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 State of Borrowing Costs: Higher Rates, Tighter Spreads
- Agency CMBS spreads have maintained a holding pattern for nearly 7 months
- Inflation continues to linger above the Fed’s stated 2% goal
- U.S. Treasury makes a play to drive interest rates tighter
There has been a lot of ink spilled recently about Treasury Secretary Scott Bessent’s announcement that the Treasury Department will increase its buybacks of longer-dated securities. But let’s not conflate the Treasury and the Fed. The Treasury’s job is to finance the government. The Fed’s job is to maintain price stability and employment. For years, investors have looked to the Fed when policymakers wanted to influence financial conditions or borrowing costs. Treasury’s recent actions don’t carry the same firepower.
Trading Spreads Hold Tight
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 Borrowing Costs: Higher Rates, Tighter Spreads
Why Agency borrowers have been helped more by spread compression than Treasury policy There has been a lot of ink spilled recently about Treasury Secretary Scott Bessent’s announcement that the Treasury Department will increase its buybacks of longer-dated securities. But let’s not conflate the Treasury and the Fed. The Treasury’s job is to finance the…
The Market Is Still Carrying Water for the Fed
Real yields are doing much of the tightening work and theyoffer the clearest read on the true cost of capital. 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…
The Market Tightened for Warsh. Now What?
A hawkish Fed Chair, softer inflation data, and a credibility test arriving sooner than the market may expect. Markets came into Wednesday’s FOMC meeting focused on one question: why didn’t the Fed raise rates? Warsh seemed focused on a different one entirely: how much tightening had already occurred since the last meeting? The FOMC voted…