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CRE360 Morning Pulse - September 29th
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In today’s CRE360 Signal™ Daily Brief, we break down the seismic shifts reshaping U.S. commercial real estate. National office vacancy surged to an all-time high of 20.7% in Q2 2025, with San Francisco, New York, and Charlotte among the hardest-hit markets. We connect the dots between record vacancies, a looming $290 billion debt wall, and rising distress across landlords and lenders.
But it’s not all bad news: CBRE reports a 45% rebound in lending activity, with debt funds and CMBS stepping back into the market. Plus, San Francisco’s 101 California sale and early signs of cap rate stabilization point to selective optimism in prime assets.
🔑 In this episode:
- Record-high office vacancy and what it signals for valuations.
- CRE debt markets thawing, with spreads stabilizing.
- A billion-dollar San Francisco trophy sale testing investor appetite.
- Regional resilience stories showing where fundamentals remain strong.
- CRE360 Take: why underwriting discipline and capital rotation matter most now.
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