Thought Leadership
Market View 2025: MLG Capital’s Strategic Outlook for Private Real Estate
Each year, MLG Capital issues its Market View commentary to offer a clear, data– driven perspective on the state of the private commercial real estate market. In Spring 2025, CEO Tim Wallen, President Billy Fox, and CIO Dan Price convened to discuss market trends and where they see opportunity in the market today. The following highlights from our 2025 Market View discussion explore where we see risk, where we see resilience, and why we are actively deploying capital in the current environment. Key Themes from the Spring 2025 Market View Discussion Soft net operating income (NOI) is creating tactical entry points, not permanent impairments. Operating income across multifamily assets has come under short–term pressure due to record supply deliveries in 2023 and 2024, particularly in high-growth markets such as the Sunbelt. This temporary imbalance has generally reduced occupancies, flattened rent growth, and increased concessions. MLG views this softness not as structural deterioration, but as a cyclical occurrence that is already beginning to normalize in select markets. As operational performance recovers, assets acquired during this window may benefit from meaningful NOI growth over the mid– to long–term. The supply and demand imbalance is correcting and setting the stage for future...
