July 5, 2026 by Bisnow Staff

62 Real Estate Insiders On A Year That Took A Turn, And What They're Doing About It

Commercial real estate had its best start in years. 

Transaction volume hit $113B in the first quarter, the strongest opening since before the rate shock, and for a few months, the industry's long-deferred recovery looked less like a wish and more like a fact.

Then, the United States went to war with Iran, and the 10-year Treasury crossed 4.5% in May. CRE sales fell 33% in April, the first year-over-year decline since last June. 

Newmark had predicted “decaf stagflation” at the start of the year — below-trend growth, stubborn inflation, no rate relief — and that forecast aged better than anyone wanted it to. 

Last month in Miami, CBRE economist Matt Mowell said the quiet part out loud: “We came into 2026 as an industry with a lot of hopes. … I think we're going to have to pull back some of those very strong expectations.”

Sound familiar?

Fifty-six leaders told Bisnow they walked into 2025 expecting rate cuts and a thawing market but then spent that July confessing that tariffs and frozen rates had rewritten the year entirely. The industry keeps arriving at January with a plan and at July with a reckoning.

So at the midpoint of 2026, the Bisnow newsroom went back into the field with one question and fewer places to hide. Sixty-two voices answered from more than 30 markets — from a Nashville developer sitting out the year entirely to an Atlanta investor who put it this way: “Waiting for lower rates is a strategy. Solving problems is a business.” 

London, Dublin, Stockholm, Toronto and Phoenix weighed in. So did a private equity desk splitting time between San Francisco and Hong Kong. 

The movers outnumber the waiters, but don't mistake that for optimism. Almost everyone moving is doing so selectively, conditionally and on their own narrowed terms — and that split is the story. The ones moving aren't moving because conditions improved. They just got tired of waiting for them to.

Everyone else is waiting on a rate cut, a permit or a seller willing to admit what year it is.

In January, we asked what would be hard this year. Halftime is a different question.

What did you do about it?

— Mark F. Bonner, Editor-in-Chief 

Photo: Bisnow/created with ChatGPT

Rates are moving in the wrong direction, capital is still on the fence, and half the year is now gone. Are you moving or waiting — and what would it take to change course?

Responses have been lightly edited for length. All sources granted anonymity in exchange for candor.

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I'm always moving. I don't know how to do anything else. I'm not a dentist. You're just moving to the music. When music is going fast, when rates are low, you're dancing hip-hop. Now you're ballroom dancing, and it's much more refined. So I'm being much more disciplined in the deals I do. I'm trying to line up debt maturities that make sense given where rates are, trying to be strategic between taking out longer-term debt versus shorter-term transitional debt. You have to move to the music appropriately.

SECTOR: Affordable Housing
CITY: New York
YEARS IN CRE: 23

::::

Moving, and, candidly, hoping the hesitation from others holds. This environment is exactly what creates the acquisition entry points we're after. We don't need the market to agree with us before we act — by the time they agree, the opportunity is gone. If you need perfect conditions, you're in the wrong market.

SECTOR: Office
CITY: New York, Boston
YEARS IN CRE: 10

::::

We're moving. Waiting for lower rates is a strategy, while solving problems is a business. Nearly $1T of CRE maturities are forcing decisions, creating opportunities for those with capital, expertise and the ability to execute. We'd all welcome lower rates, but they aren't required to invest. What would change our approach? A market that becomes too efficient, where competition compresses returns and differentiated opportunities become scarce.

SECTOR: Investment, Hospitality 
CITY: Atlanta 
YEARS IN CRE: 25

::::

To avoid dying of boredom, we're trying to make lemonade out of these lemons and pick up a few distressed assets. But it appears that for a 23% gross IRR, potential investors are prepared to take absolutely no risk. I fear 2026 will be written off as a year when absolutely nothing interesting happened in terms of investment.

SECTOR: Senior Living 
CITY: UK 
YEARS IN CRE: 10

::::

Five years from now, investors won't regret being too early. They'll regret waiting for perfect conditions. Too many are missing the forest for the trees by focusing on every incremental rate move instead of where relative value is emerging. With new development near historic lows across much of commercial real estate, we're finding compelling opportunities where fundamentals are strengthening and competition remains limited. We'd change course only if those fundamentals broke down. Today, they're getting stronger. 

