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.
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Learn moreU.S. ECONOMIC MACRO COMMENTARY & INSIGHTS
Multifamily Lending Mid-Year Market Landscape
- Agency lending is starting to hit its stride, with volumes starting to increase on a monthly basis
- Third-party capital is broadly available, but flexibility, structure, and certainty are being explicitly priced
- Investment sales activity is concentrated in higher-quality assets as buyers remain disciplined
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 but disciplined; neither Fannie Mae nor Freddie Mac was in chase mode despite strong year-to-date volume.
YTD Rack Agency Spreads
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.
U.S. Government Shutdown Ends – Future of Monetary Policy Still Murky
On Thursday, President Donald Trump signed legislation to re-open the U.S. government after a 43-day shutdown, the longest in our nation’s history. The shutdown caused a real impact on the U.S. economy—the Congressional Budget Office projected that the shutdown would lower real Gross Domestic Product (GDP) growth in the current quarter by 1.5 percentage points,…
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.…