In its latest Beige Book on current economic conditions, the Federal Reserve reported, "Commercial real estate activity was weak, particularly for office space, although there were reports of robust demand for new data centers, industrial and manufacturing spaces, and large infrastructure projects."

Boston: A "cautiously optimistic" general outlook didn't extend to CRE, "which remained relatively weak—especially for the office sector—though it did not worsen any further."

New York: CRE markets mostly held steady. New York City office vacancy rates remained near historical highs. Office markets outside of the city proper "remained more resilient." Also, "financial strain among property owners in New York City continued to build, with upcoming loan maturities foreshadowing further increases in defaults in the coming year."