Trump 2.0: The First 100 Days | United States

Other Policy Priorities

Releasing Federal Lands

• The administration launched a task force to find underutilized federal lands that the government could sell for private residential development.

• Theoretically this could provide a source of new supply to residential real estate, though most of the owned federal land is in remote areas where housing shortages are less acute. As a result, the impact on residential property markets would likely be muted.

Fed Independence

• President Trump indicated in December 2024 that he would not try to fire Fed Chair Jerome Powell. But amid financial market instability, Trump has called on Powell and the Fed to lower interest rates. • The Fed has a long history of independence from Congress and the President; historical precedence shows that when central bank independence is breached, inflation and financial instability tend to accelerate, which would be a negative for CRE activity.

Health & Human Services:

• The healthcare sector is bracing for changes at the Department of Health and Human Services and the Centers for Medicare and Medicaid Services. Further cuts to provider reimbursements will impact their already thin margins and their ability to move into or expand into new space. However, the sector has high occupancy rates and should be able to weather this turbulence. • Cuts to Food and Drug Administration staff have injected further uncertainty in the life sciences sector. Potential delays to drug approvals can impact a company’s plan for cGMP space. Data Centers • Trump’s “Removing Barriers to American Leadership in AI” order, following Biden’s “Advancing U.S. Leadership in AI Infrastruc tur e” order, is expected to positively impact the data center industry. Timelines and directives in Biden’s order are being followed, and Trump’s order a ims to eliminate policies that could hinder future AI development. • Hyperscale data center operators stand to benefit the most from Biden & Trump’s executive orders concerning AI infrastructure . A $500B AI infrastructure fund, called Project Stargate, was announced as a partnership between OpenAI, Oracle, SoftBank, and MGX following the two executive orders. Most recently,16 potential data center development sites on federal land were released by the DoE on April 3.

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Cushman & Wakefield