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At Manchester Capital Management, we have always believed that real estate can be an excellent long-term store of value —in today’s market, however, success increasingly depends on owning the right assets in the right places. The US commercial real estate landscape is in transition. Years of tightening monetary policy and price corrections have given way to a period of slow recovery, where discerning investors can find compelling opportunities in regions and property types supported by strong demographic and economic momentum. This is where we feel MCM excels — helping our clients cut through generalizations and find value where others may see only uncertainty. This month, we’re pleased to feature insights from Corbin Rich, Managing Director and Head of Real Estate, who offers a thoughtful update on the current state of commercial property markets and the key trends shaping future opportunities. “How is the market right now?” I often get this question about commercial real...
04.05.2023
Following the collapse of Silicon Valley Bank and Signature Bank, banking regulators appeared on Capitol Hill last week. Fed Vice Chair for Supervision Barr and FDIC Chair Gruenberg testified before the Senate Banking and House Financial Services Committees about the recent bank failures. The Federal Deposit Insurance Corporation estimates it will cost $22.5 billion to backstop both Silicon Valley Bank and Signature Bank, guaranteeing all deposits. After the initial shock of these bank failures and the heightened sensitivity around bank holdings, the market rapidly adjusted to the new risks with the quickest monetary tightening in 44 years. Still, banks face several headwinds. First, the yield curve remains inverted—longer-term interest rates are lower than short-term rates. For example, the 10-year Treasury is yielding 3.38%, while the Fed Funds rate is 5%. This inversion is the largest in 42 years. It is generally viewed as a bearish signal for the economy,...
