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Emerging Trends in Capital Markets Post COVID-19

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Uncovering Opportunity in Uncertainty

The COVID-19 pandemic created unprecedented challenges for U.S. investment sales, but the market was resilient, showing signs of renewed life within months. Colliers is tracking three important trends that have emerged:

  • Minimized risk: Investors are shifting focus to term and credit.
  • Specialized assets: Institutional capital has pushed into lab, cold storage, data centers and medical office.
  • Demographics: Consumer habits have caused a surge in e-commerce activity, and capital is following demographic and migration patterns.

First quarter readings for 2021 show volumes above Q2 and Q3 2020, signaling that the investment sales market is rebounding. Recent months and quarters have seen substantial volume revisions to the upside, suggesting aggregate sales will settle higher. March 2021 volume was up 27% compared to the prior year, and pricing has increased across all major asset classes. Cap rates have been stable in office and retail, while they’ve compressed in industrial and multifamily.

Favorable finance rates, along with near-record capital, under-allocated pension funds, and other institutional investors, increased inflation expectations, and potential tax changes should further propel sales volumes through 2021.


Emerging Trends in Capital Markets Post COVID-19

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Related Experts

David Amsterdam

President - U.S. Capital Markets and Northeast Region

New York

David Amsterdam is President, U.S. Capital Markets and Northeast Region. He is responsible for managing and executing investment sales, debt & equity and structured finance transactions across the U.S. and in critical global markets. In addition, he leads the firm in top-tier cities, including New York, Boston, and Washington D.C.

His responsibilities include advising investors, corporate users, and landlords across the full spectrum of commercial real estate transactions and he is focused on continuing to drive revenue for the fastest-growing publicly traded real estate services and investment management firm in the world.

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Aaron Jodka

National Director of Capital Markets Research


As Director of Research | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. He synthesizes and interprets a variety of data and information to stay ahead of trends that put our clients in an optimal position to make informed decisions. Aaron promotes the Colliers brand via best-in-class research reports, weekly insight posts, thought leadership, and contributions to numerous panels, media outlets, and industry events.

Aaron collaborates with every team at the firm and wears many hats: in-house economist, advisor, consultant, thought leader, strategic business analyst, presenter, and, of course, researcher. He connects with various industry experts within the Colliers organization to provide a customized solution for each client.

With a deep understanding of markets throughout the country, he provides a unique perspective on market dynamics across asset types and investment strategies, providing clients with tailored data and analytics to ultimately guide decision-making solutions.

Before joining Colliers, he spent 11 years with Property & Portfolio Research (PPR), now CoStar Portfolio Strategy. There, he advised institutional clients on their commercial real estate investment strategies across property sectors and also spoke at industry events, quarterly CoStar webinars, and in front of client audiences. Aaron also led and directed a team of economists who monitored property markets across the United States. Near the end of his tenure, he helped establish a new business unit at CoStar, leading in the hiring, training, and coaching of a team of 50 market analysts. 

Outside of the office, Aaron can be found cheering on his children at their extracurricular activities. He also enjoys hiking, travel, relaxing at home or at the lake, or plugging away at one home project or another. Last but not least, he's an avid fan of Boston sports teams.

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