房地产清算:为什么市场价值仍有进一步下跌的余地

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商业房地产市场发出了喜忧参半的信号,但是 皮埃蒙特新月资本首席经济学家马克·维特纳,用严峻的现实检查来消除噪音:房地产价值仍然被严重高估,修正尚未结束。

在我们最新的 Peachtree 观点播客 剧集中,维特纳分享了每个房地产投资者都需要听到的重要见解。尽管我们避免了许多人预测的严重衰退,但市场尚未完全适应新的利率环境。这为精明的投资者带来了风险和机会。

10年期美国国债目前的交易价格在4.5%左右,并不高。实际上,它处于未来十年应达到的利率的最低水平。维特纳认为,公允价值接近4.7%,有可能达到5%或更高。这种转变标志着抬高资产价值的人为低利率时代的终结。房产现在必须相应地重新定价。

这种脱节在实地已经显而易见。在Peachtree Group,首席执行官格雷格·弗里德曼认为,卖方认为其房产的价值与其真实内在价值之间存在10%至15%的差距,这是多年来流动性充足的持续影响,许多人仍预计这种流动性将回归。

但这就是机会出现的地方。维特纳建议将目标对准准准入门槛高、投资者控制力强的投资,尤其是在决策者已开始鼓励发展的市场。根据维特纳的说法,最好的地方是正在复兴的中型城市的混合用途项目,智能手机一代希望更接近行动。

主要投资要点:

利率在结构上更高: 在非衰退时期,10年期国债的交易价格可能在4.5-5.5%之间,从根本上重置房地产估值

• 存在地理机会: 查尔斯顿、南卡罗来纳州和阿拉巴马州新兴市场等市场为增长提供了天然的进入壁垒,而纳什维尔等以前的热门市场已经降温

• 混合用途是未来: 随着人们寻求适合步行、便利设施丰富的环境,以生活方式为导向的开发项目将住宅、零售和娱乐融为一体,正在吸引需求

• 债务期限墙带来压力: 大量商业房地产债务将以更高的利率进行再融资,这迫使人们讨论切合实际的定价问题

• 消费者支出正在发生变化: 随着消费者支出占GDP的比例从71%恢复到更可持续的67-68%,预计零售整合将走向低端

完整的对话揭示了为什么这种市场调整不是你的典型周期,以及投资者如何做好准备,如何利用未来的重新定价。千万不要错过维特纳对区域市场动态、人口变化和战术投资策略的完整分析。

在你最喜欢的播客平台上收听 Peachtree Point of View 的完整剧集,了解每位商业房地产投资者在当今市场现实中都需要的完整战略细分。

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Peachtree Group Appoints Lindsay Monge as Executive Vice President, Asset Management

Peachtree Group announced the appointment of Lindsay Monge as executive vice president of asset management. In this role, Monge will oversee the firm’s hospitality and real estate assets, driving performance, strategic planning and value creation across the portfolio.
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ATLANTA (Oct. 15, 2025) – Peachtree Group (“Peachtree”), a leading commercial real estate investment firm overseeing a diversified portfolio of more than $8 billion, today announced the appointment of Lindsay Monge as executive vice president of asset management. In this role, Monge will oversee the firm’s hospitality and real estate assets, driving performance, strategic planning and value creation across the portfolio.

Monge brings more than two decades of leadership experience in hospitality, real estate investment and operations to Peachtree. Most recently, he served as president of Seaview Investors where he led asset management and daily operations for a portfolio of eight Marriott and Hilton-branded upscale hotels in California. Before this, he spent nearly 16 years at Sunstone Hotel Investors, rising to senior vice president, chief administrative officer, secretary and treasurer, where he oversaw corporate functions and played a pivotal role in managing a $3.9 billion asset base.

“Lindsay’s extensive background leading hotel operations and real estate investment platforms makes him an invaluable addition to our leadership team,” said Greg Friedman, managing principal and CEO of Peachtree. “His experience across public REITs, private equity and owner-operator platforms uniquely positions him to enhance value creation for our investors while strengthening our asset management capabilities.”

His career also includes senior leadership roles at Magna Flow as chief operating officer and at Alpha Wave Investors as chief administrative officer and partner where he directed strategic planning, growth initiatives and asset repositioning strategies. Earlier in his career, Monge held management positions at The Westgate Hotel and began his hospitality career in Hilton’s executive management program at the Waldorf Astoria in New York.

