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ugust data showed mixed signals. Job growth slowed, supporting easing policy, while inflation rose to 2.9%, above the Fed’s 2% target. GDP growth stayed solid, and a softer labor market gives the Fed room for a September rate cut and possibly two more before year‑end. Rates remain high, and commercial real‑estate activity stayed subdued, though sector conditions varied.

    Office space kept absorbing tenants at a negative rate, but the decline is less steep than earlier years. Vacancy is 14.1 % and rent growth is only 0.9 % YoY, as landlords offer concessions. Demand concentrates in Class A; Class B feels pressure despite modest rent gains; Class C sees rising vacancies and tenant churn.

    Multifamily units absorbed steadily but still face excess supply, keeping vacancy high and rent growth muted. Retail added new inventory yet recorded the fastest rent increases, driven by general‑retail demand. Industrial completions outpaced demand, raising vacancy and slowing rent growth across all types.