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Vol. I · No. 3Nationwide edition · Free

MarketsLatest, Oct 27

10-year Treasury4.99%down 0.01

SOFR3.95%up 0.02

30-year mortgage rate7.32%down 0.08

CMBS delinquency8.02%up 0.17

U.S. office vacancy18.2%down 0.1

Sources: U.S. Treasury, daily par yield curve rates, Oct 27 (10-year Treasury); Federal Reserve Bank of New York, SOFR, Oct 27 (SOFR); Freddie Mac, Primary Mortgage Market Survey, Oct 22 (30-year mortgage rate); Trepp, Sep 30 (CMBS delinquency); CBRE, Q3 2026 U.S. Office Market Report, Sep 30 (U.S. office vacancy)

Outlook

Emerging Trends 2027 says higher rates will make investors work for returns

The most cited annual industry survey says 2027 returns will come from picking the right asset and submarket, not a whole sector.

PwC and the Urban Land Institute released the 48th edition of Emerging Trends in Real Estate, built on input from nearly 1,500 investors, developers, lenders and advisers, according to ULI.

The report lists eight themes. At the top: federal deficits keeping Treasury yields and borrowing costs elevated, a shrinking construction pipeline that favors existing buildings, and regulation on rents, insurance, permitting and power becoming a main filter for picking markets.

Dallas-Fort Worth ranks as the top market to watch for a third straight year, followed by Nashville, Miami, Raleigh-Durham and San Francisco. Manhattan and Orange County get special spotlights.

Sources: Urban Land Institute, Oct 27, 2026; PwC, Oct 27, 2026

Data centers

Anthropic plans to lease its own data centers, Bisnow reports

A hyperscale-sized user signing leases directly could reshape demand for data center developers.

Anthropic's S-1 filing describes a program called Anthropic Direct, Bisnow reported. Third-party developers would secure sites and power and build data centers to the company's specifications, and Anthropic would lease them instead of buying all of its computing as a cloud service.

The filing puts planned computing infrastructure spending at $542 billion to $567 billion in coming years and says the company had signed $417 billion in compute deals by the end of 2025. It has already started entering lease and purchase agreements under the new model.

For ownersData center developers and their lenders may want to watch how a direct tenant of this size changes lease terms and credit underwriting.

Sources: Bisnow, Oct 26, 2026; SEC, Anthropic Form S-1, Oct 26, 2026

Office

BXP raises occupancy for a fourth straight quarter and lands a $1.2 billion loan

The largest U.S. office REIT keeps filling space and borrowing for new towers.

BXP said total portfolio occupancy rose 100 basis points to 89.4 percent in the third quarter, its fourth straight quarterly gain, after signing 74 leases covering about 1.2 million square feet, according to the company.

CBD occupancy reached 91.8 percent, with New York at 89.8 percent and Los Angeles at 90.0 percent. The REIT reported third quarter FFO of $1.89 a share and raised its 2026 guidance to $7.06 to $7.08 a share.

It also closed a $1.2 billion construction loan for 343 Madison Avenue, priced at Term SOFR plus 2.50 percent.

For ownersOwners of older office buildings may want to compare their leasing pace with what premier towers are capturing in their submarket.

Source: BXP, Oct 27, 2026

Industrial

StepStone backs a $985 million secondary recap of GID's industrial portfolio

Secondary deals are becoming an exit route for owners who would rather not sell into a high-rate market.

A StepStone Real Estate affiliate formed a joint venture with GID in a $985 million manager-led secondary deal covering 87 infill industrial buildings, about 8 million square feet, the companies announced.

The buildings are in Atlanta, Charlotte, Chicago, Dallas, Jacksonville, Portland, San Antonio and Seattle. GID, which has managed them since 2021, stays on as asset manager, and existing investors can cash out without a property sale.

For ownersOwners weighing an exit in a slow sales market may want to ask their advisers whether a recapitalization fits better than a sale.

Sources: GID and StepStone, via Business Wire, Oct 26, 2026; Bisnow, Oct 27, 2026

Page 2 · Los Angeles to Ventura edition

The Cornerhold Journal

Wednesday, October 28, 2026

Regional edition

Los Angeles to Ventura

Los Angeles, Orange and Ventura counties

Local marketsLatest, Sep 30

L.A. office vacancy25.3%down 0.1

L.A. office asking rent, mo.$4.07

L.A. industrial vacancy5.0%down 0.2

O.C. industrial vacancy5.5%unchanged 0.0

O.C. retail vacancy (Colliers)3.55%down 0.25

Sources: CBRE, Los Angeles Office Figures Q3 2026, Sep 30 (L.A. office vacancy, L.A. office asking rent, mo.); CBRE, Los Angeles Industrial Figures Q3 2026, Sep 30 (L.A. industrial vacancy); CBRE, Orange County Industrial Figures Q3 2026, Sep 30 (O.C. industrial vacancy); Commercial Observer, Sep 30 (O.C. retail vacancy (Colliers))

Development

West Hollywood planners back CIM's 34-story tower on the old Cemex site

Billboard revenue is part of the package that could make the city's tallest building pencil.

