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Availability of Financing Top Concern for Investors in 2023: Marcus & Millichap

December 07, 2022

As 2022 draws to a close, several lenders and investors have definitively pressed pause on transaction activity in the face of a tumultuous market environment that just won’t quit. While there seems like an avalanche of uncertainty still to dig through — ongoing Federal Reserve rate hikes, stock market volatility, geopolitical risk, cap rate inflation, to name but a few — could we see an eventual thaw in the frozen capital markets next year?

A recent client survey conducted by Marcus & Millichap’s Institutional Property Advisors (IPA) division found the availability of financing remains a top concern among investors for next year. As such, a report from IPA Capital Markets— led by Evan Denner as the division’s head of business—and shared exclusively with Commercial Observer— outlines some potential capital markets trends to likely come down the pike next year. Based on the assumptions that the Fed will slows its roll when it comes to rate hikes, there’s modest weakening in the economy (rather than a fall off a cliff) and no other black swan events headed our way, the good news is a gradual thaw will likely occur in 2023. The report was authored by IPA Capital Markets senior managing director Steven Buchwald.
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