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The economy is slowing on its own," Sternlicht said to CNBC.
Demand for the asset class is expected to continue as more would-be homeowners remain renters.
Despite dislocation in the capital markets, opportunity abounds for investors in the current economy.
Just 33% of US C-suite business leaders surveyed by EY say they will downsize their CRE investment.
Despite a decline in investor confidence, target allocations to real estate ticked up to 10.8% in 2022.
Year-over-year general merchandise sales revenue fell by 14% in the first week of November.
Headline CPI increased 7.7 percent over the 12 months ending in October, the smallest year-over-year increase since January of this year.
Average price increases across major property types slowed to 14% while fewer properties are trading.
One expert says the strong employment market 'will generally be supportive of CRE and space demand.'
Hessam Nadji, President and CEO of Marcus & Millichap, told CNBC that the recent stock rally after better-than-expected CPI data is a harbinger of what's to come in a few months.