Rising Pressure: State and Local Fiscal Outlook 2021

Online, March 23, 2021


Tuesday, March 23, 2021, 10:00–11:00 a.m. EDT

The increasing burden of state and local taxes required to face the mounting level of unfunded pension liabilities and other committed liabilities could drive widening differentials in local business and living costs, alter regional growth patterns and thereby affect CRE demand. The COVID-19 pandemic and its impact on the economy and local tax collections is exacerbating this pre-existing issue.

This session partners with Praedium Group and SitusAMC Insights to provide an early, inside look and new data for understanding the municipal tax, pension, and property market factors that could be a mega-theme for real estate in the coming years.

Throughout the stages of the past economic cycle, Praedium and SitusAMC Insights have published a series of joint reports, most recently in 2018, analyzing the fiscal pressures on state governments and how the resulting responses to those fiscal pressures may affect demographic patterns, economic growth trajectories, and commercial real estate demand.

All attendees will receive a complimentary copy of the new white paper, which will also be published in the Q1 2021 issue of Summit Journal.

This event is open to all members and invited guests, and is underwritten by the Praedium Group, a real estate private equity firm focused on middle-market multi-family investments.


Founder of The Praedium Group, Mr. Appel has been building the Company since 1991 and has overseen all aspects of The Praedium Group’s activities, including its strategy and its investment policy.

In addition to his responsibilities with The Praedium Group, Mr. Appel ran Credit Suisse/First Boston’s (“CS”) Commercial Mortgage Finance business from 1991 to 1994, where he became a Managing Director. At CS, Mr. Appel supervised the execution of commercial and multifamily asset securitization and sale advisory assignments totaling in excess of $13 billion. Prior to joining CS in 1991 and his association with The Praedium Group, Mr. Appel was a Vice President in the Real Estate Department of Goldman Sachs & Co. for five years. At Goldman Sachs, he was involved in real estate-related sales, financings, mergers and acquisitions and capital markets transactions totaling in excess of $3 billion.

Mr. Appel holds a B.S. in Economics (magna cum laude) and an M.B.A. (with distinction) from the Wharton School of the University of Pennsylvania. Mr. Appel served as Chairman of the Board of Directors of the Pension Real Estate Association between 2008 and 2010, and he had previously held the positions of Vice Chairman, Treasurer and Board Member.

Peter has over 30 years of CRE research and analytics experience. Most recently he was Chief Economist and Head of Data Insights at Ten-X Commercial. Prior to that he headed up CW Capital’s research group. He founded and ran Maximus Advisors, a leading independent real estate research firm. He was Global Head of Real Estate Research at Deutsche Bank and started and ran Real Estate Research at Bankers Trust Company. He has a Doctorate in Economics from Duke University.

SitusAMC Insights (formerly Mast Insights) has 40+ years of analytics and real estate expertise and unique perspectives that encompass economic, market, asset and transaction specific analysis. We provide multivariate asset and portfolio analyses from acquisition through surveillance to disposition for the entire gamut of real estate market participants, helping develop and articulate investment strategies that drive efficiency, reduce costs, and save time.


Designed as part of AFIRE’s membership program, AFIRE Virtual Events provide a recurring digital format for AFIRE members to stay connected beyond in-person meetings.

AFIRE Virtual Events are recorded and made available for members only.


Asmait Tewelde, Meeting Director
atewelde@afire.org+1 202 312 1404

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