Berkshire Hathaway HomeServices Professional Realty Commercial Division NKY

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Berkshire Hathaway HomeServices Professional Realty Commercial Division NKY

FULL SERVICE COMMERCIAL REAL ESTATE BROKERS, INCLUDING PORTFOLIO MANAGEMENT. GOOD ENOUGH IS UNACCEPTABLE

Jim Carmichael is a seasoned commercial and investment real estate professional with a diverse background and an inspiring journey. A proud US Navy veteran, Jim served on the fast attack submarine USS Oklahoma City (SSN-723) before transitioning into a civilian career. Jim's journey into real estate began with mobile home sales, where he quickly rose through the ranks and achieved multiple sales awards. After the 9/11 attacks, he transitioned into commercial real estate, working with Marcus & Millichap, Sperry Van Ness & First Commercial Realty before joining Prudential Commercial Real Estate in 2013 which was bought by Berkshire Hathaway Homeservices. It was during this time that he found his true calling in commercial and investment real estate, as well as property management. Today, Jim leads a successful team of agents and has built a robust portfolio of investments, including a flooring company and other ventures. He is passionate about helping clients find the right opportunities and prides himself on providing exceptional service and expertise. Outside of his professional life, Jim enjoys traveling, fine dining, attending concerts, and riding motorcycles with his partner, Stephany Parker. He attributes his personal and professional growth to strong relationships, valuable mentorship from his broker David Mussari, and a deep sense of gratitude and faith. With an unwavering dedication to his clients and a keen eye for opportunities, Jim Carmichael is the go-to expert for all your commercial and investment real estate needs. Connect with Jim today to learn more about how he can help you achieve your real estate goals.

09/28/2026

From CRE Daily:

CRE Heads Into 2027 With Capital to Spend, But Not Everywhere

Commercial real estate is heading into 2027 with more capital in motion, but Deloitte says disciplined deployment, not indiscriminate spending, will define the next cycle.

By the numbers: Deloitte surveyed 950 CRE executives, with 51% expecting revenue growth above 5%. Nearly 80% plan to upgrade or reposition assets over the next 12 to 18 months, while more than 90% say tax strategy is—or will become—central to investment decisions.

Capital is moving: Cost and availability of capital and elevated interest rates remain the industry’s biggest concerns. Still, cross-border CRE investment rose 18% year over year in Q1 2026, and nearly 80% expect to increase real-asset investment by early 2028. The U.S. ranked as the top international investment target.

The great portfolio sort: Demand is increasingly concentrating in modern, well-located properties, pushing owners to separate winners from laggards. Logistics and warehousing led respondents’ list of opportunities, followed by digital economy properties, while neighborhood retail climbed sharply and hotels lost ground.

Tax joins the investment committee: More than 60% plan to shift capital toward jurisdictions or assets with stronger tax incentives. Deloitte says bringing tax strategy into deals earlier could help owners capture incentives, improve cost recovery and boost after-tax returns.

AI meets the leadership gap: More than 90% expect to increase data and technology spending, but just 8% say AI solutions are integrated. Meanwhile, 67% rank AI and data fluency among the most important skills for future CRE leaders—a growing priority as 59% of U.S. CRE leaders approach retirement age within the next decade.

➥ THE TAKEAWAY

2027 rewards selectivity: The playbook is increasingly asset-by-asset: invest where demand supports it, exit where the economics don’t work, and bring tax and AI strategy deeper into the decision-making process.

09/24/2026

From CRE Daily:

Inflation Protection in CRE Comes Down to Lease Rollover

CRE can hedge inflation, but Altus Group research shows the real protection depends on whether leases turn rising market rents into cash flow.

By the numbers: Altus analyzed 91 quarters of valuation data through Q2 2026, examining 16 subtypes across industrial, retail, and office. The goal: determine whether gaps between market and contract rents eventually translate into income growth.

The rent gap reality: A spread between market and in-place rents can signal upside, but owners only capture it when leases reset. That makes lease rollover the critical link between rising rents and actual income.

Industrial’s warehouse advantage: Industrial’s inflation-hedge reputation is largely a warehouse story. Warehouses showed a significant relationship between rent gaps and future income growth, while flex properties showed little evidence of the same dynamic.

Retail is a mixed bag: Malls showed evidence of converting rent gaps into future income growth, while several strip-center formats did not. Similar market-rent growth can produce very different cash-flow results depending on lease mechanics.

Office breaks the pattern: Office rent gaps generally failed to translate into stronger future income growth. The trend predates the pandemic and persisted after accounting for occupancy changes, making embedded rent upside less reliable.

