The Impact Of Rising Interest Rates On CRE

Fordham discussion panel on rising interest rates

Fordham’s Real Estate Institute recently hosted a panel discussion among senior commercial real estate executives regarding the impact of rising interest rates on their markets. The event was introduced by the Institute’s co-chairman, Louis Mirando, CEO of Streamline CRE Funding Group.

The panel was moderated by Tony Fineman, Senior Managing Director at ACORE Capital. Featured speakers were Andrea Balkan, Managing Partner at Brookfield; Ryan Severino, Chief Economist at JLL; and, Adam Donegar, Vice Chairman of Cushman & Wakefield.

Fineman discussed recent changes in market conditions which including a rise of several hundred basis points in the underlying loan indices plus an additional widening in loan spreads of 75 to 150 basis points over those indices.

The drastic rise in interest rates, Balkan said, requires that every deal be looked at in terms of its ability to cover debt service based on the forward yield curve.

The group discussed a variety of topics impacting the markets including, the Russia/Ukraine conflict, labor shortages, recession concerns, housing affordability, and the state of the office market.

Donegar indicated that the rising interest rates combined with other economic uncertainty is causing transactions to be sidelined, particularly in the office sector. Despite these issues, however, he said the multifamily “fundamentals and sales are on a tear” with agencies lending aggressively.

Severino addressed the impact of the pandemic and related changes in the labor market that are exacerbating the issues faces by office owners and employees alike.

The event was part of Fordham Real Estate Institute’s Visionary Series CCL, a five-year campaign tied to the 250th anniversary of the United States in 2026 and is available below:


The Fordham Real Estate Institute currently offers a Master of Science in Real Estate, a Master of Science in Real Estate Development, Master of Science in Construction Management, advanced graduate certificates in real estate finance, development, management and construction management, a Bachelor of Science in Real Estate, and a comprehensive array of professional certificates in real estate and construction at its campuses in Manhattan and West Harrison, N.Y. The programs are developed and taught by leading industry practitioners and are centered on imparting real-world professional skill sets. Flexibility and convenience are program hallmarks as classes can be taken in-person, online, and at various paces. REI is a part of Fordham’s School of Professional and Continuing Studies. For more information, visit

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