Research Reports

Find the latest industry reports including reports that have been authored by IREI or by many well-known industry firms.

Report from 2024


Necessity Retail – The Battle-Tested Retail Niche

Following the Great Financial Crisis (GFC) of 2007-2008, “retail” became synonymous with “mall”. This misleading equation grew out of private capital’s shorthand for various shopping center formats, including neighborhood centers, power centers, lifestyle centers, single tenant retail, and yes, malls, among others. By lumping them together, they failed to differentiate retail into its component parts, which have proven historically to perform very differently. This paper focuses on the retail subsector with the strongest and most consistent track record—necessity retail.


Keep Your Eyes on the Prize – Steady Improvement Expected for Multifamily Capital Markets in 2024

The past 1 1⁄2 years have been difficult for the multifamily industry from a capital markets perspective. This is especially the case when making comparisons with the industry’s spectacular late 2020 to early 2022 period of record investment activity, low borrowing costs, and impressive asset appreciation. But keep your eyes on the prize. Multifamily’s capital markets environment — the universe of all debt and equity decisions, valuations, risk pricing, and investment strategies for existing and to-be-built assets — will improve considerably in 2024. Even stronger gains are expected in 2025. Multifamily’s capital markets revival combined with the sector’s long-term market strength based on robust demand will keep multifamily product in a favorable investment position over the long haul. This paper reviews the principal macroeconomic forces underlining multifamily’s recent capital markets dislocation, particularly Federal Reserve monetary policy and market interest rates. It examines the major capital markets challenges within the financing, investment, and asset pricing arenas. It provides views on how the principal drivers and components of multifamily capital markets are likely to trend in 2024 and 2025.

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