SECTOR: Investment 
CITY: Houston 
YEARS IN CRE: 27 

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We are both moving and waiting. We are moving forward on new projects where acquisition prices have dropped significantly, and we are completing projects already underway because pausing them would be too costly. At the same time, we are holding off on projects we expected to pencil out based on the assumption that interest rates would fall. Instead, President Trump started the Iran war. The cost of living continues to rise. And the Federal Reserve has had little choice but to keep rates elevated.

SECTOR: Multifamily, Retail, Office 
CITY: Philadelphia 
YEARS IN CRE: 37

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We're definitely not waiting, but moving right now is like running up the down escalator as fast as you can for too long and realizing you're getting very, very tired. In order for us to change course, we need an unlikely pivot to a politically moderate, respectful, practical, pro-growth government approach at the city, state and federal levels — while addressing in a more meaningful way the quite obvious inequities at the far ends of the social and economic spectrum.

SECTOR: Life Sciences 
CITY: New York 
YEARS IN CRE: 40

::::

We are moving. Workforce housing demand in south Miami-Dade does not pause for rate cycles. The families we build for are not waiting for a 50-basis-point drop to decide they need a home. Our pipeline is 3,000 units across 20 communities, and we are delivering 500 homes this year. What would change course? A permitting environment that matches the urgency of the housing crisis. Rates are a headwind. Bureaucratic delays are the real brake.

SECTOR: Mixed-Use, Affordable Housing, Workforce Housing 
CITY: Miami
YEARS IN CRE: 8

 

NYC is impossible to invest in right now unless you have a very long time horizon. There are simply too many ways to lose. The mayor and his allies are anti-development, no matter what they say. Borrowing costs remain high. The budget deficit remains a growing issue. NYC has to prove again that it is worthy of businesses to be built and succeed — we are in need of real leadership, not socialism masked as idealism. I'm almost at the point where I question why you would want to invest in New York.

SECTOR: Brokerage 
CITY: New York 
YEARS IN CRE: 20

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We're looking to get out of longer-term assets, as the bill is making bridge debt really difficult and expensive. But new deals where we can structure differently — not use public builders but rather GCs and construction debt — and avoid the bridge markets, that's where we're focusing. Those are in markets with very limited supply, high barriers to entry and with entitlements in place. We need quick turns these days, as risk for holding long-term seems to come from so many unknown unknowns in our industry. And what a mess.

SECTOR: Build-To-Rent 
CITY: Miami 
YEARS IN CRE: 20

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We're not waiting, because there's no indication that tomorrow's going to be any better than it is today. I really think we are in a new normal and rates are here to stay, and we need to find ways to create value. We're having success doing that, with great difficulty.

SECTOR: Multifamily 
CITY: Los Angeles 
YEARS IN CRE: 15

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We are not forcing equity deals just to say we are buying. If equity is priced correctly, we will invest. If it is not, we will lend. Ideally, we are doing both. But in this environment, credit takes priority until equity offers a more compelling spread for the risk we are being asked to take. If sellers are still pricing off yesterday's assumptions, we are not the buyer.

SECTOR: Lending, Investments
CITY: National
YEARS IN CRE: 20

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[We] never stopped using fixed- and capped-rate debt, because at every step of interest rate increases, we believed further increases were likely. We believe interest rates will remain largely flat. As to our investment strategy: industrial — we are buying, particularly shallow-bay and Class-B product. Self-storage — buying. Retail — selling. Grocery-anchored retail is priced to perfection, often trading at negative leverage. Apartments — neither. The odds are good, but the goods are odd.

SECTOR: Investment 
CITY: Atlanta 
YEARS IN CRE: 20

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There is a tremendous amount of institutional and middle-market capital on the sidelines looking to place money, but with market uncertainty, only solid business plans or discount, below-replacement-cost or distressed deals are getting the lion's share of attention. This will continue until we see institutional CRE confidence improve for new development projects. Good real estate business plans merit moving forward. It will never be meaningfully less expensive given construction costs today, and playing offense during a down cycle.

