Hello Brick Brief readers, 

Good Morning. In today’s news, 

Trump says U.S. is “very close” to completing objectives in Iran war and signals intensified strikes over next 2–3 weeks – Calls operation a decisive success (WSJ)

U.S. private payrolls rose 62K in March, topping expectations – Hiring remained modest as labor market growth stayed subdued (Reuters)

Fed’s Barkin says oil shock is still viewed as short-term by households and firms – Consumer spending and inflation expectations remain stable as Fed awaits clearer impact on policy (Reuters)

U.S. median list prices fell 2.2% YoY in March, marking fifth straight monthly decline – Inventory rose 8.1% and new listings jumped 21.2% MoM as spring supply increased despite rising rates (Realtor.com)

Mortgage rates hold in mid-6% range after briefly falling below 6% – Oil-driven rate volatility is limiting housing activity and could delay transactions into next season (Zillow)

Housing demand holds despite ~6.6% mortgage rates, but pricing gaps are breaking deals – More listings are being pulled and contracts are failing as buyers and sellers struggle to align on pricing (HousingWire)

U.S. apartment rents fell 1.7% YoY in March, the largest drop since 2017 – High vacancy rates and elevated supply continued to pressure demand amid job cuts and economic uncertainty (CNBC)

Apartment markets with no construction rose to 16 in 2025, up from 10 in 2024 – Several supply-constrained markets saw occupancy near 98% and stronger rent growth (RealPage)

Office availability declines spread beyond New York City to major metros including San Francisco, Houston, and Boston – More space is coming off the market as tightening conditions expand across major metros (CoStar)

Manhattan office leasing reaches 10.4M–11.8M SF in Q1 2026 – Availability fell to ~13.7%–14.6% as shrinking Class A supply pushes tenants into lower-tier space (CommercialObserver)

Iru leases 92K SF at Whalou Properties Management’s Mayfair in the Grove in Miami, FL – Deal triples size of its East Coast HQ and marks largest Miami office lease of 2026 so far (Bisnow)

U.S. manufacturing PMI rose to 52.7 in March, highest since August 2022 – Supplier delays and input costs surged as war-driven supply chain disruptions pushed prices higher (Reuters)

Amazon ramps U.S. industrial expansion with plans to add 51M SF in 2026 – Planned expansion rises from 39M SF in 2025 and marks a return to growth after a post-pandemic pullback (Bisnow)

Recent Amazon news includes:

Global automakers plan billions in U.S. investment to localize production and avoid tariffs – Investment decisions remain constrained by uncertainty around USMCA and tariffs (Reuters)

U.S. retail sales rise 0.6% in February, the largest gain in seven months – Higher gasoline prices and tariffs are expected to weigh on consumer spending in coming months (Reuters)

Target traffic rises 6.6% to 10.3% YoY in early 2026 – Strong Circle Days performance and elevated baseline visits signal improving shopper engagement and early turnaround traction (Placerai)

U.S. data center buildout faces delays as transformer shortages constrain supply – Nearly half of planned projects are expected to be delayed or canceled despite surging AI-driven demand (Bloomberg)

Gas turbine prices surge to ~$600/kW, up 195% from 2019, as AI power demand accelerates – Limited manufacturing capacity and six-year lead times are constraining data center buildouts (Bloomberg)

Data centers may raise surrounding temperatures by up to 16 degrees, with average increases of 3.6°F after operations begin – Effects extend over 6 miles and impact ~340M people living near facilities (Bisnow)

Oracle Corporation nears $16B financing for data center in Saline Township, MI to support AI workloads for OpenAI – Financing is backed by Blackstone equity and $14B debt led by Bank of America (Bloomberg)

Mesa West Capital raises over $1.09B for Mesa West Real Estate Income Fund VI – Fund launched in September 2025 to target value-added real estate debt investments (IREI)

DivCore Capital and ICONIQ Capital launch Sentral Strategic Partners residential platform – Venture targets $2.5B in Class A multifamily acquisitions and development across major U.S. markets (IREI)

CMBS delinquency rate rises 41 bps to 7.55% in March 2026 – Lodging led increase, jumping 137 bps above 7% as maturity-driven distress continues (Trepp)

Cerberus Capital Management’s 475K SF Wedbush Center office tower at 1000 Wilshire Boulevard in Los Angeles, CA faces foreclosure after $135M debt default – Property value fell to $60.5M from $197.5M as vacancy and tenant loss pressured performance (TheRealDeal)

U.S. Bank adopts Built Technologies platform to manage construction loan activity – Software streamlines draw processes and improves oversight across real estate development financing (NationalMortgageNews)

Dark Matter and Calyx Path add AI tools to mortgage origination platforms – Enhancements target underwriting efficiency and help lenders scale production as competition intensifies (HousingWire)