US Market Intelligence

Honolulu's commercial real estate market delivered its strongest transaction year since 2021, with Hawaii CRE sales volume reaching $2.9 billion across 279 deals in 2025. Office vacancy edged down modestly to 11.8% overall in Q4 2025, while the industrial sector remains exceptionally tight at 2.3% availability. The most significant deal of early 2026 is the $2.3 billion take-private acquisition of Alexander and Baldwin by a Blackstone-led consortium, underscoring continued institutional conviction in Hawaii's high-barrier-to-entry island markets.

Updated 2026-04-06

Cherry Valley is a small village in Winnebago County within the Rockford MSA on the I-39 corridor, approximately 75-85 miles west/northwest of Chicago. The market is primarily relevant as an industrial submarket given its logistics corridor positioning. The I-39 corridor industrial vacancy was 6.4% in Q4 2025, broadly in line with the Chicago metro. Two transformative catalysts are emerging: Microsoft's planned 350-acre data center campus (4-6 facilities, 200-300 jobs) and IDOT's $125.9 million I-39 widening project begun in March 2026. Ares Management's $650 million+ portfolio acquisition from EQT Real Estate - anchored by a 675,000 SF Cherry Valley distribution center - validates institutional interest in this corridor.

Updated 2026-04-06

Manhattan's commercial real estate market posted a strong recovery in 2025, with total investment sales reaching $22.77 billion - a 45% year-over-year increase and the highest total since 2019, according to Ariel Property Advisors. Office leasing hit 42 million square feet for the full year, the strongest result since 2019, while overall availability tightened to 13.9% by Q4 2025. The market remains bifurcated: Class A and trophy assets are outperforming materially, while Class B and C inventory continues to face elevated vacancy and pricing pressure. Heading into 2026, cautious optimism prevails given resilient fundamentals, but risks from softer hiring, proposed corporate tax changes, and elevated interest rates temper the near-term outlook.

Updated 2026-04-06

Arlington's office market faces significant structural headwinds, with county-wide vacancy reaching 28.3% in Q4 2025 - among the highest of any major US submarket. Federal workforce reductions driven by DOGE-related initiatives are compounding pre-existing vacancy pressure, with submarket rates ranging from 19.5% in Rosslyn to 34.9% in Crystal City/Pentagon. Despite these challenges, transit-oriented assets remain fundable, as demonstrated by Simon Property Group and IMI's $465 million refinancing of the Pentagon City mixed-use complex in March 2026.

Updated 2026-04-06

Los Angeles commercial real estate posted $37.3 billion in total sales volume in 2025, a market-level rebound despite structural headwinds in the office sector. Office vacancy reached 25.1% in Q4 2025, continuing a prolonged period of weakness driven by tenant consolidations, remote work, and downtown distress. Industrial market vacancy stands at approximately 4.6% - considerably tighter than office - though industrial rents have faced downward pressure with asking rents declining 10.2% year-over-year through Q2 2025. Capital Group's acquisition of Bank of America Plaza at approximately $150 per SF from Brookfield represents a landmark distressed transaction illustrating the depth of repricing in Downtown Los Angeles.

Updated 2026-04-06