SECTOR: Development
CITY: Colorado 
YEARS IN CRE: 20

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We are moving big time. The only thing that we don't like is market ambiguity. High rates don't matter much. Low rates don't matter much. Low rates bring in a lot of people who, frankly, have no business being developers. We don't want people who can borrow money at 2%. We like where the rates are, in the 5% to 6% range. We would like clarity in the direction the rates are going to go. The constant volatility is what kills the underwriting.

SECTOR: Multifamily, Mixed-Use, Build-To-Rent 
CITY: Houston 
YEARS IN CRE: 18

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We are sitting on the sidelines until rates improve, and we don't see that anytime in the near future. If we borrow at 7% and make 6% in the asset, that's not a good business model because of the negative equity — and anything we've looked at for the last few years is negative.

SECTOR: Build-To-Rent 
CITY: Nashville 
YEARS IN CRE: 21

 

We're moving. The 10-year is up about 25 basis points since February, and if 25 basis points is the difference between a deal working and not, you probably shouldn't be doing that deal. We underwrite for durability, not for a perfect rate. Our senior housing is largely insulated from the rate picture. Many of those residents fund their living from fixed-income assets, so when rates rise, their cash flow rises with them. That supports demand regardless of where the 10-year goes.

SECTOR: Multifamily 
CITY: Alexandria, Virginia 
YEARS IN CRE: 30

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We've pushed aggressively into data center development outside D.C., with a focus on AI and national security — those fundamentals remain strong regardless of the rate environment. We have also recently broken ground on a new residential project closer to home. Moreover, we viewed the new Fed chair's early signal on independence as very encouraging. That credibility matters for the long-term end of the curve and gives us more confidence in exit cap rates.

SECTOR: Development 
CITY: Washington, D.C. 
YEARS IN CRE: 20

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Capital is not on the fence. There is plenty of it, but it is highly selective by property type and deal profile. That is especially true in South Florida, where investor interest in the right assets remains strong. Rates are always reflected in current pricing. The only real precondition is that sellers are willing to transact. When they are, we move.

SECTOR: Value-Add Acquisitions 
CITY: Miami 
YEARS IN CRE: 40

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Capital is available, but much of it patiently remains on the sidelines awaiting clearer signals. For now, the market resembles a four-way stop: Everyone is waiting for someone else to go first.

SECTOR: Multifamily, Mixed-Use Development 
CITY: Toronto 
YEARS IN CRE: 45

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We're moving, but very intentionally. Capital is coming back online faster than the headlines suggest — debt is hungry, even if equity stays selective — so the bottleneck isn't financing, it's leasing. Velocity is slow but trending in the right direction. Rather than wait for the uptick to arrive, we'd rather be ahead of it: advancing the deals where basis and fundamentals work and positioning now so we're ready when demand catches up.

SECTOR: Industrial, Development 
CITY: Salt Lake City, Las Vegas, Reno, Nevada
YEARS IN CRE: 15

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Photo: Bisnow/created with ChatGPT

Despite short-term volatility caused by geopolitical events and inflation, which should subside, the recovery in commercial real estate is on track and intact. Cycles have a predictable pattern, and current interest rates and uncertainty haven't hindered the gains in sales volume and pricing for core assets. The recovery is still in its early stages and will accelerate once the financial markets, interest rates and inflation stabilize.

SECTOR: CRE Services 
CITY: Chicago
YEARS IN CRE: 42

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We are moving, but with discipline. In today's environment, every project has to be evaluated through a sharper risk lens. Inflation, infrastructure costs and uncertain capital markets are forcing us to be more creative, including exploring economic development grants, new markets tax credits and other tools to close gaps. We are not waiting on perfect conditions, but we are aggressively seeking the right public-private partnerships and capital structures to make strategic impact investments.

