Commercial Multifamily Research Market Intelligence Blog

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September 30, 2021
By Jamie Woodwell; Reggie Booker
2021 Q2 Quarterly Databook

A total of $122 billion of apartment, industrial, office and retail properties (with prices above $2.5 million) traded hands in the second quarter, more than two-and-a-half times the volume a year earlier. Meanwhile, delinquency rates for mortgages backed by commercial and multifamily properties have broadly improved in recent months as the economy continues to heal from the pandemic. Performance is still property-type dependent, with the properties that saw the most immediate and dramatic impacts from the pandemic - lodging and retail - still experiencing considerably more stress than others but showing improvement. Additionally, strong appetites from all the major capital sources led to another pick-up in the amount of commercial and multifamily mortgage debt outstanding. In line with the strength of apartment fundamentals and values, there was a solid increase in the amount of multifamily mortgage debt outstanding, but in a sign of renewed interest in other property types, the increase in mortgage debt on other, non-multifamily commercial properties was the largest since 2007.

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Topics:
Databook
September 10, 2021
By Jamie Woodwell, Reggie Booker
Changes in Commercial/Multifamily Property Values

Commercial and multifamily property prices are the product of two things: a) the net operating income (NOI) a property produces and/or is expected to produce and b) the multiple of that income (the capitalization or "cap" rate) investors are willing to pay in order to own that income stream. Thus, Property Value = NOI/Cap Rate.

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Topics:
CRE
Property Values
Prices
August 13, 2021
By Eddie Seiler, Jamie Woodwell
Renters Who Missed Rent in June

Last week the Research Institute for Housing America (RIHA), MBA's think tank, released updated second-quarter 2021 results that allow us to assess how renters, mortgagors and student loan borrowers fared over the first 15 months of the pandemic. The updated analysis of the Understanding America Study (UAS) panel survey data, conducted by Gary Engelhardt of Syracuse University, and Mike Eriksen of the University of Cincinnati, provides close to real-time economic data on the evolving financial consequences of the pandemic by following, on a weekly basis, the same set of households from before the outbreak.

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Topics:
CRE
Rental Payments
July 9, 2021
By Jamie Woodwell
Share of CRE Loan Balances Delinquent Less than 30 Days

When looking at commercial and multifamily mortgage delinquency rates, we tend to exclude loans that have been delinquent for less than 30 days, as many may be experiencing a temporary "hiccup" that will be quickly remedied before the next payment is due. But examining these rates can provide key insights into commercial and multifamily mortgage performance through the pandemic and into today.

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Topics:
CRE
Delinquencies
June 11, 2021
By Jamie Woodwell
Key Tax Proposals for Commerical Real Estate

The release last Friday of the Biden Administration's proposed Fiscal Year 2022 Budget put down in black and white - and dollars and cents - many suggestions that have been made in more general terms in the Administration's American Jobs and Family Plans, during the most recent Presidential campaigns and in some cases going back decades.

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Topics:
CRE
Tax
June 28, 2021
By Jamie Woodwell
CRE Post-Pandemic: The Knowns Now Outweigh the Unknowns

Since the onset of the coronavirus pandemic, commercial real estate practitioners have been faced with two fundamental questions: How would properties perform through the pandemic and what would conditions look like on the other side - after the pandemic?

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Topics:
CRE
Post-pandemic
May 14, 2021
By Jamie Woodwell
Cumulative Eviction Filings

On Wednesday, May 5, 2021, U.S. District Court Judge Dabney Friedrich issued an order vacating the U.S. Centers for Disease Control and Prevention's (CDC) national eviction moratorium, but also put a temporary pause on the order, meaning that (as of this writing) the CDC moratorium, which is scheduled to expire on June 30, 2021, remains in place. A number of state-level bans also remain.

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Topics:
Eviction moratorium
April 2, 2021
By Jamie Woodwell
Value of Construction Put-In-Place

One of the most striking aspects of the COVID-19 pandemic's impact on commercial and multifamily real estate has been the disparity in the ways different property types have been affected.

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Topics:
CRE
Construction
March 31, 2021
By Jamie Woodwell; Reggie Booker
2020 Q4 Quarterly Databook

The US economy continued to rebound during the fourth quarter of 2020 but did so at a slower pace than Q3 of 2020 or what is expected to be recorded in Q1 2021.

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Topics:
Databook
February 19, 2021
By Jamie Woodwell
Bingo!

MBA's annual Commercial Real Estate Finance/Multifamily Housing Convention & Expo (CREF) always serves as key kick-off to the year, bringing together thousands of industry professionals to learn, share and network, and to re-assess their outlooks for the markets. Although this year's conference was moved from San Diego to cyberspace, the conversations still provided essential insights about the year ahead.

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Topics:
CRE
Bingo
CREF
January 1, 2021
By Jamie Woodwell
A Post-Pandemic World: Getting from Here to There -- Trepp Year-end Magazine

When the Covid-19 pandemic hit the United States in March, it raised two fundamental questions for owners, lenders and others involved in commercial real estate: a) How would properties get through the pandemic and recession and b) What would the "new normal" be for the sector post-pandemic? One thing became crystal clear early on - the answers to those two questions would vary dramatically by property type.

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Topics:
CRENews
Trepp
Woodwell
December 18, 2020
By Jamie Woodwell; Reggie Booker
CMBS Annual Issuance Volume and Ten-Year AAA Spreads to Swaps

One way to gauge potential commercial mortgage‐backed securities (CMBS) issuance volume is by looking at the spreads investors are willing to pay for bonds. Based on current new‐issue spreads, 2021 could line‐up to be a strong year.

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Topics:
CMBS
Issuance
Spreads
November 6, 2020
By Jamie Woodwell; Reggie Booker
CRE Property Sales and Mortgage Originations

Commercial and multifamily mortgage origination volumes tend to move nearly in lockstep with property sales activity. With the onset of the COVID‐19 pandemic, both tumbled, but with some important caveats.

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Topics:
CRE
Property Sales
Mortgage Originations
October 16, 2020
By Jamie Woodwell; Reggie Booker
Appetites of Commercial/Multifamily Borrowers and Lenders

One of the most striking aspects of the pandemic's impact on commercial real estate markets is the markedly disparate impact it is having on different property types.

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Topics:
Borrowing
Lending
October 28, 2020
Video

Jamie Woodwell, Vice President of Research and Economics at Mortgage Bankers Association (MBA), joined the RealCrowd Podcast to discuss commercial real estate during COVID crisis.

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Topics:
Podcast
Woodwell
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