Trump 2.0: The First 100 Days | United States

Public CRE Pricing More Resilient S&P 500 by GICS

Impact on CRE

• Public equity markets can inform implied expectations about how resilient a sector may or may not be to evolving policy conditions. • So far in 2025, real estate is the 3 rd most resilient sector, only outdone by counter cyclical sectors like utilities and health care, as well as consumer staples. • The worst performing sectors include tech, consumer discretionary and telecom. Tech specifically gets a much larger share of revenue from foreign sources, as does materials which have been the second worst performing sector on a YOY basis. • Property may benefit from recent dynamics due to its status as a real asset with inflation hedging characteristics, and private real estate for its lower volatility. • That said, the relatively hard hit to public equities is impacting allocations among investors, which could lead to some rebalancing and a pickup in redemption queues in private real estate funds.

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

YTD YOY

Source: S&P Dow Jones Indices LLC. Note: *Equal weighted index.

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Cushman & Wakefield