Retail remained resilient, driven by healthy consumer demand, modest rent growth, and strong activity that kept competition high and cap rates tight.

Industrial began to level after explosive post-pandemic growth, with supply catching up to demand, but coastal logistics hubs still command premium pricing.

Hospitality gained momentum in urban and convention markets as business and group travel increased, with upper-tier segments benefiting the most.

Office markets continued their split — trophy assets holding firm, while older buildings face vacancies and rising demand for creative repositioning.

Multifamily housing held steady amid new deliveries, with renters continuing to opt for apartments as homeownership affordability remains strained.

Looking ahead, lower financing costs, easing inflation, and improving investor confidence are expected to unlock new opportunities across growth markets, redevelopment corridors, and experience-driven assets.