US Housing Market Rapid Response US Housing Starts (Jan. 2025) The decline in housing starts in January is not a major concern, as it comes after a surge in starts in December and appears partly driven by the unseasonably harsh weather. Encouragingly, permit... 19th February 2025 · 2 mins read
US Housing Market Chart Pack US Housing Market Chart Pack (Feb. 25) We think the window for further Fed interest rate cuts has closed, so mortgage rates should remain near their current 7% level this year, before a little more relief arrives in 2026. There will still... 18th February 2025 · 1 min read
US Housing Market Update Southeast and West Coast apartments to benefit from high costs of home ownership Even if mortgage rates drop back slightly and house price growth cools over the next few years as we expect, renting will remain the more cost-effective option, supporting apartment demand. Southeast... 6th February 2025 · 3 mins read
US Commercial Property Update Trump and US CRE: Four key client questions The first week of the new Trump administration hasn’t thrown up any huge surprises in terms of policy announcements. But there remains considerable uncertainty about the impact of those policies and... 24th January 2025 · 4 mins read
US Housing Market Rapid Response Housing Starts (Dec. 2024) The large rebound in housing starts and continued resilience of building permits in December provides some support to our forecast that starts will remain solid in the first half of the year. However... 17th January 2025 · 2 mins read
US Housing Market Outlook Sales slump to drag into 2025 The potentially inflationary policy mix of the incoming Trump administration will limit the decline in mortgage rates this year, squashing hopes for a major recovery in home sales. We expect... 8th January 2025 · 14 mins read
US Commercial Property Update Five key calls for US commercial real estate in 2025 Though we think the market has bottomed, we expect a very weak recovery this year, unlike in other cycles. In fact, we think valuation falls still have further to go, leaving our forecasts generally... 7th January 2025 · 3 mins read
US Commercial Property Apartment Metros Outlook Atlanta, Dallas, Houston and Phoenix to lead the way Our apartment metro forecasts continue to show significant variation between metros, even within regions. For example, while we expect continued strong demand growth in the South – especially in... 23rd December 2024 · 7 mins read
US Housing Market Rapid Response Housing Starts (Nov. 2024) The decline in housing starts in November was entirely due to weakness in multifamily construction, which outweighed a post-hurricane rebound in single-family construction. The rise in permits to a... 18th December 2024 · 2 mins read
US Commercial Property Outlook Total returns to turn positive in 2025, but offices still weigh The backdrop to our new real estate forecasts is a small reduction in our GDP forecasts and higher level of interest rates than previously. This weighs on the outlook, and we have trimmed our total... 12th December 2024 · 20 mins read
US Commercial Property Update Post-pandemic student housing rebound to be short-lived Tight supply conditions will drive a solid rent outlook for the student housing sector over the next year. But the bigger picture remains one of slowing demand as steady declines in the college-age... 3rd December 2024 · 3 mins read
US Housing Market Chart Pack US Housing Market Chart Pack (Nov. 24) Conditions for would-be homebuyers and sellers will not improve much in the near term, with mortgage rates set to remain around 7% through the first half of next year, before modest relief arrives... 2nd December 2024 · 1 min read
US Commercial Property Chart Pack US Commercial Property Chart Pack (Q4 24) All-property values are down 18% from their mid-2022 peaks. And with appraisal-based cap rates still set to tick higher, we expect further small falls in values. That should take the peak-to-trough... 25th November 2024 · 1 min read
US Housing Market Update Where are the residential construction layoffs? Residential construction employment has been performing much better than the slump in construction over the past year might have implied. We suspect that is because job losses in the new home... 25th November 2024 · 3 mins read
US Housing Market Rapid Response Housing Starts (Oct. 2024) The decline in housing starts in October was exactly as we had expected given the hit to construction in the South from recent hurricanes and should partially reverse in November. Beyond this, we... 19th November 2024 · 2 mins read
US Housing Market Update Trump win puts brakes on housing recovery While Trump has vowed to lower mortgage rates to 3%, we expect the net effect of his policies to have the opposite effect, keeping borrowing costs higher for longer. With that in mind, we are changing... 14th November 2024 · 5 mins read
