New Tariffs Reshape Economic Landscape, Highlighting Commercial Real Estate’s Stability Sweeping tariff policy heightens uncertainty. The recent introduction of the “Liberation Day tariffs” marks the most significant shift in U.S. trade policy in more than a century, propelling the net effective tariff rate from about 2.5 percent last year to well above that for most countries. A 10 percent blanket tariff now covers nearly all imports. Initially, 90 countries faced higher levies…

CPI slows, though trade policy clouds the outlook. Headline CPI declined 0.1 percent month over month in March—the first monthly decrease since 2020—easing the year over year rate to 2.4 percent. Core inflation edged down to 2.8 percent year over year, its lowest level since March 2021, further tapering price pressures. Nevertheless, ongoing trade policy developments may threaten this progress…

Job creation sturdy preceding new tariff pressures. Total employment increased by 228,000 positions last month, above the mean from both last year and for the month of March from 2014 to 2019. Sustained hiring in health care and social assistance contributed the most to this growth. These figures preceded the announcement of new U.S. tariffs on April 2 by the Trump administration, which has imposed a…

Supply and Demand to Re-Align for the First Time in Four Years, Aiding Investment Landscape Stay ahead of the curve. Gain early access to the 2025 Multifamily Investment Forecast and uncover critical trends shaping the industry. This report provides: Comprehensive Analysis: National and local economic and multifamily market trends in 2025 Detail Market Projections: Demand and supply forecasts across 50 major U.S. metros Strategic Investment Insights: In-depth examination of capital markets and investment activity Position… Read More

Below-average hiring keeps unemployment low. Approximately 151,000 jobs were created in February, which is up from the 125,000 added the month prior. Hiring was most prominent in the health care sector with the addition of 52,000 positions, followed by 21,000 new roles tied to financial activities. Companies engaged in transportation and warehousing also increased staff counts by…

Hiring eases after strong final stretch of 2024. Employers kicked off 2025 by creating 143,000 jobs in January, compared with an average of 166,000 per month last year. About 66,000 of the positions added in January, nearly half the overall net gain, originated from health services fields, while another 34,000 came from retail trade. Although the concentration of hiring momentum within only a handful of industries may…

Retail Sector Well-Anchored Against Potential Turbulence The retail sector entered 2025 with positive momentum. Modest construction, resilient consumer spending and expansion plans from various retailers offer an encouraging outlook. Even if strong economic headwinds emerge, the exceptionally light construction pipeline should reinforce property performance. The 2025 Retail National Investment Forecast is now available to help commercial real estate investors navigate the evolving landscape. Key Features Include: Deep dive into the factors affecting retailers both nationally… Read More

Multiple growth signals noted at 2024’s conclusion. Overall employment increased by 256,000 jobs in December — the strongest month for hiring since March — bringing the total for 2024 to 2.2 million new positions. Though this is down from the prior year’s 3 million-role tally, with the average number of jobs created per month declining across most sectors, employment growth has actually picked up…

Employment growth resumes earlier trends. Hiring hit a six-month high in November as weather- and labor relation-related disruptions to job creation in October gave way to a subsequent rebound. The 227,000 net new roles in November, combined with the prior period’s 36,000-person addition, result in a mean gain of 131,500 positions per month. This is below the average of 191,000 from the first nine months of the year, as well as what was typical across the… Read More

Fed takes second step on gradual rate-lowering path. After reducing the overnight lending rate by 50 basis points in September, the Federal Open Market committee opted to cut again by half that margin at the November meeting. This returns the target lower bound to 4.5 percent — a level not seen since March 2023 — reflecting progress on both sides of the…