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
The Market Is Still Carrying Water for the Fed
- Real yields remain elevated even as the Fed remains on hold.
- The market is doing much of the tightening work through higher borrowing costs.
- For CRE, stable rates do not necessarily mean easier capital markets.
The Federal Reserve may be holding its policy rate steady, but the cost of capital has not stood still. That distinction matters. Since last fall, the Fed has eased its overnight policy rate, yet longer-term borrowing costs remain elevated and real Treasury yields have moved higher. In other words, the market has continued to tighten financial conditions even as the Fed has stepped back from active tightening.
fed funds vs. 10yr ust real yields
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.
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…
IMN Build-to-Rent Spring Forum 2026: Key Market Takeaways
The Spring 2026 IMN Build-to-Rent (BTR) Forum made one thing clear: the industry is navigating a complex period marked by policy uncertainty, uneven fundamentals, and an evolving capital markets. Conversations were defined by the interplay of new legislation, market softness, and the search for strategies as developers, investors, and capital providers assess the future of the BTR sector. Legislative Uncertainty Looms Over BTR…
March FOMC Meeting Recap – Oil Shock Ushers in Fed Pause
The Federal Open Market Committee held its March meeting on Wednesday, March 18, providing the market with forward guidance when it needed it most. Prior to the meeting, analysts were navigating a macroeconomic environment with both sides of the Fed’s dual mandate under pressure. Recent Personal Consumption Expenditures (PCE) and Consumer Price Index (CPI) prints…