In the second quarter, portfolios of foreclosed and seized office buildings, apartments and other commercial property reached $20.5 billion. That is a 13% increase from the first quarter and the highest quarterly figure since 2015.

A Government Accountability Office review of 24 federal agencies last year estimated that 17 of them used on average one-quarter or less of the capacity of their headquarters buildings during a three-week sample period.

The torrent of supply has pushed Manhattan’s office availability rate to 17.9% by the end of June, down a fraction from the 18.1% all-time-high recorded in the first quarter.

There are about $260 billion of the deals, known as single-asset, single-borrower bonds, that purchased skyscrapers, shopping centers and other properties. These so-called SASB bonds were meant to be ultrasafe, but the rate of loans at or near default has nearly tripled over two years, hitting 8.7% in 2024.

Even with the higher eviction rates in several major cities, evictions more broadly have settled to roughly where they were before the pandemic. The first five months of the year had about 422,000 filings for eviction across the 33 cities and an additional 10 states tracked, down slightly from prepandemic norms in those same places.

Investors will redeem $16.5 billion from real-estate funds this year, compared with $1.5 billion in 2021. Meanwhile, new fundraising is expected to dwindle to $5.7 billion this year, compared with $34 billion in the funds’ peak year of 2021.

The S&P CoreLogic Case-Shiller U.S. national home price index, which controls for changes in the mix of homes, is up 51% since the end of 2019.

Brookfield Property Partners spent billions in 2018 to assume full ownership of mall-owner GGP when malls were out of favor on Wall Street. Executives at the firm defended this contrarian bet in part by saying that they would turn most of the company’s 125 malls into minicities with residences, offices or hotels as well as stores. Six years later, only two malls, in Atlanta and near Seattle, have been redeveloped in this way, with another two in North Carolina and Denver, in the pipeline.

The index of agency mortgage-backed securities, currently has a distribution yield of around 3.7%, according to FactSet. That is a reflection of the fact that after the pandemic boom of buying and refinancing, many people are still paying lower mortgage rates of around 3% or 4%.

At least six bidders have been circling Terrafina in a flurry of offers for a Mexican company amid a boom in industrial real estate, as more companies seek space to export to the US. Hype around the “nearshoring” trend has sparked an equity issuance revival in Mexico’s stock market.