Author: Edward Brawer

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Tuesday, January 27, 2026. Here’s what we’re covering today: the latest moves in interest rates and financing costs, surging insurance premiums for property owners, a check on the commercial real estate outlook as we kick off 2026, signs of both distress and resilience in the market, and a spotlight on how one major company’s headquarters move is rattling a big city’s office sector.

Let’s start with interest rates. The Federal Reserve’s recent actions have brought some relief for borrowers. The Fed’s benchmark rate now sits around 3.75% to 4.00% after two rate cuts last fall . That’s down from the 5%+ highs of last year, making debt a bit cheaper than it was a year ago. In fact, the average 30-year fixed mortgage rate is about 6.1%, nearly a full percentage point lower than this time in 2025 . Commercial loan rates likewise have pulled back slightly, tracking the decline in Treasury yields – the 10-year Treasury is hovering in the low-4% range at the moment . However, Fed officials have indicated they don’t plan to cut further in the near term . In other words, we might be at a plateau for a while. So while financing costs are off their peak, they’re still elevated, and prudent investors are locking in rates where they can and being cautious with leverage.

On the insurance front, commercial property owners continue to feel the squeeze. New data show that commercial property insurance premiums climbed sharply at the end of 2025 – about an 8% average jump in the fourth quarter compared to the prior year . General liability coverage saw similar pain, ending the year over 7% higher on average . These are some of the steepest increases in years, and they push operating costs higher for landlords. There is a bit of good news in certain lines: for example, commercial auto insurance rate hikes actually eased slightly in late 2025, and workers’ compensation premiums even notched modest declines . But overall, the trend is clear – insurers have been charging more across most commercial lines, citing higher rebuilding costs and weather risks. Investors in high-risk regions, especially, are budgeting for significantly pricier insurance renewals than they did a couple years ago.

Now let’s zoom out for a national CRE and capital markets update. Despite higher debt costs and economic headwinds, the outlook for 2026 has a cautiously optimistic tint. Major industry analysts forecast a rebound in investment activity this year. For instance, CBRE projects U.S. commercial real estate investment volume could rise about 16% in 2026 to roughly $562 billion, nearly returning to the pre-pandemic average . Part of that is pent-up capital on the sidelines finally stepping in as prices adjust. In fact, private real estate funds are raising money again – global fundraising totaled about $222 billion in 2025, which was the first annual increase since 2021 . We’re seeing large players stockpile dry powder to deploy: one notable firm, Heitman, just closed a $2.6 billion fund aimed at scooping up distressed or undervalued assets . On the leasing side, demand is gradually improving. Sectors like industrial and multifamily remain solid, with high occupancy and rent growth stabilizing. Retail is quietly on the upswing too – chains in grocery, discount, and services are expanding again, and new store openings are starting to outpace closings. Even the beleaguered office sector is showing a bifurcated recovery: top-tier, modern office buildings in prime locations are attracting tenants and seeing occupancy gains, while older, less efficient buildings continue to struggle. In fact, CBRE expects the flight-to-quality trend to tighten prime office vacancies so much that overall office leasing could surpass 2019 levels by the end of this year . The takeaway is that the capital markets are thawing and investors are adjusting to the new normal. There’s growing confidence that the worst of the correction may be behind us if the economy stays on track.

What about distress and recovery signals? Thus far, the feared tsunami of distressed sales in commercial real estate has been more of a trickle. Market analysts note that distressed property sales never spiked the way they did after 2008 – by mid-2025 only around 3% of CRE sales were distressed, compared to about 20% in 2010 . Values have come down perhaps 10% from their peak on average (versus 20%-plus drops during the Great Financial Crisis) . There is stress out there, especially in sectors like office and some over-leveraged multifamily deals, but so far owners and lenders have managed to avoid a fire-sale scenario. One big reason is the rise of private debt funds stepping in behind the scenes . Unlike in past downturns, there’s a whole class of mezzanine lenders and alternative capital providers working to recapitalize troubled assets rather than immediately foreclose. They’re injecting rescue capital, extending loan terms, and negotiating solutions that keep properties out of bankruptcy. This means distress is getting resolved more gradually or being tucked away inside balance sheets, rather than flooding the market with discounted properties. It’s a double-edged sword: it helps stabilize the market, but it also means the cleanup process could take longer. On the flip side of distress, we are seeing signs of recoveries in certain niches. For example, the demand for flexible office space is surging – co-working operators report a jump in occupancy as more companies adopt hybrid work and seek shared offices instead of long-term leases . And as mentioned, retail is seeing a modest revival in brick-and-mortar activity, which is a welcome development after years of e-commerce pressure. All in all, the CRE market entering 2026 feels more stable than a year ago, but with a clear gap between winners and losers: quality assets and well-capitalized investors are weathering the storm, while others continue to face an uphill battle.

For our regional spotlight today we turn to Dallas, Texas, where a major corporate move is shaking the local real estate scene. AT&T, one of the city’s largest employers, has announced it will relocate its global headquarters from Downtown Dallas to a new campus in suburban Plano. This decision, while not effective until a couple years from now, is already casting a long shadow on the central business district. AT&T’s current home, the Whitacre Tower downtown, accounts for over 1 million square feet of office space – and once the company leaves, that space will go vacant . To put that in perspective, downtown Dallas was already struggling with high office vacancy, and this will push it to new extremes. The office vacancy rate downtown has now ballooned to about 34% , one of the highest in the country, with roughly 9 million square feet sitting empty. City officials and landlords are understandably concerned. Some estimates suggest AT&T’s exit could ultimately wipe out around 30% of downtown’s property value – roughly a $2.7 billion hit when you factor in lost business activity and declining rents . It’s a gut-punch for a downtown that was hoping to rebound. The situation highlights a broader trend: many companies in Dallas-Fort Worth (and across the U.S.) are gravitating to newer, mixed-use developments in the uptown and suburban submarkets, where they can offer employees more modern amenities, campus-style offices, and shorter commutes. In Dallas, firms like Bank of America, Invesco, and Deloitte have already drifted away from the traditional downtown core in favor of these newer districts . The result is that older towers in the central city – especially ones built for single tenants, like Whitacre Tower – face a very challenging road ahead. Local leaders are responding with plans to tackle downtown’s challenges (from public safety to incentives for redevelopment), and some are even floating bold ideas like converting office towers for other uses. But for now, Dallas’ downtown office market is a cautionary tale of what can happen when a big tenant leaves a city center that hasn’t kept up with the times. The silver lining? The Dallas-Fort Worth region as a whole remains economically strong – in fact, it’s attracting data centers, industrial projects, and residents at a rapid clip – so there’s confidence that with the right reinvention, downtown Dallas can find new life. But it will take time and creative effort to fill those million-plus square feet left behind by AT&T.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael — until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Monday, January 26, 2026. Here’s what we’re covering today: from financing costs and interest rates to the latest on commercial real estate markets. We’ll unpack the day’s mortgage, insurance, and lending rates, discuss national CRE and capital markets trends – including signs of distress and recovery – and spotlight a standout regional story in Houston’s retail sector.

