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Conditions are even tighter when California is removed from the equation.
Positive signs are emerging including a reversal of acquisition to refinance ratios on Fannie Mae loans.
Leasing activity continues to grow while new supply is declining, signaling a shift in the office market.
Hurricanes, Middle East conflict and port disruptions could also weigh on economic growth.
A third of young Americans say hurricanes like Helene will play a role in where they decide to live.
While the industrial vacancy rate climbed in Q3, it's below the 10-year pre-pandemic average.
With more than 80% of sales still occurring in physical stores, luxury brands are focused on the customer experience.
An increase in transaction volume would confirm the industry's comfort level with current pricing.
Strong job growth in Western and Southern markets could boost demand among younger Americans.
Despite improving economic factors, the cost of borrowing money continues to weigh on the industry.