Monge earned an MBA in strategy and leadership from the Drucker School of Management at Claremont Graduate University. He holds a bachelor’s degree in hotel administration from Cornell University’s Nolan School of Hotel Administration. He also completed executive education in the LEAD Business Program at Stanford Graduate School of Business.

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Peachtree Group to Launch Equipment Finance Division, Expanding Credit Capabilities Across Key Sectors

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ATLANTA (Oct. 13, 2025) – Peachtree Group (“Peachtree”) announced today the launch of a new equipment finance division, further broadening its credit platform and reinforcing its ability to provide flexible equipment lease financing across industries, including commercial real estate and hospitality.

The division will be led by seasoned executives Brian Shaughnessy and Roger Johnson, who together bring more than 60 years of experience in equipment finance, specialty finance and portfolio acquisitions. They will be joined by experienced industry executive Dennis Shields, further strengthening the team’s depth and expertise. Shields spent the last 15 years with Meridian Leasing, helping to grow its profitable leasing business.

“This launch is more than the start of a new business line. It continues relationships that span more than 15 years,” said Greg Friedman, Peachtree’s managing principal and CEO. “We have known and worked alongside Brian and Roger for well over a decade, watching them build reputations as trusted leaders in equipment finance. Their arrival marks both a reunion and a natural extension of our long-standing ties.”

This new platform represents a progression of Peachtree’s established private credit ecosystem. Many of the firm’s commercial real estate clients also require equipment financing, particularly in hospitality, where Furniture, Fixtures,and Equipment (FF&E) play a critical role in new developments. By building on the firm’s long-standing history and applying proven expertise from its principals’ experience financing essential use equipment, Peachtree is positioned to deliver tailored financing solutions that address client needs across multiple sectors and industries.

The launch highlights Peachtree’s ability to adapt its platform to fill gaps left by traditional lenders while keeping long-term client relationships at the center of its strategy.

Young forklift driver sitting in vehicle in warehouse smiling looking at camera
“Large banks continue to pull back from serving small and mid-sized businesses, leaving a significant void in the market,” Friedman said. “Our new platform allows us to step in with creative financing solutions, whether that means helping medical facilities upgrade technology or supporting hotels with FF&E for new developments, so businesses can access the capital they need to grow.”

Shaughnessy, who joins as president and principal of the equipment finance division, is a senior executive with more than 35 years of experience in financial services and investment banking. He was most recently co-founder and CEO of IMT Commercial, an alternative portfolio and asset acquisition and management firm.

Johnson, who will serve as executive vice president and principal, is a 30-year portfolio acquisitions and commercial lending veteran. He has a proven track record of developing profitable relationships with C-suite decision-makers at a wide range of financial institutions. Both Shaughnessy and Johnson founded and grew IMT Commercial Credit into a top 120 equipment finance business.  

The new unit will initially focus on financing lease transactions ranging from $500,000 to $10 million with terms generally between 24 and 84 months. By leveraging Peachtree’s established credit expertise, infrastructure and balance sheet strength, the division aims to deliver competitive financing options while ensuring timely funding and long-term client relationships.

“Equipment finance requires a deep understanding of the assets, from valuation to structuring and exit strategies,” said Shaughnessy. “Our team brings decades of specialized knowledge that allows us to evaluate risk effectively and deliver certainty of execution for clients.”

Johnson added,“Leasing involves extensive coordination with clients, vendors and lenders, and our goal is to make the process seamless. Clients can count on us not only to secure financing but also to manage the details that keep projects moving forward.”

“Equipment finance is a relationship-driven business where execution matters,” Shields, senior vice president, said. “Our goal is to combine decades of industry expertise with Peachtree’s deep credit platform to offer reliable, creative solutions to clients who are often underserved in today’s lending environment.”

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Fortune | There’s no doubt that commercial real estate, and especially the office market, is undergoing a seismic transformation, one that’s not likely to abate any time soon. A boom time of near-zero-interest-rate policy, abundant liquidity, and cap rate compression over the past decade has given way to a perfect storm–a wall of maturing debt, tightened lending conditions, and cratering property values–all amid higher interest rates that show no sign of returning to their pre-2022 lows.

The outlook for the office sector has been particularly negative. It’s a tale of two markets right now: roughly 30% of office buildings account for 90% of the vacancies and may never recover, while the other 70% have the chance to stabilize over time. Either way, the office market finds itself at an inflection point, much like the retail market as mall acquisitions were being financed.

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