Interest Rates and Financing: Financing conditions for commercial real estate have eased slightly compared to last year, but borrowing costs are still a major factor. The Federal Reserve’s benchmark rate now sits around 3.75% to 4.00% after rate cuts last fall, and long-term rates have stabilized. The 10-year Treasury yield is hovering in the low-4% range (about 4.2% as of last week) , which helps set the tone for mortgage rates. Indeed, commercial mortgage rates for the most qualified properties are starting just above 5% . However, less conventional or riskier loans still come with high costs – think bridge loans and other short-term financing that can carry rates near 9% . On the lending front, there are early signs of thawing: regional banks are cautiously increasing their CRE lending this year as interest rates inch down and credit conditions show some stability . This is a welcome development for investors, though underwriting remains prudent. Meanwhile, insurance costs continue to bite. Property insurers hiked premiums significantly over the past year; homeowners saw about a 6% average increase nationwide, and some high-risk markets endured double-digit jumps . Commercial property owners, especially in disaster-prone areas, are feeling that squeeze. Regulators in states like New York are even debating profit caps for insurers amid mounting affordability concerns . All told, the cost of capital and coverage remains a key challenge, even as interest rate pressures moderate.

National CRE Markets and Capital Flows: Nationally, the commercial real estate market is sending mixed signals. On one hand, global investors appear ready to pour money back into U.S. real estate – an estimated $144 billion of global capital is set to deploy into CRE in 2026 . Big investment managers are raising record-sized funds to capitalize on perceived opportunities. For instance, Heitman just closed a $2.6 billion fund aimed at distressed and value-add deals, betting that now is the time to buy into a market reset. REITs, too, managed to raise nearly $80 billion in 2025, indicating that many players are positioning for a rebound. And in a hopeful sign, U.S. office vacancies have begun to tick down in early 2026 after peaking last year . Still, caution is warranted. A “debt wall” of loan maturities is looming over the next few years. About $1 trillion in commercial mortgages come due in 2026 – roughly double the normal annual volume – and even more (up to $1.3T) will peak in 2027 . A lot of this debt was issued when interest rates were far lower, so borrowers refinancing now are facing rates that can be 50% to 100% higher than before . This squeeze is putting pressure on some owners and lenders. We’re seeing more loans enter distress, and specialty debt markets like CRE CLOs have seen rising default risks . The good news is that industry leaders don’t foresee a full-blown crisis – many lenders and investors are finding ways to extend or restructure loans, and there’s active buyer interest in discounted assets. In short, 2026 is shaping up as a turning point: the market is moving from “survive” to “adjust and invest.”

Distress and Recovery Signs: The divide between winners and losers in CRE is clearer than ever. Office properties remain the most troubled segment. In fact, one prominent New York landlord just lost its Midtown Manhattan office tower to foreclosure when it couldn’t support the debt at 750 Lexington Avenue – a stark example of how far office values have fallen in some cases. Office leasing is improving only at the top end: premier Class A buildings with desirable locations or tech-focused tenants are stabilizing (helped in part by new demand from booming sectors like AI), but many older Class B and C offices are languishing with high vacancies and uncertain futures . Some may never recover without conversion or major repurposing. By contrast, other property sectors are showing resilience. Retail and hospitality have bounced back in many markets, aided by years of limited new construction that kept supply in check . Well-located shopping centers and hotels are seeing solid demand now that consumers and travelers have returned. Multifamily apartments remain relatively robust too – especially in fast-growing metro areas – with occupancy and rent growth holding up as new supply tapers off . Even niche sectors like industrial and data centers are thriving; demand for logistics space stays strong, and the data center boom (particularly in tech-friendly locales) continues as companies expand their cloud and AI capacity. In short, the CRE landscape is bifurcated: pain in some corners, but plenty of bright spots in others.

Regional Spotlight – Houston Retail: For today’s metro highlight, we turn to Houston, Texas, where the retail real estate scene is notably vibrant. Houston’s retail properties have maintained remarkably tight occupancy, bucking any national slowdown. In fact, retail occupancy in Houston has topped 95% for the 12th year in a row . Landlords are enjoying high tenant demand and rising rents across key shopping districts . What’s driving it? A combination of strong consumer activity, limited new retail development, and the metro’s continued population and job growth. Essentially, space at malls and neighborhood centers is scarce, and retailers are competing to lock in locations. This long-running “retail streak” means Houston’s retail landlords have had stability even through economic cycles – a bright spot that stands in contrast to struggling office buildings or overbuilt apartment markets elsewhere. Houston’s success story illustrates how certain local markets and property types can thrive due to unique supply-demand dynamics. It’s a reminder that in real estate, all markets are local, and Houston’s retail sector is a case where local strengths are outweighing broader headwinds.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael—until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Thursday, January 23, 2026. Here’s what we’re covering today: the latest CRE lending rates, signs of market recovery amid distress, and a spotlight on Atlanta’s CRE scene.

Interest rates are finally offering some relief for real estate investors. The Federal Reserve’s benchmark rate now sits at 3.75% to 4.00% after two cuts last fall , making borrowing costs broadly cheaper than a year ago . Mortgage rates have pulled back as well – a 30-year fixed loan hovers around 6.2%, nearly 0.8% lower than this time last year . In commercial lending, rates range from roughly 5.2% into the low double digits . Banks are quoting about 5.3% to 8.7% on standard commercial mortgages , and life insurers are near 5.3% to 8.5% . One cost still climbing is property insurance: in storm-prone Florida, commercial insurance premiums jumped 20–30% above the national average last year .

