Commercial Observer
GreenBarn’s David Welsh and David Schonbraun Aren’t Afraid of a Little Complexity
Via Commercial Observer · September 1, 2026
Compiled by Real Estate Trail Editorial · September 1, 2026
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
Excerpt from Commercial Observer:
A lot happened in the world in 2020: some bad, some ugly but also some good. Amid the tumult and upheaval came some new shoots — “green” ones, so to speak — and, a few years after that, a pairing of two industry veter…
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