1. Just Right...Goldilocks Economy
Bodes Well for Property Demand

2. U.S. Macro Forecast Report

3. U.S. Macro Forecast Report cont.

4. Global Real GDP Growth
AR, %

5. The Phillip’s Curve
Unemployment Rate vs. Wage Inflation, 2000-present

6. FOMC Balance Sheet Reduction ‘Roadmap’
Total amount reinvested reduced by $4 billion per month initially, for a 3-month interval
Thereafter, reinvestment reduced by additional $4 billion every three months until it hits $20 billion
Total amount reinvested reduced by $6 billion per month initially, for a 3-month interval
Thereafter, reinvestment reduced by additional $6 billion every three months until it hits $30 billion

7. Office Fundamentals Set to Soften Gradually
Office Vacancy Rate and Asking Rent Trajectory

8. New Demand Reflects eCommerce Dominance/Rise
2008Q1 = 100

9. Activity Spreads across Asset Classes
Investment Sales Volume, 2016H1 vs. 2017H1