Five Things the Market Did Last Week—Bonds, Housing, AI, Office, and Retail

Martha, Manus, and Dianne break down the latest twists that impacted the commercial real estate market this week, from bond yields and the flipping yield curve to the drop in consumer confidence to the lowest pending home sales reading in over 25 years—all signaling a bumpy road ahead. The team asks: are we stuck in the mud? The retail sector is facing its own turbulence, with store closures and layoffs, but some positive signs as REITs predict a rollicking 2025 for retail investment. Meanwhile, the reality is sinking in about the GSA lease terminations as details emerge on which properties are on the chopping block—pulling the rug out from under parts of the D.C. (and other!) office markets—just as some were starting to show signs of life. And amid all the uncertainty, NVIDIA’s earnings were a modest beat but more importantly, offered insight into strong drivers of demand for data centers and related AI infrastructure for CRE investors and operators.

00:19 Economic Data Highlights 

01:03 Tariff Announcements and Market Reactions 

02:09 Consumer Confidence and Market Sentiment 

04:52 Housing Market Concerns 

09:40 Recession Indicators and Bond Markets 

13:33 Impact of AI and Tech Earnings 

16:15 Federal Lease Terminations and Office Market Impact 

24:53 Retail Market Updates 

36:20 Listener Comments and Final Thoughts 

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