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  • Market Commentary Blog

    Bank lending to CRE picks up as commercial property sales, prices recover.

    An upswing in bank lending in the fourth quarter signals higher levels of activity across nonresidential real estate, multifamily residential and real estate construction and development. Bank lending for real estate investment is closely related to trends in transactions and prices.  Recently-released data from the FDIC on bank lending reveal increased lending for investment in nonresidential real estate, multifamily residences, and construction and development.
  • Market Commentary Blog

    Commercial Property Update 2014:Q1

    Familiar themes from 2013 in commercial property markets carried over in the first quarter of 2014:  Apartment markets held firm despite the steady ramp-up of new supply, the office sector continued to recover—gradually—but the retail market lagged behind.
  • Market Commentary Blog

    Single Family Rentals: Demographic, Structural and Financial Forces Driving the New Business Model

    The Single Family Rental (SFR) housing market has grown rapidly since the start of the housing crisis. Home prices have risen sharply, however, especially in some of the markets where institutional investors including several REITs have set up SFR business.  This raises questions about the prospects for the SFR sector.
  • Market Commentary Blog

    Where's the "New Normal" Now?

    It has been popular to say that the economy suffered permanent (or at least long-lasting) damage during the financial crisis, and the economy’s new speed limit once recovery was fully underway would be 2 percent GDP growth and nonfarm payrolls rising 160,000 or so per month.
  • Market Commentary Blog

    Commercial Property Update 2014:Q2

    Solid economic growth and sustained job market gains are translating into recovery in the commercial property markets. The apartment sector continues to thrive despite increasing deliveries of new units, as job growth has spurred the formation of new rental households, boosting demand for apartments.
  • Market Commentary Blog

    Fundamental forces continue to support demand in the face of rising supply

    Fundamentals for the multifamily housing sector remain firm, even as new construction comes onto the market. Vacancy rates remain at their lows for the cycle, and rent growth has firmed. Going forward, we anticipate that the pent-up demand for apartments is likely to continue to bolster household formation, which is the ultimate source of demand for multifamily housing.
  • Market Commentary Blog

    Rising job openings show job market momentum still supporting the real estate recovery

    A healthy job market has been the key to economic recovery, and especially the recovery in commercial real estate markets.  The link between hiring and the demand for office space is particularly obvious, and the impact that rising employment and wages have on consumer spending, retail sales and demand for retail properties is also clear.  Recently we have seen that the strong job market has helped fortify the multifamily market in the face of increasing supply, as the Millenials that are finding new jobs are fueling rapid growth in demand for apartment rentals.