Mortenson, Bartlett Cocke win $1.3B NBA Spurs’ arena

Why this matters

Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. San Antonio industrial demand along the I-35 corridor has been driven by spillover from the larger Texas Triangle gateways. Multifamily fundamentals are steady. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.

Editorial analysis · Real Estate Trail Editorial

On the RET wire

• The 15th San Antonio story tracked on the wire in August 2026. All San Antonio coverage →

Computed from Real Estate Trail’s own tracked coverage

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