Underwriting gets granular: Investors should look beyond sector labels and focus on whether meaningful rent gaps exist, how frequently leases roll, and whether those resets have historically produced income growth.

➥ THE TAKEAWAY

It’s all in the lease: CRE’s inflation protection isn’t simply about owning the right property type. The strongest hedges are assets whose lease structures can reliably turn higher market rents into higher cash flow.

09/24/2026

COMMERCIAL REAL ESTATE AGENTS: What if you didn't have to source every opportunity yourself?

The Carmichael Group at Berkshire Hathaway HomeServices Professional Realty is looking for one experienced Ohio commercial real estate agent to join our team.

Not five.

Not ten.

One.

I'm looking for someone who already understands commercial real estate and wants a platform to help them do more business.

I can bring opportunities to the table.

That includes potential:

• Commercial sales
• Buyer and tenant representation
• Leasing assignments
• Investment properties
• Multifamily
• Industrial and flex
• Retail
• Land and development opportunities
• 1031 Exchange-related transactions
• Property-management relationships

And you'll have the strength of the Berkshire Hathaway Homeservices Professional Realty - Carmichael Group brand behind you.

This is still a traditional brokerage environment. You maintain your professional identity and build your own book of business.

The difference is that you aren't operating on an island.

I want an experienced commercial agent who understands that relationships compound, leasing creates future sales opportunities, and one good commercial client can generate business for years.

If you're already producing but believe you could do considerably more with the right opportunities, relationships and support, I'd like to have a confidential conversation.

Message me directly.

The Berkshire Hathaway Homeservices Professional Realty - Carmichael Group

09/23/2026

From CRE Daily:
Office Pain Moves From Vacancies to Losses
The office downturn is entering its reckoning phase as high borrowing costs and maturing debt force owners and lenders to recognize years of lost value.

By the numbers: U.S. office CMBS delinquencies hit 12% in August, near a record. About $64B of office CMBS debt matures this year and next, with nearly $40B delinquent, in default, or on watchlists.

Chicago's $500M haircut: 601W Cos. bought Chicago's Aon Center for $712M in 2015. The tower is now appraised at just $195M, and its owner was recently denied a three-year loan extension.

Extend and pretend meets the end: Lenders spent years extending troubled loans while waiting for lower rates and an office rebound. With borrowing costs still elevated, owners increasingly must inject fresh capital or hand properties back to lenders.

A tale of two office markets: Manhattan and San Francisco are benefiting from finance, tech and AI demand, while weaker downtowns remain under pressure. Chicago's office vacancy sits at 27%, while downtown Denver has reached 39%.

Reset prices bring buyers back: Steep discounts are attracting fresh capital. 601W and a partner bought 175 West Jackson for $41M, nearly 90% below its pre-COVID price, while other investors are acquiring distressed properties and debt at similarly deep discounts. PGIM Real Estate recently made its first San Francisco office investment in years, a building Soultana Reigle, PGIM's head of US equity, said on No Cap that the firm bought "for about a quarter of the price that the same building was under contract for" in 2020.

The fallout spreads: Falling office values are shrinking property-tax bills and shifting the burden elsewhere. Meanwhile, CoStar expects 11.5M SF of Chicago-area office space to be demolished through 2031.

➥ THE TAKEAWAY

Price discovery is replacing patience: Maturing loans are finally forcing losses into the open, but sharply lower prices are also bringing buyers back. The next office cycle will be less about whether office “comes back” and more about which buildings are worth saving.

09/22/2026

From CRE Daily:
Apartment Landlords Face a $1.8T Debt Reckoning
America’s apartment boom is colliding with a refinancing wall as higher borrowing costs and falling property values squeeze landlords.

By the numbers: More than $1.8T in multifamily debt comes due over the next decade, including roughly $757B through 2028. Nearly $300 billion matures in 2026, after a record $310 billion came due last year.

The refinancing squeeze: Many landlords borrowed at rates around 3% in 2020 and 2021. Refinancing today can mean rates closer to 6%, potentially adding millions to debt costs and forcing some owners to sell rather than inject more capital.

How we got here: Multifamily became a pandemic-era favorite as rents surged and investors fled other property sectors. But a construction boom—particularly in Sunbelt markets such as Phoenix, Atlanta, and Austin—slowed rent growth just as interest rates climbed.

Distress is rising: Multifamily CMBS delinquencies have climbed from 1% in October 2023 to 7.1% this year, according to Morgan Stanley. Apartment values are also more than 20% below their 2022 peak, putting additional pressure on leveraged owners.

Extensions are running out: For years, lenders extended troubled loans hoping rates would fall and rents would recover. Now, lenders are becoming more willing to foreclose or force restructurings as their balance sheets strengthen and rent-growth expectations improve.

