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  • Senior Director of EMEA Analytics, Tom Leahy, says the spiraling conflict in Ukraine will most likely only have indirect effects. Mostly these will impact global commercial real estate conditions.
  • Mr. Leahy notes that Russian institutional capital has very little presence in global commercial property markets. Outbound investment flows into foreign commercial property averaging just $330 million over the past five years. Additionally, the analysis notes that global capital exposure to Ukrainian commercial property is minimal.
  • A primary channel by which the conflict is likely to disrupt global markets is through increased energy prices. Once Russia commenced its invasion of Kyiv, Brent Crude prices topped $100 a barrel for the first time since 2014.




  • Chandan Economics indicates that the on-time collection rate for independently operated residential properties was 79.6% in February. This is a slight downtick from January’s mark of 80.8%.
  • February’s slight decrease in on-time payments is consistent with month-to-month variations experienced in prior Februarys. On a year-over-year basis, on-time collections rose by 369 bps.
  • The collections of Gateway markets declined during the month but continue to show improvement from the depths of the pandemic. 79.5% of apartment units in Gateway markets paid their rents on time. This is compared to 79.7% in non-Gateway markets. Compared to one year ago, on-time payment rates in Gateway markets have increased by 474 bps.
  • Sun Belt markets have also started seeing improvement from their underperformance. This is compared to non- Sun Belt regions in the second half of 2021. On-time collections in the Sun Belt stand 60 bps higher than non-Sun Belt regions.




  • According to a new survey from Pew Research Center, remote work remains widespread.
  • 59% are working from home all or most of the time. 18% are working from home part-time. 22% are rarely ever working from home.
  • In October 2020, the results were 71% all the time, 12% sometimes, and 17% never. Of the net -12 percentage point increase in working from home all of the time. A slight majority shifted into hybrid work setups.
  • A majority of remote-capable workers remaining in work-from-home setups speaks to its permanence in the workplace of tomorrow.
  • 64% report an easier time balancing work responsibilities and personal life. However, a nearly equivalent share (60%) report feeling less connected to their co-workers.




  • The Federal Housing Finance Agency (FHFA) announced that home prices rose by 3.3% between Q3 and Q4 2021. Prices have risen by 17.5% from Q4 2020.
  • The FHFA noted that the increase from Q3 to Q4 2021 was not as rapid as price increases seen in the earlier quarters of the year. However, it continues a decade-long positive annual appreciation experienced since the end of the Great Financial Crisis.
  • Home prices rose in all 50 states and the District of Columbia over the past four quarters. Arizona (27.4%), Utah (27.1%) and Idaho (27.0%) led all states in home-price increases. Florida (25.6%) and Tennessee (24.1%) were close behind. The lowest price appreciations over the past four quarters were in the District of Columbia (6.6%), Louisiana (10.2%), North Dakota (10.3%), Maryland (10.8%), and Alaska (11.3%).
  • Cape Coral-Fort Myers, FL (24.6%) led all price increases on a metro level, while the weakest price increases were in Frederick-Gaithersburth-Rockville, MD (8.5%).




  • Sales of new single-family homes rose to a seasonally adjusted annual rate of 801k in January, according to the Census Bureau and Department of Housing and Urban Development.
  • January’s rate is 4.5% below the revised rate for December 2021, which charted a rate of 893k during the month. Home sales are up by 19.3% year-over-year.
  • The median sales price for new homes sold in January was $423k, while the mean sales price was $497k.
  • A seasonally adjusted estimated 406k homes were for sale at the end of January, a supply of 6.1 months at current sales rates.




  • Existing single-family homes rose by 6.7% month-over-month in January to a seasonally adjusted annualized rate of 6.5 million, according to National Association of Realtors (NAR). The sales increased in all US regions.
  • Housing inventory fell 2.3% month-over-month to 860k units in January and 16.5% year-over-year.
  • The median sales price of existing homes rose to 350.3k in January, up 15.4% year-over-year, and is the 119th consecutive month of positive year-over-year price increases.
  • First-time buyers were responsible for 27% of January sales, according to the NAR report, a decline from 30% in December and 33% one year ago.
  • Notably, there has been a sharp decrease in homes priced under $500k, according to NAR economist Lawrence Yun. The shift is expected to result in a mix of homebuyers that are increasingly high-income and will continue to exasperate the challenge of affordability in the housing market.




