Where Do U.S. Property Values Go From Here?

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Slide Number 1	1
Overview	2
CONTENTS	3
Slide Number 4	4
Hard to Beat These Returns	5
CRE Returns Outpace Alternative Investment Options	6
Nuances Like Sector, Geography, Quality and Risk Tolerance All Matter	7
Slide Number 8	8
Economic Indicators Point to Weakness	9
Odds of a Recession Rising Fast	10
Property Values Fall in (Almost) Every Recession	11
Slide Number 12	12
Economic Scenarios	13
Slide Number 14	14
Slide Number 15	15
Slide Number 16	16
Slowdown in NOI Growth, But Mostly Remains Positive	17
NOI Scenarios	18
Slide Number 19	19
Key Assumption: Spreads Will Normalize	20
Significant Increases in Cap Rates	21
Cap Rate Scenarios	22
Slide Number 23	23
U.S. Office Sector	24
Office Will Increasingly Bifurcate	25
U.S. Industrial Sector	26
U.S. Retail Sector	27
U.S. Multifamily Sector	28
U.S. All Property Types*	29
Slide Number 30	30
Investment Ideas for 2022/23	31
Slide Number 32	32
Slide Number 34	33

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