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1、State of the U.S.Capital Markets2Q25NEWMARKNEWMARK2Access the Extended 2Q25 U.S.Capital Markets:Conditions&Trends ReportThe extended version of this report includes:Strategic Recommendations Based On Current Market Conditions:Insightful analysis on how Newmark research views optimal investor positio

2、ning for the current market.Detailed Analysis On Maturity Wave And Trouble Loan Volumes:A look at one of the major issues facing CRE over the last 5 years.Breaking Down Who Is Buying What:In-depth examination of the market for Commercial Real Estate by buyer type,lender type,and property type.Econom

3、ic Outlooks from Newmark:A comprehensive review of economic projections across various scenarios.Extensive content across 81 slidesa detailed presentation packed with useful CRE Capital Markets information and in-depth analysis.To access,please reach out to Joseph.Bor your Newmark contact.NEWMARK1.D

4、ebt Capital Markets 52.Equity Capital Markets 223.Supply of Capital 314.Pricing and Returns 333Economy.U.S.GDP grew 3%in the second quarter of 2025,however the strong growth was driven by a decline in imports.Consumption growth decelerated and investment declined at a seasonally adjusted annualized

5、rate of 15.6%,as market reactions to the Liberation day announcement continue to ripple through the economy.In the near term,the outlook points to slower growth and higher prices.As of late July 2025,significant uncertainty remains around final Administration policy,though trade announcements have e

6、ased some of the pressure.That ambiguity continues to weigh on investment and hiring decisions,though the precise effects are difficult to quantify with policy still in flux.The unemployment rate has remained between 4%and 4.2%since May of 2024,though underlying labor market data and recent revision