West Hollywood's Planning Commission backed CIM Group's plan for a 34-story tower at 1000 N. La Brea Avenue, the former Cemex concrete plant site, the Los Angeles Times reported. It would be the city's tallest building and cost more than $400 million.

The project would have 514 apartments, 128 of them affordable, plus ground-floor retail. Billboards were approved as part of the package.

The City Council still has to vote. CIM is aiming to break ground in late 2027 or early 2028.

Source: Los Angeles Times, Oct 27, 2026

Industrial

Culver City flex building trades for $11 million, a third of its 2022 price

The markdown shows how far Westside flex values have fallen.

Epicenter Landcorp bought a 25,000-square-foot flex industrial building on a 58,000-square-foot parcel at 5880 Adams Blvd. in Culver City for $11 million, Bisnow reported. It sold for $30 million in 2022.

The buyer plans to reposition it for defense or tech tenants. Newmark data cited in the story show L.A. industrial leasing fell 21.5 percent from the prior quarter to 12.6 million square feet in the third quarter.

For ownersWestside flex owners may want an updated valuation before their next refinance.

Source: Bisnow, Oct 27, 2026

Multifamily

Essex: Los Angeles County apartment revenue grew just 0.5 percent

Northern California is outpacing the south as L.A. rent growth stalls.

Essex Property Trust's third quarter results showed same-property revenue up 0.5 percent year over year in Los Angeles County, 2.7 percent in Orange County and 1.3 percent in Ventura County, according to the company.

Southern California as a whole grew 1.5 percent, against 5.4 percent in Northern California. Southern California NOI rose 1.0 percent and occupancy was 96.1 percent.

For ownersL.A. apartment owners may want to revisit rent growth assumptions in their 2027 budgets.

Source: Essex Property Trust, via Business Wire, Oct 27, 2026

Financing

Truist lends $152 million for Carmel Partners' Marina Shores in Long Beach

An aging office site becomes land for a large apartment start.

Carmel Partners secured a $152 million construction loan from Truist for Marina Shores, a 390-unit apartment project with about 5,400 square feet of retail at 6615 East Pacific Coast Highway, Commercial Observer reported.

The project replaces an aging office complex, with completion targeted around May 2029.

For ownersOwners of obsolete suburban office may want to explore whether residential zoning is an option for their site.

Source: Commercial Observer, Oct 27, 2026

Page 3 · Miami to West Palm Beach edition

The Cornerhold Journal

Wednesday, October 28, 2026

Regional edition

Miami to West Palm Beach

Miami-Dade, Broward and Palm Beach counties

Local marketsLatest, Sep 30

Miami office vacancy14.5%down 0.2

Miami office asking rent, yr.$70.62

Miami industrial vacancy6.9%down 0.4

Fort Lauderdale office vacancy18.8%

Broward industrial vacancy6.9%

Sources: CBRE, Miami Office Figures Q3 2026, Sep 30 (Miami office vacancy, Miami office asking rent, yr.); CBRE, Miami Industrial Figures Q3 2026, Sep 30 (Miami industrial vacancy); CBRE, Fort Lauderdale Office Figures Q3 2026, Sep 30 (Fort Lauderdale office vacancy); CBRE, Broward Industrial Figures Q3 2026, Sep 30 (Broward industrial vacancy)

Financing

Graham Cos. lands an $85 million life company refinance in Miami Lakes

Life insurers are still writing fixed-rate debt for well-located South Florida industrial.

The Graham Companies secured an $85 million, five-year fixed-rate refinancing from State Farm Life Insurance on 17 industrial and flex buildings totaling 644,000 square feet across four Miami Lakes business parks, Bisnow reported. Northmarq arranged the loan.

The deal shows life insurers remain a steady source of fixed-rate debt for well-located South Florida industrial.

Source: Bisnow, Oct 26, 2026

Industrial

Dalfen gets $26 million to replace a Davie bowling alley with a warehouse

A 151,052-square-foot building will add infill supply in central Broward.

Dalfen Industrial obtained a $26 million construction loan for a 151,052-square-foot Class A warehouse on 16.2 acres in Davie, on the site of the former Sparez bowling alley, the South Florida Business Journal reported.

The building will add new infill supply in central Broward that will compete for mid-size tenants once it delivers.

For ownersCentral Broward warehouse owners with mid-size vacancies may want to plan for new competition.

Sources: South Florida Business Journal, Oct 27, 2026; Greenspoon Marder, Oct 27, 2026

Retail

Phillips Edison pays $16.4 million for a Planet Fitness plaza in Pompano Beach

Institutional grocery-center buyers are moving into fitness-anchored strips.