Opportunity knocks: Cash-rich buyers are beginning to scoop up distressed properties at steep discounts. Cityview, for example, is buying a renovated Dallas-area apartment complex from a lender at roughly a 40% discount following foreclosure.

➥ THE TAKEAWAY

Multifamily’s debt problem is becoming a buying opportunity: The refinancing wall could force weaker owners to sell quality properties at lower valuations, creating an increasingly attractive pipeline for investors with dry powder.

09/21/2026

From CRE Daily:
Blackstone Seeks Liquidity Fix for $11B Real Estate Fund
Blackstone is exploring a more organized way to give investors liquidity in one of its biggest real estate funds as the CRE market works through its post-rate-hike hangover.

A secondary solution: Blackstone is discussing a potential secondary sale for its $11B U.S. fund managed by Blackstone Property Partners. The deal could let existing investors sell their stakes rather than wait for the fund to generate liquidity.

Why it matters: Higher interest rates pushed property values down and redemption requests up, leaving open-ended real estate funds in a bind. Secondary sales offer another way to provide cash without unloading properties at discounted prices.

Keeping investors on board: Blackstone has been working to retain capital across its $57.7B BPP strategy, including offering a 30% management-fee reduction to investors that kept redemption requests below a specified threshold.

Signs of a rebound: Blackstone says its U.S. core-plus strategy is gaining momentum, helped by the CRE recovery and growing exposure to data centers and digital infrastructure, now BPP's largest sector exposure.

Still below the peak: The recovery has a ways to go. CRE values remain roughly 25% below their previous peak, according to JPMorgan, although AI-driven data center demand has provided a bright spot.

BREIT's comeback: Blackstone's BREIT faced a similar liquidity squeeze after limiting redemptions in 2022. It returned to full redemptions in 2024, posted net inflows this February and has delivered an 11.2% return over the past 12 months.

Not just Blackstone: Invesco is pursuing a similar strategy, offering investors in its U.S. core real estate fund a potential exit through a tender offer while also cutting management fees.

➥ THE TAKEAWAY

Liquidity is becoming its own strategy: Secondary transactions could give investors an exit without forcing fund managers to sell properties before values fully recover—buying Blackstone something nearly as valuable as capital: time.

09/18/2026

From CRE Daily:
Multifamily Pullback Drags U.S. Housing Starts Near Pandemic-Era Lows
By the numbers: Housing starts fell 2.6% to an annualized 1.28 million units, below the 1.32 million forecast. Multifamily starts plunged nearly 22%, while single-family construction jumped 7.6% to 918,000 units, its strongest pace since March.

The pipeline is thinning: Building permits fell 2.7%, including a 1.8% decline for single-family homes. Completions dropped nearly 12% to their slowest pace since late 2018, signaling continued construction weakness.

Rates keep biting: Mortgage rates nearing 7% are squeezing affordability and builder confidence. Elevated inventories are also giving developers less reason to accelerate new construction.

Builders sweeten the deal: More builders are cutting prices and offering incentives to support sales. Lennar reported lower revenue and new orders, with discounting also weighing on margins.

Economic drag: Residential construction has reduced economic growth in five of the past six quarters. The Atlanta Fed estimates residential investment could shave 0.16 percentage point from third-quarter GDP growth.

Regional split: Starts fell 1.3% in the South but reached a five-month high in the West. The Midwest saw stronger single-family activity alongside a sharp multifamily slowdown.

➥ THE TAKEAWAY

Apartments hit the brakes: Fewer multifamily projects breaking ground could eventually ease the supply pressure facing existing apartment owners. But with high borrowing costs also constraining demand and development, the near-term picture remains a balancing act.

09/17/2026

From CRE Daily:
The Fed Hikes Rates, Extending CRE’s Higher-for-Longer Era

The Fed just raised rates for the first time in more than three years, adding another hurdle to commercial real estate’s already complicated capital markets recovery.

By the numbers: The Fed raised its benchmark rate 25 basis points to 3.75% to 4%, its first hike since July 2023. Policymakers signaled another increase could come this year as inflation remains elevated, with the Fed now projecting a return to its 2% target in 2029.

The 5% problem: For CRE, the bigger concern isn’t the quarter-point hike. It’s that rate relief remains distant. With the 10-year Treasury above 5%, higher financing costs could pressure cap rates, development, and deal volume.

What CRE experts say: The bigger question is what happens to long-term rates. Parkview Financial CEO Paul Rahimian noted that 10-year Treasuries “really control real estate valuations and capital markets,” and said the Fed’s tougher stance on inflation could ultimately help bring Treasury yields down.

