Economy
From interest rates to inflation, understand the impact of macroeconomic trends on the real estate capital markets.
The Beyond Insights series aims to deliver timely economic and market-driven insights to better inform your commercial real estate investment decisions.
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Learn moreU.S. ECONOMIC MACRO COMMENTARY & INSIGHTS
Multifamily Lending Mid-Year Market Landscape
- Agency lending is starting to hit its stride, with volumes starting to increase on a monthly basis
- Third-party capital is broadly available, but flexibility, structure, and certainty are being explicitly priced
- Investment sales activity is concentrated in higher-quality assets as buyers remain disciplined
The key theme of the Commercial Real Estate (CRE) lending space to start the year was the abundance of liquidity. The Federal Housing Finance Agency (FHFA) raised the Agencies’ caps to $88B. Debt funds were abundant with multifamily-specific capital to lend, and life companies had fresh allocations. To start the year, the Agencies were competitive but disciplined; neither Fannie Mae nor Freddie Mac was in chase mode despite strong year-to-date volume.
YTD Rack Agency Spreads
2026 Multifamily Investor Sentiment Survey
In December 2025, we surveyed over 250 of our trusted clients from various companies, with most holding senior-level titles, for our second annual Multifamily Investor Sentiment Survey. Our goal is to provide a comprehensive view of current market sentiments to our clients, and we plan to share our findings in our detailed report.
2026 Multifamily
Powerhouse Poll
In Berkadia’s Annual Multifamily Powerhouse Poll, we surveyed over 200 investment sales advisors and mortgage bankers to offer their unique perspectives on the state of the commercial real estate (CRE) industry.
Powell’s Finale – The April FOMC Meeting
Markets entered the April Federal Open Market Committee (FOMC) meeting focused on the same issue that had dominated for years—the timing of rate cuts. They left with a more important message: the Fed is no longer guiding toward easing. The Federal Reserve held its benchmark rate unchanged at 3.50%–3.75%, but the headline decision obscures the…
Open Sesame? Reopening of the Strait of Hormuz Eases Oil Prices and Fed Nerves Alike
Markets received long-awaited relief Friday morning after Iran announced that the Strait of Hormuz was “completely open” for commercial vessels—a development that immediately unwound some of the largest geopolitical risk premium embedded in global energy markets. The move marks an important de-escalation after nearly seven weeks of extraordinary volatility. Since late February, the closure of…
March Payrolls Delivers Upside Surprise, Fed’s Holding Pattern Continues
The U.S. macroeconomic landscape has been generally off-kilter for over a month—this week, the economy received some much-needed clarity on both sides of the Fed’s dual mandate. This morning’s March nonfarm payrolls report delivered an unambiguous upside surprise, with job growth rebounding sharply, offering reassurance that the employment side of the Fed’s dual mandate remains…