On the commercial side, I’m usually evaluating markets from the bottom up more than the top down. I’ll start with asking rents and actual closed lease comps by submarket, then look at vacancy, tenant demand by use, and how replacement cost compares to current pricing. For retail and small industrial especially, I care a lot about whether taxes, insurance, and CAM are still supportable at market rents — plenty of markets look fine on paper until you pressure-test occupancy costs for the actual tenant base. The broad sources matter, but the way I handle it is pairing market reports with real broker conversations and a review of what leases are actually getting signed, not just what listings are asking.