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Hodes Weill's 2024 Market Commentary

When you come to a fork in the road, take it


The start of a New Year is an opportune time to step back and share some insights into the real estate and real assets investment and fundraising markets and offer our outlook for the days ahead. 2024 proves especially complicated to interpret given the complexity of the market and the often-contradictory signals it has been sending.  We are witnessing a shift in yields and higher cap rates due to the higher cost of credit while at the same time, the economy, the consumer, and real estate operating fundamentals are proving to be resilient.


This year we have decided to depart from the typical format we’ve used over the past fifteen years with our list of “Top Ten” thematic observations. For the 2024 edition of our Market Commentary, we wanted to provide more context for the current market environment that we’re facing. We’ll delve into specific market themes in upcoming commentaries prepared by the global Hodes Weill team throughout the year.


We presented our first Market Commentary in 2010 shortly after we established Hodes Weill, when investors and managers were dealing with the aftermath of the Global Financial Crisis (“GFC”). We referred to it then as a “3-D” environment: dislocation, dysfunction, and distress across the global economy, the capital markets, and real estate and other private/alternatives portfolios. To many investors, leveraged real estate was the primary contributor to the GFC, and for many others, real estate was the problem allocation in their portfolios. Consequently, many institutions remained on the sidelines for several years, contributing to the liquidity issues then facing the industry.


Read the complete 2024 Market Commentary below:



Market Commentary 2024 FINAL
.pdf
Download PDF • 1.63MB


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