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The picture was mixed across property types, with apartments enjoying strong demand as vacancy rates push yet lower, the office sector experiencing a slow recovery, and retail sector still barely out of the starting gate.  The job market firmed a bit in recent months but still lacks vigor.  Household formation lost steam, leading to less demand for apartments in the near term (or perhaps reflecting a lack of availability). 

Rising borrowing demand and supply of commercial credit indicate that a broader recovery is underway. There are new signs of life in the commercial mortgage market that indicate a strengthening of the recovery in the commercial property sector. The Federal Reserve’s Senior Loan Officer Survey shows that nearly half of all banks report stronger demand for commercial loans.