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Posted: December 27, 2022
2022 Year in Review: Neil Axler, B. Riley Financial
Managing Director
B. Riley Financial & ireon Member
What person, project, transaction or market trend had the greatest impact on your industry this year? In 2022, property owners have been accosted with rate increases for their property insurance, as high as 30%. Insurance carriers are pressing owners to increase their per square foot replacement cost estimates, which significantly increases their insurance values. It’s in the property owner’s best interest to get a 3rd party insurance appraisal.
What emerging trends will drive investment and development in 2023? Surging interest rates are slaughtering financing options for buyers and owners seeking to refinance, which negatively impact cap rates. The rising cap rates combined with significant increased property expenses and weak tenant demand have created a perfect storm that will lower real estate valuations for many asset types and locations throughout the country.
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