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
Inflation’s Second Act
- April CPI print rattled the market as oil prices continue to climb
- Traders increasingly question whether the Federal Reserve will be able to ease monetary policy at all this year
- Treasury rates continue to climb, curbing Agency CMBS volumes
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.
Historical CPI & Core CPI
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 Holds Rates Steady, Trump Nominates Replacement Chair
Recent headlines surrounding the Federal Reserve have varied. On the monetary policy front, macroeconomic conditions appear solid, with tariff-driven inflation concerns largely overstated and unemployment holding steady. Away from economic fundamentals, Chair Powell continues to face political pressure as his term as Fed Chair nears its conclusion. The Federal Reserve held its first meeting of…
The State of the Union in Agency CMBS
Commercial real estate capital markets, particularly in the multifamily space, are taking the “new year, new me” mantra very seriously. Liquidity is bountiful in the space; trading spreads have tightened significantly; and a regime change is on the horizon at the Federal Reserve. The Federal Housing Finance Agency (FHFA) increased agency multifamily loan purchase caps…
December FOMC Meeting Notes
The Federal Reserve held its final meeting of the year on Wednesday. Committee members voted 9-3 to cut the benchmark rate by 25 basis points to a 3.50%–3.75% range. The move was the third consecutive rate cut from the Fed, and overnight rates are now 175 basis points lower than their peak of the cycle.…