COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

June 2025 was marked by an acute rise in geopolitical tensions and Congress's efforts to advance President Trump's tax and spending bill. Nonetheless, critical signals from the US housing market and renewed concerns around risks to commercial property debt drew heightened scrutiny from CRE investors.

The advent of the Department of Government Efficiency (DOGE) and looming budget cuts cast a cloud of uncertainty over local real estate markets that rely heavily on demand from federal employees.

Our report offers an overview of racial disparities in US housing and wealth outcomes, focusing on four key measures of economic well-being.

Nationally, according to the 2023 American Community Survey, the non-citizen share of the construction labor force stands at 17.0%.