September 26, 2016

U.S. Micro Forecast – Expansion: Seven Years & Going Strong

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• The U.S. economic expansion weathered the global shocks and remains on solid footing

• Low oil prices, rising wages, and improved job security—consumers are well positioned to power growth

• Brexit is proving to be a regional shock, so far, and may create additional tailwinds for the U.S.

• Leasing fundamentals continue to tighten across most product types and geographies, rent growth is accelerating

• Sales volume slowing to a more sustainable pace; pricing is holding up well

• Returns moving lower, but still attractive compared to other asset classes