Trump 2.0: The First 100 Days | United States

Capital Markets Also Resilient Through Q1

Key Observations

• Heading into 2025, there was growing sentiment in the CRE investment space.

Sales Volume Still Improving (YOY)

Pricing Infection

• Signs that a trough in markets had been reached were widespread with pricing either inflecting and rising, or declining but at slower rates. Volumes were inching upwards on a year-over-year basis. And capital and debt were flowing at much higher levels compared to 2023 to early 2024. • Although all sectors have been hit by the recent market sell-off, CRE pricing has been relatively more resilient in public markets, and during periods of uncertainty — especially those accompanied by inflation — hard assets tend to be favored. • Despite that, rising uncertainty may create a cloud over investor sentiment that derails some of the recent positive progress.

165

80%

60%

160

40%

155

20%

150

15.0%

0%

+7%

145

-20%

140

-40%

-60%

135

-80%

130

22Q1

22Q2

22Q3

22Q4

23Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

Jul-22

Jul-23

Jul-24

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Jan-22

Jan-23

Jan-24

Jan-25

Global

U.S.

U.S. All-Property CPPI

Source: MSCI Real Capital Analytics

CONTENTS

CONTENTS

Cushman & Wakefield

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