CRE in 2021, and Beyond
Join us as we review the year that was, including surprises (both positive and negative) in the economy, government policy, and commercial real estate space. How did our expectations change over the course of the year? How did the ongoing pandemic and related variants – Delta, Omicron, what’s next? – affect economic activity and real estate fundamentals? What’s next for 2022, and what should we prepare for?
- How did our GDP forecasts and expectations for economic activity change throughout 2021?
- What were the surprises and lessons learned?
- Hotel was hit particularly hard by lockdown: how have REITs adapted, and how did the hospitality sector in general fare?
- Fed tightening, interest rate increases, continued uncertainty: what else should we expect in 2022?
If you have any questions about this event, please contact us here.
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SpeakersKeith Banhazl Managing Director, Head of Commercial Real Estate Finance Moody’s Ratings
Victor Calanog, PhD Head of CRE Economics Moody's Analytics
Cris deRitis Deputy Chief Economist Moody's Analytics
Kevin Fagan Senior Director, Head of CRE Economic Analysis Moody's Analytics
Philip Kibel Associate Managing Director Corporate Finance Group, CRE-REITs and Gaming Moody’s Investors Service
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Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Victor Calanog, Ph.D. CRE® is the Head of Commercial Real Estate Economics at Moody’s Analytics. He and his team of economists and analysts are responsible for the firm’s commercial real estate market forecasting, valuation, and portfolio analytics services.
Dr. Calanog's research has received awards and fellowship support from several institutions, including the Ford Foundation, the Russell Sage Foundation and the Penn Lauder Center for International Business Research.
Cristian deRitis, Deputy Chief Economist at Moody’s Analytics, specializes in assessing the economy’s impact on household finance, housing, credit markets and public policy. Named on two U.S. patents for credit modeling, he created loss forecasting and stress testing systems for financial institutions. He joined Moody’s in 2008, after serving as a director with Fannie Mae. He also was an adjunct professor of economics at Johns Hopkins University.
Kevin is a senior director and Head of CRE Economic Analysis at Moody’s, responsible for research, thought leadership and strategic initiatives for the Moody's CRE group, with a focus on capital markets and climate risks. He’s the industry member chair of the Commercial Real Estate Finance Council ESG and Sustainability Initiative. He was formerly director of CRE and CMBS research in the Moody’s Investors Service. Prior to joining Moody’s, Kevin held CRE research roles at ING Clarion and Jones Lang LaSalle. He also practiced as a structural engineer, designing large scale commercial buildings in California. Kevin holds an MS from the Massachusetts Institute of Technology and a BS from the University of Texas at Austin.
Philip M. Kibel is an Associate Managing Director in the CRE-REIT team at Moody’s Investors Service, where he manages a team that focuses on the ratings of real estate investment trusts (REITs) and real estate operating companies (REOCs). The team rates issuers from Canada through Latin America.
Prior to joining Moody’s, he was a Vice President with W. P. Carey & Co. LLC (WPC), a publicly-traded real estate investment company that specializes in corporate real estate financing using the corporate net-lease, or sale-leaseback structure. Philip was previously associated with Goldman, Sachs & Co., where he researched and implemented estate tax planning for the general partners of Goldman, Sachs and created trusts to provide heirs with financial security. In addition, he published internal reports summarizing the estate and gift tax laws of Japan, Hong-Kong and Germany.
Philip, a New York Certified Public Accountant, is a member of the American Institute of Certified Public Accountants. He received a BS in Accounting from Lehigh University and also holds an MBA in Finance from Columbia Business School