Nationally, the commercial real estate market is showing signs of stabilizing. After a major price correction in 2023, values have largely stopped falling and some sectors are even seeing modest upticks . Higher interest rates forced sellers to reset expectations, but now buyers and sellers are slowly finding common ground on pricing . The Fed’s recent policy pivot toward easing has made future financing costs more predictable, which is improving investor confidence . Lenders are cautiously returning – new loan originations climbed about 16% in 2025 and are projected to keep rising in 2026 . With stocks and bonds less exciting lately, capital is rotating back into real estate . In fact, analysts expect around $144 billion of global institutional money to flow into CRE this year as investors bet on a rebound . Meanwhile, property fundamentals remain relatively solid in several areas. Apartment demand is holding up after a wave of new supply, and industrial warehouses still enjoy strong logistics-driven demand . Even necessity-based retail and high-quality office assets have shown resilience amid the turbulence .

Still, distress in the market hasn’t gone away. Office buildings in particular continue to struggle. In New York, one lender just foreclosed on a Midtown Manhattan tower for a token $1,000 to wipe out a $156 million mortgage – a stark example of how far office values have fallen. Out west, San Francisco’s famed 225 Bush Street is in default on a $350 million loan, which the lender is now looking to sell off . And in Burbank, California, a once-occupied office that lost its sole tenant has pushed an $87 million loan into special servicing . Even some shopping malls are under stress, with one major mall in northern California seeing its revenue plunge and its $98 million loan head to workout specialists . There is a silver lining: distressed assets are attracting opportunistic buyers looking for bargains, hoping to turn around these properties once repriced.

For our regional spotlight today, we turn to Atlanta. Atlanta is consistently ranked a top ten U.S. real estate market , and experts there anticipate more stability in 2026. The metro saw a slight cooldown in new projects like warehouses after the pandemic boom, but its data center industry is still red-hot and expected to keep expanding in 2026 . Those big tech-driven developments – along with steady population and business growth – are fueling optimism in Atlanta despite higher interest rates. If credit conditions continue to improve, Atlanta’s combination of reset prices and solid demand could make it one of the first markets to regain momentum.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael—until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Wednesday, January 22, 2026. Here’s what we’re covering today: the latest on interest rates and financing costs, a look at the national commercial real estate market’s momentum, signs of both distress and recovery in the sector, and a regional spotlight on a booming Sunbelt metro.

Interest Rates Update: Borrowing costs continue to ease from their peak. The Federal Reserve’s benchmark rate currently sits in a 3.75%–4.00% range after a late-2025 rate cut , and no further cuts are expected in the near term. Long-term rates have stabilized; the 10-year Treasury yield is hovering around the mid-4% range . This has translated into lower mortgage rates than we saw a year ago. The 30-year fixed residential mortgage now averages roughly 6.1%—recently hitting its lowest level since late 2024 . For commercial real estate investors, loan interest rates remain elevated but are more workable than last year’s. Typical commercial mortgage deals are getting done in roughly the mid-5% to high-7% range for stable properties, with more complex or riskier financings still reaching into the low double-digits . In short, financing is broadly cheaper today than it was a year ago, a bit of good news for deal makers .

Insurance Market Relief: After six years of sharp increases, property insurance costs are finally showing signs of relief for owners. Expanded capacity and competition in the insurance industry caused commercial property insurance rates to level off and even decline slightly in late 2025 . In fact, industry surveys noted that average commercial property premiums decreased about 0.2% in the third quarter – the first outright drop in prices since 2017 . It’s a modest reversal, but a welcome one, as high insurance premiums had been squeezing property cash flows in recent years. Barring any major catastrophes, experts expect this more stable insurance climate to continue into 2026.

Market Sentiment and Capital Markets: The tone in the commercial real estate capital markets has turned surprisingly upbeat moving into 2026. The CRE Finance Council’s latest Board of Governors Sentiment Index climbed to 125.4, approaching its all-time high . Industry leaders are increasingly optimistic – in the newest survey, zero respondents voiced a negative outlook on interest rates or the CRE finance environment . In contrast to the caution of a year ago, nearly three-quarters of executives now hold a positive outlook for the industry, and an overwhelming 97% expect borrower demand for loans to increase over the next 12 months . Lenders and investors seem to be finding their footing again: higher interest rates are no longer viewed as deal-killers, and liquidity is slowly improving. In practical terms, debt and equity capital is more available now than it was last year, and transactions are starting to pick up as a result. Financing demand is high, and lenders – from banks to private debt funds – are competing for business again.

Distress and Recovery Developments: We’re seeing a bifurcated market with both encouraging improvements and persistent challenges. On one hand, office property vacancies have finally begun to inch down after a multi-year surge. The national office vacancy rate peaked at nearly 20% in early 2025 and eased to about 18.4% by December . Major markets like New York and San Francisco even saw vacancies decline by several percentage points last year as companies cautiously absorbed space and landlords repurposed some buildings. Rent levels have proven surprisingly resilient on average, and flexible workspace operators are expanding to help fill excess space. These are hopeful signs of stabilization for a sector that has been hit hard. On the other hand, distress remains a key theme. Office-related loans are under severe strain – the delinquency rate for office loans in CMBS (commercial mortgage-backed securities) just hit an all-time high around 11.7% . In plain English, a record share of securitized office mortgages are in default as remote-work impacts linger. Banks and bondholders are working through these troubled assets, often by extending loans or finding ways to restructure debt, but the process is ongoing. Moreover, a wave of maturing debt is looming over the market. Approximately $936 billion in U.S. commercial mortgages are set to come due in 2026, which is about 19% more than the volume that matured in 2025 . Many of those loans will need refinancing at today’s higher rates. The good news is that interest rate cuts and rising property values have improved some refinancing math; the bad news is certain property types – especially older offices – may still struggle to find new financing without significant equity injections or price reductions. How the market navigates this “maturity wall” in the coming months will be a key storyline. We’re watching for any uptick in foreclosures or forced sales, but so far lenders are showing patience and a willingness to work with borrowers, hoping that better conditions in 2026 will ease the crunch .

