September Job Numbers Come in Well Below Expectations
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
The employment picture and unemployment rate changed little in September, the Bureau of Labor Statistics said Friday. Nonfarm payrolls increased by 29,000 for the month, while the unemployment rate ticked up to 4.2%.…
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