  • Weekly mortgage rates fell for just the second time in the past two months, according to the latest available data from Freddie Mac’s Primary Mortgage Market Survey.
  • The 30-year fixed-rate mortgage ticked down to 3.89% during the week ending on February 24th, 3 basis points below the rate measured one week before.
  • Rates, including the 30-year fixed, 15-year fixed, and 5-year adjustable rates, have all steadily increased since the middle of 2021. The 30-year fixed rate fell only once since December 23rd, which was a slight 1 basis point decline during the week of January 27th.
  • This is not likely a signal of a notable shift in the direction of mortgage rates, which have increased amid robust loan demand and an expectation of tighter monetary policy on the horizon. The Federal Reserve is expected to raise the benchmark Federal Funds rate by at least 25 basis points in March, and many industry rates have already started to adjust pricing in anticipation. Absent a shift in Fed policy guidance, mortgage rates are likely to see continued upward pressure.





  • Minutes from the Federal Reserve’s January meeting show that the FOMC rate-setting committee is poised to raise interest rates and make efforts to shrink its balance sheet after several years of accommodative monetary policy.
  • While the committee did not raise rates in January, they appear committed to a rate hike during their upcoming March meeting. Most market forecasters are predicting a 25-basis point hike, though an increasing share of participants are predicting as many as seven rate hikes will be needed this year as producer and consumer prices continue to rage across the US.
  • Notably, the Fed’s asset purchase program is scheduled to end in March, setting the table for a reduction of the central bank’s balance sheet. Currently, the Fed is engaged in purchases of $20 billion per month in US Treasuries and $30 billion per month in mortgage-backed securities. The most likely method of decreasing the balance sheet will be to allow bonds to mature without any reinvestment, but some members have signaled a willingness to outright sell mortgages if necessary.




  • According to the Census Bureau, US retail sales totaled $ 649.8 in January 2022. The total represents a month-over-month increase of 3.8% and a bounce back from December’s 2.5% decline.
  • A big takeaway from January’s bounce back is that while sales could be reflecting higher inflation, they are also reflective of a resilient consumer. It also sends the signal that consumption was likely more impacted by another COVID wave over December 2021 than previously thought.
  • The impact of this winter’s COVID wave is also reflected in two consecutive month-over-month decreases in sales at food services and drinking places. Bar and restaurant sales fell 0.6% and 0.9% in December and January, respectively, but remained up tremendously from a year ago.
  • Non-store retailers drove gains, including internet sales and motor vehicle dealers. However, when excluding motor vehicles, retail sales still climbed 3.3%.




  • According to new reporting from Redfin, a record share of homebuyers (32.4%) are looking to change metro areas, measured through January 2022.
  • New all-time high eclipses the previous record of 31.5% set early last year. Moreover, the current relocation share sits well above the pre-pandemic average, when just 26.0% of homebuyers were looking for a change of scenery.Redfin Chief Economist, Daryl Fairweather, believes that the share of relocations should continue rising through 2022. He notes, “with mortgage rates going up and rents skyrocketing, moving somewhere more affordable is one of the only ways for many Americans to stay within their housing budget.”


https://www.pewresearch.org/social-trends/2022/02/16/covid-19-pandemic-continues-to- reshape-work-in-America/
https://www.fhfa.gov/Media/PublicAffairs/Pages/US-House-Prices-Rise-17pt5-Percent-over- the-Last-Year-Up-3pt3-Percent-from-the-Third-Quarter.aspx


About SVN Commercial Advisory Group

SVN Commercial Advisory Group is a full-service commercial real estate brokerage firm. We provide commercial real estate services to large corporations, middle market businesses, and individual entrepreneurial investors. We offer advisory services for selling, leasing, and managing commercial properties locally, regionally, and nationally. Our Advisors provide creative solutions to help you achieve your goal. Collaborative prosperity has long been a hallmark of the SVN culture. The modern and progressive franchise business model is built on the collective strength of collaboration. We are accelerating innovation and growth. Our advisors are driving outsized success for our clients, our colleagues, and our communities.

We set out to:

  • Create amazing value with my clients, colleagues, and community.
  • Cooperate proactively and place my client’s best interests above my own.
  • Include, respect, and support all members of the commercial real estate industry.
  • Honor my commitments.
  • Personify and uphold the SVN brand.
  • Resolve conflicts quickly, professionally, and effectively.
  • Take personal responsibility for achieving my potential.
  • Excel in my market area and specialty. Focus on the positive and the possible.