While the longest government shutdown in U.S. history may be over, the commercial real estate industry will be feeling its impact for some time. From HUD halting originations and approvals to hotel demand drying up and data going away, the pain has been widespread.
And it will continue to impact underwriting and kill deals, especially in the multifamily realm, Origin Investments co-CEO Michael Episcope said.
Roughly 2,000 multifamily starts were delayed as HUD went dark, he said. That doesn’t get resolved immediately and will impact rent growth.
“You have to assume that there’s going to be lower demand as a result of this government shutdown,” Episcope said on this week’s show.
Bisnow Reports