Berkshire Hathaway HomeServices Professional Realty Commercial Division NKY

Berkshire Hathaway HomeServices Professional Realty Commercial Division NKY FULL SERVICE COMMERCIAL REAL ESTATE BROKERS, INCLUDING PORTFOLIO MANAGEMENT. GOOD ENOUGH IS UNACCEPTABLE

Jim Carmichael is a seasoned commercial and investment real estate professional with a diverse background and an inspiring journey. A proud US Navy veteran, Jim served on the fast attack submarine USS Oklahoma City (SSN-723) before transitioning into a civilian career. Jim's journey into real estate began with mobile home sales, where he quickly rose through the ranks and achieved multiple sales a

wards. After the 9/11 attacks, he transitioned into commercial real estate, working with Marcus & Millichap, Sperry Van Ness & First Commercial Realty before joining Prudential Commercial Real Estate in 2013 which was bought by Berkshire Hathaway Homeservices. It was during this time that he found his true calling in commercial and investment real estate, as well as property management. Today, Jim leads a successful team of agents and has built a robust portfolio of investments, including a flooring company and other ventures. He is passionate about helping clients find the right opportunities and prides himself on providing exceptional service and expertise. Outside of his professional life, Jim enjoys traveling, fine dining, attending concerts, and riding motorcycles with his partner, Stephany Parker. He attributes his personal and professional growth to strong relationships, valuable mentorship from his broker David Mussari, and a deep sense of gratitude and faith. With an unwavering dedication to his clients and a keen eye for opportunities, Jim Carmichael is the go-to expert for all your commercial and investment real estate needs. Connect with Jim today to learn more about how he can help you achieve your real estate goals.

We're almost halfway through the year.Is your property ahead of plan or behind it?Occupancy where you expected?Cash flow...
06/09/2026

We're almost halfway through the year.

Is your property ahead of plan or behind it?

Occupancy where you expected?

Cash flow on target?

Maintenance under control?

Tenants performing?

Most owners know the answer immediately.

They just don't always like it.

You can't improve what you won't evaluate.

If you'd like a second set of eyes on your property or portfolio, let's talk.

DM me or call 859-363-6209.

Interesting there are similar feeling in commercial and residential buyers.From CRE Daily:Q2 2026 Burns + CRE Daily Fear...
06/09/2026

Interesting there are similar feeling in commercial and residential buyers.

From CRE Daily:
Q2 2026 Burns + CRE Daily Fear and Greed Index
The latest Q2 2026 JBREC + CRE Daily Fear & Greed Index reveals a more cautious investment environment as rising inflation concerns, higher borrowing costs, and policy uncertainty weigh on commercial real estate sentiment.

By the numbers: The Fear & Greed Index declined from last quarter as investors reported the most challenging capital market conditions since 3Q25. Capital access tightened across property sectors, with multifamily investors among the most cautious. Higher Treasury yields and renewed inflation concerns have pushed many investors to reassess underwriting assumptions and delay new investments.

For context: Index values below 45 indicate a contracting commercial real estate (CRE) market, while readings above 55 suggest expansion. Values between 45 and 55 reflect a market balanced between buyers and sellers.

Capital markets tighten: Investor sentiment deteriorated as financing conditions worsened during the quarter.

CRE investors reported significantly more difficulty accessing capital compared to Q1.

For multifamily, 33% of investors said capital conditions tightened quarter-over-quarter, versus just 16% who reported improvement.

The 10-year Treasury yield climbed into the mid-4% range during the quarter, increasing the cost of long-term CRE debt.

Underwriting shifts: Inflation concerns are reshaping investment decisions. Roughly 72% of investors reported modifying acquisition underwriting, most commonly by increasing reserve and operating expense assumptions, raising financing cost expectations, and revising rent growth forecasts.

Multifamily sentiment remains muted: Investors remain cautious on multifamily as elevated supply and softer demand persist. Nearly 65% expect rent growth in high-supply Sunbelt markets to stay below 3% through 2028, and 63% remain on the sidelines. Multifamily is also the only major CRE sector expected to see value declines over the next six months.

Policy uncertainty: Build-to-rent investors largely hit pause during the quarter as uncertainty surrounding the 21st Century Road to Housing Act weighed on new investment decisions. Nearly two-thirds of investors paused future allocations, while 28% redirected capital elsewhere. Recent revisions to the House version of the bill removed a controversial disposal requirement, potentially opening the door for some sidelined capital to return to the sector.

➥ THE TAKEAWAY

Big picture: Investor sentiment cooled in Q2 as inflation concerns and higher borrowing costs slowed the recovery in capital markets. While most investors remain cautious—particularly in multifamily—greater policy clarity and stable interest rates could help improve confidence later this year. For now, caution remains the dominant theme across CRE.

Maybe extend and pretend is working?From CRE Daily:Commercial Mortgage Delinquencies Show a Split Market in Early 2026CR...
06/05/2026

Maybe extend and pretend is working?

