On the July 11, 2024 episode of Bloomberg Intelligence, Ten-X President Steven Jacobs joined hosts Alix Steel and Paul Sweeney for a discussion on the current state of the CRE market, sharing his outlook for the future based on the platform's auction activity.

"In Q4 2023 and going into Q1 2024, we saw more activity and interest from the investors bidding and buying assets on our platform. This was because, at the time, the messaging that came from the Fed was 'We're done raising rates.' Now coming out of Q2, we've still seen similar activity, but we are seeing more reserved buyers, and I think that is because the investors are waiting for the Fed to reduce rates. Even if it's 25 basis points, the act of reducing rates will set the tone going forward and give more confidence to the underwriters that there is value in their underwriting."

Jacobs continued on to discuss his observations on the current office market and what could drive future activity. "In the past 6 months to a year, we've been very successful helping brokers trade office assets on our platform, but it all comes down to what the pricing expectation of the seller is. If you have a suburban office building that's half vacant and Class B or C, if you get real with the value you may take a hit, but somebody will buy it. And the new investor can lower the rents, so all of a sudden this suburban building that might have been charging $25 per square foot can now charge $12 per square foot when the rest of the market's at $20, and that's how they can attract tenants."

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