Q3 2026 CRE Quarterly Economic Briefing: Navigating Murky Waters
Commercial real estate faces renewed uncertainty as shifting inflation and interest rate expectations cloud the outlook for capital markets and property fundamentals.
The commercial real estate market is navigating increasingly murky waters as expectations for inflation and monetary policy continue to shift, creating new uncertainty for investors and lenders. While capital markets have shown early signs of recovery, the pace and durability of that rebound will depend heavily on the path of interest rates and financing conditions. At the same time, many property sectors face stubbornly weak rent and occupancy gains, further complicating market dynamics. In this webinar, we will discuss the implications of this renewed uncertainty for CRE performance, capital markets activity, and the sector's outlook over the coming year.
Speakers
Thomas LaSalvia, PhD
Head of Commercial Real Estate Economics
Moody's Analytics
Kevin Fagan
Senior Director, Head of CRE Economic Analysis
Moody's Analytics
Lu Chen
Director of Housing Research
Moody's Analytics
Ermengarde Jabir, PhD
Director of Economic Research
Moody's Analytics
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Thomas P LaSalvia, Ph.D. is the Head of Commercial Real Estate Economics at Moody's Analytics. Thomas, a former professor, brings his pedagogical prowess to his extensive research into the marketplace, with a specific focus on the multifamily sector. His work is frequently published in a variety of periodicals, and he spends a vast amount of time presenting his findings to a variety of industry and academic professionals. Prior to joining Moody's Analytics, he served in a consulting role for the firm while teaching classes in foundational economics and urban economics at The College of William & Mary.
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.
Lu Chen is a Senior Economist at Moody’s Analytics specializing in Commercial Real Estate. She has worked in the commercial real estate industry in customer success capacity for over a decade. Lu has deep knowledge in urban economics and credit risk, with special focus on Texas market performance, senior housing, and urban migration.
Ermengarde Jabir PhD is a Senior Economist at Moody’s Analytics, specializing in commercial real estate. Her research interests include the intersection of REITs and the macroeconomy and she has been published in academic journals as well as industry publications. Prior to joining Moody’s Analytics, she held positions in various government agencies as well as in the private sector.