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From the Current Issue

The growing divergence between gateway and secondary markets for multifamily performance

by Chris Nebenzahl and Paul Fiorilla

When the multifamily market’s history is written, the year 2020 will shape up to be a tale of two cities — or at least a tale of two types of cities. Gateway markets (Boston, Chicago, Los Angeles, New York, San Francisco, Washington, D.C., specifically their urban cores) have seen some of the worst performance and sharpest declines in fundamentals in recent history. COVID-19 has forced businesses, restaurants and cultural gathering locations to close, and thus keep individuals at home for long stretches of time.

From the Current Issue

Apartments today and tomorrow: COVID-19 and a new generation tests the resiliency of multifamily

by Lisa Robinson

Historically, commercial real estate has provided the strongest risk-adjusted returns over other investment products, including stocks and bonds, and the real standout performer among the asset classes, in recent years, has been multifamily. Unlike the office, retail and industrial sectors that rely heavily on job growth to support demand, multifamily demand is largely derived from population growth. Additionally, unlike the other asset classes, multifamily fulfills a fundamental human need: shelter. It’s a utility that is immune to the vagaries of the stock market and the economy, which is why, even at the height of the global financial crisis, overall multifamily occupancies never dipped below 92 percent.

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