The overall view of the Federal Reserve’s Beige Book — the Summary of Commentary on Current Economic Conditions by Federal Reserve District — noted that commercial real estate lending was “subdued.”

Retail businesses generally found “further increases in price sensitivity among consumers, as well as several reports of increased sensitivity to quality,” so keeping an eye on how retail tenants are doing might not be a bad idea.

Some regions had additional details, whether directly about CRE or indirectly through other industries. In Boston, there were software restaurant sales as consumers held back on spending. Retail sales were also “moderately weaker.” CRE was “flat on average.” Industrial leasing slowed somewhat, and rents for that category were down “modestly.” Multifamily rents were up “moderately.” Investment demand was up and planned multifamily construction was “on the rise,” but many towns and cities were resistant to additional buildings. According to some sources, the office market “was hitting bottom” in leasing and some underperforming office buildings will likely default.