适应变化:更高的利率如何塑造商业房地产投资策略
桃树集团最近有幸邀请了商业房地产行业的著名专家大卫·比特纳参加我们的季度市场更新电话会议。作为领先的商业房地产顾问纽马克的全球研究主管,大卫对商业地产(CRE)持续转型的见解非常宝贵。他的讨论概述了商业房地产市场的重大转变,强调了从全球金融危机(GFC)后的低利率环境向重塑投资策略的更高利率时期的过渡。
对话的要点包括:
- 利率和市场转型:从历史最低利率向 “更正常的利率模式” 的转变,凸显了长期利率下降时期的结束。这种转变可能会减少先前抬高资产价格和支持各种投资策略的不利因素,从而影响包括商业房地产在内的所有风险资产。
- 对CRE和投资的影响:随着利率的上升,借贷成本增加,影响房地产投资的估值和可负担性。这种转变可能导致更高的资本化率(上限利率),并改变投资回报的动态,这使得投资者相应地调整策略至关重要。浮动利率债务曾经被认为是一种更便宜的选择,但由于利率上升,可能不再是最经济的选择。
- 市场波动与机会:尽管随着市场适应新的利率环境,预计其波动性将增加,但它也带来了一线机会。这可能带来风险和机遇。尽管一些投资者可能会面临挑战,但那些拥有 “干粉” 或现成资本的投资者可能会找到有吸引力的市场切入点,从而在变化中培养乐观情绪。
- 长期展望和战略调整:投资者需要为持续的更高利率做好准备,并调整策略以保持可行性。这包括预计债务成本会增加,以及对无法充分考虑新经济状况的投资估值持谨慎态度。
- 银行业和CRE债务:有人担心利率上升对银行业的影响,尤其是大量投资CRE贷款的小型区域银行。如果管理不当,这些银行的违约率增加和财务压力可能会导致更广泛的经济影响。
- 对资产价值和投资回报的长期影响:长期前景谨慎,预计市场将继续调整以适应更高的利率环境。预计这种调整将是渐进的,投资者将继续重新评估风险和回报参数。
总体而言,讨论重点介绍了向更高利率环境转变所推动的商业房地产市场的变革时期。这一变化为完善投资策略提供了机会,使投资者能够有效地驾驭和利用不断变化的市场动态。
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You don't think twice about skipping a workout or hitting snooze, until six months later when your back goes out lifting a suitcase. That's the thing about choices: they rarely shout. Most whisper. At the moment, they feel light, harmless, and even forgettable. But over time, they stack up and eventually shape everything.
It's the same in commercial real estate.
For years, the market rewarded financial engineering. Falling interest rates, cap rate compression and cheap capital allowed many investors to ride the momentum and still generate strong returns. That era is over.
We're now operating in a higher-for-longer environment. Interest rates are elevated, traditional lenders have pulled back, and capital markets are volatile. Macroeconomic disruptions, geopolitical risk and inflation-shifting trading policy are repricing risk in real time.
In this environment, every move matters. Every decision, whether to buy, sell, recapitalize or hold, carries more weight than it did even a year ago.
· Capital must be deployed with precision. The margin for error has narrowed. Mispricing risk, overleveraging,or relying on optimistic underwriting can quickly impair a deal.
· Liquidity is a strategic advantage.In a market where many lenders have pulled back or lowered leverage, execution certainty is no longer assumed. It's earned.
· Fundamentals, not financial engineering, define success. Cap rate compression is no longer the tailwind it once was. Returns must come from operational excellence, asset quality and disciplined management.
· Time is costly. In action can be just as damaging as a poor decision. Delays in refinancing or hesitation in uncertain markets can weigh heavily on performance.
At Peachtree, we've built our platform for this exact environment. With a fully integrated investment and credit platform, deep experience across market cycles, and flexible capital ready to deploy, we're well-positioned to take decisive action when others hesitate.
Because in this market, as inlife, every action has a weight and the most successful outcomes are born from clarity, discipline and conviction.
Private credit remains one of the most compelling solutions in today's market, offering downside protection, yield and flexibility. And with traditional capital still constrained, special situation investing is gaining momentum as a primary strategy to unlock value in a dislocated market.
As the landscape evolves, we continue to seek opportunities that leverage our strengths and provide value to our investors.
— Greg Friedman | Managing Principal & CEO of Peachtree Group

Peachtree Opens Hampton Inn in Hawaii

Hampton Inn & Suites Maui North Shore is now open in Kahului, Maui, Hawaii. The newly built oceanfront hotel, located on the site of the historic Maui Palms Hotel, is owned by Peachtree Group and operated by Springboard Hospitality. The hotel has 136 rooms, ocean-view suites and a design rooted in Maui’s culture.
Read more in this article in Lodging Magazine.

Peachtree Group Opens New Office in Austin
Peachtree Group has expanded its national presence with the opening of its first office outside of its Atlanta headquarters in downtown Austin. This move aligns with the company’s growth strategy and commitment to Texas’ commercial real estate market, according to the company.

With significant investments across the state, including ongoing developments in Dallas and San Antonio and an upcoming project in Austin, establishing an office in the state capital conforms with Peachtree’s long-term vision. Austin’s business environment and growth prospects make it an ideal location to strengthen the firm’s reach and partnerships, according to the company.
Peachtree’s connection to Austin runs deep. The firm has been recognized among the Longhorn 100, a distinction honoring the fastest-growing businesses led by the University of Texas alumni. Additionally, Greg Friedman, Peachtree’s managing principal/CEO, a University of Texas graduate, actively supports the institution by serving on the Real Estate Fund Advisory Board for the Texas McCombs School of Business.
“Our expansion into Austin marks an exciting milestone for Peachtree Group,” said Friedman. “Texas is a critical market for us, and establishing an office in the heart of downtown Austin will allow us to better support our growing portfolio and deepen our relationships in the region. With our ongoing projects across the state and our strong ties to the University of Texas community, this move reinforces our commitment to long-term investment and growth in Texas.”
The new office is in the 100 Congress building and will serve as a hub for Peachtree’s investment and development activities in the region.