Photo of Spencer Levy “We are optimistic about the US economy in the short term,” says Levy.

LOS ANGELES—Agility heading into the new year is not just for the ski slopes anymore. CBRE Group is advising investors and tenants alike to cultivate this quality in their commercial property portfolios. “We are optimistic about the US economy in the shortterm, but agility is more important than ever for investors and occupiers,” says Spencer Levy, Americas head of research and senior economic advisor at CBRE.

CBRE’s 2018 Real Estate Market Outlook report calls for moderate economic growth, slowing employment gains and flattening cap rates in the coming year. However, the firm cautions that anticipated federal changes to the tax code, immigration policies and infrastructure spending could have substantial, sometimes offsetting, impacts on the economy. “We’re now confronting a wider range of possible outcomes for the economy, depending on how various initiatives such as federal policy changes play out,” Levy says.

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