Regional Spotlight – Charlotte: In our regional spotlight today, we focus on Charlotte, North Carolina – a metro that’s emerging as a standout performer. Charlotte’s commercial real estate scene is benefiting from robust economic and demographic growth. The city has been drawing finance, tech, and manufacturing firms, and its population growth consistently ranks among the highest in the nation. Office-using employment in Charlotte rose by an impressive 3.3% last year, the fastest growth rate of any major U.S. market . That expansion is fueled by business-friendly policies and an influx of new residents, which in turn is driving demand for apartments, offices, and industrial space. Investors have noticed Charlotte’s momentum. After a quieter period in 2024, investment activity bounced back strongly in 2025 as interest rates began to stabilize. Institutional buyers returned to Charlotte, drawn by its long-term growth story, and deal volume started climbing again. Local market experts report that this bounceback in commercial property sales is expected to continue through 2026 . Construction has also moderated to keep supply in check – fewer new projects are breaking ground, which helps existing properties lease up. With lower relative costs, a diversifying economy, and improving capital availability, Charlotte is positioned as an “up-and-coming” hub where optimism is high. It’s a regional example of how Sunbelt markets, in general, are powering through the broader CRE slowdown and attracting capital even as some coastal cities lag. We’ll be watching Charlotte to see if it can maintain this growth trajectory in the year ahead.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael—until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Tuesday, January 21, 2026. Here’s what we’re covering today: the latest on interest rates and insurance costs, a pulse check on national commercial real estate and capital markets, signs of distress and recovery in the market, and a spotlight on Chicago’s office sector.

Rates Update: Financing conditions are gradually improving for commercial real estate investors. The Federal Reserve’s year-end move to cut its benchmark rate has brought the federal funds range down to the mid-3% level , and borrowing costs are now broadly lower than a year ago. Mortgage rates in particular have fallen to their lowest levels in over three years – the 30-year fixed-rate average is just about 6.1%, down from over 7% at this time in 2025 . That dip is already spurring a jump in loan applications and refinances. On the insurance front, after a turbulent couple of years, the commercial insurance market is finally seeing some relief. Premiums are flattening or even ticking down for well-managed properties . However, in disaster-prone areas, insurers remain cautious – high hurricane, wildfire, and flood risks are keeping coverage terms strict and rates elevated . In fact, insurance costs have become so acute that nearly half of U.S. homeowners are considering relocating due to rising premiums and climate risks . For commercial owners, the takeaway is clear: strong risk mitigation and documentation are now essential to keep insurance costs in check.

Market & Capital Markets: On the national stage, the commercial real estate outlook is turning more optimistic as we head deeper into 2026. A major forecast from CBRE predicts a 16% rebound in U.S. commercial real estate investment activity this year, potentially reaching about $562 billion in volume – nearly back to pre-pandemic averages. Investor sentiment is improving as pricing adjusts and debt becomes a bit cheaper. Even the large capital players are showing renewed confidence: Blackstone’s flagship real estate fund, BREIT, posted an 8.1% return in 2025 – its best performance in three years – thanks in large part to booming data center investments. That marks a sharp turnaround from its near-flat returns during the 2023 downturn and signals that momentum in commercial real estate may be shifting positive. We’re also seeing credit markets thaw slightly. Agency CMBS bond spreads have been tightening as lending caps for multifamily rise , and banks report that borrower demand for new loans is strengthening now that interest rates have come off their peaks . Overall, capital is cautiously coming off the sidelines. There’s still plenty of scrutiny on deals – lenders and investors are favoring quality assets and dependable cash flows – but there’s a sense that the worst of the capital markets freeze is behind us. As one index shows, commercial deal flow at the end of 2025 was clearly higher than the year before, suggesting a healthier start to 2026 .

Distress & Recovery Developments: Now, not everything is rosy – distress remains a key part of the story in several sectors, even as some green shoots emerge. Nowhere is that dichotomy clearer than in the office market. Office landlords are still grappling with elevated vacancies and loans under pressure. A stark example came in Texas: AT&T’s departure from its downtown Dallas tower this month suddenly left over one million square feet of office space empty , underscoring how corporate consolidations are hitting city centers. Office loan defaults and delinquencies have been ticking up, but interestingly, there are hints of stabilization. Industry data show that the volume of commercial mortgages in special servicing (essentially troubled loans being worked out) edged down in December , thanks in part to some troubled office and hotel loans getting resolved or restructured. And in an encouraging sign, office usage is slowly on the mend: building foot traffic nationally just hit its highest level since the pandemic began . More workers are coming back to desks, and landlords hope that trend will translate into fewer space downsizes and more lease renewals in 2026. Meanwhile, in the multifamily sector, higher interest rates and expenses have caused pockets of distress, but opportunistic investors are swooping in. In Houston, for example, a distressed apartment high-rise was recently acquired by a new owner planning to rebrand and renovate the property – turning crisis into chance. This kind of rehab-and-reposition play is something we expect to see more of in markets where property values dipped last year. In short, 2026 is kicking off with a mix of challenges and hopeful signs: some owners are feeling pain, yet others are finding that today’s distress could be tomorrow’s deal.

Regional Spotlight – Chicago: Finally, let’s zoom in on Chicago’s commercial real estate scene, which encapsulates many of these national trends. The Chicago CBD (central business district) office market endured a tough 2025 but is showing glimmers of life. According to fresh numbers from Cushman & Wakefield, downtown Chicago logged 6.3 million square feet of new office leases in 2025 – that’s a 7% increase over 2024 and the highest annual leasing volume the Windy City has seen since 2019. Much of that activity was concentrated in high-quality buildings; Class A offices, especially in hotspots like the West Loop, accounted for the bulk of the leasing as tenants sought out modern, amenity-rich space. However, for all those new leases, the market is still working through a lot of empty space. Net absorption in Chicago’s CBD stayed negative for the ninth consecutive quarter , meaning more offices emptied out than were filled. By year’s end, the downtown office vacancy rate hit about 26.9% – a record high. In simpler terms, more than a quarter of Chicago’s prime office space is sitting vacant, a reflection of ongoing downsizing and sublease givebacks. There is a silver lining: the very top-tier “trophy” office towers are faring much better, with vacancy in those marquee buildings down to roughly 15% . In fact, the highest-quality high-rise offices in Chicago are now seeing single-digit vacancy rates as some companies “flight to quality,” upgrading to better space even if they need less of it overall. This bifurcation – strong demand for the best properties, weakness in the rest – is a theme playing out not just in Chicago but in many cities’ office markets. Local developers and officials will be watching closely in 2026 for any momentum from the improved leasing activity, hoping it can chip away at that vacancy overhang. For now, Chicago’s story is one of a hard-hit market slowly finding its footing, with resilience at the top end.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael — until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Monday, January 20, 2026. Here’s what we’re covering today: interest rates hold steady, insurance costs remain a pain point, signs of life in the commercial real estate market, continued distress in some sectors, and an office comeback story in San Francisco.

