Cushman & Wakefield has released its 2024 U.S. Macro Outlook report, which describes the economic landscape as a rolling recession, one in which some industries contract while others continue to expand. Sectors that are currently experiencing some version of a recession include manufacturing, transportation and warehousing, finance and real estate. But the report emphasizes that within the commercial property sector, there are both strengths and weaknesses.
“The backdrop for CRE in our baseline forecast is one with many shades of gray. Some sectors that are decelerating will probably surprise onlookers with their resilience — such as what we envision for industrial and multifamily demand. As for retail, limited supply puts a cap on just how high retail vacancy will go,” said Rebecca Rockey, deputy chief economist and principal author of the report. “Although office is complicated, we believe we are well into the hybrid transition, and thus demand destruct
