Transwestern Closes 44-Year-Old CRE Research Firm Delta Associates

A research firm that provided market intel to commercial real estate professionals since the 1980s has shuttered.

D.C.-based Delta Associates was founded by Greg Leisch in 1980 and sold to Transwestern in 1995. Transwestern didn't make a public announcement that it shut down Delta Associates, but in an email to Bisnow Thursday, a spokesperson said the firm's last day was May 6.

“It’s like seeing your baby die,” Leisch, who departed the company in 2015, told Bisnow in an interview Thursday. 

“Of course, I’m heartbroken to see my baby of 40 years go down the tubes,” he added. “We did a lot of work with a lot of good people. We impacted the physical environment. We helped a lot of clients make a lot of money. It’s really a shame to see it end like this.”

Delta Associates provided consulting services and market reports for a variety of asset classes, including office, multifamily and retail. It produced quarterly reports for the D.C., Baltimore and Philadelphia markets. 

In 2017, it underwent a restructuring to focus on multifamily, a move that resulted in layoffs and coincided with the appointment of its most recent president, Will Rich. Rich, who had worked for Delta Associates since 2002, is no longer with Transwestern. 

“While I am sad that Delta has closed, I’m looking forward to future opportunities,” Rich said in a statement to Bisnow. “After being with the same company for such a long period, I’m taking some time to weigh my options for the next chapter in my career.”

In conjunction with Transwestern, the firm held an annual market overview and forecast event called TrendLines.

Delta Associates put out its last reports for the first quarter of this year in April. Transwestern continues to produce quarterly mid-Atlantic multifamily market reports.

“We are deeply grateful to Delta Associates for their years of service, dedication, and expertise,” Keith Foery, Transwestern's executive managing director and market leader for the mid-Atlantic, said in an emailed statement. “This closure is part of a broader strategy to optimize our operations and realign our resources towards core business areas.”

Leisch said Delta’s closing leaves a gap in the market — there are other firms that do research reports, he said, “but not to the length we did.” But he said he believes it wasn't a profitable enterprise for Transwestern. 

“I don’t think they could make any money,” he said.  

Jonathan Chambers, who worked for Delta Associates from 2015 to 2023, rising from an associate to a vice president, told Bisnow he is “certainly sad to see Delta close its doors.”

“Delta leaves behind an unparalleled legacy of being the Washington-Baltimore region's most trusted and respected voice in CRE consulting and data reporting (especially in the multifamily space) thanks in no small part thanks to the excellent leadership of Will Rich,” he said in a text. 

Jon Banister contributed reporting for this story. 

UPDATE, JULY 25, 3:20 P.M. ET: This story has been updated with a statement from Will Rich.