SECTOR: Development 
CITY: Dallas-Fort Worth 
YEARS IN CRE: 26

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We remain active, yet selective, targeting high-quality assets in submarkets with limited supply, strong employment drivers and favorable rent growth prospects. While commodity product continues to see limited demand, newer assets in desirable locations remain highly competitive. Interest rates are only one factor in our investment process and do not dictate our activity levels. Success in today's market requires disciplined underwriting and capital partners with realistic, risk-adjusted return expectations.

SECTOR: Multifamily Investment 
CITY: Los Angeles 
YEARS IN CRE: 30

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The investment market has improved, there are some things coming to market, but what's happening globally since February hasn't helped — momentum has waned a bit to make this year feel a bit like last year in terms of volumes. I'm sure that things will pick up, and we are still looking to invest. It's a case of looking at each asset and applying the thesis of whether we can buy well, manage well and sell well, which is about consistency and on-the-ground expertise.

SECTOR: Office 
CITY: Dublin
YEARS IN CRE: 26

 

We're moving forward and in active pursuit of deals. We are focused on office buildings that have a good existing tenant base and solid fundamentals. We've seen a solid push for companies to come back to the office, and with a low basis in these assets, these are not high-risk investments. Lenders have been much more open to lending on office deals than they were six months ago.

SECTOR: Brokerage, Investing, Acquisitions 
CITY: Denver 
YEARS IN CRE: 25

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We are constantly moving, never waiting. The question is how we move. While the economy and geopolitical situation are constantly in flux, there is some certainty in the world — people need goods, medical care, homes, entertainment. So we are constantly identifying opportunities that address the certainty that tenants and companies will pay for. Finding capital is no problem when you have a clear vision and sound thesis.

SECTOR: Industrial 
CITY: Phoenix 
YEARS IN CRE: 32

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We're leaning more aggressively into public REITs this year, as we believe that the bull case has strengthened while sentiment remains fragile. Listed real estate is often the first to reprice when rate expectations shift, and today's historically wide public-private valuation gap leaves meaningful upside if the macro narrative simply stops getting worse. The first leg of a REIT rebound rarely waits for the “all clear.” By the time capital feels comfortable again, the easiest double-digit move may already be gone.

SECTOR: REITs 
CITY: Dallas, Rowayton, Connecticut
YEARS IN CRE: 27

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Given the geopolitical and domestic political turmoil, along with little likelihood of a significant reduction in UK borrowing costs, now is not a time for investors to be brave. Most, especially international investors, will continue to wait and see how UK policy evolves under a new prime minister. However, there will always be buyers looking for opportunistic purchases in the UK, especially in city centre offices, warehousing and residential assets. Values for most property assets need to fall further to increase transactional volume, but increasingly, sellers are becoming more realistic.

SECTOR: Private Equity 
CITY: London
YEARS IN CRE: 30

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As confidence in a rapid return to ultra-low borrowing costs fades, owners are becoming increasingly focused on certainty of execution rather than defending yesterday's valuation. Sellers are engaging in more realistic conversations around value, structure and timing than they were even 12 months ago. I am more concerned about overpaying at the top of a cycle than buying into uncertainty at the right basis. The current environment is creating opportunities that simply were not available when liquidity was abundant.

SECTOR: Distressed Debt, Hotels 
CITY: New York, Miami 
YEARS IN CRE: 7

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Too easy to just say “no” until there is more clarity in the 12-to-24-month time horizon. Buyers and sellers are still too far apart, so unless there is distress or a trophy asset, not a lot of transacting on the sale side. What would it take? Stability. Legislation, litigation and global geopolitics are changing the landscape. Until the ceiling, floor and sidelines are at least momentarily established, people will wait.

SECTOR: Various 
CITY: Orange County, California 
YEARS IN CRE: 40

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We're moving, but we're being highly selective. In the Bay Area, we're seeing momentum around AI-driven office demand, so we're pursuing smaller, faster-moving projects. We're also targeting tertiary markets where construction costs are lower, delivery is quicker and housing partners are ready to move. Lower borrowing costs would expand opportunities, but we're not waiting for perfect conditions.

SECTOR: Investment, Development
CITY: San Francisco
YEARS IN CRE: 7

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I do think the rates impact will be more muted. There is likely to be some consensus that rates will stay higher for longer amidst geopolitics and a conflict between the largest producer nations and the largest consumer nation. Cap rates have adjusted to reflect all these sustained new realities. It is probably just back to fundamental real estate investing — creating value by repositioning assets to be more relevant in the evolving AI-centric world.

