Some volatility is expected to persist across the multifamily, hotel, and office asset classes well into 2022, according to new research from Moody's Analytics. 

"Hotel performance metrics took a hit from the Delta and Omicron variants throughout the latter half of 2021, and the future of property types like office and retail remains decidedly uncertain," Moody's analysts Victor Calanog, Jun Chen, and Todd Metcalfe.  "Home price gains will likely moderate, but overall there is still a housing shortage in the US, which should forestall major downturns in residential prices."

Overall, Moody's predicts that US GDP will grow at 4.1% this year – a slowdown relative to last year, but still "the most robust growth rate on record" in more than 20 years. While economic growth hit a nearly three-decade record last year, higher overall demand mixed with supply chain issues to result in price pressure.  And that, according to Calanog, equates to a tighter outlook for monetary policy: Moody's predicts three rate hikes this year as uncertainty around infrastructure, the ongoing effects on the pandemic, and geopolitical tensions linger.