The TreppWire Podcast: A Commercial Real Estate Show 330. Go Where the Herd Isn’t: CRE Multifamily Insights & Realities with Sam Tenenbaum, Cushman & Wakefield
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May 28, 2025 Sam Tenenbaum, Head of Multifamily Research at Cushman & Wakefield, brings his expertise to the table, shedding light on current trends in the multifamily real estate market. He discusses the evolving Austin market dynamics and contrasts them with other cities. Tariffs' impacts on industrial and retail sectors are explored, revealing a complex interplay between supply and demand. Tenenbaum also delves into consumer borrowing conditions, rising delinquency rates, and the added pressure of increasing insurance costs, providing a comprehensive view of the multifamily landscape.
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Sam's CRE Origin Story
- Sam Tenenbaum entered commercial real estate by convincing someone his degree was close enough to real estate.
- His passion for research and multifamily focus drives his work at Cushman & Wakefield.
Multifamily Market Outlook
- Multifamily volumes are up 25% year-over-year and pricing has mostly stabilized hovering around a 4% to 4.5% 10-year Treasury.
- A rise in the 10-year rate to around 5% could cause a further decline in multifamily pricing.
Austin's Supply Surge Impact
- Austin's multifamily market grew dramatically, increasing units from about 200,000 to 300,000 in a short span.
- This fast supply buildout caused rent underperformance, making Austin more affordable than many Texas peers.