he CRE Cycle Heat Map — June 2026 Edition

The CRE market didn't break in May.It didn't surge in June.It's doing something more important; it's sending signals.Every month I run 5 live macro indicators through the same framework to tell me what regime we're actually in. Not what CNBC says. Not what your lender's pitch deck says. What the data says.June 2026 Heat Map just dropped:📊 Score moved from 5 → 4 of 10 🟢 VNQ is leading SPY again, real estate capital is re-entering 🟢 BBB credit spreads hit a new cycle tight at 92 bps 🔴 10-Year Treasury still red, Warsh just put a rate hike back on the table 🟡 Jobs holding. Bank lending stalled at the regional level.Two signals recovered. One won't let go.The full breakdown, what each signal means, what changed, and what to watch in July, is in the newsletter.If you're underwriting deals right now, this is the framework you need.