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Halloween festivities started a bit early this month. Congress stirred up a cauldron of the witches' brew with hair-raising results. The partial shutdown and the debt ceiling debacle threatened to suck the blood out of business and consumer confidence levels. A $24B bite out of the economy is not a trivial matter, nor is it the end of the macabre show – it has just been postponed to early next year. In the meantime, the commercial and residential real estate sectors remain on track, despite being unnerved by the ghoulish goings-on atop Capitol Hill. The sectors are at different stages of their recovery – some further along than the others. Apartments are at the leading edge of that spectrum while retail continues to lag. Industrial and hotel sectors are having a "moment" where the pace of improvements is accelerating. The housing market recovery is adjusting to the interest rate bump but the trajectory remains intact. At least until the bogeyman returns!
Source : CBRE Global Investors