From CRE Daily:
Commercial Mortgage Delinquencies Show a Split Market in Early 2026
CRE loan performance remains largely stable, but rising stress in CMBS and agency portfolios signals ongoing refinancing and rate-related challenges.

CMBS stress persists: MBA's latest Commercial Delinquency Report found mixed results across major lending channels in the first quarter of 2026. While most investor groups reported relatively low delinquency rates, CMBS loans continued to show elevated distress levels.

At the end of Q1 2026:

CMBS: 7.28%, up 70 bps from Q4 2025

Banks and thrifts: 1.24%, up 1 bps

Fannie Mae: 0.78%, up 4 bps

Freddie Mac: 0.43%, down 1 bps

Life insurance companies: 0.38%, up 6 bps

The increase driver: According to MBA's Reggie Booker, higher borrowing costs, refinancing challenges, and weaker property fundamentals continue to pressure some borrowers, particularly in the CMBS market and, to a lesser extent, Fannie Mae's multifamily portfolio.

The biggest watchpoint: CMBS delinquencies rose to 7.28% in the first quarter, the highest rate among the major investor groups tracked by MBA, reflecting continued pressure from loan maturities, valuation challenges, and refinancing risk. MBA notes that delinquency rates are measured differently across lender types, with CMBS data including loans that are 30 days delinquent, in foreclosure, or classified as REO, making direct comparisons difficult.

Signs of resilience: Despite some signs of stress, overall commercial mortgage performance remains solid. Bank delinquencies were largely unchanged, Freddie Mac's rate declined slightly, and life company portfolios continued to post among the lowest delinquency rates, suggesting market challenges remain concentrated rather than widespread.

➥ THE TAKEAWAY

The great divide: The headline isn't widespread distress—it's growing divergence. Borrowers with strong assets and access to capital are holding up, while those facing refinancing hurdles are increasingly showing signs of strain.

There are still good deals available.The challenge?Most investors are looking where everyone else is looking.The best op...
06/04/2026

There are still good deals available.

The challenge?

Most investors are looking where everyone else is looking.

The best opportunities are often:

Off-market
Under-managed
Misunderstood
Poorly marketed

That's where value lives.

The crowd rarely finds the best deals first.

Looking for your next acquisition?

Let's talk about what you're trying to accomplish.

DM me or call 859-363-6209.

From CRE Daily:Samsung's HQ Move Puts State Business Policies Back in the SpotlightJust eight months after opening a new...
06/04/2026

From CRE Daily:
Samsung's HQ Move Puts State Business Policies Back in the Spotlight

Just eight months after opening a new New Jersey HQ, Samsung is packing up and heading to Texas—adding fuel to the ongoing debate over taxes, regulation, and corporate migration.

A quick exit: Samsung Electronics America will move its U.S. HQ from Englewood Cliffs, NJ, to its existing Plano, TX, campus by the end of 2026. The relocation impacts about 1,000 employees and shifts the company's HQ operations from a 270,000 SF New Jersey office to its larger Texas footprint.

Why the move: Samsung said the move is part of a broader business transformation focused on long-term growth, operational efficiency, and better alignment of teams. The company added that consolidating operations in Texas will improve collaboration and support future expansion.

Corporate gravity: The move reinforces Texas’ reputation as a magnet for companies seeking a lower-tax, business-friendly environment. Samsung joins a growing list of major firms that have expanded or relocated to the state, including Tesla and ExxonMobil.

Red tape concerns: Business groups and Republican lawmakers cited Samsung’s departure as further evidence that New Jersey’s tax and regulatory environment is hurting competitiveness. The New Jersey Business & Industry Association pointed to the state's shrinking number of Fortune 500 HQs and called for reforms to reduce costs and red tape.

Billions behind Texas: Samsung already has a significant Texas presence, operating a semiconductor facility in Austin since 1996 and investing roughly $37B in a major foundry project in Taylor. The company has also secured a multibillion-dollar deal with Tesla to produce next-generation automotive chips there.

➥ THE TAKEAWAY

The retention challenge: The relocation adds fuel to the ongoing debate over whether taxes and regulation are influencing where companies choose to invest. For New Jersey, Samsung's departure is another reminder that retaining major employers remains a competitive challenge.

A buyer's first question is rarely the one they ask.They'll ask about rent.Expenses.Occupancy.Tenants.But what they're r...
06/03/2026

A buyer's first question is rarely the one they ask.

They'll ask about rent.

Expenses.

Occupancy.

Tenants.

But what they're really asking is:

"Can I trust this investment?"

Everything else supports that answer.

Confidence creates offers.

Uncertainty creates discounts.

If you're preparing to sell, let's make sure buyers have confidence from day one.

DM me or call 859-363-6209.

From CRE Daily:Related Cos. JV Nears $1.4B Refi for 10 Hudson YardsOne of Hudson Yards’ flagship office towers is poised...
06/03/2026

From CRE Daily:
Related Cos. JV Nears $1.4B Refi for 10 Hudson Yards

One of Hudson Yards’ flagship office towers is poised to secure a major refinancing, underscoring continued lender appetite for top-tier Manhattan office assets despite broader sector headwinds.

