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Articles on the U.S. real estate market that we think are worth your time: multifamily fundamentals, debt and distress, and the sectors moving around them. Ranked, most useful first, and updated as we find more.
17 articles · March to September 2026 · links open on the publisher’s site
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01
Retail
Malls Were Left for Dead. Now They Are the Top Performer in Commercial Real Estate.
Mall values are up 13% year over year on Green Street data, the clearest reversal of the cycle so far.
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02
Distressed debt
‘Extend and Pretend’ Era Ends as Real Estate Lenders Take Losses
Lenders are selling notes at up to 85% below payoff; CMBS in foreclosure reached $17B in March against $7B for all of 2024.
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03
Multifamily debt
CRE CLO Distress Accelerates in August
CLO distress rose from 19% to 28% in a month, with Texas, Florida and Georgia making up 44% of the distressed balance.
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04
Office
A Fire Sale Has U.S. Office Buildings Going for 90% Off
Office is trading at or below land value: $4M against $68M in Chicago, $5M against $176M in Denver, with 204 distressed sales in 2025.
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05
Multifamily
Why Multifamily Property Values Reset Even as Cash Flow Grew
Cap rates widened 81 basis points nationally while median net cash flow still grew in seven of nine divisions.
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06
Multifamily debt
Less Room for Error: Why Recent-Vintage Multifamily CMBS Is Seasoning So Poorly
2023-vintage multifamily CMBS is 23.8% delinquent and 2024 already 10.6%, driven by thin underwriting cushions rather than operations.
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07
Office debt
August 2026 CMBS Hard Maturities Reveal Growing Strain Among Office Loans
A $5.5B August cohort with $3B below an 8% debt yield, most of it still performing: the defaults you can see coming.
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08
CRE debt
Commercial Mortgage-Backed Securities Distress Is Peaking, Again
Record distress and record issuance in the same month; 39% of 2026 hard maturities fall in the fourth quarter.
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09
Multifamily
Apartment Construction Starts Plummet to 15-Year Low
About 55,000 first-quarter starts, the lowest since 2011; 579,000 units under construction, half the 2023 peak.
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10
Bank lending
Big Banks Are Wading Back Into Commercial Real-Estate Lending
The first tier-one report of large banks growing commercial real estate loans again after years of pulling back.
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11
Multifamily
Texas Apartment Owners Face Uphill Battles
Austin supply of 30,000 units in 2025, property taxes at 30 to 40% of operating expenses, and 2021-22 floating-rate purchases in one narrative.
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12
Multifamily
Texas Multifamily Housing Yet to Stabilize; Downside Risks Remain
A regional Fed noting that Texas banks are extending apartment maturities in the hope that net operating income recovers.
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13
Multifamily
July 2026 Rental Market Recap: The Rental Market Turns a Corner After Four Soft Years
Vacancy turned down for the first time in four years and rents turned positive in August, while apartment prices were still down 4.4% year over year.
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14
Data centers
Wall Street’s Data Center Boom Is Reshaping the Real Estate Bond Market
AAA data-center CMBS prices near 165 basis points against about 93 for office; roughly $17B issued since 2025.
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15
Multifamily
Multifamily New Supply Set to Bottom Out in 2027
Deliveries trough around 444,000 units in 2027, with market-rate supply 11% below 2020.
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16
Multifamily debt
Bank Multifamily Loan Delinquencies Ease to 1.41% in Q2 2026, Why the Relief May Be Temporary
Delinquencies eased to 1.41%, but charge-offs doubled and 57% of properties have expenses outgrowing income.
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17
Data centers
Oil and Gas Hubs Are the New Centers of Gravity for Data Centers
Pennsylvania from under 100 MW to 14 GW proposed; the Permian from zero to 3 GW under construction; Texas may pass Northern Virginia.