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Commercial Real Estate Market - Is the Fed Fund Rate Up?
As of mid March as we're sitting here recording this conversation, the Fed has raised benchmark rate eight times and that's the single fastest pace in a year since the 80s. While high interest rates have had numerous effects on the market, if we overlay that on the commercial real estate market, I feel like I saw two broader themes playing out every step of the way. The first theme really throughout 2022, surprisingly, not as much in 23 so far, was a constant downward pressure on pricing.