Senior Economist  ·  Capital Markets & Multifamily Research  ·  Board Member

Sam Tenenbaum

Fifteen years of institutional CRE research, capital markets analysis, and market intelligence built for the investors, operators, and boards that act on it.

What I Do

01

Capital Markets Analysis

Macro-driven, multi-asset-class research covering debt pricing, capital flows, and investment strategy across the CRE spectrum. Oriented toward allocators and capital markets professionals operating at the institutional level.

02

Multifamily Research

Institutional multifamily market intelligence drawing on Cushman & Wakefield's management portfolio of more than 170,000 units, plus investment sales, lending, and construction data. Published through the U.S. Multifamily MarketBeat and Market Matters.

03

Advisory Services

Strategy sessions, investing framework development, and proprietary model building for institutional and mid-market investors. Also selectively available for CRE board seats where a senior economist's market cycle perspective adds governance value.

Featured Work

Newsletter

Market Matters

Cushman & Wakefield's institutional capital markets and research newsletter for allocators, lenders, and operators across the CRE market.

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Capital Markets

Cross-Border Capital and CRE

Early 2026 signals across regions and investment strategies, covering cross-border capital flows, debt conditions, and transaction volumes across global CRE markets.

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Multifamily

U.S. Multifamily MarketBeat

Quarterly analysis of U.S. multifamily supply, demand, vacancy, and pricing. The primary institutional multifamily research product at Cushman & Wakefield.

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Advisory Services

Sam works directly with investors and operators on a select basis. Engagements are tailored to the client's markets, asset types, and investment stage.

01

Strategy Sessions

One-on-one or group working sessions for investors and operators seeking an independent read on market conditions, cycle positioning, and investment strategy calibrated to their specific portfolio and horizon.

02

Investing Framework Development

From-the-ground-up work helping clients build systematic investment frameworks, from macro filters and market selection criteria to cycle-aware underwriting assumptions.

03

Proprietary Model Building

Custom analytical models translating macro and market-level data into a repeatable, systematic process for market selection and portfolio positioning.

For research, advisory, or board conversations — get in touch.

About

Bio

Sam Tenenbaum

Sam Tenenbaum is Senior Economist and Head of Multifamily Insights at Cushman & Wakefield, where his research spans capital markets analysis and multifamily across the institutional CRE spectrum. His capital markets work covers all major asset classes, concentrating on debt market dynamics, capital formation, and cycle positioning. His multifamily research draws on Cushman & Wakefield's management portfolio of more than 170,000 units and is published through the firm's research platforms, including Market Matters and the quarterly MarketBeat series.

Sam began his career at GID Investment Advisers, working on international real estate research with a focus on Latin American markets before moving into institutional CRE consulting at Property & Portfolio Research (PPR), one of the nation's preeminent real estate consulting firms and a CoStar company. At PPR he delivered forecasts, feasibility studies, investment strategy reports, and pitch books for institutional clients across office, multifamily, and retail markets throughout North America. He then joined the founding team at CoStar Market Analytics, helping build the analytical infrastructure that became one of the industry's most widely used market intelligence platforms. The approach has been the same throughout: build the data infrastructure, then write the analysis.

Sam's research has reached audiences well beyond institutional CRE. He has presented for the Dallas Federal Reserve, testified before the Texas Senate Committee on Business and Commerce, and spoken at ULI, Trepp Connect, and The Rent Roll with Jay Parsons. He also works directly with investors and operators on a select basis: building investment frameworks from the ground up, running strategy sessions on market positioning and capital allocation, developing proprietary market selection models, and consulting on demographic trends for major U.S. cities.

Career

2022 – Present

Cushman & Wakefield

Senior Economist & Head of Multifamily Insights

2016 – 2022

CoStar Market Analytics

Director of Analytics & Central Texas Economist — Founding Team

2012 – 2016

Property & Portfolio Research (PPR)

Senior Consultant — Office, Multifamily & Retail

Institutional market intelligence and client advisory across office, multifamily, and retail markets throughout North America. Delivered forecasts, feasibility studies, investment strategy reports, and investor pitch books. PPR was among the nation's preeminent CRE consulting firms and was owned by CoStar.

