Intelligent Investment
What’s Impacting the Math in Today’s Capital Markets
Capital Markets Conversations
April 27, 2026 7 Minute Watch
In this episode of Capital Markets Conversations, Darin Mellott sits down with Spencer Levy to discuss what’s impacting the math in today’s capital markets. Spencer shares his perspective on how higher interest rates, global uncertainty, and shifting capital availability are influencing investor behavior—while emphasizing that market fundamentals, productivity, and asset operational factors matter more than ever.
Summary
Join the Conversation
Head of U.S. Investor Research
Global Client Strategist & Senior Economic Advisor
.jpg)
- Math Still Matters More Than Headlines
While global events are weighing on sentiment, Spencer emphasized that real estate fundamentals remain resilient. Deals are still getting done, and the underlying math continues to support activity—especially for long-term investors. - Higher Rates Are Forcing Better Operations—and That’s Healthy
With price appreciation not expected to drive gains, asset performance hinges on operating performance and demand growth. This is driving smarter ownership strategies and stronger collaboration between landlords and tenants. - Owners and Tenants Are More Aligned Than Ever
Spencer highlighted a growing convergence of interests: tenants increasingly see space as a productivity and revenue driver, while landlords focus on creating highly activated, demand-driven buildings. This alignment is leading to more strategic partnerships and better-performing assets. - Opportunities Expand for Investors Willing to Broaden the Prism
While core capital faces competition from bonds, compelling opportunities exist in less traditional asset types. Spencer pointed to manufacturing as a compelling opportunity.
Related
- Service
Capital Markets
Gain insights and strategies to unlock value, drive returns and enhance outcomes for real estate investments in all geographies and across all asset classes.
- Insights & Research
The Weekly Take Podcast
Our environments can affect our concentration, creativity and critical thinking. Explore how healthy buildings can boost employee wellbeing and business performance.
Despite uncertainty, growth will continue for the U.S. commercial real estate market in 2026.