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.
Markets
From local market rents to cap rates, catch up on the latest capital markets insights.
Learn moreU.S. ECONOMIC MACRO COMMENTARY & INSIGHTS
Forget Neutral. Are Financial Conditions Actually Restrictive?
- The Fed delivered the expected 25 bp hike and a dot plot that points toward additional tightening.
- Growth forecasts moved higher, unemployment forecasts moved lower, and inflation forecasts remained above target.
- The bigger takeaway may be that Warsh appears focused on financial conditions rather than traditional estimates of the neutral rate.
Markets came into September focused on whether the Fed would raise rates. By the end of the press conference, a more interesting question had emerged: does Warsh care where neutral is?
Chicago Fed Net financial conditions index
**negative values indicate financial conditions are looser than historical average
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.
Multifamily Lending Mid-Year Market Landscape
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…
Inflation’s Second Act
For a steady three years, besides a blip surrounding the Liberation Day tariff announcements, markets operated under the assumption that inflation was steadily moving back toward the Federal Reserve’s 2% target. April’s Consumer Price Index (CPI) report was the second straight data point that challenged the narrative. Consumer prices rose 3.8% year-over-year, above consensus expectations and marking the highest inflation reading since 2023. The acceleration was predominately driven by…
Berkadia FHA/HUD: 2026 FHA Conference
More than 120 members of Berkadia’s FHA/HUD platform recently gathered in St. Louis, Missouri, for three days of collaboration, learning, and strategic alignment. The conference highlighted the strength of Berkadia’s team, the momentum across the business, and the platform’s continued focus on delivering exceptional outcomes for clients and communities. Throughout the event, leaders and team…