Origination activity will be driven by large institutional financings and greater GSE participation.

Vacancy rate has stabilized after rising for two years, while rents are expected to return to faster growth before year-end.

Improved sentiment driven by Fed's accommodative signals, decline in bond yields versus October 2023 peak.

Law firms and financial sector companies dominated "high-rise" leases and paid highest rents.

Distressed office purchases, retail, and development sites drove the uptick.

Overall, market continues to lose occupancy, driven by tenants downsizing expiring leases.

Office and apartment accounted for most of the new distress in the quarter.

Amount of new stock coming to market will continue to decline in coming years.