Sharing some more notes for the rest of the year! - Overall Direction is slow, positive drift rather than a surge - Total project spending is up modestly. - Downside risks: sticky rates, refinancing stress in office/retail, geopolitical shocks. - Upside: accelerated public/infrastructure implementation, selective rate relief, stronger manufacturing policy execution. - Manufacturing / Industrial is likely to be an overperforming sector with a bias toward high-tech and strategic sectors. - Healthcare and life sciences is likely to be an overperforming sector in strong demographic and research hubs. - Public/institutional work is likely to be an overperforming sector where federal/state funds are already appropriated. - Data centers and mission-critical is likely to be an overperforming sector, but is often reported within broader commercial/industrial categories. - Traditional new office buildings are likely to underperform or remain challenged, however remodels and repositioning remain strong - Some markets are over-supplied or structurally shifting submarkets and are likely to underperform or remain challenged (e.g., some urban cores with high vacancy and weak fundamentals).