Phillips Edison and Co. acquired the 46,034-square-foot Planet Fitness Plaza in Pompano Beach for $16.4 million, about $356 a square foot, the South Florida Business Journal reported.

The anchor recently signed a 10-year lease extension.

For ownersOwners of fitness-anchored centers may want to see how a long anchor renewal affects their own pricing.

Source: South Florida Business Journal, Oct 27, 2026

Page 3 of 7Miami to West Palm Beach editionWednesday, October 28, 2026The Cornerhold JournalNew York ›
Page 4 · New York edition

The Cornerhold Journal

Wednesday, October 28, 2026

Regional edition

New York

The five boroughs, Long Island, Westchester and northern New Jersey

Local marketsLatest, Sep 30

Manhattan office availability13.7%down 0.7

Manhattan asking rent, yr.$80.40

Manhattan Q3 office leasing7.10M sf

North and Central NJ industrial vacancy7.3%down 0.3

Sources: CBRE, Manhattan Office Figures Q3 2026, Sep 30 (Manhattan office availability, Manhattan asking rent, yr., Manhattan Q3 office leasing); CBRE, Q3 2026 Northern and Central NJ Industrial Figures, Sep 30 (North and Central NJ industrial vacancy)

Office

Shorenstein buys 148 Lafayette for $132.5 million, a 41 percent gain for the seller

A quick, profitable resale shows buyers are paying up again for well-leased Manhattan office.

Shorenstein acquired the 154,000-square-foot, fully leased office building at 148 Lafayette Street in SoHo from Tishman Speyer for $132.5 million, according to Shorenstein. The building has a weighted average lease term of about nine years, and it is the final acquisition for Shorenstein's Fund XIV.

Tishman Speyer paid $105.5 million in June 2025 and says the sale yields about a 41 percent gain.

Shorenstein has bought 14 office buildings for about $2 billion since June 2024, at an average distribution yield of 8 percent.

Sources: Shorenstein, via PR Newswire, Oct 27, 2026; Commercial Observer, Oct 27, 2026; Connect CRE, Oct 27, 2026

Leasing

Ramp grows to 460,000 square feet at 28-40 West 23rd Street

Tech tenants keep taking big blocks of renovated prewar space in Midtown South.

Fintech Ramp signed a 175,000-square-foot expansion at Williams Equities' 575,000-square-foot 28-40 West 23rd Street, bringing its footprint to 460,000 square feet across floors six through 12, Commercial Observer reported.

It follows expansions of 66,000 square feet in 2024 and 153,000 square feet in March, and comes after Ramp raised $1.8 billion at a $60 billion valuation.

For ownersMidtown South owners with renovated prewar blocks may want to check how this demand shows up in their own pricing.

Sources: Commercial Observer, Oct 27, 2026; Bisnow, Oct 27, 2026

Retail

589 Fifth Avenue leasehold hits the market for up to $300 million

The asking price is about 18 percent below the 2019 sale.

Manova Partners is marketing the leasehold on the 184,000-square-foot building at 589 Fifth Avenue for up to $300 million through Newmark, The Real Deal reported. That is about 18 percent below the $365 million paid in 2019.

H&M's 68,000-square-foot store, paying roughly $319 a square foot, has a lease running to 2033, and the property carries a $182 million loan from Deutsche Pfandbriefbank.

For ownersFifth Avenue retail owners may want to watch where this one prices as a fresh marker.

Source: The Real Deal, Oct 27, 2026

Page 4 of 7New York editionWednesday, October 28, 2026The Cornerhold JournalAustin ›
Page 5 · Austin edition

The Cornerhold Journal

Wednesday, October 28, 2026

Regional edition

Austin

Travis, Williamson and Hays counties

Local marketsLatest, Oct 20

Austin office vacancy23.6%up 0.4

Office net absorption, Q3253K sf

Industrial net absorption, Q31.22M sf

Class A office asking rent, yr. (ECR)$39.61

Sources: CBRE, Austin Office Figures Q3 2026, Sep 30 (Austin office vacancy, Office net absorption, Q3); CBRE, Austin Industrial Figures Q3 2026, Sep 30 (Industrial net absorption, Q3); ECR, Oct 20 (Class A office asking rent, yr. (ECR))

Industrial

Austin industrial absorption beats deliveries again as vacancy falls

The warehouse glut is shrinking, and the construction pipeline is half what it was a year ago.

Lee and Associates counted 1.91 million square feet of combined industrial and flex absorption in Austin in the third quarter. Industrial vacancy fell 33 basis points to 19.26 percent as 1.62 million square feet were absorbed against 1.55 million delivered.

ECR, which measures differently, counted about 2.6 million square feet of absorption, led by Flex taking 310,000 square feet in Georgetown and Siete taking 396,000 in Buda.

