Commercial Real Estate

U.S. nonresidential construction starts jumped to a one-month record of $100.3 billion in June, powered by a surge in office and data center projects, according to ConstructConnect.

A bankruptcy court approved the $90 million sale of Hawthorne Race Course to a Delaware redevelopment firm, ending horse racing at the 135-year-old Chicago-area track and killing a long-planned casino.

New York City halted construction at GFP Real Estate’s 222 Broadway office-to-residential conversion for unreported structural cracks, the second such stop-work order in a month.

Atlanta-based MDH Partners bought a Sunrise, Florida industrial property for $40.1 million from a Clarion Partners affiliate that had held it for more than a decade.

Strada Investment Group paid $103 million, about $814 per square foot, for a 126,537-square-foot office building in San Francisco’s Design District.

Pacific Urban Investors bought the 387-unit A’Cappella Apartment Homes in Lynnwood, Washington, from Weidner Apartment Homes for $112 million in a CBRE-brokered deal.

Ascent Housing bought the 140-unit Reserve at Waterford Lakes in Charlotte for $27.8 million, aiming to preserve it as naturally occurring affordable housing, Newmark says.

ABC’s Construction Backlog Indicator fell to 8.8 months in June, down from May but still above last year’s level, as data center work continues to outpace the rest of the commercial construction market.

Phoenix office vacancy fell to 23.4% in the second quarter, a third straight quarterly decline, but Newmark’s research says the improvement is driven mostly by shrinking inventory, not a leasing rebound.

San Francisco’s apartment vacancy rate has dropped to roughly 2.9%, its lowest level in about 25 years, according to CBRE data, as AI-driven tech hiring collides with one of the tightest new-construction pipelines in the country.

Bayview Asset Management and Springmont Capital, the Morgan family’s investment office, are acquiring a majority stake in commercial mortgage bank BWE, with CEO DJ Effler staying on and the deal expected to close this fall.

Prologis has offered roughly £14 billion ($18.7 billion) in stock and cash for UK industrial REIT Segro, and Segro’s board says it is minded to recommend the terms. A binding deal is not yet signed; Prologis has until August 12 to make a firm offer.

The Williams Companies purchased Williams Tower, the 64-story Houston office tower bearing its name, for $300 million, a deal that leaves seller Invesco Real Estate with a loss of more than $100 million on its 2013 purchase.

Saronic Technologies will build a $3 billion-plus autonomous vessel shipyard at the Port of Brownsville, Texas, with the company projecting up to 10,000 jobs over the next decade.

Seniors housing and care M&A activity totaled nearly $3.9 billion in the second quarter of 2026, with assisted living properties accounting for the largest share of deals, according to LevinPro LTC data.

Public Storage has closed its all-stock acquisition of National Storage Affiliates, a deal valued at roughly $10.5 billion when announced in March, creating a combined company of more than 4,500 self-storage properties.

Bridge Logistics Properties acquired a 782,775-square-foot Class A distribution facility in Frederickson, Wash., fully leased to Harbor Freight Tools, marking its largest Seattle-Tacoma area purchase to date.

Colliers’ Q2 2026 Phoenix industrial market report shows vacancy falling to 8.7% as net absorption outpaces new supply, though the Southeast Valley submarket remains the metro’s weak spot.

Google has recommitted to roughly 2.1 million square feet of office space in Sunnyvale, renewing leases at Moffett Place and Moffett Gateway in a reversal of its recent space-cutting strategy.

PNC, Bank of America, U.S. Bancorp and Truist all reported commercial real estate loan growth in the second quarter of 2026, extending a rebound from a multi-year pullback, according to bank earnings disclosures and Fed lending survey data.

NMHC’s July Quarterly Survey of Apartment Market Conditions shows debt and equity financing worsening and sales volume pulling back, even as market tightness improves nationally.

National Equity Fund has acquired 32 affordable housing properties from St. Louis Equity Fund in a transaction with an equity value of more than $200 million, preserving nearly 2,000 homes in the St. Louis region.

ING Capital provided a fully underwritten $268 million acquisition facility to EQT Real Estate’s Core Plus Fund IV for an 11-property, 2.8 million-square-foot logistics portfolio across six U.S. markets.

Opus has broken ground on Canal Crossing Commerce Center, an 898,500-square-foot, three-building speculative industrial park near Columbus, Ohio, targeting a June 2027 completion with no tenants yet signed.

Lodging Econometrics’ Q2 2026 data shows the U.S. hotel construction pipeline reached 5,975 projects and 703,001 rooms, with record highs in luxury, upper upscale, and conversion activity.