Wednesday, July 29, 2026
On Tap Today
Reworked: WeWork’s second act fits the office market it once misread.
Extra innings: A Bay Area megaproject finally moves forward after more than a decade vacant.
Supertall order: Holborn's hotel-anchored cluster adds nearly 1,800 units despite a market slowdown.
| Daily Market Snapshot | ||
|---|---|---|
| S&P 500 | 7,428.78 | +15.60 (+0.21%) |
| FTSE Nareit All Equity REITs | 886.87 | +2.34 (+0.26%) |
| 10-Year Treasury | 4.62% | −3 bp |
| SOFR | 3.64% | 0 bp |
| Data as of market close July 28, 2026. SOFR reflects the July 27 trade date. | ||
| The S&P 500 added 0.21 percent to close at 7,428.78, as a rotation out of semiconductors into blue-chip earnings names and sharply lower oil steadied the tape. The FTSE Nareit All Equity REITs index gained 0.26 percent to 886.87, recovering roughly half of Monday's decline as cheaper energy eased the inflation impulse that has been pressuring cap rates. The 10-year Treasury yield fell three basis points to 4.62 percent, a third consecutive session of decline that improves fixed-rate take-out math at the margin, though sponsors refinancing 2026 maturities are still writing equity checks. SOFR held at 3.64 percent, leaving floating-rate carry on bridge and construction paper unchanged into a Federal Reserve decision on Wednesday that futures price with an unusually wide range of outcomes. |
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Office
WeWork’s collapse was once treated as proof that flexible office space had been overhyped. Now, the office market is starting to look much more like the one the company originally predicted, with tenants demanding flexibility, premium buildings, faster move-ins, and less exposure to long-term leases.
The flight to quality has tightened supply in the best buildings just as traditional office build-outs have become slower and more expensive. WeWork’s surviving locations are benefiting from that pressure, while corporate clients, particularly fast-growing AI companies, are using flexible space to manage unpredictable hiring and expansion.
This version of WeWork is also approaching growth differently. Rather than chasing new cities, the company is concentrating on proven markets, expanding its managed-office business, and waiting for demand before adding space. The opportunity may resemble the one WeWork saw years ago, but the strategy behind it is far more disciplined.
Flash Poll
How effectively is your workplace supporting hybrid work today?
Master-Planned Megaproject Breaks Ground After Decade of Bay Area Delay
Hotel-Led Tower Cluster Wins Approval for 1,783 Units in Downtown Vancouver
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