LightBox recently wrote that a number of factors suggest that CRE professionals avoid overconfidence. Stifel investment banking firm Keefe, Bruyette & Woods (KBW) went further, believing the industry is headed for a hard landing.

But more specifically, each had something to say about multifamily. KBW frames the view investors and developers have had of the sector — one of the two unstoppable darlings of the pandemic period. “For the past 15-plus years, multifamily (i.e., the apartment sector) has been perceived as a safe haven asset class as it offers an inflation hedge and fulfills the essential need of housing,” they said. “Alongside growing institutional allocations to CRE, frothy markets bolstered by low interest rates, and surging rental demand coming out of the pandemic, this sentiment caused multifamily valuations, transaction volumes, and construction pipelines to reach record highs in 2021 and through mid-2022.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erik Sherman



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.