Office leasing activity hasn’t disappeared. What has changed is how companies are committing. According to reporting from The Wall Street Journal, even tenants returning to higher-quality buildings are avoiding long lease terms, favoring short renewals and flexibility clauses instead.

This matters less for occupancy and more for underwriting. When lease duration compresses, rollover risk accelerates and landlords absorb more volatility. Tenant improvement dollars become harder to amortize, exit assumptions weaken, and refinancing timelines tighten. The office reset isn’t being driven by vacancy—it’s being driven by uncertainty about time.

Industrial fundamentals remain solid overall, but cracks are forming outside core logistics hubs. New data from CoStar shows vacancy inching higher in secondary markets that expanded aggressively over the last several years.

This doesn’t signal a broad industrial downturn. It signals a location filter. Core infill assets with durable tenant demand continue to perform, while peripheral markets now face slower absorption and wider concessions. Investors treating industrial as a uniform asset class are beginning to reprice that assumption.

Multifamily operators are responding to slower rent growth and rising operating costs by cutting back on discretionary spending. As reported by RealPage, sponsors are shelving nonessential capex projects to preserve cash flow and maintain debt coverage.

The implication is subtle but important. Value-add strategies aren’t dead—they’re delayed. Renovation cycles stretch longer, return assumptions flatten, and hold periods extend. In this phase, disciplined operations matter more than cosmetic upside.