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The Cornerhold Journal
Vol. I · No. 4Nationwide edition · Free
MarketsLatest, Oct 28
10-year Treasury5.05%up 0.06
SOFR3.94%down 0.01
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 28 (10-year Treasury); Federal Reserve Bank of New York, SOFR, Oct 28 (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)
Rates
The Fed holds at 3.75% to 4%, and two officials wanted another hike
The pause comes with a split vote and a 10-year yield above 5%, so refinancing costs are still climbing.
The Federal Reserve left its benchmark rate range at 3.75% to 4% on Oct. 28, six weeks after September's quarter-point increase, which was the first hike since 2023.
The vote was 10 to 2. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, both in favor of raising rates another 25 basis points.
Bisnow reported that the 10-year Treasury yield ticked up to about 5.04% after the decision. Coverage of the meeting says a December hike is largely priced in, and lenders are repricing deals at final approval.
Sources: Federal Reserve, Oct 28, 2026; Commercial Observer, Oct 28, 2026; Bisnow, Oct 28, 2026
Brokerage
JLL's leasing revenue jumps 27% in the third quarter, but it warns deals slowed after the hike
Broker results are a live read on the market: leasing is strong, while sales are cooling with rates.
JLL reported third-quarter revenue of $7.3 billion, up 12% from $6.5 billion a year earlier, Commercial Observer reported. Leasing revenue rose 27% and capital markets revenue rose 21%.
Net income climbed to $319.8 million from $222.8 million, and the firm announced a $500 million share repurchase program.
JLL also cautioned that capital markets deal-making slowed after the rate hike, and flagged multifamily as the sector most hurt by higher rates.
For ownersOwners planning a sale next year may want to ask their broker how buyer activity has changed since September.
Sources: Commercial Observer, Oct 28, 2026; Bisnow, Oct 28, 2026
Life science
KKR puts $475 million into Alexandria's Campus Point for a 49% stake
The largest lab landlord is selling slices of its best campuses rather than whole buildings.
Alexandria Real Estate Equities disclosed that KKR is the partner behind a $475 million investment for a 49% non-controlling interest in its Campus Point megacampus in San Diego, Commercial Observer reported. Tenants include Novartis, Bristol Myers Squibb and Eli Lilly.
Alexandria keeps control and expects minimum distributions to KKR of at least 5.5% of the contribution each year.
Selling partial stakes in its best campuses is one way the largest life-science landlord is raising capital while lab demand is weak and 1.4 million square feet of its leases expire in 2027.
For ownersOwners weighing a recapitalization may find that a minority stake sale keeps control while freeing equity.
Industrial
Prologis plans a 3.8 million square foot logistics park on a former casino site in Joliet
The biggest industrial developer is still finding land plays despite higher rates.
Gaming and Leisure Properties agreed to form its first joint venture, contributing the 262-acre former Hollywood Casino Joliet site, Bisnow reported.
Prologis would develop it in three phases into a five-building warehouse and distribution park of more than 3.8 million square feet. The project needs city approval and is expected to take about five years, with Prologis holding options on phases two and three.
For ownersOwners of large, underused sites may find industrial developers still willing to structure phased land deals.
Source: Bisnow, Oct 28, 2026