How our Market Intelligence Group (MIG) Market Update became a core client resource

In late 2022, when transaction volume slowed dramatically across the multifamily market, we saw a unique opportunity to serve our clients through better insight.

With transaction activity down significantly year-over-year, we focused on the data we were already collecting, including bid sheets, buyer interviews, and pricing trends. We asked ourselves how we could organize that information to help our clients make better decisions.

That idea became the foundation of the Market Intelligence Group (MIG) at Walker & Dunlop.

The beginning: from internal collaboration to actionable intelligence

What began as an internal collaboration among high-performing team members quickly evolved into something more. We published the first version of what we called the MIG deck in January 2023. It offered something different from just third-party research: insight informed by real transaction data, paired with qualitative feedback from ongoing client conversations.

As we continued to iterate, the deck became a foundational tool for both internal and external strategy. By early 2024, we had formalized the Market Intelligence Group, with Tristan Freshly moving into a full-time role dedicated to leading the function and expanding its scope.

Why the MIG is not just “a deck”

Internally, many still refer to it as “the MIG deck.” Externally, we’re intentional about calling it the MIG Market Update because it’s more than just another slide deck. It’s a strategic advisory tool that reflects the breadth of data and depth of analysis we bring to client conversations.

This is part of what sets our platform apart. We're not a standalone research team sitting outside the business; we're embedded within it. Everything we produce is grounded in the deal flow and client work that happens every day across the breadth and depth of the Walker & Dunlop platform.

What makes the MIG Market Update different

Unlike research that rely solely on public or licensed datasets, the MIG Market Update integrates Walker & Dunlop's proprietary insights from over $208 billion in closed transaction volume since 2021  across debt, equity, and investment sales.

We’re talking about data gathered from:

• Thousands of buyer interviews and term sheets
• Real-time bid activity across markets
• Centralized CRM insights
• Conversations that reveal how capital is shifting its preferences, pricing strategy, and risk appetite

Because our debt, equity, and sales professionals all operate within a unified platform, not segmented regional offices, we’re able to see across asset types, geographies, and capital sources in a way few others can.

How clients use the MIG Market Update

We created the MIG Market Update to help clients think more critically, act more strategically, and invest with greater confidence. It's not about pitching a product—it’s about elevating conversations. In fact, its most valuable applications often go beyond transactions, helping strategic client groups craft compelling fundraising and investment narratives with localized, data-driven insights.

The MIG Market Update helps clients reframe opportunities, sharpen underwriting, and move forward with greater conviction, often resulting in new business or capital deployment. Clients appreciate the clarity and context, and they often ask, “Can you help us think through this specific deal, this market, this capital partner?”

Importantly, we designed the MIG Market Update to be flexible. It's not meant to be read from front to back every time. Instead, we tailor each conversation to the client. Whether it’s a handful of slides on valuation trends or a deep dive into investor sentiment, the goal is to equip clients with insights that are both timely and actionable for their specific needs.

Highlights from the most recent Market Intelligence Update

The most recent edition of the Market Intelligence Update continues to reflect our commitment to delivering real-time, actionable insights grounded in deal activity. Key themes include:

Fundamentals matter in the current market. With lower rent growth, investors are focusing on turning back to the basics with investing. Capital remains selective, favoring assets in top-tier locations with differentiated product, insulation from supply, and compelling demand drivers.
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Capital is adjusting expectations. Our bid-level data, sourced from thousands of investor submissions annually, indicates that return requirements, deal terms, and asset preferences are evolving in response to the changing environment, with unique insights into the current underwriting trends seen in the market.

‍Supply-demand rebalancing is setting the stage for stabilization as starts are down 53% from peak levels. At the same time, annual absorption hit a record 794K units, significantly outpacing new supply and signaling a strong recovery in demand.

Multifamily Absorption: U.S. Multifamily Demand At Record Level For Q2 '25 Annual Absorption (Interactive Chart)

Source: RealPage

Looking ahead

With 20+ editions now complete, the MIG Market Update continues to evolve. It has also become a blueprint for other strategic content across the firm, from specialized reports on build-for-rent to student housing to data centers.

We continue to expand how we share insights, experimenting with chart-driven social features, targeted takeaways, and short-form content that gives clients a window into our thinking even when they’re not in the room.

The Market Intelligence Group will always be a client-first effort. We built it to provide clarity in times of uncertainty and to empower better decision-making through data, dialogue, and real-time relevance.

Want to learn more?

Download the latest edition of the MIG Market Update, or contact your Walker & Dunlop representative to schedule a tailored strategy session based on its insights.