
As we move into 2025, Peachtree Group remains optimistic about the U.S. economy. While risks persist—from policy shifts to stretched markets—the underlying fundamentals are strong. This sentiment was echoed by our recent guest speaker, Mark Zandi, Chief Economist at Moody’s Analytics, who shared his insights on the economy’s resilience and the challenges ahead, particularly for commercial real estate.
Economic Highlights and Key Insights
Mark emphasized the exceptional performance of the U.S. economy, with GDP growth expected to range between 2.5% and 3%, driven by increased labor participation and productivity gains. The labor market remains strong, with unemployment hovering around 4%, and households—especially those in the top income tiers—benefit from strong asset values and low debt-service ratios. However, he noted the pressures on lower-income households, who are feeling the strain of inflation and high-interest debt. This contrast contributes to a gap between strong economic data and public sentiment.

Risks and Projections for 2025
He outlined several key risks that may shape the economic landscape in 2025:
- Tariffs and Immigration Policies: Anticipated increases in tariffs and stricter immigration rules could amplify inflation and disrupt labor markets, especially in industries like construction and agriculture.
- Asset Market Volatility: Stretched valuations and policy-driven fiscal deficits could heighten market instability.
- Interest Rate Outlook: The federal funds rate is projected to decline to 4% by early 2025, with a further reduction to 3% by 2026. Meanwhile, the 10-year Treasury yield, a key benchmark for CRE valuations, is expected to remain flat, between 4% and 4.5%.
Commercial Real Estate and Private Credit
Mark highlighted the explosive growth over the past decade on private credit, now standing at eight times its 2010 size. While recognizing the risks of this rapid expansion, he noted that stabilizing economic fundamentals is a significant mitigating factor.
He also addressed the current state of CRE valuations, acknowledging a significant correction since 2022. Asset prices are down 10–20% from their peaks, depending on asset type, but he expressed cautious optimism for future returns as valuations in many segments approach fair value. Challenges remain, however, as muted transaction volumes and uncertainty around intrinsic values make price discovery difficult in a higher interest rate environment. However, he concluded by emphasizing that CRE, having undergone a meaningful correction, is uniquely positioned for potentially stronger returns.
相关 帖子
“延伸并假装” ——正如哈姆雷特曾问过的一句名言:“要么成为,要么不成为”,我们也正处于关键启示的边缘。我们是否面临着利率持续上升的巨大转变,这是一个基本上被忽视的问题?从短期和长期来看,这种转变将如何影响商业房地产和其他资产类别?公共和私营部门是否为看似不可避免的事情做好了准备?今天,我们面临的问题多于答案,在更高的利率环境中,犹豫不决已不再可行。
与过去几次衰退(例如COVID、全球金融危机和互联网泡沫破裂)不同,由于利息成本极低,美联储大幅降低了利率,使商业地产所有者和贷款人即使在现金流为负数或微薄的情况下也能轻松参与 “延期和假装”。
今天,我们正处于商业房地产衰退之中,没有减弱的迹象。在强劲的就业市场的推动下,经济拥有相当强劲的实力,创纪录的流动性处于观望状态。我认为没有必要的催化剂可以将利率恢复到前几个周期的水平。因此,我不认为 “延期和假装” 是一种有效的策略,它会为更多的破产、丧失抵押品赎回权和强制出售做准备,因为我们处于新的利率模式中,或者可能只是恢复常态,不幸的是,这将对价值观,尤其是对较低市值利率的资产造成破坏。归根结底,在任何市场混乱中,对于那些具有决定性和流动性的人来说,将有关键的机会在正确的时机抓住这些机会。
这篇评论最初出现在 格雷格·弗里德曼的领英页面 2024 年 5 月 1 日,回应 《华尔街日报》 文章标题为: 即使美联储削减利率,超低利率的时代也结束了。
零售融资格局:Peachtree首席执行官权衡
在专注于酒店业多年之后,Peachtree最近将其投资策略扩展到其他资产类别,从桃树酒店集团过渡到桃树集团。这家私募股权投资者和贷款机构及其贷款部门Stonehill现在活跃于所有房地产领域,包括零售业。由于经历了多次变化,零售业在过去几年一直是头条新闻。商业地产高管请Peachtree集团创始人兼首席执行官格雷格·弗里德曼谈谈投资者关注这种不断变化的资产类别的机遇和挑战。如今,随着零售商继续在美国各地开设店面和租赁空间,零售业似乎正在抵御通货膨胀压力。欲了解更多桃树集团首席执行官格雷格·弗里德曼的市场见解,请关注他 领英。
零售业在CRE市场低迷中大放异彩
在市场低迷的情况下,零售空间继续抵御通货膨胀压力。零售商似乎没有收到市场疲软的备忘录,而是准备继续在美国各地开设店面和租赁空间。这怎么可能?美国抵押贷款专业人士向商业房地产私募股权投资者兼贷款机构Peachtree Group的创始人兼首席执行官格雷格·弗里德曼寻求答案。