Mortgage rates are holding near their lowest levels in months. Freddie Mac’s latest survey puts the 30-year fixed around 6.06% – slightly down from last week – which is a welcome stability after the roller coaster of recent years. The Federal Reserve’s benchmark rate sits around 3.5% to 3.75% thanks to a few cuts last year, and futures suggest only minor moves ahead. That means borrowing costs remain well above pre-pandemic levels, but at least we’re not climbing higher for now.

Commercial insurance costs, meanwhile, continue to bite. After 27 straight quarters of premium hikes through mid-2024 , property insurers finally hit pause late last year . Even so, premiums are still near record highs – some owners saw insurance double as a share of expenses since 2020 . In disaster-prone markets like Florida and Texas, rates are especially steep, though the hope is that a stabilizing insurance market in 2025 will carry into this year.

On the national real estate front, we’re seeing signs of life in dealmaking. U.S. commercial property prices have been inching up for five months straight as of October . CoStar’s index showed investment-grade properties leading the recovery – values were up about 2% year-over-year and sales volume jumped 11% from the prior month . With the Fed’s rate hikes reversing course slightly, financing has gotten a touch cheaper and buyers are tiptoeing back in . Blackstone’s giant real estate fund even notched an 8.1% return last year, powered by booming demand for data centers , hinting that some sectors are pulling the market upward.

Still, not everything is rosy. Distress in commercial real estate remains a major theme. Office properties are the glaring weak spot – roughly 11.8% of office loans are delinquent, an all-time high as remote work leaves many buildings half-empty. Banks have mostly weathered the storm so far , often extending maturing loans and hoping lower interest rates will help . But 2026 will be a real test: about $936 billion in commercial mortgages come due this year – nearly 19% more than last year – which means many owners will be refinancing from loans in the sub-5% range to new rates in the 6%+ range . We’ll be watching how many of those get reworked and whether any sectors falter under the strain.

For our regional spotlight today, we turn to San Francisco – a city that became a poster child for office distress, but is now showing glimmers of a comeback. The Bay Area’s tech sector, especially a wave of artificial intelligence firms, breathed some life into the market last year . San Francisco recorded five consecutive quarters of positive net office absorption through the end of 2025 , and the city’s office vacancy actually fell by about 3.7% over the year – the sharpest drop since 2011 . Major developers like Hines are even exploring new projects there again . It’s early, but if 2025’s momentum continues, 2026 could finally be the year San Francisco’s office market stops being an outlier for all the wrong reasons .

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael—until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Monday, January 19, 2026. Here’s what we’re covering today: a welcome dip in borrowing costs, relief in insurance premiums, the latest on commercial real estate markets and capital flows, signs of both distress and recovery in the industry, and a spotlight on Miami’s surging office market.

Interest Rates Ease: Financing is getting slightly cheaper for real estate investors. Mortgage rates have finally slipped below 6% for the first time in over a year . The average 30-year fixed rate recently dipped to about 6%, down from over 7% at this time last year, spurring a wave of refinancing activity . Loan applications jumped as borrowers seized on lower rates – refinance volumes are up roughly 40% in the latest weekly survey . On the lending side, the Federal Reserve’s rate cuts late last year have brought the Fed funds range to around 3.5–3.75% . Officials are signaling a cautious stance going into 2026, with no urgent moves expected as inflation cools . Still, long-term yields remain elevated; the 10-year Treasury is hovering in the mid-4% range, so while debt is cheaper than it was a year ago, it’s not exactly cheap by historic standards. Overall, borrowing costs are down a bit, offering CRE investors some relief after the steep run-up in rates.

Insurance Premium Relief: After years of pain, property owners are finally seeing a break in insurance costs. Property insurance premiums are falling after a remarkably calm 2025 storm season . Last year was the first in over a decade with no hurricanes making U.S. landfall, and insurers have responded with increased competition and even double-digit rate reductions for many commercial policies . According to industry reports, average property insurance rates dropped about 9% year-over-year by late 2025 . Insurers have rebuilt some reserve cushion thanks to lower disaster payouts, and more players are re-entering the market . Analysts say premiums should stay lower at least through mid-2026, barring any massive catastrophes . For investors, especially in high-risk coastal markets, this is a much-needed break – after several years when insurance costs were soaring quarter after quarter, the trend has finally flipped in their favor.

National Market Update: Nationally, the commercial real estate picture is mixed but showing resilience in spots. Investment in industrial properties, for example, had a strong year: U.S. industrial real estate sales topped $68 billion in 2025 , the biggest volume since 2022. However, higher cap rates tell us investors are getting more selective – yields on closed industrial deals have risen above 7.3% on average , indicating that lower-quality warehouses are tougher to sell while prime logistics facilities still command premium pricing. In the capital markets, there’s plenty of dry powder sitting on the sidelines and corporate debt issuance has been heavy. A surge in corporate bond sales is even putting pressure on Treasury yields, keeping long-term rates up despite the Fed’s easing . Meanwhile, big real estate funds are finding ways to thrive: Blackstone’s flagship private REIT (BREIT) just reported an 8.1% return for 2025 . Data centers were the star performer for BREIT, helping turn around performance and signaling where momentum is building . This suggests that even as traditional sectors face headwinds, investors are chasing growth in niches like tech infrastructure. Overall, the capital markets for CRE are cautious but functioning – equity and debt capital is available for the right deals, even if underwriting is more rigorous entering 2026.

