Author: Dana Brandle

Key TakeawaysMultifamily fundamentals are normalizing as annual demand approaches trend while supply pressures fade. New construction is decelerating meaningfully, occupancy is stabilizing across many markets, and visibility into forward supply conditions is improving. Rentership is increasingly structural, not cyclical. The rent-versus-own calculus remains unfavorable for many households, reinforcing rental tenure as a durable component of…

Executive SummaryFreight activity offers a clear, fundamentals-driven lens on industrial real estate demand, making freight trends a useful early indicator of tenant demand. As local consumption represents an increasing share of freight, these dynamics suggest the next phase of the industrial cycle will be supported by steady goods movement and favoring well-located, modern warehouse assets…

Executive SummaryBased on Q3 2025 cross‑asset comparisons, we believe U.S. CRE appears inexpensive relative to major U.S. equity indices, creating a potential attractive entry point as fundamentals firm and financial conditions ease. CRE appears to offer strong relative value vs. equities. Converting cap rates to implied “earnings multiples,” core sectors like industrial (~16x) and multifamily (~18x)…

Executive SummaryPull factors continue to steer people and employers toward the Sunbelt, and we believe momentum will persist for many markets that have experienced consistent growth trends over the past decade. The Sunbelt still leads. From 2020–2024, Texas and Florida metros led 25–44 population gains, with annualized growth broadly consistent with the prior five years.1…

Executive Summary What Is the Fed’s Dual Mandate “The Federal Reserve works to promote a strong U.S. economy. Specifically, Congress has assigned the Fed to conduct the nation’s monetary policy to support the goals of maximum employment and stable prices. Those two goals are often referred to as the Fed’s ‘dual mandate.” i Policy Backdrop:…

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