Outlooks

Outward metrics show resilience; inward sentiment tells a different story. Market volatility is likely to persist until the understanding of government policy impact is better refined.

After scaling a wall of worry, public markets now appear priced for perfection. But lofty valuations and policy uncertainty pose risks.

Public credit markets are priced for full optimism, but do tight spreads reflect a realistic outlook or complacency in the market?

After 30 months of correction, the U.S. CRE market finally appears poised to commence a rebound. New federal policy should benefit CRE, but also keep interest rates elevated.

We anticipate the commercial real estate market entering recovery mode in 2025, fueled by strengthening fundamentals, growing investor confidence and stabilizing interest rates.

As we enter 2025, sparks of life are emerging in private markets, fueling optimism for improved liquidity and a revitalized investment landscape.