A wave of capital is shifting toward specialty CRE assets, with Google’s $4B Texas data center highlighting strong investor demand for digital infrastructure as traditional sectors weaken. The U.S. faces a $660B commercial mortgage maturity wall through 2026, with office and retail distress rising while industrial and multifamily remain resilient. Regional banks are pulling back, spreads are widening, and refinancing risk is mounting. A broader multi-asset selloff and rising Treasury yields are tightening liquidity across CRE. In this cycle, capital is favoring mission-critical, scalable assets, pushing legacy sectors into deeper price discovery and selective recapitalizations.