COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

As we approach the end of 2025, major policy developments in Washington—from defense negotiations to the ongoing FY 2026 budget fight—will have significant implications for housing policy.

While on-time collections remain well below post-pandemic highs, the recent positive inflection suggests a rebound is already underway. Objectively, current collection levels represent underperformance, though the upward trajectory is justifiably fueling optimism.

US employers added more than double the number of jobs expected in September, but the debate over a December rate cut remains unsettled.

As voters seek solutions to affordability, the ongoing shutdown increases the risk of a cascading impact on housing development and security.

The protracted government shutdown squeezes housing programs, 'data fog' creates a conundrum for the Fed, and a US-China trade truce offers cautious optimism to developers.

Health insurance coverage patterns reveal a clear divide between renters and homeowners. Renters are nearly three times as likely to be uninsured as homeowners (11.7% versus 4.4%) and are far more reliant on public coverage.Just under half of renters (48.8%) have private insurance, compared with a majority of homeowners (54.5%). Meanwhile, nearly one in three renters (29%) rely exclusively on public insurance, underscoring the income and employment disparities that shape acce

A post-pandemic surge in Multifamily completions has lifted apartment vacancies off their 2021 floor, but long-term structural underbuilding remains.