By: Brooke Bouma Kohlsdorf
Edited by: Dave Price

The Pacific Northwest is known for its natural beauty. The mountains, forests, and coastline may come to mind when you picture this area of the country. This region is also famous for what it grows. (Apples, anyone?)
According to the United States Department of Agriculture, the Northwest is one of the most productive agricultural regions in the country with 40 million acres of farmland and $7 billion in sales in 2021.
This month, three experts who work in the agribusiness space in the Northwest shared their thoughts on the big trends from 2024 and predictions for 2025 during a breakout session at the Land Investment Expo in Des Moines.

Meet the three panelists: Pictured above left to right
Todd Friedman, Business Lawyer at Stoel Rives LLP
Adam Woiblet, President and Broker at AgriBusiness Trading Group
Skye Root, Founder of Root Agricultural Advisory
Questions and paraphrased answers are listed below.
Q: What are three trends you saw in agribusiness transactions in 2024?
Todd Friedman:
Slowness in mergers and acquisitions (M & A) market.
Higher agricultural costs, particularly labor, made it hard to price assets correctly in the M & A space.
Saw more clients taking on debt for operating expenses in the second half of the year as interest rates stabilized.
Adam Woiblet:
Fewer transactions compared to previous years.
Not as much capital was available. This is common in election years.
The apple market had a rough year due to rising costs and other market dynamics.
RELATED: The Columbian in Clark County, Washington, has this story on how President Donald Trump’s 2018 tariffs, oversupply, and declining profit margins drove some apple orchards out of business.
Skye Root:
2024 brought some distress to the specialty crop market (Specialty crops are defined by the USDA as fruits, vegetables, tree nuts, dried fruits, horticulture, and nursery crops) in the western part of the U.S for the first time.
There was a need for more private credit, especially in the farmland space.
There were concerns about tariffs. The pistachio, walnut, almond, apple, and cherry market cannot handle tariffs. All those industries are either under water or just barely getting by.
Q: Recommendations or advice for someone who might be looking to sell or borrow in 2025.
Skye Root:
Quality still wins out in transactions.
Recognize that it is becoming a buyer’s market.
If you need to sell, get it done quickly.
Todd Friedman:
Lots of unknowns with the new presidential administration. The market is going to change or evolve very rapidly.
Equity and opportunities could come quickly. Be flexible and nimble regardless of whether you are on the buy side or the sell side.
Adam Woiblet:
There might be more capital available but possibly not as much as in previous years.
A lot of acquisition clients who were on the fence in 2024 will create a dam effect. This happens after an election year.
Some markets are seeing prices drop.
Quality tenants, soil, and location matter. People with capital are still going to be picky for the next couple of years as it is turning into a buyer’s market.
Q: What should sellers do to highlight the quality of their assets?
Adam Woiblet:
Data (surveys, production history, and revenue history) will bring you value in a buyer’s market. Information makes your property stand out.
Skye Root:
Sellers need to have data on their property.
Be open to allowing a seller to stay on the property as a tenant.
Q: As an outside investor, how do you compete with local buyers who already know a lot about a specific property and the area?
Todd Friedman:
Have a good team in place to understand the property and dig into the necessary information.
Adam Woiblet:
Do your due diligence.
Local and older investors might not be as aggressive with buying. If you do your homework and surround yourself with honest professionals, you will be able to compete against local farm buyers.
The average farmer does not want to pay leading prices for things right now when they are sitting on operating losses.
Q: Is there money looking for a home?
Adam Woiblet:
There is still a ton of money. There’s enough capital right now to fund a full seven-year cycle. But these investors have very disciplined and strict investment parameters. They aren’t going to do it for 2 ½% income return. They want a 7-10% return on their investment.
Skye Root:
There is a lot of money, but it feels to me like it is chasing the same small collection of assets.
Q: Are there any new transaction trends?
Todd Friedman:
If buyers are nervous, sellers may need to sideline money. Sellers want to get the deal done, and buyers want to hedge risks.
Adam Woiblet:
During a longer due diligence period, buyers may be able to get their earnest money back.
Todd Friedman:
Seller financing if there isn’t a private equity buyer on the other side. Buyers can ask for more things when there isn’t as much competition.
Q: Transaction activity in 2025, up or down?
Adam Woiblet:
Up, definitely!
Skye Root:
Up!
Todd Friedman:
Up!
Q: Biggest “unknown” in 2025
Skye Root:
Trump and tariffs
Adam Woiblet:
Balance of available capital
Q: Biggest “known” for 2025
Skye Root:
Distress
Adam Woiblet:
Buyer’s market
Todd Friedman:
No knowns
Q: Farmland Investing: A more compelling or less compelling case compared to one year ago?
Skye Root:
More
Todd Friedman:
More, as an inflation hedge
Adam:
Agree with Todd.
Q: One Prediction for 2025 that you are willing to defend if you come back next year.
Todd Friedman:
Labor availability and labor costs. This is going to be a huge issue, and perhaps we will see an increase in enforcement of immigration laws. Smaller players could find it difficult to find labor.
Adam Woiblet:
Trump’s plans for the energy sector. Energy prices drive prices for everything else. Farming will be a little more profitable in ‘25.
Skye Root:
See continued consolidation of farmland and demise of small farmers.