Daria Walker, founder and managing principal of Walker Realty Capital, is set to take the stage at GlobeSt.com’s Women of Influence conference in Denver this July, sharing her insights on the evolving landscape of commercial real estate at a time of profound change. As a featured speaker on the “Examination of Capital Markets” panel, Walker brings a perspective shaped by both entrepreneurial grit and a keen understanding of industry shifts.
Walker’s journey into entrepreneurship began in 2021, a leap she credits to the encouragement of a key client and the guidance of mentors who recognized her ability to shepherd deals from origination to closing. Despite her initial concerns about securing enough capital and deal flow, Walker’s client provided the critical early business and referrals that allowed her to launch Walker Realty Capital with confidence. A surge of activity marked her first year in business, as investors rushed to close deals ahead of anticipated interest rate hikes, resulting in a remarkable $20 million to $30 million in closed transactions.
Now, Walker observes the CRE market in a period of adaptation following the doubling of interest rates over the past two years. The initial shock, she notes, led to a market freeze, but investors are beginning to adjust to the new normal. Refinancing activity is picking up, even as acquisitions remain muted, and the dynamics have shifted to favor buyers who have weathered the recent volatility. “It’s a buyer’s market now,” Walker says, emphasizing that those with patience and discipline are finding new opportunities.
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One of the most significant trends Walker identifies is the rapid consolidation among regional banks. She points to industry forecasts suggesting that as many as 60 percent of these lenders could vanish within five years due to mergers. While some view this as an opportunity for borrowers to negotiate better terms in the short term, Walker warns that fewer lenders will ultimately result in less competition, wider loan spreads, and a sustained higher-rate environment, regardless of the Federal Reserve's actions.
Still, she remains cautiously optimistic that a swift shift in economic conditions could bring about lower rates by the end of 2025.
The wave of bank mergers brings another, often overlooked, consequence: widespread layoffs.
Walker is particularly concerned about the impact on seasoned professionals—those with 25 or 30 years of experience—who are often the first to be let go, sometimes due to ageism or other biases. The loss of these professionals, along with their client relationships and institutional knowledge, is a blow to the industry.
Yet, Walker sees a potential silver lining. As banks eventually rehire, the industry’s makeup could shift, creating new opportunities for women and other underrepresented groups to take on leadership roles in a space long dominated by men.
Examining the outlook for various CRE asset classes, Walker presents a nuanced perspective. She expects retail properties to remain stable, provided landlords avoid aggressive rent hikes. Multifamily, however, could face rising delinquencies, a legacy of what she describes as “predatory” investment practices and a lack of reinvestment in properties. Industrial real estate remains the safest bet, though its fortunes are tied to broader trade relations.
After a period of steep declines, Walker believes office properties could be poised for a comeback, as lower valuations lure investors and more companies mandate a return to the workplace. Meanwhile, sectors such as self-storage and mobile home parks may face headwinds from new regulations and stagnant growth, particularly as private equity involvement leads to increased oversight.
As she prepares to address her peers at the Women of Influence conference, Walker is keenly aware of the challenges facing commercial real estate, yet she is also attuned to the opportunities that change can bring. Her story is one of resilience, adaptability, and a belief in the power of mentorship and market insight to drive new possibilities in an industry in flux. Walker will be speaking in the Capital Markets Session at 12:15 pm. Register for her session HERE.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
