1、Click here or press enter for the accessibility optimised version2024U.S.MACROOUTLOOKClick here or press enter for the accessibility optimised versionContentsCUSHMAN&WAKEFIELD RESEARCHU.S.Macro OutlookContentsKEY TAKEAWAYSECONOMYOFFICEINDUSTRIALMULTIFAMILYRETAILNICHE SECTORSCAPITAL MARKETSSUMMARY TA

2、BLESABOUT USClick here or press enter for the accessibility optimised versionKey TakeawaysEconomy:A rolling recessionhas begun.Office:Further into the hybridtransition,office is becomingmore nuanced than ever.Industrial:Normalization phaseto keep vacancy driftinghigherbut context matters.Multifamily

3、:Fundamentals tostrengthen on the other side ofthe supply wave.Retail:Headwinds will not derailthe retail sectors resilienceand adaptability.Niche Sectors:No longer so“niche”as strong tailwindspower growing importance forinstitutional investors.Capital Markets:Propertyvalues to remain underpressure,

4、but investors gearingup for the Fed pivot.CUSHMAN&WAKEFIELD RESEARCHU.S.Macro OutlookINTRODUCTIONTo help our clients think through and prepare for various scenarios,weve included a base case scenario which we feel isthe most probable scenario(50%probability)based on our modeling and current market c

5、onditions,as well as threeother scenarios for your consideration.The results for all the scenarios we modeled can be found in the summary tablesat the end of the report.KEY TAKEAWAYSPOST ANSWERInteractive poll not supportedView online versionClick here or press enter for the accessibility optimised

6、versionEconomyA Rolling Recession Has BegunThe U.S.economy,led by the resilient consumer,seemed to defy gravity in 2023.Only a year ago,theconsensus was that risks were overwhelminglytilted to the downside and that real GDP growthwas expected to grow at a paltry rate of 0.5%in 2023with many20 of the