Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Policy Shifts and the CRE MarketWe recently published the latest version of the CRE Chartbook covering the first quarter of the year. For the most part, the data were backward looking and do not reflect the fallout from the April 2 Liberation Day tariff announcement or fully capture the wide array of policy changes proposed by the Trump administration.
So how are shifts in trade, tax, immigration, regulations and other economic policies impacting the CRE market? A first look at the data suggests that recent volatility was a strong headwind for CRE activity during April. That said, it appears that some softening in tariff policy and growing prospects for positive changes to the tax and regulatory environment allowed for activity to normalize in recent weeks. In this report, we highlight several data points that suggest that, so far, the CRE market is digesting the various shifts in economic policies relatively well.