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Beyond Insights Commercial Real Estate U.S. Economic Market Trends

Beyond Insights aims to deliver timely economic and market-driven insights to better inform your commercial real estate investment decisions.

Economy

From interest rates to inflation, understand the impact of macroeconomic trends on the real estate capital markets.

Markets

From occupancy to cap rates, employment to migration trends, read the latest market-driven insights.

Beyond Insights: Economy

U.S. MACRO COMMENTARY & INSIGHTS

AGENCY CMBS RATES –
CONTEXT IS KEY

May 12, 2023
In the backdrop of a Fed tightening cycle and regional banking crisis, Agency CMBS spreads have been vacillating in a specific range for almost a year. Despite this most recent climb, Fannie Mae spreads are sitting at historic averages and are still below their average level from 2016 through 2019. HUD spreads are being pushed wider too and are so far beyond historical levels that they are becoming value plays for end investors.

HISTORICAL FNMA SPREADS

Source: BERKADIA
Source: BERKADIA

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Beyond Insights: Markets

Lease-up velocity

May 2023

After two years of elevated demand, the once scorching-hot multifamily market is showing signs of cooling down. More than 95,000 new units were delivered nationally in the first quarter of 2023. At the same time, approximately 19,200 units were absorbed in the first quarter.

Even so, vacant apartments were filled almost one week faster compared to one-year prior, and more people were applying for the same rental. According to a RentCafe report, eight renters are competing for vacant apartments this year compared to 11 last year.

AVERAGE VACANT DAYS

Industrial Production U.S.
us economic outlook

2023 U.S. Economic Outlook

The fundamental themes of 2022, namely the Fed, elevated inflation, potential economic recession, and geopolitical conflict are anticipated to continue to be with us throughout 2023. Last year, it was the introduction of those elements that took center stage, while in 2023 emphasis will be placed on the evolution of those elements. Read more in Berkadia’s 2023 U.S. Economic Outlook.

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Beyond Insights: Markets

From occupancy to cap rates, employment to migration trends, read the latest market-driven insights.

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Insights

Apartment Construction Timelines Update 2023

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Insights

Apartment Concessions & Renewal Rates 2023

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Insights

Why Investor Interest in Single-Family Rental & Built-for-Rent Continues

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Insights

Lease-Up Velocity

INSIGHTS

Insights from BOMA International’s 2023 MOB and Healthcare Real Estate Conference

Sabrina Solomiany, Berkadia National Head of Medical & Life Sciences, debriefs the recent BOMA International’s 2023 Medical Office Buildings and Healthcare Real Estate Conference.

INSIGHTS

Leading Voices in Real Estate – Justin Wheeler | CEO of Berkadia

Justin Wheeler, CEO of Berkadia, talks about his finance and investment sales focused platform, the story of his business, and the culture behind their success.

INSIGHTS

Berkadia Recognized as One of the Best Places to Work

Berkadia is recognized as one of CRE’s Best Places to Work 2023 by GlobeSt.

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