SVN North Star

SVN North Star As commercial real estate professionals with SVN North Star, we specialize in helping people improve life and business through real estate transactions.

Economic Update - SENIOR RENTERS FAVOR MULTIFAMILY• According to a recent analysis by Chandan Economics, published in pa...
05/29/2026

Economic Update - SENIOR RENTERS FAVOR MULTIFAMILY

• According to a recent analysis by Chandan Economics, published in partnership with Arbor Realty Trust, senior renters (65+) accounted for 17.4% of renter households through 2024, with 54.4% living in Multifamily properties, split between small (28.1%) and large (26.3%) buildings.

• Senior renters are notably more concentrated in large Multifamily than the broader renter population. 26.3% of senior renters live in large Multifamily buildings, compared to just 17.0% of all renters. This likely reflects life-stage dynamics such as downsizing and a preference for amenity-rich, lower-maintenance environments.

• Las Vegas, NV, and North Port-Sarasota, FL, lead as established senior-renter destinations. Boise, ID, Greenville, SC, Knoxville, TN, and Charleston, SC, are emerging markets recording strong recent in- migration from senior renters.

• Many leading destinations share a common profile: smaller or secondary metros offering lower taxes, relative affordability, and accessible amenities — a combination increasingly relevant for Multifamily investors tracking demographic-driven demand.

Economic Update - CMBS DELINQUENCIES• According to Trepp, the CMBS delinquency rate edged down one basis point in April ...
05/28/2026

Economic Update - CMBS DELINQUENCIES

• According to Trepp, the CMBS delinquency rate edged down one basis point in April to 7.54%, following a 41 bps increase in March. The delinquency rate is up 90 bps year-over-year.

• CMBS delinquency rates moved in opposite directions across property types in April, with two of the five major sectors increasing and three declining. The five largest newly delinquent loans accounted for just over $1.26 billion of the roughly $2.63 billion in newly delinquent loans.

• Multifamily posted the largest monthly increase, rising 56 bps to 7.71%, exceeding last month’s high-water mark, driven primarily by two large loans in San Francisco and New York City going 30 days delinquent. The Multifamily rate is now up 114 bps year-over-year.

• Office declined two bps to 11.69%, remaining near its cycle high. Retail fell 31 bps to 6.31%, Lodging fell 79 bps to 6.52%, and Industrial moved modestly higher, up 31 bps to 0.96%. On a year-over-year basis, Office climbed 141 bps while Lodging fell 133 bps and Retail fell 81 bps.

Economic Update - LOGISTICS MANAGERS’ INDEX• In April, the Logistics Managers’ Index (LMI) rose to 69.9, up 4.2 index po...
05/27/2026

Economic Update - LOGISTICS MANAGERS’ INDEX

• In April, the Logistics Managers’ Index (LMI) rose to 69.9, up 4.2 index points from March’s reading of 65.7 and its highest level since March 2022. The LMI is a key leading indicator for Industrial real estate demand.

• Transportation Prices surged to 95.0, up 5.6 points from March and the second-fastest growth rate for any single metric in the LMI’s nearly 10-year history. Transportation Capacity fell to 28.4, down 10.9 points and the second-lowest reading ever recorded.

• The spread between Transportation Prices and Transportation Capacity reached 67 points in April, the widest gap in the history of the index, indicating the freight market has never simultaneously been tighter or more expensive.

• Warehousing Prices rose to 72.7 and Inventory Costs rose to 74.7. Aggregate costs reached 242.4, the fastest rate of cost growth since April 2022, reflecting broad-based supply chain pressure driven by energy costs and import disruptions.

• Inventory Levels expanded moderately, rising 1.5 points to 56.3, suggesting active demand-side logistics activity is present even as costs accelerate sharply. These conditions historically support better Industrial real estate absorption.

Economic Update - CRE LOAN SPREADS• According to CRED iQ, commercial real estate loan spreads compressed between 12 and ...
05/26/2026

Economic Update - CRE LOAN SPREADS

• According to CRED iQ, commercial real estate loan spreads compressed between 12 and 18 basis points across the four major property sectors over the trailing 12 months through Q1 2026, improving refinancing conditions for borrowers.

• As of March 31st, 10-year CRE spreads over the US Treasury on 60–65% LTV permanent loans stood at 154 bps for Multifamily, 162 bps for Industrial, 176 bps for Retail, and 220 bps for Office.

• Multifamily led the compression, tightening 18 bps from 172 bps in late April 2025. Industrial tightened 12 bps, Retail 17 bps, and Office 17 bps from 237 bps — though the latter’s spreads were particularly sticky through mid-2025, with the most meaningful compression arriving in Q1 2026.

• Despite the improvement, Office remains approximately 66 bps wider than Multifamily and 58 bps wider than Industrial, reflecting continued lender caution around Office credit performance and rollover risk heading into the 2026 maturity wall.

Economic Update - APRIL JOBS REPORT• According to the U.S. Bureau of Labor Statistics, total nonfarm payrolls rose 115,0...
05/25/2026

Economic Update - APRIL JOBS REPORT

• According to the U.S. Bureau of Labor Statistics, total nonfarm payrolls rose 115,000 in April, well above the consensus forecast of approximately 55,000–62,000. The unemployment rate held unchanged at 4.3%.

• Healthcare led job creation for the month (+37,000), followed by Transportation and Warehousing +30,000) and Retail Trade (+22,000). Federal Government employment continued to decline, shedding 9,000 jobs in April.

• The information sector shed 13,000 jobs in April, continuing a longer-run decline of 342,000 positions since November 2022, amounting to approximately 11% of that sector’s workforce.

• Workers employed part-time for economic reasons jumped 445,000 to 4.9 million in April. A single- month increase of this magnitude typically signals employers managing payroll costs by reducing hours rather than cutting headcount outright.

Economic Update - PERSONAL INCOME AND OUTLAYS• According to the BEA, US personal income rose $149.2 billion, or 0.6%, in...
05/22/2026

Economic Update - PERSONAL INCOME AND OUTLAYS

• According to the BEA, US personal income rose $149.2 billion, or 0.6%, in March, the latest month of data availability. Disposable personal income increased 0.6% and personal consumption expenditures rose 0.9% for the month.

• Real personal consumption expenditures (PCE) grew 0.2% month-over-month. The increase in current-dollar PCE reflected a $132.6 billion gain in goods spending and a $62.9 billion gain in services spending.

• The personal saving rate held at 3.6% in March, unchanged from December 2025, suggesting households are not building meaningful financial buffers against continued price pressures.

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