RESEARCH

The Fed delivered a 25 bps cut in September, easing short-term rates. While this offers modest relief, divisions within the Fed keep long-term debt costs uncertain.

CMBS delinquency rose to 7.2% in July, well below the 2012 peak of 10.3%. Roughly $122B in CRE volume faced distress in Q2, driven by office, but sales remain limited at just 2.6% as buyers pursue higher-quality assets.

Washington State enacts sweeping tax reforms in July 2025, including a progressive capital gains tax, the highest estate tax rate in the nation, and a broad expansion of sales tax to services. These changes may reshape investor behavior and estate planning strategies across the state.

Key CRE tax incentives have been extended or expanded under July’s reform bill — including 100% bonus depreciation, Opportunity Zones, and Section 179.

Explore the May 2025 Interest Rate Outlook: Rising deficits, shrinking foreign demand, and inflation concerns push long-term rates higher.

In a climate of rising tariffs and global uncertainty, commercial real estate remains one of the most resilient investments.

A new 5% payroll tax on employee compensation over $1M will generate ~$50M annually to fund affordable housing through the Seattle Social Ho

As we reflect on the past year, we want to take a moment to express our heartfelt gratitude to you. Your trust, collaboration, and...

Debt and Distress FAQ's https://acrobat.adobe.com/id/urn:aaid:sc:va6c2:91102642-a76e-4a13-8682-aa8f29c6d3ae

Thank you to our clients for entrusting us to execute on their behalf in 2023. Additional thanks to the brokers, attorneys, and lenders...

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23_09 Office Outlook Special Report.pdf

The 10-Year Treasury sits in the upper-3 percent range, with one-month Term SOFR in the low-5 percent zone https://mmreis-my.sharepoint.c...

Risk of Banking Sector Disruption From Commercial Real Estate Defaults is Low https://mmreis-my.sharepoint.com/:b:/g/personal/rj_vara_mar...

How Shifts in Global Trade Kicked Off a Border Town Industrial Boom https://mmreis-my.sharepoint.com/:b:/g/personal/rj_vara_marcusmillich...

Resuming Student Loan Repayment Set to Affect 44 Million Borrowers; Multifamily, Retail and Hospitality Properties Could Feel Impact....

Banking turmoil may encourage the Fed to tread carefully. Over the past year the Federal Reserve has aggressively increased interest...

Industrial Outdoor Storage: Last-Mile Industry’s Highly Demanded, Yet Underdeveloped Cornerstone

Investors Face New Tax on all Real Estate Transfers Priced Above $5 Million; Both Transaction and Development Landscape Negatively Affected

Inflation Downshift Unlikely to Restrain Fed; Rapid Rate Increases Have Hampered CRE Sales