Fresh 7/15: CPI, GSE Vol, Transaction Volume, Industrial Absorption

Research evidence excerpt

Fresh 7/15: CPI, GSE Vol, Transaction Volume, Industrial Absorption

REITs

CRE Services - Market Weight

Industrial - Market Weight

Net Lease - Market Weight

Office - Market Weight

Storage - Market Weight

Fresh 7/15: CPI, GSE Vol, Transaction Volume, Industrial July 15, 2026

Absorption

The Wolfe Byte

The Wolfe Research daily or "Fresh" as we like to call it provides analysis on names in our sectors that we find

stock impacting, estimate updates, and earnings reports. We also include daily news on a real time basis that we

think moves stocks. Enjoy!

We highlight: (1) Tenant News (2) Our Non-recourse debt update (3) CPI (4) GSE business volumes (5) CRE services

deals (6) CRE lending (7) US Industrial report (8) Conagra Brands 4Q (9) O buys portfolio of Dollar General stores

(10) Office market reports (11) NSA shareholders approve PSA's proposed acquisition (12) US multifamily reports

(13) SF hotels (14) 1 year moratorium on new hyperscale data centers in New York (15) EQIX CBO to leave (16) Data

Centers builders offloading stakes (17) SBAC pricing of debt deal

●The consumer price index decreased 0.4% in June on a seasonally adjusted basis. This comes out to a 3.5% Y/ Y

increase for the month of June (Exhibit 1). Rental inflation is following a lagged pattern to asking rents (Exhibit

2), which implies the CPI component could rise over time.

●One GSE reported volumes which were down 27% y/y in June and 18% y/y in 2Q overall - a deceleration from

1Q y/y growth.

●CRE lending remained resilient despite higher Treasury yields, with transaction activity rebounding in May, CMBS

issuance tracking above 2023-25 levels, and healthy debt liquidity supporting debt origination and investment

sales revenues for CRE services.

●We include CWK 2Q U.S. industrial commentary below.