Linneman returns: Here are the questions he's answering

Few guests are more anticipated on the Walker Webcast than economist Peter Linneman. With decades of academic, real estate, and economic experience, plus a healthy dose of wit and skepticism, Linneman brings clarity to the chaos of today’s markets. Ahead of his upcoming appearance with Walker & Dunlop Chairman and CEO Willy Walker, Linneman shared the three big questions he plans to tackle during their conversation.

Spoiler: they’re the same questions real estate professionals, investors, and policymakers are asking themselves right now.

1. Where’s the economy really headed?

The economy is sending mixed signals. Labor numbers are up, but revisions paint a murkier picture. Consumer confidence is shifting. Some sectors are resilient, while others are lagging behind. For Linneman, this isn't just statistical noise; it’s a crucial part of the story.

“There’s a lot of conflicting and revised data right now,” he notes. “So the question is: where is the economy actually heading?”

The implications ripple throughout real estate. Take multifamily housing, for instance. “If the economy slows and people lose jobs,” Linneman says, “some will move in with family instead of renewing leases. That weakens apartment demand, and that affects everyone from owners to investors.”

In a capital-constrained environment, small shifts in demand can have outsized impacts on pricing, rent growth, and new development. Getting a clearer picture of the real economy is step one.

2. What’s next for Fed rates?

Interest rate policy remains the most direct lever influencing commercial real estate today. While inflation data is being watched closely, so is the Fed’s response to it.

“What’s the Fed thinking? Where are rates at, where should they be, and what’s next?” Linneman asks. “These questions aren’t just academic. They matter to every developer and property owner dealing with floating-rate debt.”

The Fed’s tightening cycle has already stalled sectors like manufacturing and automotive, which have remained flat for the past 30 months. The impact on real estate capital markets, particularly for transitional assets and ground-up development, has been significant.

Linneman will offer a view of interest rates that cuts through the political noise and focuses on fundamentals. Whether you’re refinancing or raising equity, you’ll want to hear what he has to say.

3. What impact will the government shutdown have?

In an environment where the government shutdown and ballooning deficits dominate the news cycle, Linneman challenges the narrative.

He raises the question of whether shutdown fears reflect true economic strain or more a symptom of political gridlock.

“How is it that people keep saying, ‘we can’t keep running federal deficits’—but we have my whole life?” he asks. “What are we missing?”

Without downplaying fiscal risks, Linneman will explore a broader context: the growing wealth of the U.S. economy, the scale of national assets, and how much fiscal capacity truly exists. It’s a perspective shaped by data, not ideology, and it’s one you’re unlikely to hear elsewhere.

Why Peter Linneman makes predictions

Linneman doesn’t just make predictions. He explains the thinking behind them, so viewers can come to their own conclusions.

“My goal isn’t to be right 100 percent of the time,” he says. “It’s to explain why I believe something with enough clarity that smart people can either agree or disagree based on the data.”

His trademark humility, mixed with deep empirical research, makes him one of the most trusted voices in real estate economics. His upcoming conversation with Willy Walker promises to be a compelling, in-depth exploration of the state of the market, the direction of capital flows, and what it all means for real estate.

A word about The Linneman Letter

While Peter Linneman didn’t reveal any specifics about the next Linneman Letter, releasing October 6, he hinted that many of the webcast topics will be explored further in its pages.

The Walker Webcast will be a great place to hear his current thinking and his answers to the questions the market is most urgently asking.

Join us as Willy Walker and Peter unpack the macro forces shaping the economy and what they mean for real estate.

Register now to save your spot.