Lee puts space under construction at 8.03 million square feet. ECR counts 7.1 million, down from 15.5 million a year ago.

Sources: Lee and Associates Austin, Oct 27, 2026; ECR, Oct 27, 2026

Retail

Transwestern and NewQuest start the Kyle Park lifestyle center on I-35

National chains are following rooftops down the Austin to San Antonio corridor.

Transwestern and NewQuest began building the retail portion of Kyle Park, a roughly 412,588-square-foot regional center at I-35 and Bebee Road within a 101-acre mixed-use site in Kyle, according to Transwestern.

Tenants include Dick's Sporting Goods, Burlington, HomeGoods, Ulta, TJ Maxx, Barnes and Noble, Boot Barn and EOS Fitness. Transwestern is also developing the adjacent 328,256-square-foot Kyle Commerce Center, a shallow-bay industrial project due in 2027.

For ownersRetail owners along the corridor may want to track which tenants relocate rather than expand.

Source: Transwestern, Oct 27, 2026

Retail

Asana Partners plans a dining outparcel in its Arboretum overhaul

A refreshed open-air center will compete with The Domain for tenants.

Asana Partners plans a 14,000-square-foot retail and dining outparcel at The Arboretum, with construction starting in spring 2027 and openings by fall 2028, the Austin Business Journal reported.

New tenants include JETSET Pilates, now open, and Peachy, planned for spring 2027.

For ownersNorthwest Austin retail owners may want to plan for a refreshed competitor.

Source: Austin Business Journal, Oct 27, 2026

Page 6 · All editions

The Cornerhold Journal

Wednesday, October 28, 2026

All editions

Trends and data

The numbers behind this morning’s stories, drawn the old way

Maturities

Trepp counts $733.2 billion of commercial mortgages coming due in 2027

Lenders are pulling back on extensions, which pushes more loans toward resolution.

10-year Treasury and SOFR, monthly average

4%4.5%5%5.5%Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 264.06%5.16%10-year Treasury3.89%SOFR
4%5%6%Oct 25Apr 26Oct 264.06%5.16%3.89%
Monthly averages of daily rates from FRED (Treasury and New York Fed data). October 2026 runs through Oct. 26 for the 10-year and Oct. 27 for SOFR.

Source: FRED, Federal Reserve Bank of St. Louis (series DGS10 and SOFR), Oct 27, 2026

Trepp estimates $733.2 billion of commercial real estate loans mature in 2027, after roughly $800 billion this year, CNBC reported.

With rates elevated, lenders are granting fewer extensions and modifications. CNBC reports that should push more loans toward resolution and open doors for well-capitalized buyers and rescue lenders.

For ownersWorth talking with your lender early if a loan matures in 2027.

Source: CNBC, Oct 27, 2026

Delinquency

MBA: commercial delinquencies rose across most lender types in the third quarter

Office remains the weakest property type.

30-year fixed mortgage rate, monthly average

6.5%7%7.5%Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 267.35%
6.5%7%7.5%Oct 25Apr 26Oct 267.35%
Monthly averages of Freddie Mac's weekly survey via FRED. October 2026 covers four weeks through Oct. 22.

Source: FRED, Federal Reserve Bank of St. Louis (series MORTGAGE30US, Freddie Mac), Oct 22, 2026

The Mortgage Bankers Association's third quarter survey, covering $3 trillion of the $5 trillion in outstanding commercial and multifamily debt, found CMBS balances 30 or more days late climbed to 4.97 percent from 4.82 percent.

Life company loans rose to 1.33 percent from 1.19 percent and GSE loans to 1.16 percent from 1.11 percent, while FHA loans improved to 0.90 percent from 1.06 percent. Office remained the weakest property type.

For ownersBorrowers with near-term maturities may want to plan for tighter refinancing terms.

Source: Mortgage Bankers Association, Oct 27, 2026

CMBS

CMBS spreads sit at their 2026 wides as Barclays trims its issuance forecast

A thin cap rate cushion over Treasuries points to pressure on values at refinancing.

The CRE Finance Council's weekly note says CMBS spreads are at their widest levels of the year, with BofA marking 10-year AAA at T+80 and conduit BBB minus at T+485. Barclays cut its full-year issuance forecast 12 percent to $327 billion.

Trepp's special servicing rate stands at 11.49 percent, and 13.84 percent for retail. MSCI data in the note show apartment prices down 4.6 percent year over year, with the 5.78 percent apartment cap rate only 79 basis points above the 10-year Treasury, against 146 basis points a year earlier.

For ownersOwners planning a refinance may want to price in wider spreads.

Source: CRE Finance Council, Oct 27, 2026

Page 6 of 7All editionsWednesday, October 28, 2026The Cornerhold JournalThe back page ›
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