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The transition from 2013 to 2014 saw a softening of growth in US Gross Domestic Product (GDP) and, by some measures, in the labor market.
As we presented in the Base Case of our US Real Estate Market Outlook 2014, we remain fairly optimistic that growth will not deteriorate much further and should increase as the year progresses.
The Federal Reserve (Fed) continues to cite broad-based and sustainable economic improvement as the primary factor in their decisions to decrease monthly long-term asset purchases, a program known as Quantitative Easing.
Interest rates and inflation have been holding steady at historically low levels.
2013 was the fourth consecutive year of unsustainable, double-digit commercial real estate returns.
By the end of 2013, capitalization (cap) rates flattened out in the Midwest, South and East. In the West, cap rates declined throughout the year.
Source : UBS