All eyes are on the Fed, and CRE is holding its breath.

Rates have already sidelined billions in deals, pushed office distress past $70B and left maturities stacking up like planes with no runway. Wednesday’s decision could either crack the market open or lock the freeze in place for months to come.

By Friday, we’ll know which way the knife cuts.

Jim Costello, Executive Director at MSCI Research, joins First Draft Live right after the decision to dissect the fallout: what the Fed’s move means for cap rates, capital flows and where the next wave of opportunity — or pain — shows up in CRE.

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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.