Amar Goli, Managing Director – Commercial Investment Sales, Northmarq

Invest: sat down with Amar Goli, managing director of Northmarq, to discuss shifting investment dynamics, evolving investor priorities, and why Charlotte continues to stand out as a growth market. “The next couple of years should be better than the last couple of years in terms of deal volume,” Goli said.

How would you describe the investment environment over the past year, and what changes are impacting deal activity and investor decision-making?

This past year was active for us, especially compared to what we had seen previously. We saw a real uptick in activity across the board. Rates did come down slightly, but I do not think that alone had a major impact on cap rates. What mattered more was the quality of deals coming to market and investors becoming more willing to step off the sidelines. A lot of capital had been waiting for clarity, and once that confidence started to return, investors became more aggressive about pursuing strong assets.

The second half of the year was particularly strong. Investors were more bullish, and there was a noticeable increase in transaction velocity. A lot of that momentum was psychological as much as financial, with buyers realizing they needed to get back into the market rather than continue waiting. The next couple of years should be better than the last couple of years in terms of deal volume, and I think that is largely because the market is moving from hesitation to action.

Another factor is that buyers are being more selective. They are still chasing quality, and when the right deals come out, those processes move quickly. That demand for stronger deals can tighten pricing, even when the broader market is still figuring out where the new normal sits.

What role have recent tax and policy changes played in that activity, and why did they matter for real estate investors?

The extension and expansion of bonus depreciation has been a meaningful tailwind. It created a strong incentive for investors to act, particularly those focused on tax efficiency. It did not just support existing strategies; it encouraged new investment and development activity. When developers know there is demand on the exit side, it makes projects more viable, and that ripples through the entire market.

We saw investors quickly move to take advantage of those incentives. In some cases, we did an entire year’s worth of business in about six months because of that shift. It also helped unlock conversations that had stalled, because it gave investors a clearer, more compelling reason to transact now rather than later.

From a planning perspective, it pushes people to think more intentionally about timing, asset selection, and how an acquisition fits into a broader portfolio. Investors are not just underwriting the real estate anymore; they are underwriting the after-tax outcome, and bonus depreciation has become part of that equation.

Where are you seeing the most demand today, and how are investors shifting their focus across sectors and asset types?

That is always a moving target, and it can change year to year. Industrial was extremely hot a few years ago, and while it remains strong, investors have shifted to other areas in search of yield. Multi-tenant retail centers became more attractive after the pandemic, and we have continued to see interest there, especially for well-located centers with durable tenancy.

Right now, there is a balance between yield-focused strategies and core investment strategies. Some investors are chasing yield, while others want core products and are willing to accept lower cap rates for stability. What has been interesting is that groups that historically focused on one asset class are actively diversifying. We have seen multifamily-focused groups raise capital to pursue net-lease retail, medical, and service-oriented assets, including categories like convenience retail and other operationally resilient uses.

We have also seen funds that were previously chasing higher-yield opportunities launch core funds aimed at stabilized assets with lower cap rates. That tells you investors are diversifying their approaches rather than betting on one asset class. They want optionality, and they want to be able to move as opportunities shift.

How is Northmarq evolving its services to help clients navigate the current market, especially with financing and portfolio decisions?

A lot of what we do today is portfolio management. We are helping clients navigate debt that is coming due, refinance decisions, and whether it makes sense to sell or hold certain assets. We are also involved in lease negotiations and capital structure strategies, all with the goal of improving internal rates of return.

For some owners, the decision is not just whether to refinance; it is whether refinancing actually preserves the performance they need, or whether a sale and redeployment of capital makes more sense. For others, the opportunity is on the buy side, where the priority is identifying assets that meet return targets in a market that is still recalibrating. Either way, clients want a clear strategy that connects the market conditions to their portfolio objectives.

Bonus depreciation has become another important tool. We are helping both existing and new clients understand how to incorporate that advantage into their broader investment strategy. That includes thinking through what types of assets are best positioned to benefit, how to structure transactions, and how to align acquisition timing with tax planning.

How are clients thinking about the full life cycle of a deal, including 1031 exchanges?

Many clients are not thinking in single transactions anymore. They are thinking in sequences. Someone may buy a portfolio today with one objective, then sell part of it in a few years to reposition the portfolio, manage risk, or redeploy capital into a different category.

We spend a lot of time working through those pathways. If a client sells an asset, the next question is what replaces it, and what that replacement needs to accomplish from a cash flow and return standpoint. When 1031 strategies are part of the plan, you have to be prepared well in advance, because it is not enough to sell. You need a credible replacement strategy and the right pipeline of opportunities to execute.

That is where having a strong platform matters. We can support clients through the entire lifecycle, from acquisition to disposition to reinvestment, and we can bring the right expertise to each step depending on what the client is trying to do.

Looking ahead, what are your top priorities for Northmarq over the next two to three years, and what is your outlook?

Our focus is on steady, disciplined growth. We want to continue hiring experienced professionals and building teams around key verticals. We want to bring in experts and thought leaders that we can build around, and we want to grow market share with the right people in the right roles.

At the same time, we will keep investing in our platform, technology, marketing, and people. We are bullish on the market and on Charlotte specifically. As talent continues to move here and investment activity increases, we expect to grow alongside it. At some point, we may even need more office space, which is a good problem to have.

Overall, the outlook is constructive. There is opportunity in every market, but Charlotte continues to check a lot of boxes for investors, developers, and businesses that are thinking long term.

Is there anything else you would like to add?

One area that deserves more attention is education around bonus depreciation and related strategies. It is a powerful tool when used correctly, and we have developed a deep understanding of how it fits into broader investment plans. We work with strong accounting partners and 1031 specialists, and we are able to bring those resources into the conversation in a practical way for investors.

Helping investors understand those opportunities can make a real difference in outcomes, especially in an environment where efficiency and returns matter more than ever. It is not just a tax topic; it is a strategy topic, and the groups that understand how to integrate it thoughtfully are often the ones that can move more decisively when the right opportunities emerge.