Erik Sherman

Massachusetts

Biz/econ/finance/tech/politics writer. Art, food, craft. Pitches: query at eriksherman dot com. DMs open. Cranky is as cranky does and I do often.

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Articles

Blackstone Says Tariffs Are Affecting CRE Investment

3 days ago | globest.com | Erik Sherman

Blackstone’s recent earnings call raises questions about how tariff implementations have affected commercial real estate investment. In short, the giant asset manager says the waterfall of causes and effects are slowing down what was starting to build into a recovery. Blackstone had been looking more positively at where CRE was moving. Its 2024 Q4 was hot with year-over-year net income up by 1117%. The whole of 2024 saw a 1225% increase. Not for real estate performance itself.
Economists Continue Raising the Likelihood of Tougher Economic Times

3 days ago | globest.com | Erik Sherman

Not all economists think that inflation or maybe stagflation, and then a bout of recession, are on the way. Many are, though, and the odds are increasing. Adam Posen, president of the Peterson Institute for International Economics and a former official at both the Federal Reserve and the Bank of England, said in a speech, “We may get recession, we may not, but we are going to get inflation either way,” according to a MarketWatch report.
Prologis Expects Increased Warehouse Demand Because of Tariffs and Trade Wars

3 days ago | globest.com | Erik Sherman

Some big names in CRE are concerned about how tariffs and trade wars are affecting investment and at least the immediate future. “I think [conditions] can change very quickly with policy changes,” said Blackstone President and Chief Operational Officer Jonathan Gray in a recent earnings call. “There's just a lot of underlying momentum.
Opportunity Zones Doubled Affordable Apartment Growth. Now Its Expiration Looms

6 days ago | globest.com | Erik Sherman

Tax incentive programs sometimes don’t seem to deliver on their promise. That’s not the case with the Opportunity Zone (OZ) program, part of the Tax Cuts and Jobs Act of 2017. Now, the question is whether some new version of the original concept, which faces its planned expiration date, will pass Congress and be signed into law. According to a CoStar analysis, OZs helped achieve completion rates for low-income household multifamily units at more than twice the national pace before the program.
Proptech Answers Customer Demands for Essential Tools Over Shiny Point Solutions

6 days ago | globest.com | Erik Sherman

After overcoming the pandemic and facing the uncertainty of tariffs, proptech is taking a different turn. It is moving from experiments and anything goes to discipline, a practical view of what customers might need, and “more realism on the part of investors,” Jameson Hartman, vice president at RET Ventures, tells GlobeSt.com.
CRE Spreads Widen as Tariffs Drive Lenders to Tighten Credit

6 days ago | globest.com | Erik Sherman

On-and-off-and-on tariffs and the response of other countries have had varying effects on CRE: construction costs, interest rates, insurance premiums, and more. Now Trepp has potentially added credit spreads to the list. Trepp product management analysts Jamie Quach and Valerie Mondschein said that a historical trend of widening credit spreads during times of uncertainty — seen, for instance, during the Covid-19 pandemic — has reappeared in early indicators.
California Mulls Statewide Tax on Vacant Commercial Properties

1 week ago | globest.com | Jack Rogers |Erik Sherman |Anthony Russo

California may become the first state in the nation to impose a statewide tax on vacant commercial properties. Senate Bill 789 would impose a $5-per-square-foot annual tax on buildings that remain empty for 182 or more days, whether consecutive or nonconsecutive, in the calendar year. The bill was introduced by Sen. Caroline Menjiver, who represents Burbank and the San Fernando Valley.
Multifamily Investment Outlook Brightens Amid Stabilizing Rents and Declining Vacancy

1 week ago | globest.com | Erik Sherman |Kristen Smithberg

The U.S. multifamily market in early 2025 is defined by a return to stability and a cautious optimism, as the sector transitions from the turbulence of pandemic-era supply surges toward a more balanced and sustainable footing, according to a new report by CBRE. This search for equilibrium is evident across key market fundamentals: underwriting assumptions, investor sentiment, and supply-demand dynamics are all converging toward a new normal after years of volatility.
Apartment Supply in Some Markets Still to Peak

1 week ago | globest.com | Kristen Smithberg |Erik Sherman |Anthony Russo

After a historic wave of apartment construction, supply appears to have peaked nationally, but some local markets have yet to peak. Most larger construction markets are past their peak, according to a RealPage analysis. Houston, for example, hit an apex in mid-2024, and Dallas, Austin and Phoenix are likely to see supply volumes peak this quarter. However, 13 of the nation’s 50 largest apartment markets won’t see their highest supply volumes until the second half of 2025 or later, the report said.
Cautious Capital, Mark-to-Market Opportunities, and Leasing Trends Are Reshaping the Industrial Sector

1 week ago | globest.com | Erik Sherman |Kristen Smithberg

The industrial real estate market in 2025 is characterized by disciplined optimism, as investors and developers recalibrate their strategies to adapt to a landscape shaped by higher interest rates, selective capital deployment, and evolving tenant demand. The sector, long buoyed by robust fundamentals and strong demand drivers, is now navigating a period where caution and precision have replaced the exuberance of recent years.