SECTOR: Private Equity
CITY: San Francisco, Hong Kong
YEARS IN CRE: 35

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As a developer, we proceed when market demand supports a project. Marginal shifts in interest rates are not the deciding factor. In this environment, moving forward is determined by the equity piece of the capital stack far more than the debt portion. To see a true shift in development activity, we need to see a return of equity conviction around the returns available from new development.

SECTOR: Capital Markets
CITY: Minneapolis
YEARS IN CRE: 30

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We are moving, but selectively. Half the year gone is not a reason to freeze. It is a reason to be sharper. We underwrite to fundamentals, not headlines. Strong submarket demand, durable rent growth and a basis that survives the cycle give us a go signal. The rate environment shapes our price, not our participation. What would change our mind is the absence of those fundamentals, not the noise around them.

SECTOR: Brokerage
CITY: Philadelphia
YEARS IN CRE: 10

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We're still moving forward. Given our reputation and long-term blue-chip partners, we're better positioned than smaller, younger shops. Our biggest projects tend to be long-term — both on the front end in rezonings, entitlements and putting together the equity, subsidy and debt positions, and on the back end as long-term holds. Demands for increased affordability are noble, but without subsidy, nothing comes for free.

SECTOR: Multifamily
CITY: New York  
YEARS IN CRE: 31

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We are operating under the assumption that rates will remain elevated and could move modestly higher. Our underwriting reflects that reality. While the rate environment has certainly changed the landscape, there continues to be significant opportunity in the market. Transactions with strong fundamentals, experienced sponsorship and appropriate leverage are still getting done.

SECTOR: Banking, CRE Lending
CITY: South Florida
YEARS IN CRE: 28

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Judging by the amount of bridge loans we are placing — to pay off the construction loan and buy some more time — I think the answer is “wait.” As with previous downturns, the only thing that will fix the market is time. No changing course until enough time has gone by.

SECTOR: Hospitality, Multifamily 
CITY: Atlanta
YEARS IN CRE: 25

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We're not waiting. Our sector within CRE isn't as rate-sensitive as most because we tap the large bond markets for debt. Every quarter-point move shows up in our returns, but investor appetite has stayed strong enough that treasury spreads and borrowing costs remain workable. We'd slow down if the math changes, but right now, we're still moving forward with new projects.

SECTOR: Industrial
CITY: New York
YEARS IN CRE: 15

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Photo: Bisnow/created with ChatGPT

Rates moving in the wrong direction is a matter of perspective, including your role in CRE. As a private debt source, increases or decreases of 25 bps don't substantially move the needle to impact demand. In sectors like multifamily, we're seeing opportunities linked to development cycles and market dynamics. Developers approaching stabilization need bridge or construction takeout loans. Others need financing to launch products to meet demand cycles beyond 2027. There's no need to change course.

SECTOR: Capital Markets 
CITY: Chicago 
YEARS IN CRE: 20

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We continue to proceed optimistically but selectively — using realistic underwriting assumptions that include larger contingencies, focused on projects that create durable value regardless of where rates settle. My approach would change if the market began to reflect meaningful deterioration in employment, availability of capital or product-type demand. I've experienced enough cycles to know that today's uncertainty isn't unique — only the headlines are. Every cycle feels different in the moment, but they all share one characteristic: Those who wait for perfect clarity usually miss the best opportunities.

SECTOR: Multifamily, Office, Retail 
CITY: Miami 
YEARS IN CRE: 28

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We have no doubts and are moving ahead, as are a few well-capitalized local players. Shorter-term opportunistic investors with a sub-five-year term have begun to take a more meaningful interest, whereas larger-sized, longer-term investors remain hesitant. The uncertainty around the future political direction of local governance is unhelpful in attracting new investors to D.C., which may impact the speed of the recovery in valuations. Regardless, we do continue to expect occupancy in commercial and residential to keep creeping up.

