First-half deliveries fell to their lowest level since 2014, helping vacancy remain at 7.8% for a fourth consecutive quarter.

National costs rose just 1.4%, but the widening gap between construction expenses and achievable rents continues to suppress new supply.

The new tariff framework produces little immediate change in tenant costs but could reinforce inflation concerns, borrowing costs and development pressure.

Investment volume is still projected to rise 16% this year, but property income will play a larger role in returns as cap rates remain stable.

Investors favor commercial real estate over stocks, bonds and cash, though most remain reluctant to make decisive moves.

Severe rent burdens have increased in some metros where headline affordability measures show little deterioration.

Full-service restaurant traffic favored upscale concepts in the second quarter, but value menus and distinctive brand strategies helped some casual chains outperform.

Fed survey data shows modest credit loosening concentrated at large lenders, while smaller banks report weaker demand and unchanged standards.