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 Fed Paused, but Borrowing Costs Remain Elevated
- The Fed held rates steady, but longer-term Treasury yields remain elevated as the curve steepens.
- Freddie Mac 10-year A2 spreads have widened 11 basis points from their June lows, removing some of the cushion that had helped offset higher Treasury yields.
- For CRE borrowers, a Fed pause does not necessarily translate into lower all-in borrowing costs.
The Federal Reserve held the federal funds rate at 3.75% to 4.00% this week, as widely expected. But borrowing costs didn’t follow. Long-term Treasury yields remain elevated, even after rallying off their recent highs, while agency spreads have moved wider. For commercial real estate, an unchanged Fed has not translated into cheaper financing.
10-Year Treasury Yield
2026 Mid-Year Multifamily Pulse Survey
We surveyed more than 100 of our trusted clients across various companies for our second-annual Mid-Year Multifamily Pulse Survey with the goal of providing a comprehensive view of current market sentiment.
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.
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…