Distress and Recovery: We’re tracking both distress and recovery stories across the industry. In the distressed column, rising interest rates and debt maturities are exposing some shaky deals. One high-profile example is in the Sun Belt multifamily sector: a large apartment syndicator, Lurin Capital, has defaulted on over $700 million in loans amid allegations of mismanagement . The firm’s rapid rise and fall – it amassed about 10,000 units before facing foreclosure on much of its portfolio – underscores the strain on highly leveraged operators as financing costs jumped . We’re also seeing office landlords under pressure. In New York, a Midtown office building recently sold for far less than its lenders expected, frustrating the creditor’s hopes of a full recovery. High vacancies and refinancing hurdles continue to plague many office towers in big cities. On the flip side, there are clear bright spots signaling recovery. Retail real estate is one: Manhattan’s retail availability just hit its lowest level since 2017 . Storefront vacancies in prime shopping corridors like SoHo and Madison Avenue have plummeted as retailers rush to secure space, driving up rents again . The average asking rent on Madison Avenue is nearing $1,000 per square foot – the highest since before the pandemic . This retail rebound, alongside steady improvement in hotel occupancies and travel, suggests that parts of the CRE market tied to consumer activity are healing. Even in the office sector, select markets and high-end properties are finding their footing, often through creative measures (like more flexible spaces and tenant incentives). So the market narrative is really bifurcated – distress in over-leveraged or oversupplied segments, but a healthy recovery in others driven by genuine demand.

Regional Spotlight – Miami: Today we turn our spotlight to Miami, a metro that remains red-hot despite some headwinds. Miami’s office market enjoyed a banner 2025: leasing activity hit about 5 million square feet for the year, up 36% from the prior year . That surge was fueled by companies, including major finance and tech relocations, locking in space. Landlords were able to push rents higher – average office rent in Miami-Dade is now around $63 per square foot, one of the highest in the country outside of New York . Class A offices in prime areas are even topping $70 per square foot. Vacancy in Miami’s office sector has dipped to roughly 16%, improving over a point year-on-year . This shows real strength and investor confidence in South Florida as a business hub. However, Miami’s boom is not without challenges. Beneath the headline numbers, sublease space is on the rise and landlords have increased concessions to seal deals . For instance, in a notable recent transaction, the parent company of Burger King (Restaurant Brands International) opted to take a large block of space through a sublease rather than a direct lease . That reflects a trend: even in a strong market like Miami, tenants are hunting for cost savings and flexibility, and some existing offices remain underused. Still, the takeaway is that Miami’s office scene remains resilient – robust demand is outweighing the challenges, at least for now. Investors continue to pour into the Miami market, betting that its growth as a financial and tech hub will sustain high occupancy and rent levels going forward.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael—until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Thursday, January 16, 2026. Here’s what we’re covering today: the latest on interest rates, insurance costs, and lending conditions for commercial real estate; a check-in on national CRE trends with signs of recovery and areas of stress; and in our regional spotlight, a corporate headquarters move in Texas that underscores the challenges facing one downtown.

Mortgage and Lending Rates: Borrowing costs are starting 2026 on a lighter note. The Federal Reserve’s benchmark rate sits around 3.75%–4.00% after late-2025 cuts, and with inflation near 3%, markets even anticipate a possible 0.25% Fed rate cut early this year . Long-term yields have settled down – the 10-year Treasury is holding in the low-4% range – which helps calm financing costs. In fact, mortgage rates have already fallen from roughly 7% a year ago to the low-6% range now . This week the average 30-year fixed dipped below 6% for the first time since 2024 , a milestone that’s sparked a wave of refinancing. The Mortgage Bankers Association reports refi applications jumped 40% in early January compared to the prior week after rates slipped (the 30-year fixed is around 6.18% in their survey) . In Washington, the administration is pushing to drive rates down further – President Trump ordered Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds to boost affordability. Housing economists say that could trim mortgage rates by another 10–15 basis points , a modest but welcome assist for borrowers. Meanwhile, commercial lenders are becoming more active. Agency lenders Fannie and Freddie raised their multifamily loan caps by over 20% to $88 billion each for 2026 , injecting more capacity for apartment deals. And the MBA forecasts overall commercial real estate lending volume will surge 24% this year after last year’s slowdown, as stabilizing interest rates encourage more financing activity.

Insurance Costs Easing: On the insurance front, property owners are finally seeing some relief after the premium spikes of recent years. Industry outlooks for 2026 show a more competitive market – for well-maintained buildings in non-disaster-prone areas, insurance rates are flattening or even edging down slightly as more insurers return to the space . In other words, if your property has a clean bill of health and isn’t in a hurricane or wildfire zone, your renewal might actually be a bit cheaper or at least no higher. However, high-risk locations and loss-prone properties aren’t in the clear yet – those still face firm rates and very picky underwriters . Elevated replacement costs and weather risks mean insurers remain cautious about anything in a CAT zone, so CRE investors with coastal or otherwise hazard-exposed assets should still budget for hefty insurance bills. Overall though, the outlook is far better than a year ago, with more capacity and even 10–30% premium drops in some layered insurance programs late last year . It’s a welcome trend as investors look to stabilize operating costs.

