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.
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.…
Medicaid Joins the Shift: States Transition to PDPM Reimbursement Models
Medicare transitions from RUG to PDPM: In 2019, Medicare replaced the Resource Utilization Group (RUG-IV) system with the Patient-Driven Payment Model (PDPM), marking a major shift in how skilled nursing facilities (SNFs) are reimbursed. Under RUG-IV, payments were tied to therapy minutes, often incentivizing volume over patient needs. PDPM introduced a case-mix classification model that links…