L
abor‑market momentum has stalled, with revised payroll data and a modest rise in unemployment signaling further cooling. Inflation remains flat and hiring is moderating, so the Fed is expected to cut rates again in December to cushion the economy. Long‑term yields have slipped, offering early relief, while the broader economy stays firm thanks to steady consumer spending and robust private‑sector activity.

    Commercial real estate in November stayed mixed. Office space saw a slight rebound: absorption losses narrowed, but demand remained marginally negative, vacancy hovered at 14.1 % and rent growth slowed to 0.7 % as concessions rose. Class A properties still drew buyers, Class B rents outpaced the national average, and Class C, though pressured, maintained the lowest vacancy in the segment. Tenant caution and widespread incentives kept the market constrained, and recovery varied across property types.

    Multifamily markets remained largely flat, grappling with earlier oversupply, softer seasonal leasing, and cooling rent momentum; lower‑tier units proved more resilient. Retail softened modestly as demand waned and new supply added pressure, yet it stayed comparatively sturdy, buoyed by stronger pricing power and steadier performance across mainstream formats. Industrial space cooled further: high supply pushed availability up and rents slowed, marking a shift from rapid expansion toward normalization.