History will remember 2025 as the year an old order ended and a new one began. Many of the foundational principles of economics, politics and commerce that have shaped modern investing have been ripped up or rewritten. The postwar liberal world order — characterized by multilateral trade, international rule of law and global stability — has officially given way to a more unpredictable, multipolar reality. Within the United States, long-standing structural mainstays like central bank independence and an expanding labor force are no longer a given. Even the value of a college degree is being questioned as artificial intelligence upends entire industries and occupations. If today’s rapid pace of change seems dizzying, grab a seat and hold on: It only accelerates from here.
Predicting the future is never easy, but the effort remains essential. Each year, major themes shaping the commercial real estate industry are examined to identify the trends and data points most likely
