As the commercial real estate cycle transitions, major investors like Norges Bank and Starwood are reassessing strategies. Sun Belt cities, once booming, face oversupply challenges, with Miami activity returning to pre-pandemic levels. Despite slowing growth, Dallas remains a standout for near-term potential. Meanwhile, capital is flowing back to coastal hubs like New York and Boston, favored for life sciences, education, and infrastructure. RXR and Norges Bank focus on cities with growth potential, while Dune Real Estate eyes Boston for office-to-residential conversions.