Trump 2.0: The First 100 Days | United States

Policy Uncertainty at All-time High

Impact on CRE

• Given the flurry of changes, and particularly

the on-again off-again tariffs, policy uncertainty is at an all-time high.

500

450

• Periods of heightened policy uncertainty are often correlated with periods of weaker business investment and hiring decisions. Businesses typically pause until they have greater visibility into where policy is headed.

400

350

• The longer the uncertainty lasts, the more damaging it will be to the economy because

300

an overarching pause hits the various components of GDP, and in particular consumption and investment.

250

200

• CRE faces the same uncertainty, which may delay decision making by both occupiers and investors.

150

100

50

0

Jul-99

Jul-04

Jul-09

Jul-14

Jul-19

Jul-24

Jan-97

Jan-02

Jan-07

Jan-12

Jan-17

Jan-22

Mar-01

Mar-06

Mar-11

Mar-16

Mar-21

Nov-97

Sep-98

Nov-02

Sep-03

Nov-07

Sep-08

Nov-12

Sep-13

Nov-17

Sep-18

Nov-22

Sep-23

May-00

May-05

May-10

May-15

May-20

Global Economic Policy Uncertainty Index

Source: Baker, Bloom, and Davis, Cushman & Wakefield Research

CONTENTS

CONTENTS

Cushman & Wakefield