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.

More hotels are introducing specialty ‘wellness’ accommodations that bring the gym into the guest room.

The U.S.’s S&P Global Flash Composite Purchasing Managers Index—which gauges activity in the country’s manufacturing and services sectors—rose to 55.0 in July from 54.8 in June, marking a 27-month high.

The unemployment rate ticked up to 4.1% last month—the first time it has crossed above 4% since 2021. That’s still low by historical measures, but it’s up from 3.4% early last year.

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 small-cap index rose 1.7% this past week, extending its 2024 advance to 7.8%, while the S&P 500 dropped 2%.

In comparing spreads of hotel deals closed in January and closed mid-year, it’s 50 to 75 basis points more today than at the beginning of the year.

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.

Last year, private credit assets topped $2.1 trillion globally, most of this in the U.S.