Fear & Greed Index

Population loss and overbuilding of large, high-end apartment buildings in Denver— along with their incentives—are hurting small mom-and-pop owners of older properties. I expect it may take 3–5 years to get back to where were at the beginning of 2025.

The investment market remains challenging. There are more buyers than sellers, but buyers are selective and focused on quality, well-priced assets with upside potential.

I hope rates decline in early May, and that Treasury bill yields come down as well.”

I believe private credit will continue to gain prevalence, leading to hybrid capitalization strategies. We may see more preferred equity at reduced rates and LPs returning to the market as risk-adjusted interest rates decline in preferred equity and private credit.

I’ve been in the business nearly 40 years, and this is the best tenant market I’ve ever seen – especially for office tenants in downtown markets.

There are great opportunities for those who can properly identify and underwrite current supply.

Most markets appear flat to declining, with weak sales activity across most segments. However, we recently closed an industrial flex deal above market pricing to a government-subsidized healthcare provider. As always, if you find the right buyer at the right time, deals can close at or above market.

We are at the beginning of a cycle that is gradually trending up.

Multifamily investor since 1986 — I have never seen this level of extend-and-pretend. 40% of existing multifamily debt ($2.2T) cannot be refinanced in today’s normalized rate environment, and 65% of CMBS maturities are being rolled over. Outside of the major institutional players with true unlevered deployment capabilities—who comprise less than 5% of market participants—the market is flat at best, with long-term investors patiently waiting for prices to reset (only halfway there).

There is uncertainty stemming from oversupply, inconsistent policy, investor nervousness, and rising insurance and operating expenses.

I am concerned about political uncertainty and will remain on the sidelines until there is more clarity over what will happen in the next few years.

The elimination of government programs, issues with fraud, and rising material and labor costs have hurt operations across many units.