Refi pressure builds: Owners facing near-term maturities, floating-rate debt, or loan extensions face the most pressure. Higher rates could force more borrowers to inject equity, restructure, or sell, especially when property values no longer support existing debt. Baker Tilly Principal Brent Maier said the hike could accelerate the shift away from “extend and pretend,” with lenders increasingly requiring borrowers to inject equity, restructure debt or sell.

Multifamily gets squeezed: Higher rates could slow apartment deals while driving more lender-led sales. Sellers facing maturities are becoming more flexible on pricing, helping narrow the bid-ask gap and creating opportunities below replacement cost.

Not all CRE is equal: Industrial, data centers and infrastructure continue attracting capital, while marginal developments face more pressure. Increasingly, the divide comes down to fundamentals, leverage and debt maturities.

➥ THE TAKEAWAY

Price discovery ahead: The Fed’s hike adds another hurdle for borrowers already under pressure. That stress could eventually push buyers and sellers closer together.

09/15/2026

How did they create the criteria for approval?

From CRE Daily:

Data Center Debt Is Flooding the CMBS Market
AI’s infrastructure boom is pouring billions into CMBS, but investors are discovering that underwriting megawatts, cooling systems and chip cycles is a very different game from financing offices and apartments.

By the numbers: Data-center CMBS issuance has hit $17B since 2025, more than triple the prior two years. The sector now accounts for 8% of new CRE bond deals, and Citigroup forecasts $18B to $20B in issuance next year.

A new underwriting playbook: Traditional CRE fundamentals still matter, but investors must also weigh power, grid capacity, cooling and computing density. Location has a new meaning, too: access to cheap, reliable electricity can matter more than transportation, amenities, or proximity to cities.

Tenant risk gets complicated: Many deals are backed by highly specialized properties with limited tenant transparency. If a hyperscaler leaves, replacing it could require costly electrical and cooling upgrades, adding another layer of risk for investors.

Technology moves faster than real estate: Perhaps the biggest wildcard is obsolescence. New AI chips can require more power and cooling, potentially making newer facilities outdated within years rather than the decades typical of conventional real estate.

Investors want more yield: The market is pricing in that uncertainty. AAA data-center CMBS spreads average 165 basis points, according to Barclays, versus 93 for office, 105 for retail and 125 for industrial, with several recent deals pricing wider than expected.

The supply question: Big Tech has issued more than $429B in debt this year to fund the AI buildout, with more data-center financing ahead. Demand still exceeds supply, but investors are watching for financing fatigue and potential overbuilding.

➥ THE TAKEAWAY

More than real estate: Data centers may be CRE’s hottest asset class, but they’re also rewriting the rules of risk. For CMBS investors, power capacity and technological staying power could matter just as much as tenants and cash flow.

09/14/2026

From CRE Daily:

J.P. Morgan’s $1.1B Raise Adds Fuel to the Net Lease Revival
J.P. Morgan’s oversized net lease fund is the latest signal that investors are moving off the sidelines as transaction activity rebounds and durable cash flow comes back into focus.

Big money, bigger appetite: J.P. Morgan Asset Management closed Net Lease Real Estate Fund II with $1.1B in commitments, more than double its $500M target. The fund attracted institutional and private wealth investors globally, with more than half new to J.P. Morgan’s Real Estate Americas platform.

Where the money is going: The fund targets single-tenant industrial and IOS assets with long-term triple-net leases, capitalizing on manufacturing growth, onshoring, and sale-leaseback activity. It builds on J.P. Morgan’s expanding IOS platform, including a $700M joint venture with Zenith IOS.

The market is moving with it: Single-tenant retail transaction activity jumped more than 23% in 2025 and continued climbing through mid-2026. For the 12 months ended in June, deal count reached a record while dollar volume ranked second only to 2022. Transaction volume now stands 64% above the 2014-2019 annual average.

Private capital sets the pace: Private investors accounted for 73% of single-tenant retail dollar volume during the year ended June 2026. Their investment volume has risen 37% in a little over two years, while individual asset investment increased 13% year over year. Portfolio activity, meanwhile, fell 16%, pointing to a more selective deal environment.

Certainty commands a premium: Assets with more than 15 years left on their leases averaged a 5.9% cap rate, versus 7.4% for properties with fewer than five years remaining. Investors are also placing a greater premium on stronger tenant credit. That preference for long leases and dependable tenants lines up neatly with J.P. Morgan’s institutional strategy.

➥ THE TAKEAWAY

Bigger-picture: Net lease is increasingly becoming a cash-flow play rather than an interest-rate play. J.P. Morgan’s focus on long leases, industrial demand, and sale-leasebacks shows where major investors see the best risk-adjusted opportunities.

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