National Market Update: Nationally, the commercial real estate market is showing early signs of momentum as we head into 2026. Lower interest rates and robust capital availability are expected to bolster deal-making and property demand this year . In its new outlook, CBRE forecasts increased leasing activity and higher investment volumes across multiple sectors, thanks in part to easing financing pressure . Notably, the office and retail sectors – two laggards during the pandemic – appear poised for improvement. Office demand is becoming highly bifurcated: top-tier, modern office buildings in prime locations are performing well (many enjoyed positive absorption even through the worst of the pandemic) , and now as those trophy towers fill up, some tenants are finally starting to consider the next tier of buildings. Landlords of quality but slightly older offices are seeing a bit of spillover leasing interest . In fact, CBRE expects overall office leasing activity in 2026 to surpass pre-pandemic levels from 2019 – an optimistic call that reflects large occupiers coming back to the market. To be sure, not every office building will benefit – lesser-quality offices are still struggling – but the gap between shiny Class A space and the rest is creating opportunities for value-minded tenants and adaptive reuses. Retail real estate is also on a stronger footing. Essential retail categories are expanding: grocery chains, discount stores, and service-based retailers are growing their footprints, and even online-native brands have realized brick-and-mortar stores are critical to reach customers . That has shopping center landlords feeling confident again – expect solid activity especially in open-air centers and suburban shopping hubs where occupancy is high and new supply is limited . In the multifamily sector, fundamentals cooled a bit last year (national rents actually fell for five consecutive months late in 2025 amid record-high apartment vacancies) . However, demand remains uneven – certain regions like the Midwest are seeing mid-tier apartments outperform, while some Sunbelt markets work through a glut of new luxury units . Overall, apartment investors are optimistic that the worst of the supply indigestion is passing. And on the industrial side, after a breather in 2025 to absorb a wave of new warehouses, activity is set to ramp up again as e-commerce and supply chain needs continue to evolve. Last year actually ended with a rebound in sales for favored property types: industrial property sales climbed over 15%, retail property sales were up over 20%, and even office sales saw a late pickup (up 24% year-over-year by Q3) – a sign that some investors are bottom-fishing for deals at discounted prices.

Distress and Recovery: Despite higher interest rates in 2025, we haven’t seen the tsunami of distressed CRE sales that some predicted. In fact, distress in this cycle has been surprisingly contained so far. By mid-2025, only about 3% of commercial property sales were categorized as “distressed,” compared to 20% of sales that were distressed in 2010 after the Global Financial Crisis . Values have corrected – on average CRE prices fell around 10% from their 2022 peak – but that’s a far cry from the 20%+ value plunges of the last downturn . One big reason is that private real estate debt funds and other alternative lenders have stepped in to fill the gap left by banks. These debt players, especially those holding mezzanine loans, are proactively working with borrowers to prevent fire sales. Often, owners are finding ways to recapitalize rather than default – for example, bringing in a mezzanine lender to inject fresh capital and extend the runway on a troubled project. Mezzanine lenders have the right to take control if a borrower falters, and they’re using that leverage to restructure deals behind the scenes and avoid drawn-out foreclosures . This means distress is being handled more through quiet loan workouts or note sales, rather than hitting the open market at bargain-basement prices. It’s a very different pattern than after 2008, and it’s keeping outright property foreclosures relatively low. That said, stress is certainly out there. We’re seeing upticks in delinquency for some property debt – for instance, a major office landlord in San Francisco just defaulted (again) on a $1.7 billion office loan as values have slid . The office sector remains the wildcard, with older urban offices in particular facing valuation and refinancing challenges. But for now, broad contagion hasn’t materialized, and investors are sensing that we may be near the bottom. In fact, there’s a huge amount of dry powder waiting to pounce: roughly $250 billion in unused capital is sitting in private real estate funds, eyeing a market rebound . Many fund managers have been sitting on the sidelines, waiting for pricing to adjust and more motivated sellers to emerge. 2026 could be a pivotal year when that capital gets deployed . We expect to see early opportunistic deals and maybe a shift back toward core assets as price discovery concludes. Simply put, a lot of money is lined up hoping to buy the dip in commercial real estate, which could help put a floor under prices this year.

Regional Spotlight – Dallas, TX: Today’s metro to watch is Dallas, where a major corporate move is shaking the real estate landscape. Telecom giant AT&T just announced it will relocate its global headquarters from downtown Dallas to the northern suburb of Plano, aiming to open a new campus there by 2028 . This relocation is driven by several factors – AT&T cited concerns about downtown safety, the need for a modern workplace suited to hybrid work, and the appeal of a sprawling suburban site with room to grow . Plano has been attracting many corporate heavyweights (Toyota and others are already in the area), so AT&T is following a broader suburban momentum. For downtown Dallas, however, it’s a significant blow. AT&T has been a fixture in the central business district since 2008, with nearly 6,000 employees working in its downtown offices as of a few years ago . If they vacate fully, the impact could be severe: estimates suggest downtown property values might drop as much as 30% and the city could lose about $62 million in annual property tax revenue once AT&T leaves . That is a startling number that highlights how dependent the tax base is on major employers staying put. The situation in Dallas underscores a trend many cities are grappling with – as remote and hybrid work reshape companies’ location choices, shiny suburban campuses with cheaper land and easier commutes are luring firms away from legacy downtown towers. City officials in Dallas will now be tasked with finding new ways to revitalize and repurpose their downtown, especially if more big tenants follow suit. (It’s worth noting, Dallas isn’t alone here: other cities from San Francisco to Chicago have seen similar corporate migrations to the suburbs or Sunbelt regions.) On the flip side, suburbs like Plano are benefiting from the influx, gaining jobs and development. We’ll be watching how Dallas navigates this transition – from possibly converting office buildings to residential (like some projects underway in D.C. and NYC) to investing in downtown amenities – because retaining a vibrant urban core in the era of hybrid work is a real challenge. For now, this AT&T move is a wake-up call for urban commercial landlords in many markets.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael — until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Wednesday, January 15, 2026. Here’s what we’re covering today: First, the latest on interest rates, mortgages, and insurance costs. Then, a check on the national commercial real estate market and capital flows. We’ll also discuss where distress is – and isn’t – emerging in CRE. And finally, a regional spotlight on New York City’s office resurgence.

In the debt markets, interest rates continue to ease off last year’s highs. The Federal Reserve’s benchmark rate is now in the 3.75% to 4.00% range after two rate cuts in late 2025 , making borrowing a bit cheaper than a year ago . Lenders are cautiously optimistic: the Mortgage Bankers Association forecasts a 24% jump in commercial real estate lending in 2026 . Even Fannie Mae and Freddie Mac have boosted their lending capacity – each raising their 2026 loan purchase cap by 20% to $88 billion – which should help get more deals financed. Meanwhile, the 10-year Treasury yield is holding around 4.1% lately, providing some stability for long-term loan rates. In short, financing conditions are improving, even as the Fed signals a pause for now.

