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1、Cushman&WakefieldCONTENTSTRUMP 2.0THE FIRST 100 DAYSIMPLICATIONS FOR THEECONOMY&PROPERTYAPACAs of April 282Cushman&WakefieldCONTENTSEXECUTIVE SUMMARYCURRENT STATE OF APAC ECONOMY&CREAPAC ECONOMIC OUTLOOKAPAC CRE IMPLICATIONSAPAC U.S.TRADE RELATIONSCONTENTSEXECUTIVE SUMMARYCushman&WakefieldCONTENTSIn

2、 the first 100 days,we have observed a hard shift in U.S.economy policy under President Trump.From an international perspective,trade policy and the trajectory of U.S.growth are front of mind.Given the flurry of changes,the word that dominated the marketplace in the first 100 days was uncertainty.Th

3、e APAC economy entered 2025 in good shape,but the policy uncertainty is pointing to slower growth.That being said,the effects will not be uniformly distributed across the region.Domestic consumption should help support regional growth,but Asia Pacific will feel the effects of the global slowdown.U.S

4、.recession odds are rising and short-term stagflationmeaning slowing economic growth and sticky inflationis emerging as the new consensus for 2025.Expected stronger growth in the U.S.in 2026 could provide tailwinds for the Asia Pacific region.The situation remains fluid with many developments still

5、unfolding,and there may be both potential benefits and drawbacks to these policy changes that will unfold over time.The EconomyThe APAC property sector performed well coming into 2025,characterised by generally healthy occupier demand and improving investment transaction activity.The manufacturing s

6、ector exporting to the U.S.will be the most impacted by the tariffs,though all sectors will be affected to some degree by a wider economic slowdown.Leasing and investment activity will likely slow in the near term upon delayed decision making.However,past experience has shown the region can rebound

7、quickly when conditions improve and confidence is restored.The outlook for construction costs is mixed,which may prompt a“risk off”strategy and curb supply pipelines,at least until greater clarity emerges.Existing assets will likely benefit.Most central banks entered 2025 leaning towards a more acco

8、mmodative monetary position.Expectations are for this to continue.Given the riskier environment,credit spreads will widen in the near term,but property values are generally expected to remain resilient and trend higher on the other side of the uncertainty.PropertyExecutive SummaryCONTENTSCURRENT STA

9、TE OF APAC ECONOMY&CRECushman&WakefieldCONTENTSCushman&WakefieldTrumps Economic Policy AgendaFull extension of TCJALower corporate tax rate from 21%to 15%(particularly for domestic production activities,totaling$360B in tax savings over 10 years)Rescind limit on SALT(totaling$1T in tax savings over

10、10 years for higher-cost,largely more Democratic cities and states)Increase child tax creditExempt tips,social security and overtime from income taxDeductibility of auto loan interestTax&Spending PolicyRescind parts of IRARescind IRS fundingDOGEPare back Bidens ESG/DEI initiatives(e.g.,reverse pause

11、 on LNG export licensing)Pressure to further water down Basel IIIDeregulationCampaigned on 10%across the board tariffs on all imported goods,potentially 60%on ChinaTrump Reciprocal Trade Act(tariff rate changes to match whatever country is enforcing against U.S.)Invoke review period of USMCA in July

12、 2026(threatened 25%tariffs on Mexico)Rachet up tension with WTO as many stated policies violate MFN protocolsDeportations and tougher restrictions on immigrationTrade&Foreign PolicyPressure on Fed to include Presidents views on monetary policyPrivatize GSEsOtherChanges to trade and foreign policy w

13、ill have the largest impact on the Asia Pacific region,though any policies that change the trajectory of U.S.economic growth,in either direction,will also be felt.CONTENTSCushman&WakefieldCONTENTSCONTENTSThe Asia Pacific regional economy has been growing at healthy rate of 4%over the last few years

14、with India and South East Asia generally leading the pack.The regional economy has added almost 68 million jobs,of which over 16 million were office based,over the past five years.Not only has this created healthy demand for office space,but ongoing increases in the middle-class population have cont

15、inued to support both manufacturing and retail sectors as demand for goods and services continues to grow.Despite the volatility,GDP growth across Asia Pacific held up well in Q1,at 3.9%on par with growth rates observed pre-Trump.Impact on CREAPAC Still Growing at Healthy Rate Real GDP Growth(Q4 201

16、9=100)Source:Moodys Analytics8090100110120130140AustraliaChinese mainlandIndiaJapanSouth KoreaSingaporeVietnamAPACCushman&WakefieldCONTENTSCONTENTS80859095100105110115120S&P500ASX200NikkeiShanghaiHang SengReal estate is not the stock market.Just because the stock market goes up or downuntil it impac

17、ts the economy,it doesnt necessarily mean anything for real estate fundamentals.However,the wealth effect is important.When stocks are rising,people feel richer and they spend more.But it can go the other way too.Normally,the stock market isnt something we are overly focused on in understanding wher

