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GlobeSt. Multifamily Conference: Is a Recession On The Way?

We sent the Thirty Capital Financial team to Los Angeles to attend the 2022 GlobeSt. Multifamily Conference. There was no shortage of insights shared during both the educational sessions and in casual conversations amongst attendees.

Our team is always excited to meet industry peers, reconnect with clients face-to-face, and gain new industry knowledge. And at this year’s conference, we were able to do that and more.

We asked those who attended to share what they learned during the 2022 GlobeSt. Multifamily Conference and some of their favorite key takeaways. Read below!

Inflation and Interest Rates Will Continue to Rise

Interest rates are on the rise, a trend that is anticipated to continue well into 2023. The Fed has now hiked rates at six straight meetings, which hasn’t been done since 2005. This month, the Federal Reserve raised interest rates by another 75 basis points, the fourth time this year. During the conference, panelists and attendees alike predicted that the Feds will increase rates by another 100 basis points over the course of its next two meetings.

Key takeaway: The commercial real estate (CRE) industry is bracing for what may happen in 2023 as a result of inflation and rising interest rates. CRE borrowers should have reserve resources in the event that rates continue to skyrocket.

A Recession Could Be on the Horizon

Although a recession has not yet been declared, some national experts predict that a recession could happen sometime next year. At the GlobeSt. Conference, panelists and attendees alike agreed with this prediction, though weren’t necessarily excited about it. In some of the conversations we had at our booth, fellow attendees expressed fears about a potential recession. Some also had questions about how to protect their assets should the recession occur.

Key takeaway: Some CRE professionals are beginning to take a good look at their portfolios now to prepare for potential market shifts. Having a plan to protect your assets will be critical in 2023 – especially if an economic downturn occurs.

Demand for CRE Transactions May Decrease

A recession has the potential to reduce demand across all commercial real estate asset classes. As costs and interest rates rise, some investors are limiting their real estate investments (or refraining from purchases altogether). Additionally, some larger commercial real estate firms are waiting until the market dips to deploy their capital.

Key takeaway: Commercial real estate industry leaders are preparing for tighter lending and higher interest rates, which could impact the volume of transactions.

How Thirty Capital Financial Can Help

In the midst of rapidly changing interest rates, Thirty Capital Financial can assist you with interest rate caps and swap terminations. Thirty Capital Financial helps borrowers purchase interest rate caps within an average of 3-5 business days. We help identify cap counterparties, generate cap term sheets, gather and submit KYC (know your customer) information, compile required Dodd-Frank representations, and get caps placed quickly. Additionally, we help borrowers set up automated alerts to eliminate surprises as they approach a springing interest rate cap.

Further, borrowers with legacy LIBOR loans should review their loan docs and consider transitioning to SOFR now (if the docs have fallback language). Thirty Capital Financial can assist you with the transition from LIBOR to SOFR.

Overall, the 2022 GlobeSt. Multifamily Conference was a success. Our team gained valuable information that we are still discussing with other commercial real estate professionals in our network. Have questions about our take-aways or want to connect on any of the topics? Please contact us!

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