Multifamily

NEW YORK CITY — While the COVID-19 pandemic has certainly had a major influence on the commercial real estate industry, brokers and mortgage bankers say the initial concerns about a collapse in the multifamily sector were overestimated. That’s according to Berkadia’s 2020 Mid-Year Powerhouse Poll, which collected insights from nearly 150 investment sales brokers and mortgage bankers across 60 offices of the New York City-based brokerage, banking and loan-servicing firm. Despite the early concerns at the outset of the pandemic, 55 percent of respondents said that current market activity is better than expected compared to how they initially thought COVID-19 would impact the industry overall. Thirty-four percent say the current market is in line with their expectations. “COVID-19 continues to have a profound impact on our economy,” says Ernie Katai, executive vice president and head of production at Berkadia. “While no industry is immune, we have been buoyed by the resiliency of commercial real estate, including steady rent collections and continued deal activity.” While investment sales transaction volume is lower than pre-pandemic projections for the year, 69 percent of respondents are confident that capital conditions will return to normal in 2021. Residents, meanwhile, are largely still paying their rent. The …