Housing market dynamics may bode well for neighborhood retail, multifamily

Aug 23, 2023, 14:45 PM by Matt Mowell

The housing market is in uncharted territory as affordability is worse than it was at the height of the mid-2000s housing mania while the for-sale inventory is at a multi-decade low. So, what does this mean for commercial real estate?
The U.S. economy faces continued challenges

Aug 16, 2023, 14:15 PM by Matt Mowell

Recession fears have been top of mind, but an upbeat labor market, the resilient consumer, stronger-than-expected corporate earnings and falling inflation have engendered hopes from some observers of a so-called “soft landing.”
What CBRE's Cap Rate Survey tells us about the market

Aug 9, 2023, 14:59 PM by Matt Mowell

Our H1 2023 Cap Rate Survey results provide clues about how asset pricing has evolved during the year’s first six months.
A Harry Markowitz tribute: Modern Portfolio Theory and the case for U.S. real estate

Aug 1, 2023, 13:51 PM by Matt Mowell

The headlines say it's time to divest U.S. commercial real estate. But Modern Portfolio Theory finds that the optimal commercial real estate portfolio would include more than 50% exposure to U.S. real estate with the balance favoring APAC.
Suburban shopping is hip again

Jul 12, 2023, 14:40 PM by Matt Mowell

For the first time since 2006 the retail availability rate across America’s central business districts (CBD) today is higher than in the suburbs. Chalk it up to another enduring effect of the rise of remote work.
Rental housing could benefit from a softer for-sale market

Jun 27, 2023, 14:24 PM by Jing Ren

With record home prices and rising interest rates, more and more people have chosen to rent. It is likely that mortgage rates will ease in coming quarters providing some relief to homebuyers.
Multifamily vacancy poised to rise in all major markets

Jun 21, 2023, 12:05 PM by Dennis Schoenmaker

Multifamily vacancy rates, currently hovering near pre-COVID levels, are poised to increase. A moderate recession—which we believe will begin later this year—will temper household formation and lead to higher vacancy in every major market.
REIT valuations signal lower private asset values ahead

Jun 13, 2023, 14:37 PM by Matt Mowell

Transaction activity is down due to wide bid-ask spreads. Meanwhile, REIT implied cap rates have increased sharply, particularly for office space, as manifested in significant discounts to NAV. But a few distressed office asset sales suggest that REITs are on to something, and private-market devaluation will catch up soon.
The 1990s offer solace from today’s office pains

Jun 7, 2023, 09:15 AM by Matt Mowell

The office market has been on its back before. Past experience tells us the preconditions to recovery include a throttling back of the new supply pipeline and painful distress sales that provide necessary price signals.
In-migration resumes in some urban centers

Jun 1, 2023, 14:33 PM by Matt Mowell

Migration—both domestic and international—is the most important factor influencing population change within American communities. New Census Bureau data shows how migration has impacted population change in U.S. counties.

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