18、e property is headed.But right now,we are watching it.If the stock market continues to go down and stays down,this will inevitably impact consumer spending,which hits business profitability,then jobs,and eventually would impact the CRE sector.At the time of this writing,markets have recovered approx

19、imately a third of their peak-to-trough losses in April.Impact on CREAngst in the Stock MarketsStock Market Indices(November 5,2024=100)Source:S&P Global;ASX,Nikkei Asia;SSE;HIS;Cushman&Wakefield ResearchApr 2:Reciprocal tariffsApr 9:90-day pauseCushman&WakefieldCONTENTS9CONTENTSSource:Baker,Bloom,a

20、nd Davis;Moodys Analytics;Cushman&Wakefield ResearchGiven the flurry of changes,and particularly the on-again off-again tariffs,policy uncertainty is at an all-time high.Periods of heightened policy uncertainty are often correlated to a decline in business confidence,leading to weaker investment and

21、 hiring decisions.Essentially what happens is businesses pause until they have greater visibility into where policy is headed.The longer the uncertainty lasts,the more damaging it will be to the regional and global economy because an overarching pause hits the various components of GDP,and in partic

22、ular,consumption and investment.CRE faces the same uncertainty,which may delay decision making by both occupiers and investors.Policy Uncertainty Sapping ConfidenceImpact on CRE050100150200250300350400450500Global Economic Policy UncertaintyGlobal Business Confidence-50-40-30-20-1001020304050Cushman

23、&WakefieldCONTENTS10CONTENTSSource:MSCI-RCA;Cushman&Wakefield Research *excludes development sites *Absorption covers 42 APAC marketsAsia Pacifics real estate market has come into 2025 with momentum,with both demand for space and investment volumes trending higher during 2024.As interest cuts starte

24、d to occur,first in Europe and the U.S.and then in Asia Pacific,investor appetite increased.Investment volumes in APAC troughed at around the mid-point of 2024 and have gradually trended higher.In addition,pricing has stabilized across much of the region.Occupier demand in the region has been somewh

25、at stronger,headlined by India,with contributions from most of the region.Consequently,over 370msf more office space is occupied in APAC as at the end of Q4 2024 compared to Q4 2019.Rising uncertainty is the largest downside risk in the near term which may delay occupier and investor decision making

26、.However,the fundamentals remain resilient so far.APAC CRE Rebounding Heading into 2025CRE PerformanceAPAC Investment Volume*(USDbn)APAC Office Net Absorption*(msf)$194$172$232$189$144$151 050100150200250201920202021202220232024Q1Q2Q3Q41225686657886020406080100120140201920202021202220232024Q1Q2Q3Q4C

27、ONTENTSAPAC U.S.TRADE RELATIONSCushman&WakefieldCONTENTSCONTENTSAs a result of trade tariffs imposed on China by the U.S.during the first Trump administration,together with China+1 manufacturing strategies,industrial production has expanded rapidly across the Asia Pacific region.The primary benefici

28、aries have been India and markets in South East Asia.Consequently,there has been a significant shift in the terms of trade with the U.S.over the past decade,with most increasing their trade surplus.Strong demand for semi-conductors and automobiles has also benefitted Taiwan,South Korea and Japan.Log

29、istics and Industrial markets across the region have performed strongly over the past decade,but especially the past five years.This has been characterised by the ongoing,rapid development of new supply,comparatively tight vacancy and robust rental growth.As of Q1 2025,most of the regions industrial

30、 markets remain landlord-friendly.Impact on CREIncreased Trade Surplus in SEA and IndiaU.S.Trade Deficit/Surplus with APAC Trading Partners USDbn Source:Bureau of Economic Analysis;Cushman&Wakefield Research-350-300-250-200-150-100-50050100AustraliaSingaporeHong Kong,ChinaNew ZealandPhilippinesIndon

31、esiaMalaysiaThailandIndiaSouth KoreaJapanTaiwan,ChinaVietnamChinese mainland20162024Buys more from the U.S.Sells more to the U.S.Cushman&WakefieldCONTENTSCONTENTSTrade with the U.S.is an important component of growth for the Asia Pacific region.However,there is considerable variation between markets

32、 as to how much this contributes to economic growth.Some markets,such as Vietnam,have high levels of exposure and so any slowdown in trade will have impacts on local economic growth.In contrast,other markets may have high levels of trade with the U.S.,such as the Chinese mainland and India,though it

33、 contributes a smaller proportion of GDP growth.This is either through wider trade networks,as in the case of China,or greater reliance on domestic consumption in India.These trade and consumption patterns will influence changes in demand for industrial space,with a key message being that for some m

34、arkets a slow down in trade with the U.S.may not be associated with significant negative industrial real estate demand impacts.Impact on CREU.S.Trade Exposure Varies ConsiderablyGoods Exports to U.S.as%Share of GDPSource:Bureau of Economic Analysis;World Bank;Cushman&Wakefield Research0%5%10%15%20%2

