Answers to three questions investors are currently asking us:


Brian D. Milovich

Managing Principal, Calvera Partners

1) Have we reached bottom in the distressed commercial real estate market?

Not in multifamily. Distress isn’t even fully here yet. We have only seen the initial cracks of expiring interest rate caps and loan maturities. The bid/ask spread remains wide enough to stymie transactions. Keep an eye on 2024.

2) Do you think multifamily rents will continue to increase in 2024?

We expect many major markets to have flat or declining rent growth. Markets like Austin and Phoenix have considerable new supply pressure, which will negatively impact rents. We think the apartment market will begin to normalize in 2025 with increasing rents and occupancies.

3) Can you name a few under-the-radar, up-and-coming CRE markets you are monitoring?

Pittsburgh was just named a “hot tech center, kind of” by the Wall Street Journal. That market has an interesting tech scene with Duolingo and other tech companies in its ecosystem. It also has an important university in Canegie Mellon which has a specialty in robotics and computer science.


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