2024 U.S. Macro OutlooK REPORT
A Rolling Recession is Here
Amid a rapidly changing economic landscape, the 2024 U.S. Macro Report provides a comprehensive analysis of the current state of the U.S. economy, delivering a bird's eye view of the potential challenges and opportunities that lie ahead.
EconomyDespite the robust performance witnessed in 2023, there are many leading indicators flashing caution lights for the journey ahead. Indeed, a rolling recession has begun in certain segments of the U.S. economy.
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OfficeThe transition to hybrid work continues, with important nuances that need to be understood by investors and occupiers alike. Our outlook suggests, however, that the continued reduction in demand is likely to subside soon, which could open new doors for those equipped with the right knowledge.
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A process of normalization has begun in the industrial sector. Although slowing, demand will remain positive with vacancy anchored at historically low levels despite a supply boom. What this means for rental growth has important implications for both occupiers and investors.
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MultifamilyAs the wave of supply begins to recede, the multifamily sector is showing signs of strengthening fundamentals. An expected decrease in new construction projects, along with evolving economic and demographic factors, will present new opportunities for savvy investors.
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The retail sector, despite facing headwinds, is expected to show resilience and adaptability. Limited supply in the market is likely to prevent a significant increase in vacancy rates, suggesting a potential safe harbor amidst the storm.
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When it comes to capital markets, property values and transaction volumes are likely to witness further challenges. Yet, even in this environment, investors are preparing for the anticipated pivot by the Federal Reserve. The spotlight is shifting toward income and operational efficiencies, signaling a need for strategic elevation and enhanced risk assessment.
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Niche SectorsNo longer viewed as peripheral or niche, alternative assets are now commanding the attention of institutional investors. The forceful tailwinds propelling this change are notable, signifying the increasingly crucial role alternatives are playing in portfolios.
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