2011 – 2012

GID Investment Advisers

Research Analyst

International real estate research covering emerging and developed markets, with a focus on Latin America. Work included economic and market analysis, country-level investment profiles, underwriting, and due diligence support for cross-border transactions.

Education

 

McGill University

In the Press

Research & Work

Capital Markets

Multi-asset-class research covering debt pricing, capital flows, transaction volumes, and investment strategy, from global macro to U.S. market-level analysis.

Global

Cross-Border Capital and CRE

Early 2026 signals across regions and investment strategies, covering cross-border capital flows, debt conditions, and transaction volumes across global CRE markets.

Read →

Newsletter

Market Matters

Cushman & Wakefield's institutional capital markets and research newsletter covering debt markets, investment activity, and macro commentary.

Read →

Outlook

Six for 2026: U.S. Real Estate Trends to Watch

Six trends shaping U.S. commercial real estate in 2026, spanning office, retail, industrial, and capital markets dynamics.

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Multifamily

Institutional multifamily market intelligence drawing on Cushman & Wakefield's management portfolio of more than 170,000 units, plus investment sales, lending, and construction data.

Quarterly Report

U.S. Multifamily MarketBeat

The primary quarterly multifamily research product at Cushman & Wakefield. Covers supply, demand, vacancy, and rent trends across U.S. markets.

Read →

Portfolio Trends

Top Trends Across Cushman & Wakefield's Multifamily Portfolio

Key occupancy, demand, and performance trends drawn from Cushman & Wakefield's managed portfolio of more than 170,000 units.

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Demographics

Breaking Down the Latest Census Data

Analysis of recent Census releases and their implications for migration patterns, demographic shifts, and multifamily demand across U.S. markets.

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Advisory Services

In addition to institutional research, Sam works directly with investors and operators on a select basis. Engagements are tailored to the client's specific markets, asset types, and investment stage.

Strategy

Strategy Sessions

One-on-one or group working sessions for investors and operators seeking an independent economist's read on market conditions, cycle positioning, and investment strategy calibrated to their specific portfolio and horizon.

Framework

Investing Framework Development

From-the-ground-up work helping clients build systematic investment frameworks, from defining macro filters and market selection criteria to cycle-aware underwriting assumptions. Aimed at investors building or formalizing their research infrastructure.

Modeling

Proprietary Model Building

Custom analytical models designed for clients' specific investment criteria, translating macro and market-level data into a repeatable, systematic process for market selection and portfolio positioning.

Board Service

Overview

Sam is selectively available for board seats at CRE investment platforms, operators, and adjacent firms where institutional research depth, capital markets perspective, and independent cycle analysis create governance value. His interest is in organizations where an economist's read on market conditions and capital formation directly informs investment and strategic decisions.

What a Senior CRE Economist Brings to a Board

Most CRE boards are populated with operators, capital raisers, lawyers, and generalist investors. Fewer have a dedicated economist whose primary function is reading the cycle accurately and saying so clearly when the consensus is wrong. That is a distinct governance function: not asset management, not origination, but the analytical capacity to identify inflection points, interpret macro signals, and provide an independent read on market conditions when it matters most.

Capital Allocation Timing

Identifying when to deploy, when to pause, and where in the capital stack pricing creates the most attractive risk-adjusted return, grounded in current spread data and cycle positioning analysis.

Structural vs. Cyclical Analysis

Distinguishing durable shifts in occupancy, rent growth, and values from transient corrections. The difference has material implications for underwriting assumptions and hold period decisions.

Macro & Regulatory Translation

Converting Federal Reserve policy, credit market conditions, and labor market dynamics into their direct real estate implications, in terms that inform board-level decisions rather than requiring interpretation.

Research Infrastructure Evaluation

Assessing the quality and currency of the market intelligence a firm is using to make investment decisions, and identifying where proprietary or alternative data sources would sharpen the view.

Interested in discussing a board opportunity?

Get in Touch

For research inquiries, advisory engagements, speaking invitations, board opportunities, and media requests.