2024 Year in Review: Bill Pastuszek,
Shepherd Associates

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024?
I helped several review clients create more robust appraisal quality control programs, allowing them to improve appraiser selection and appraisal administration policies and procedures. In a difficult market, these enhancements will improve efficiency and allow better risk mitigation for appraisals.

What emerging trends will drive investment and development in 2025? 
Interest rates are a major concern for developers, lenders, and appraisers. While the market has adjusted to the much higher costs of money since mid-2022, lower interest will have some influence on the cost of debt and on equity return expectations. Interestingly, Fed interest rate changes affect short-term rates much more directly than long-term rates.

Other issues that will be important include the movement of office markets, government involvement in affordable housing, the state of the life sciences market.