Friday, September 25, 2026
On Tap Today
Low influence: Building operations contribute $344.4 billion to GDP, rivaling mining and agriculture, yet remain comparatively small.
Mobile learning: Compass deployed roadshows and local training to drive AI adoption among 83,000 agents.
Debt dealer: JLL registers a new nontraded REIT focused on commercial real estate debt.
| Daily Market Snapshot | ||
|---|---|---|
| S&P 500 | 7,704.13 | −1.90 (−0.02%) |
| FTSE Nareit All Equity REITs | 804.07 | −2.39 (−0.30%) |
| 10-Year Treasury | 5.21% | +10 bp |
| SOFR | 3.88% | +1 bp |
| Data as of market close September 24, 2026. SOFR reflects the September 24 trade date. | ||
| The S&P 500 slipped 1.90 points to 7,704.13 on Thursday, finishing flat as higher oil prices and a deepening global bond selloff offset reports of phased U.S.-Iran talks to reopen the Strait of Hormuz. The 10-year Treasury yield jumped ten basis points to 5.21 percent, its highest since 2007, pushing fixed-rate take-out quotes and refi underwriting further above five percent. The FTSE Nareit All Equity REITs index fell 0.30 percent to 804.07, its third straight loss, as cap rates reprice against a benchmark up 25 basis points since Monday. SOFR rose one basis point to 3.88 percent on the September 24 trade date, adding to floating-rate carry on bridge and construction paper as futures price a 71 percent chance of an October hike. |
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Editor’s Pick
Operating the country's office, retail, and industrial buildings contributed $344.4 billion to U.S. GDP last year and supported 3.9 million jobs, according to a new study from BOMA. That puts building operations roughly in the same range as American mining and well ahead of American agriculture. The association that commissioned the research ran on $11.1 million in revenue with 34 employees, while the National Mining Association operates at more than four times that scale.
The study measures less than it sounds like. It covers only operating expenditures, which means janitorial, engineering, utilities, insurance, management fees, and taxes. It excludes new construction, multifamily, government buildings, and everything the tenants inside those buildings do. Housekeeping alone accounted for $274.9 billion in direct spending across 35.4 billion square feet.
The institutions built around all of that are sized for something much smaller. Real estate sits as a concentration inside business schools rather than as a discipline with its own research funding, while agriculture has land-grant universities and extension services in nearly every state. The industry is also split across owners, managers, brokers, and lenders, each with their own association and none with a mandate to speak for the whole. That fragmentation shows up wherever energy codes, property tax policy, and building performance standards get written.
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Compass Pushes 83,000 Agents to Adopt AI Through Roadshows and Local Training
JLL Launches Debt-Focused REIT as Commercial Loan Distress Climbs
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