SECTOR: Office, Luxury Residential, Hospitality, Retail 
CITY: Washington, D.C. 
YEARS IN CRE: 36

 

Those who are real developers are moving and taking advantage of the slowdown. Those who thought they were developers and bought on speculation got hit with reality and capital constraints. This is a window of opportunity to separate and have supply when, in two to three years, new supply will be scarce — specifically in the affordable and workforce space.

SECTOR: Affordable/Workforce Housing, Multifamily 
CITY: Florida 
YEARS IN CRE: 25

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Currently in a holding pattern on some dispositions due to interest rates. We were expecting rates to drop and some cap rate compression. The Iran conflict, ongoing inflation and uncertainty in the market have caused us to hit the pause button. There is a definite bifurcation in the market between newer, quality, well-located, highly amenitized properties and everyone else. I do expect the second half of the year to be better than the first half.

SECTOR: Office 
CITY: Dallas-Fort Worth
YEARS IN CRE: 42

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We're still in the market, but we're being deliberate. Denver has active buyers, but they're choosy, and rising rates haven't helped anyone's conviction. We're moving deals forward where the story is strong and the capital stack is realistic, but we're not forcing volume. What would change our pace is clarity — either a sustained shift in rates or a reset in seller expectations. Until then, we're advising clients with precision and picking our spots.

SECTOR: Brokerage 
CITY: Denver 
YEARS IN CRE: 28

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The cyclicality of real estate markets would suggest that buying in periods of uncertainty where pricing is lower will yield better results. Those investors who can come out the other side with a low enough average cost base will do well, especially in the alternative sectors, which traditionally outperform traditional real estate sectors in times of volatility.

SECTOR: Coliving, Student Housing 
CITY: London
YEARS IN CRE: 20

 

We're aware of the background volatility, but we are a research-based investor with a long-term hold strategy. While no one is immune to the challenges, we continue to look for acquisitions and developments where the numbers stack up, on an asset-by-asset basis. We absolutely want to keep growing, but we'll do so very selectively. Our aim is to price risk carefully, protect ourselves on the downside and make sure that investment decisions are made thoughtfully.

SECTOR: Build-To-Rent, Student Housing
CITY: London
YEARS IN CRE: 16

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We are always moving in search of opportunities. There is profit in confusion, and times like these can be confusing to many, which creates opportunity. The market is always evolving, and we need to adapt as it evolves. Given the current environment where assets are pricing across a wide and volatile range, we are more flexible than ever with where we look and what type of investment strategy we're pursuing within multifamily.

SECTOR: Multifamily 
CITY: Florida 
YEARS IN CRE: 16

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As private market office real estate investors, we see generational buying opportunities driven by severe value destruction. At these discounted pricing levels, the marginal impact of interest rate movements is minimal. While institutional capital remains on the sidelines waiting to clear bad investments from their books, this environment perfectly demonstrates why smart investors separate a firm's investment decisions from its financing structure.

SECTOR: Office Investment 
CITY: Washington, D.C. 
YEARS IN CRE: 25

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We're continuing to move, but we're being highly intentional about where we invest. The current environment has reinforced something we've believed for a long time: Projects need to create lasting value beyond the building itself. For us, that means investing in programming, partnerships, hospitality and experiences. While capital markets remain cautious, demand for places that foster connection hasn't disappeared. If anything, today's market is rewarding projects with a clear identity and a compelling reason for people to choose them.

SECTOR: Multifamily Development, Hospitality 
CITY: Denver 
YEARS IN CRE: 13

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We are seeing softening in submarkets with a large concentration of recently developed space. Landlords with investor or lender pressure are separating themselves from the pack early in the LOI process, allowing tenants to go direct after only one round due to aggressive incentives. Our focus has narrowed to submarkets that are showing leasing volume and overall strong market fundamentals.

SECTOR: Industrial 
CITY: Sacramento, California
YEARS IN CRE: 24

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Photo: Bisnow/created with ChatGPT

While proactive acquisitions may have slowed, the big D's — death, divorce, dissolution of partnerships and debt maturities — still create opportunities every day. If you're looking for a reason to sit on the sidelines, you'll always find it. Today, it's interest rates and the lack of available capital. A few years ago, it was Covid. We're moving forward and adapting — constraints drive creativity and make us more competitive.

