THIS WEEK ...

Global bond markets are under siege and CRE is caught in the crossfire. UK 30-year gilt yields have surged past 5.6% this week — their highest since 1998 — while U.S. Treasuries hover just under 5%. Heavy issuance, stubborn inflation and mounting fiscal strain in the U.S., UK and France are driving a worldwide sell-off, with September’s reputation as a graveyard for long bonds looming large.

For commercial real estate, the consequences are universal and immediate: more expensive debt, climbing cap rates and global investors second-guessing allocations. The refinancing wall that has long been feared is no longer theoretical — it’s here and it’s being tested across every market.

This week on First Draft Live, Christopher Stanley, Banking Industry Practice Lead at Moody’s Analytics, will join us to unpack whether the surge is a passing storm or a structural reset. We’ll explore how sovereign stress is reshaping capital flows, where valuations are most vulnerable and why CRE can’t simply wait this cycle out.

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Every Friday at 12:30 p.m. ET, we go live with industry experts for a sharp, timely conversation on the week’s most impactful topic — inspired by our daily newsletter, The First Draft. Whether it’s CRE capital trends, policy changes, or sector-specific activity, we break down what it means for your business right now.

We’ve hosted some of the industry's top voices — and there's more to come. Bring your questions, join the conversation, or catch the replay within 24 hours if you can't attend live.

Interested in speaking? Contact Director of Global Production Elizabeth Baker at liz.baker@bisnow.com.