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
Open Sesame? Reopening of the Strait of Hormuz Eases Oil Prices and Fed Nerves Alike
- Iran announced the Strait of Hormuz is fully reopened to commercial traffic, triggering a sharp decline in oil and natural gas prices
- While energy markets are easing, the prior supply shock has already filtered into inflation data and will remain relevant for the Fed
- Last week’s CPI print and softer consumer spending data reinforced a stagflation-lite backdrop heading into the next FOMC meeting
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.
Historical CIP & 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.
FOMC October Meeting Notes – Powell’s Halloween Special
Fed Chair Jerome Powell was feeling festive on Wednesday when he spooked the market, hawkishly fading the notion that a rate cut at the December Federal Open Market Committee (FOMC) meeting was a guarantee. Powell’s sentiment reflected continued division amongst committee members—instead of playing down the fractured committee, Powell leaned into it, highlighting general uncertainty…
Agency CMBS Spreads Tighten Through September
A headline week for the labor market turned into a nothingburger when the September Nonfarm Payrolls and Unemployment release was put on hold due to the government shutdown. The prints will be released upon the government’s reopening; however, the delay leaves the Federal Open Market Committee (FOMC) without pivotal data leading into their October meeting.…
Fed Cuts Rates by 25 bps at September FOMC Meeting
Federal Open Market Committee (FOMC) members voted to resume their rate-cutting campaign at the September Fed meeting—the FOMC cited concerns of a weakening labor market as cause to cut rates for the first time in nine months. Fed officials lowered their benchmark interest rate by a quarter percentage point to 4.00%–4.25% and penciled in two…