The deal: A JV led by Related Cos., Oxford Properties Group and several institutional partners is nearing a $1.4B CMBS refinancing for 10 Hudson Yards, a 1.8M SF Manhattan office tower. The deal, expected to close June 24, will be originated by Wells Fargo, Goldman Sachs, Morgan Stanley and Deutsche Bank.

Financing terms: The 5.5-year, interest-only loan is expected to carry a 5.5% fixed rate and mature in 2031. Proceeds will refinance a $1.2B CMBS loan maturing this month, with the balance covering reserves and closing costs.

Occupancy remains strong: As of May, the tower was 100% leased by 12 tenants. However, tenant concentration remains notable, with Tapestry, L’Oréal and Boston Consulting Group accounting for nearly 80% of the building’s leased space.

A Hudson Yards milestone: Completed in 2016, 10 Hudson Yards was the first office tower in Hudson Yards and the first commercial property in New York City to earn LEED Platinum v2009 certification. The building also benefits from a 20-year PILOT tax agreement and direct access to the subway and High Line.

Capital markets snapshot: While commercial mortgage maturities are expected to decline in 2026, refinancing activity remains strong. The Mortgage Bankers Association estimates $875B in commercial mortgages will mature this year, down 9% from 2025, while commercial mortgage originations rose 52% YoY in the first quarter, despite a 2% decline in office lending.

➥ THE TAKEAWAY

Capital chases quality: Not all office buildings are navigating the capital markets equally. 10 Hudson Yards' ability to secure a nearly $1.4 billion refinancing highlights the widening gap between top-tier assets and the rest of the sector.

The biggest risk in commercial real estate isn't buying.It's doing nothing.Every year I meet owners who knew they needed...
06/02/2026

The biggest risk in commercial real estate isn't buying.

It's doing nothing.

Every year I meet owners who knew they needed to make changes.

Raise rents.

Improve operations.

Sell.

Exchange.

Reinvest.

But they waited.

The market rarely rewards indecision.

Most opportunities expire long before people act on them.

Thinking about making a move?

Let's discuss your options.

DM me or call 859-363-6209.

From CRE Daily:U.S. Industrial Market Starts Leaning Back Toward LandlordsAfter years of tenant leverage and pandemic-er...
06/02/2026

From CRE Daily:
U.S. Industrial Market Starts Leaning Back Toward Landlords
After years of tenant leverage and pandemic-era supply deliveries, the U.S. industrial market is showing early signs of shifting back in landlords' favor.

By the numbers: Cushman & Wakefield's Waypoint: Global Industrial Dynamics report found conditions improved for landlords in 16 of 35 major U.S. industrial markets, with many shifting from tenant-friendly to neutral or landlord-favorable. Globally, just 8% of markets are moving in landlords' favor, underscoring the relative strength of the U.S. industrial sector.

Global uncertainty reshapes logistics: Industrial occupiers are operating in an environment where uncertainty has become a constant. Ongoing conflict in the Middle East is increasing fuel and transportation costs while disrupting shipping routes, creating new challenges for logistics operators and supply chains worldwide.

Rents poised to rise: Despite elevated vacancies in some markets, rent growth is expected in 55% of markets across the Americas. Key logistics hubs such as the Inland Empire and Atlanta are among the markets positioned for rental gains, while several Southern U.S. markets are already seeing rents move higher.

Vacancy outlook improving: The U.S. industrial sector appears to be emerging from its recent slowdown. First-quarter vacancy fell 10 basis points from its late-2025 peak, while annual absorption increased 35% year-over-year. Leasing activity also surpassed 170 million square feet for the fourth consecutive quarter, signaling sustained occupier demand.

Headwinds remain: Tariffs continue to cloud decision-making, with more than 60% of U.S. respondents reporting delayed leasing activity. The U.S. also recorded the highest share of respondents saying tariffs have postponed leasing indefinitely. Rising energy costs and broader geopolitical volatility are adding further pressure to occupier strategies.

➥ THE TAKEAWAY

Power shifts back: The massive wave of pandemic-era industrial construction is finally being absorbed, helping restore equilibrium across many logistics markets. As vacancy levels stabilize and leasing activity remains healthy, fundamentals increasingly favor owners over tenants.

We're almost halfway through 2026.How's your commercial property performing?Not how you hoped.Not how your broker projec...
06/01/2026

We're almost halfway through 2026.

How's your commercial property performing?

Not how you hoped.

Not how your broker projected.

Not how your accountant estimated.

How is it actually performing?

Occupancy.
Cash flow.
Tenant quality.
Maintenance costs.

The answers matter.

The second half of the year starts with an honest evaluation.

If you'd like a second opinion on your property or portfolio, let's talk.

DM me or call 859-363-6209.

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Florence, KY
41017

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