SECTOR: CRE Talent/Recruiting 
CITY: Los Angeles 
YEARS IN CRE: 10

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We are scheduled to close three acquisitions before the Fourth of July holiday. We're also contemplating a new debt fund precisely to fill the gap in the market — a senior debt and pref equity fund to help small- and middle-market sponsors. The market needs private credit.

SECTOR: Investment 
CITY: Milwaukee 
YEARS IN CRE: 8

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At any moment in time in real estate, you're making forward assumptions about what the world looks like in the future. Responsible investors aren't making those decisions based on best- or worst-case scenarios. With the former, you're making bad investment decisions, and with the latter, you're not making deals. For the same reasons we weren't sitting still at the beginning of the year, we're not sitting still now. This is a game of long-term perspective, not short-term, flavor-of-the-week outlooks.

SECTOR: Development 
CITY: Dallas 
YEARS IN CRE: 20

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Regarding rates, they are not necessarily moving in the wrong direction — they are near where rates should be. Our problem with rates is that we were addicted to abnormally low interest rates that were not healthy. Our firm deals with putting attractive financing in the capital stack, and we are encouraged to see deals move forward. Many factors that had put the brakes on transactions earlier in the year are now moving forward and baked into a deal.

SECTOR: Finance 
CITY: Dallas-Fort Worth 
YEARS IN CRE: 40

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Rates are certainly a concern, but I think it's particularly impactful to deals without real value add. If you can drive yield in excess of adverse rate movements, deals still pencil. Investors are more likely to be attracted to value-add opportunities versus cash flow plays more sensitive to rate movements.

SECTOR: Real Estate Private Equity 
CITY: South Florida 
YEARS IN CRE: 18

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We're moving, but we're being highly selective. Debt costs are painful and equity remains selective, but Denver's fundamentals haven't disappeared, especially in high-demand neighborhoods. Treasuries hovering at elevated levels keeps pressure on yields and makes every pro forma a tight squeeze. Capital partners are cautious, so we're advancing only the deals with undeniable rent drivers.

SECTOR: Multifamily Development 
CITY: Denver 
YEARS IN CRE: 12

 

We stick to fundamentals. To the extent that a property can be acquired at a cap rate meaningfully in excess of interest rates and there is a path to growing NOI, we are interested. The tricky part is which properties in which markets satisfy that criteria. They exist but are few and far between.

SECTOR: Commercial, Residential 
CITY: Boca Raton, Florida 
YEARS IN CRE: 15

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Things are definitely slower on the acquisition front, but I do think that in this environment, there are still deals to be had. I just kind of subscribe to the fact that this is probably the new normal for a while, and we've just got to adjust our business to operate in this environment.

SECTOR: Industrial 
CITY: Los Angeles 
YEARS IN CRE: 20

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Given the higher uncertainty on rates, the softening economic demand in almost every sector — excluding technology — many real estate owners can no longer hang on to assets significantly past due maturity. These conditions represent an opportunity to buy at a very attractive basis. We are buying assets now because of this low basis, but we are modeling in softer revenues for a longer period of time.

SECTOR: Investment
CITY: Atlanta 
YEARS IN CRE: 15

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We are continuing to move forward on our new projects, and we are moving forward on our leasing deals where they make sense. We are not buying in this market. Rents do not appear to have shifted downward yet, so consumer demand is holding up for now. Wait-and-see mode is never a fun place to be in commercial real estate.

SECTOR: Retail, Development 
CITY: Chicago 
YEARS IN CRE: 40

::::

The hardest decision is whether to hold or sell a property valued below its purchase price in a market we believe is beginning to turn the corner. Selling means accepting a loss today. Holding means patience while market fundamentals improve. The decision comes down to having confidence in the timing and size of the rebound. We're cautiously optimistic. We've been through cycles before, and we're focused on moving through this one.

SECTOR: Multifamily Investment, Asset Management 
CITY: Woodland Hills, California 
YEARS IN CRE: 20