US Real Estate Summary - September 2017

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Occupancy rates flattening, leaving rent growth to power income gains Transaction volume still easing off recent highs. Cap rates should face slight upward pressure by the end of the year. The result: more of the same. Positive returns should continue with lower rates of appreciation.

Rent, or more specifically, the importance of continued rent growth, is an increasing theme in our recent US research. With occupancy rates flattening out—at levels that vary betweengood and excellent depending on the property sector, exhibit 1—rent growth is officially the primary driver of property level income in the US. Real estate investors appear to have accepted the normalization back to income-driven performance with relatively little mourning for the days of double-digit core real estate returns. Our positive expectations for the US economy and labor markets imply that there is reason to anticipate income growth will continue to be supported at the property level.

Source : UBS AG

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