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 State of Borrowing Costs: Higher Rates, Tighter Spreads
- Agency CMBS spreads have maintained a holding pattern for nearly 7 months
- Inflation continues to linger above the Fed’s stated 2% goal
- U.S. Treasury makes a play to drive interest rates tighter
There has been a lot of ink spilled recently about Treasury Secretary Scott Bessent’s announcement that the Treasury Department will increase its buybacks of longer-dated securities. But let’s not conflate the Treasury and the Fed. The Treasury’s job is to finance the government. The Fed’s job is to maintain price stability and employment. For years, investors have looked to the Fed when policymakers wanted to influence financial conditions or borrowing costs. Treasury’s recent actions don’t carry the same firepower.
Trading Spreads Hold Tight
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 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…
Between a Rock and a Hard Place
The Federal Reserve is in desperate need of a timeout. Just five weeks ago, the Federal Open Market Committee (FOMC) was content with the state of the U.S. economy. Fed officials believed current rates were at appropriate levels to promote progress on the Fed’s dual mandate. Jerome Powell was running out the clock on his…
A Dual Mandate Double Feature
The job of the Federal Reserve is straightforward: keep the U.S. economy on solid footing with good growth. Through the Federal Open Market Committee, the Fed sets monetary policy with two goals in mind – maximum employment and stable prices – commonly known as its “dual mandate.” This week’s economic prints exhibited a dual mandate…