On this episode, CBRE Global Chief Economist and Global Head of Research Richard Barkham discusses the outlook for commercial real estate as 2024 rapidly approaches.
CBRE has delayed — but not canceled — its prediction for an economic recession, and on the show, Barkham talks about his expectation of weaker growth in the final stretch of the year, distress in the office environment and the turnaround in retail.
He also lays out his view on where interest rates are headed.
“You can’t take another 25 [basis points] off the cards, because I think some of the Fed people think that even at 3.8% unemployment, that is still too low to get base wage growth down. But wage growth is moderating,” he said on the show. “I think on balance, 60-40, the Fed fund rates have peaked and are likely to stay where they are up until maybe Q2.”
Bisnow’s audio series, Bisnow Reports, examines every facet of the international commercial real estate industry — from the murky future of retail and office to real estate’s reckoning with diversity to the effects of climate change on the built world, and so much more. You can subscribe on iTunes, Spotify and Amazon Music, or click below to listen in your browser.
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