The broader commercial real estate landscape could see further pricing volatility, especially as distress levels tick upward and financing challenges persist. Multifamily, however, remains more stable, but current, more modest rent growth trends could be a challenge for markets/regions still working through the historic wave of apartment development. Many investors are looking past the current environment into a potential under-supply of apartments in 2026, and the continued divergence among different regions and markets will reward investors who can find opportunity in this current uncertainty.

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