Bucking the recent trend, property insurance costs are finally falling for many commercial owners. After a hurricane-free 2025, insurers are competing again, and premiums have dropped by double-digit percentages in some cases . Industry data shows rates were down roughly 9% year-over-year by last quarter of 2025 . It’s a welcome relief after years of relentless insurance hikes, though experts warn that a bad storm season could quickly reverse this trend . For now, lower insurance bills are giving investors and landlords one less thing to worry about.

National Market Update: Commercial real estate is starting 2026 on a cautiously optimistic note . Investment activity is expected to rebound significantly – one major forecast projects a 16% increase in deal volume this year to about $562 billion, nearly back to pre-pandemic levels . With interest costs easing, cap rates for most property types might even compress slightly again (by 5–15 basis points) , which would modestly lift property values. Market fundamentals are mixed by sector but generally improving. Multifamily and industrial properties remain the strongest performers, retail is stable, and even the office sector is seeing selective signs of life. Prime, modern office buildings are holding up far better than older, second-tier offices , and overall leasing activity is on the rise from the lows of 2024 . Broadly speaking, the CRE industry is showing more resilience as 2026 begins, supported by an improving economy and more available capital.

Now, let’s talk about distress and recovery. Despite higher interest rates over the past year, we haven’t seen the tidal wave of forced sales that some predicted. By mid-2025, only about 3% of commercial property sales were distressed, a far cry from the ~20% share after the 2008 financial crisis . One reason is that private debt funds have stepped in to fill the gap left by banks – mezzanine lenders and other private creditors are often restructuring loans or injecting capital to prevent fire sales . In other words, much of the stress is being managed behind the scenes, in the debt stack, rather than through property foreclosures. That said, pain points remain. Just this week, a major office owner, Columbia Property Trust, defaulted on a $1.7 billion office portfolio loan for the second time – an example of how older office buildings especially are still under strain. On the flip side, some hard-hit markets are finding creative ways to recover. For instance, Washington D.C. is actively working to convert excess empty office space into housing, turning a glut of offices into a potential housing boom . It’s an innovative approach to address both the oversupply of offices and the undersupply of housing, and other cities are watching closely.

Regional Spotlight – New York City: The Big Apple’s office market is mounting a comeback unlike anything it’s seen in nearly 20 years. Manhattan saw 23.2 million square feet of new office leases signed in the first nine months of 2025 – the highest leasing volume since 2006 . Demand is being driven by a flight to quality: top-tier, modern office towers are capturing the bulk of new leases, and landlords have inked a record number of deals above $100 per square foot in rent . Big-name tenants like Deloitte, Amazon, and JPMorgan Chase are taking up large blocks of space in newly built or renovated buildings, reflecting a renewed confidence in the city . As a result, New York has already surpassed its pre-pandemic office leasing levels – a distinction few other cities can claim . In fact, office utilization in NYC hit slightly above 2019 levels last summer, even as the national office attendance average remained about 22% below pre-COVID norms . To be sure, vacancy rates are still elevated (Manhattan is around 15% vacant, nearly double the rate in late 2019) , and older buildings without renovations are struggling. But the combination of robust leasing in trophy towers and an initiative to convert some outdated offices into residences is gradually helping stabilize the market . New York’s surprising office resurgence is a welcome bright spot for the city’s commercial real estate and offers a hopeful blueprint for other urban markets.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael — until next time!

This is Deal Junkie. I’m Michael, it is 8:30 AM Eastern on Tuesday, January 14, 2026. Here’s what we’re covering today:

First, interest rates and lending. Borrowing costs for commercial real estate are finally easing. The Federal Reserve’s benchmark rate now sits in a 3.75% to 4.00% range after late-2025 rate cuts , and the 10-year Treasury yield hovers near 4.1% . These lower rates have translated into cheaper debt for investors: average long-term mortgage rates are back around 6%, down from over 7% at the 2023 peak . Lenders are cautiously optimistic that financing costs could drift lower through 2026.

Next, the insurance market. In a welcome turn, property insurance premiums are finally dropping after years of painful increases. A hurricane-free 2025 allowed insurers to rebuild reserves, spurring competition and double-digit rate cuts for many commercial policies . Marsh data shows U.S. property insurance costs fell about 9% year-over-year by last fall . Barring an unusually catastrophic 2026, owners should see some insurance relief at least into mid-year .

On the capital markets and investment front, the capital stack is gradually thawing. A surge in corporate bond issuance is competing with Treasuries and putting mild upward pressure on yields , yet easing inflation and active lenders are improving CRE debt liquidity . Investors have amassed roughly $250 billion in dry powder ready to deploy into real estate deals . With rates stabilizing and many loans maturing, the stage is set for more deal activity this year – from opportunistic buys of distressed assets to renewed appetite for stable, income-producing properties .

As for distress and recovery, we haven’t seen the deluge of forced sales that some expected. By mid-2025, distressed properties were only about 3% of CRE transactions, versus 20% after the 2008 crash . Private debt funds, especially mezzanine lenders, have been stepping in to support struggling projects and delay foreclosures . By injecting rescue capital or exercising their rights, mezz lenders are often resolving issues without drawn-out court battles – preventing the wave of fire sales many anticipated.

Meanwhile, in the Sunbelt multifamily market, pandemic-era overbuilding has turned some cities into renter’s havens. Phoenix is a prime example: more than half of new apartment listings there now advertise at least one month free rent, with some offering up to 3.5 months free . These incentives help fill luxury units built during the boom while preserving headline rents. Developers are hitting pause on new projects in oversupplied locales, expecting today’s deep discounts to fade as balance returns over the next year or so .

Finally, our regional spotlight is on Dallas-Fort Worth, where a major corporate headquarters is leaving downtown. AT&T will relocate its global HQ from Dallas’s central business district to a new campus in Plano by 2028 . The telecom giant says the move will boost efficiency and flexibility, noting the suburb offers room to grow and a safer, more convenient environment for employees . The exit is a blow to Dallas: nearly 6,000 AT&T workers are based downtown, and their departure could slash downtown property values and cost the city tens of millions in annual tax revenue . It’s a stark example of how hybrid work and suburban appeal are pulling companies away from legacy downtowns.

That’s all for now, but we’ll be back tomorrow. Don’t forget to hit follow or subscribe and leave a review to help others discover the show. I’m Michael—until next time!