THE GLOBAL ECONOMY, GLOBAL CHALLENGES & U.S. REAL ESTATE TIMOTHY H. SAVAGE, PH.D. SENIOR MANAGING ECONOMIST PRINCIPAL DATA SCIENTIST
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1 THE GLOBAL ECONOMY, GLOBAL CHALLENGES & U.S. REAL ESTATE TIMOTHY H. SAVAGE, PH.D. SENIOR MANAGING ECONOMIST PRINCIPAL DATA SCIENTIST
2 GROWTH SLIGHTLY BETTER IN THE NEXT 2 YEARS Source: Macrobond, Oxford Economics, CBRE Econometric Advisors, January 2018.
3 WITH SOME MILD FISCAL EXPANSION Contraction Expansion Expansion Source: Macrobond, Oxford Economics, CBRE Econometric Advisors, January 2018.
4 BUT CORE INFLATION REMAINS WEAK 3% Target 2% Target Source: Oxford Economics, CBRE Econometric Advisors, January 2018.
5 GOLDILOCKS IS STILL HERE
6 UNEMPLOYMENT: A GOOD, CLEAR CYCLICAL INDICATOR 3y 8m 7y 7m 9y 6m 11y 6y 4m 10y+ Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
7 BUT HOW LOW CAN YOU GO? Source: CBRE Econometric Advisors and Macrobond, CBRE Research, Q
8
9 WORLD IN GRIP OF MASSIVE LABOR SUPPLY SHOCK Fall of Communism Source: IMF World Economic Outlook, CBRE Econometric Advisors.
10 GOLDILOCKS IS STILL HERE
11 SO ARE THE BEARS
12 WAGE GROWTH SPOOKS MARKETS Growth Rate, (% Y/Y, 3MA) US Wage Growth 0 Source: Current Population Survey, Bureau of Labor Statistics, and Federal Reserve Bank of Atlanta Calculations, February 2018.
13 WHY? UNEVEN PRODUCTIVITY GROWTH Annualized Growth (%) (2) (4) (6) Source: Federal Reserve Bank of Atlanta, February 2018.
14 REAL INTEREST RATES NEGATIVE IN 2018 Source: Oxford Economics, CBRE Econometric Advisors, January 2018.
15 QUANTITATIVE EASING IS FADING Trillions Outstanding ($) Forecast Fed BoJ ECB BoE Total Source: Oxford Economics, CBRE Research, January 2018.
16 THE END OF CHIMERICA?
17 WHERE DOES THIS LEAVE REAL ESTATE?
18 OFFICE CYCLE: MUTED Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
19 RETAIL CYCLE: MUTED Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
20 MULTIFAMILY CYCLE: STRUCTURAL BOOST Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
21 INDUSTRIAL CYCLE: GAINING FROM RETAIL Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
22 THE CHICAGO BEARS?
23 OFFICE CYCLE: CHICAGO IN LINE Unemployment (%) Civilian Unemployment Rate Office Rent Inflation (%) Chicago Office Rent Inflation (%) Y-o-Y Rent Growth (%) Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
24 RETAIL CYCLE: CHICAGO TRAILING Unemployment (%) U.S. Unemployment TW Rent Index Chicago TW Rent Index Y-o-Y Rent Growth (%) Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
25 MULTIFAMILY CYCLE: CHICAGO ALL CAUGHT UP Unemployment (%) U.S. Unemployment TW Rent Index Chicago TW Rent Index Y-o-Y Rent Growth (%) Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
26 INDUSTRIAL CYCLE: UPSIDE POTENTIAL Unemployment (%) Civilian Unemployment Rate Industrial Rent Inflation Chicago Industrial Rent Inflation Y-o-Y Rent Growth (%) Source: CBRE Econometric Advisors and Macrobond, CBRE Research.
27 BUILD IT AND THEY WILL COME
28 NEW SUPPLY IS RAMPING UP NATIONALLY Source: CBRE Econometric Advisors, February 2018.
29 CHICAGO SUPPLY: AT RECORD HIGHS (DRIVEN BY MF) Completions Index (2002 = 100 Total) Source: CBRE Econometric Advisors, February Office Industrial Apartment Retail
30 RETAIL COMPLETIONS APPEAR HISTORICALLY LOW Source: CBRE Econometric Advisors, Q
31 YET WITH IMPACT OF ECOMMERCE Source: CBRE Econometric Advisors, Q
32 U.S. COMMERCIAL REAL ESTATE INVESTMENT
33 CHICAGO COMMERCIAL REAL ESTATE INVESTMENT USD Billion, floating exchange rates Apartment (L) Hotel (L) Industrial (L) Office (L) Retail (L) Rolling 4-Qtr Global Average (R.) Source: CBRE Research, Real Capital Analytics, Q
34 CHICAGO CAP RATES TIGHTER Cap Rate Comparison 6.5 Cap Rate(%) Office Industrial Apartment Retail Chicago National Source: CBRE Research, CBRE Cap Rate Survey, Q
35 AND TIGHTER IN H Cap Rate Comparison Cap Rate(%) Office Industrial Apartment Retail Chicago H Chicago H Source: CBRE Research, CBRE Cap Rate Survey, Q
36 DON T FIGHT THE FED
37 INTEREST RATES ARE KEY WHITHER RATES? (BERNANKE S CONUNDRUM) Interest Rates Fed Funds & 10-Year Treasury INTEREST RATES FED FUNDS AND 10-YEAR TREASURY (2) Gap Effective Federal Funds Rate 10-Year Treasury Constant Maturity Rate Source: CBRE Research, Federal Reserve Bank of St. Louis, February 2018.
38 CONCLUSIONS IF THIS SOUNDED COMPLICATED... IT IS. GROWTH OUTLOOK HAS IMPROVED U.S. LEADS. MONETARY POLICY IS TIGHTENING U.S. LEADS. LARGE GEOPOLITICAL SHIFTS LEADS. WHAT WEATHERS THIS STORM? IS IT TIME TO EASE BACK ON SUPPLY?
39 Q&A
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