Research

TD Bank’s Andrew Warren discusses affordable housing challenges and opportunities

by Andrea Zander

The affordable housing sector is navigating a challenging environment, with rising costs, higher interest rates and growing pressure on developers and service providers. At the same time, demand for affordable housing continues to increase. TD Bank released a survey of 238 affordable housing professionals, uncovering cautious optimism for 2026 despite ongoing policy and cost concerns. The survey found that 62 percent of respondents are optimistic that affordable housing developments will rise nationally next year, with the strongest demand expected in multifamily housing (64 percent), housing for seniors (58 percent), and workforce housing for essential and middle-income workers (50 percent). High construction costs (55 percent), federal policy changes (50 percent) and tariff-driven price increases (39 percent) were cited as the top barriers to development, while 60 percent said changes to Section 8 will affect plans — 84 percent of them anticipating a negative effect. Still, 52 percent of respondents are confident that access to affordable housing will expand nationwide, and one-third believe the challenging market will not affect their development pipeline. In an interview with IREI, Andrew Warren, senior vice president and leader of the Community Development Lending vertical at TD Bank, shared his perspectives on market sentiment, evolving challenges and the sector’s outloo

Investors

REALM CEO Travis King on why office real estate’s next cycle looks strong

by Andrea Zander

Momentum is returning to the U.S. office market as major cities like New York; San Francisco; and Washington, D.C., show improving fundamentals and renewed investor confidence. Office building sales climbed nearly 21 percent last year — reaching $64.3 billion, according to MSCI Real Assets — signaling a shift in sentiment as tenants gravitate toward high-quality, well-located space and central business districts regain their footing. For REALM, a direct real estate investment platform backed by more than 80 family offices with more than $10 billion in combined assets under management, this resurgence underscores the strength of its value-added, middle-market strategy. REALM CEO Travis King shares his perspective on what’s driving the recovery, where opportunities are emerging and how family offices are reshaping the future of direct real estate ownership.

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