrastructure. Illustrative photograph supplied with the article.
Power infrastructure. Illustrative photograph supplied with the article. Photo: Foto3821 / Wikimedia Commons · CC0. Cropped in the supplied PDF; converted to WebP.
Manhattan office towers. Illustrative photograph supplied with the article.
Manhattan office towers. Illustrative photograph supplied with the article. Photo: Tdorante10 / Wikimedia Commons · CC BY-SA 4.0. Cropped in the supplied PDF; converted to WebP. Adapted photo remains under CC BY-SA 4.0.
New York City residential towers. Illustrative photograph supplied with the article.
New York City residential towers. Illustrative photograph supplied with the article. Photo: Itrytohelp32 / Wikimedia Commons · CC BY-SA 4.0. Cropped in the supplied document; converted to WebP. Adapted photo remains under CC BY-SA 4.0.
CVS pharmacy exterior. Illustrative photograph supplied with the article.
CVS pharmacy exterior. Illustrative photograph supplied with the article. Photo: G. Edward Johnson / Wikimedia Commons · CC BY 4.0. Cropped in the supplied document; converted to WebP.
Industrial energy infrastructure. Illustrative photograph supplied with the article.
Industrial energy infrastructure. Illustrative photograph supplied with the article. Photo: Quintin Soloviev / Wikimedia Commons · CC BY 4.0. Cropped in the supplied document; converted to WebP.
Warehouse exterior. Illustrative photograph supplied with the article; not a verified portfolio property.
Warehouse exterior. Illustrative photograph supplied with the article; not a verified portfolio property. Photo: Paul Lowry / Wikimedia Commons · CC BY 2.0. Cropped in the supplied PDF; converted to WebP.
The Chrysler Building in New York City. Archival photograph supplied with the article.
The Chrysler Building in New York City. Archival photograph supplied with the article. Photo: Jakub Hałun / Wikimedia Commons · CC BY 4.0. Cropped in the supplied PDF; converted to WebP.
Miami River waterfront. Illustrative photograph; not a rendering of the planned Faena towers.
Miami River waterfront. Illustrative photograph; not a rendering of the planned Faena towers. Photo: P. Hughes / Wikimedia Commons · CC BY-SA 4.0. Cropped in the supplied PDF; converted to WebP. Adapted photo remains under CC BY-SA 4.0.
A shopping center. Illustrative photograph supplied with the article; not a verified portfolio property.
A shopping center. Illustrative photograph supplied with the article; not a verified portfolio property. Photo: Tony Webster / Wikimedia Commons · CC BY 2.0. Cropped in the supplied PDF; converted to WebP.
Long Island City, Queens. Illustrative neighborhood photograph; not a verified view of DŌMI.
Long Island City, Queens. Illustrative neighborhood photograph; not a verified view of DŌMI. Photo: Kidfly182 / Wikimedia Commons · CC BY 4.0. Cropped in the supplied PDF; converted to WebP.
The old regional and higher regional court building in Innsbruck, photographed in December 2018. Illustrative exterior photograph, not an image of the November 2026 hearing.
The old regional and higher regional court building in Innsbruck, photographed in December 2018. Illustrative exterior photograph, not an image of the November 2026 hearing. Photo: Luftschiffhafen / Wikimedia Commons / CC BY-SA 4.0. Resized, converted to WebP and cropped to fit the layout. Adapted photograph remains under CC BY-SA 4.0.
Server racks at the National Energy Research Scientific Computing Center, photographed in 2011. Illustrative archival photograph; it does not depict a PJM project or a facility covered by the proposed procurement.
Server racks at the National Energy Research Scientific Computing Center, photographed in 2011. Illustrative archival photograph; it does not depict a PJM project or a facility covered by the proposed procurement. Photo: Derrick Coetzee / Wikimedia Commons / CC0 1.0. Resized, converted to WebP and cropped to fit the layout.
Data center rooftop equipment photographed in November 2025. Archival illustration; not Lambda’s proposed Alabama campus.
Data center rooftop equipment photographed in November 2025. Archival illustration; not Lambda’s proposed Alabama campus. Photo: Rsparks3 / Wikimedia Commons / CC0 1.0. Resized by Wikimedia; cropped for display.
Data centers and commercial buildings near Ashburn, Virginia, in November 2025. Archival regional illustration; not an identified Iron Mountain property.
Data centers and commercial buildings near Ashburn, Virginia, in November 2025. Archival regional illustration; not an identified Iron Mountain property. Photo: Theodore Christopher / Wikimedia Commons / CC0 1.0. Resized by Wikimedia; cropped for display.
Warehouse interior photographed in January 2016. Archival industrial illustration; not an identified Granite property in Houston or Georgia.
Warehouse interior photographed in January 2016. Archival industrial illustration; not an identified Granite property in Houston or Georgia. Photo: Rsherwin / Wikimedia Commons · CC BY-SA 4.0. Resized by Wikimedia; cropped for display. Adapted photo remains under CC BY-SA 4.0.
DTE Energy headquarters in Detroit, photographed August 6, 2011. Archival corporate photograph; not a data-center project or an asset identified as part of the sale.
DTE Energy headquarters in Detroit, photographed August 6, 2011. Archival corporate photograph; not a data-center project or an asset identified as part of the sale. Photo: Ikcerog / Wikimedia Commons · Public domain. Cropped for display.
Naples City Dock, Florida, photographed February 6, 2006. Archival regional illustration; not Port of the Islands Resort.
Naples City Dock, Florida, photographed February 6, 2006. Archival regional illustration; not Port of the Islands Resort. Photo: Marc Ryckaert / Wikimedia Commons · CC BY-SA 4.0. Original JPEG; cropped for display. Adapted display remains under CC BY-SA 4.0.
Denver Pavilions in downtown Denver, photographed February 7, 2018. Archival regional retail illustration; not Quebec Village Shopping Center in Centennial.
Denver Pavilions in downtown Denver, photographed February 7, 2018. Archival regional retail illustration; not Quebec Village Shopping Center in Centennial. Photo: Jeffrey Beall / Wikimedia Commons · CC BY 4.0. Wikimedia resize; cropped for display.
Brick warehouse with a stone base and a parked vehicle in Columbia, Pennsylvania.
Archival illustrative image: The Bachman and Forry Tobacco Warehouse in Columbia, Pennsylvania. Archival illustrative photograph; not presented as the specific property in this report. Photo: Smallbones / Wikimedia Commons · CC0. Commons resize where applicable; CSS display crop.
René Benko seated in a pinstripe suit in the photograph supplied by the publisher.
Image: Angelika Warmuth/REUTERS. Date not independently verified; not presented as an image of the November 5 verdict.
The Transamerica Pyramid rises above street-level buildings in San Francisco.
The Transamerica Pyramid in San Francisco, photographed October 19, 2017. The building was among BVK’s US property investments. Archival contextual photograph, not an image of the Munich searches. Photo: Bernard Spragg. NZ / Wikimedia Commons · CC0 1.0. Original JPEG unchanged; cropped for display by CSS.
Walker & Dunlop lettering mounted beneath the glass facade of its Bethesda headquarters.
Walker & Dunlop signage at 7272 Wisconsin Avenue in Bethesda, Maryland, photographed May 27, 2024. Archival photograph. Photo: © 2024 Tony Webster / Wikimedia Commons · CC BY 2.0. Wikimedia 3,840 × 2,560 version supplied by the owner; file unchanged, cropped for display by CSS.
MetLife Building seen along Park Avenue in Manhattan.
MetLife Building at 200 Park Avenue, viewed along Park Avenue in August 2015. Photo: Giorgio Galeotti / Wikimedia Commons · CC BY 4.0. Resized for web delivery; cropped for display by CSS.
Archival view of the Grand Hyatt New York hotel at the planned 175 Park Avenue redevelopment site.
Grand Hyatt New York, now Hyatt Grand Central New York, at East 42nd Street and Lexington Avenue in July 2017, on the planned 175 Park Avenue redevelopment site. Archival photograph. Photo: Jhw57 / Wikimedia Commons · CC BY-SA 4.0. Resized for web delivery; cropped for display by CSS. Adapted image remains under CC BY-SA 4.0.
Archival Hoyt–Schermerhorn Streets station entrance in Downtown Brooklyn, near The Bowen
Archival view of a Hoyt–Schermerhorn Streets subway entrance in Downtown Brooklyn, February 2015. Neighborhood context; The Bowen is not pictured. Photo: Edward Blake / Wikimedia Commons · CC BY 2.0. Resized for web delivery; cropped for display by CSS.
Frank Gehry-designed IAC Building at 555 West 18th Street in Chelsea, New York.
The IAC Building at 555 West 18th Street, photographed June 16, 2026. Photo: Ajay Suresh / Wikimedia Commons · CC BY 4.0. Resized for web delivery; cropped for display by CSS.
Archival illustrative image of a multistory apartment complex across the water at Silver Lake in Everett.
Archival illustrative image of apartments on Silver Lake in Everett, Washington. Photo: SounderBruce Archival illustrative photograph; not presented as the specific property in this report. Photo: SounderBruce / Wikimedia Commons · CC BY-SA 4.0. Commons resize where applicable; CSS display crop. Adapted display remains under CC BY-SA 4.0.
Archival view of a Las Vegas shopping center with a Shoppers Paradise sign, parked cars and streetlights.
Archival illustrative image of a Las Vegas shopping center. Photo: Charles O'Rear, via Wikimedia Commons. Archival illustrative photograph; not presented as the specific property in this report. Photo: Charles O'Rear / Wikimedia Commons · Public domain. Commons resize where applicable; CSS display crop.
Black-and-white portrait of Barry Sternlicht, chairman and CEO of Starwood Property Trust.
Barry Sternlicht, chairman and CEO of Starwood Property Trust, photographed in March 2016. Archival portrait. Photo: Christopher Michel / Wikimedia Commons · CC BY-SA 4.0. Wikimedia thumbnail resized from the original; photograph bytes unchanged. Thumbnail displays may be cropped under CC BY-SA 4.0.
Archival illustrative view of the upper section of 40 Wall Street, a tall stone tower with a green roof, against a partly cloudy sky.
Archival illustrative image of 40 Wall Street. Photo: ChrisRuvolo. Archival illustrative photograph; not presented as the specific property in this report. Photo: ChrisRuvolo / Wikimedia Commons · Public domain. Commons resize where applicable; CSS display crop.