35、5%30%35%AustraliaHong Kong,ChinaIndonesiaNew ZealandIndiaChinese mainlandPhilippinesJapanSouth KoreaSingaporeThailandMalaysiaTaiwan,ChinaVietnamCushman&WakefieldCONTENTSCONTENTSThe tariff environment remains incredibly fluid.For the most part,a blanket 10%tariff exists across the world.In addition,t

36、here are tariffs levied on specific trade partners and goods.At the same time,there are also certain exemptions in place.The balance of trade exposure to the U.S.together with the types of goods traded will go a long way to highlighting the likely impact on any market,with regards to both its wider

37、economy and its real estate market.Both factors need to be considered together,rather than in isolation,and any changes in tariff announcements need to be constantly monitored.Key observationU.S.Trade Exposure Varies ConsiderablyGoods Exports to U.S.as%Share of GDPSource:Bureau of Economic Analysis;

38、Cushman&Wakefield Research0%10%20%30%40%50%60%70%80%90%100%OtherF&BIndustrialsuppliesAutomotiveConsumer goodsCapital goodsCushman&WakefieldCONTENTSCONTENTSIn addition to trade,another important link to the U.S.is through U.S.direct investment into the Asia Pacific region.Many U.S.-headquartered comp

39、anies have been expanding into Asia Pacific over the years.U.S.direct investment has grown from 1%in the early 1980s to 6%as of 2024,or USD27bn to over USD935bn in absolute terms.These U.S.businesses hire and employ many people across Asia Pacific and utilise various types of real estate space acros

40、s the region.Thus,the health of the U.S.economy and U.S.corporate balance sheets will also be important to watch going forward.Impact on CREU.S.Direct Investment into APACSource:U.S.Bureau of Economic Analysis0%1%2%3%4%5%6%7%01002003004005006007008009001000FDI(USDbn)%of GDP(rhs)U.S.Foreign Direct In

41、vestment into APAC(excluding Chinese mainland)CONTENTSAPAC ECONOMIC OUTLOOKCushman&WakefieldCONTENTSU.S Economic Performance Is ImportantReal GDP Growth%YOYSource:Moodys Analytics;Cushman&Wakefield Research-4%-2%0%2%4%6%8%10%APACUSCushman&WakefieldCONTENTS1.01.52.02.53.03.54.02024Q12024Q22024Q32024Q

42、42025Q12025Q22025Q32025Q4PCE,YOY%-0.50.00.51.01.52.02.53.03.52024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4Real GDP,AR%Stagflation is Now Our Base Case for 2025United StatesStagflationSource:Cushman&Wakefield ResearchSource:Moodys Analytics,Cushman&Wakefield ResearchCushman&WakefieldCONTENTS1.01.5

43、2.02.53.03.54.02024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q22026Q32026Q4PCE,Y/Y%-0.50.00.51.01.52.02.53.03.52024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q22026Q32026Q4Real GDP,AR%Thesis for Expected Rebound in 2026United StatesSource:Cushman&Wakefield ResearchSource:Cushm

44、an&Wakefield ResearchGrowth AcceleratesInflation Rolls OverJan 2026:Tax cuts are extended and deregulationFeb 2026:Trump hints trade deals are being negotiatedH2 2026:Tariffs come off or are reduced on mostMar 2026:Fed continues normalizing policyH2 2025:Fed cutting rates(concerned about growth)Cush

45、man&WakefieldCONTENTSAPAC Economic ScenariosC&W BaselineSource:Economic scenarios from Moodys analytics(April vintage)forecasts to be revised monthly as policy develops.Probabilities do not always add to 100%because there are chances of other scenarios occurring.Upside=S1 scenario;Downside=S2 scenar

46、io 2022 2023 2024 2025 2026APAC EconomyReal GDP 3.34.43.94.65.0CPI Inflation3.92.01.92.82.4Job Growth,mils20.4 47.4 10.9 15.8 15.6 Office Job Growth,mils3.4 3.9 3.5 3.7 3.5 Industrial Production1.64.13.66.75.%2022 2023 2024 2025 2026APACEconomyReal GDP 3.34.43.92.10.0CPI Inflation3.92.01.94.52.4Job

47、Growth,mils20.4 47.4 10.9-9.2-2.9 Office Job Growth,mils3.4 3.9 3.5 2.3 1.8 Industrial Production1.64.13.60.2-1.12022 2023 2024 2025 2026APAC EconomyReal GDP 3.34.43.93.53.3CPI Inflation3.92.01.91.82.0Job Growth,mils20.4 47.4 10.9 9.7 13.1 Office Job Growth,mils3.4 3.9 3.5 3.3 3.3 Industrial Product

48、ion1.64.13.63.94.02022 2023 2024 2025 2026APAC EconomyReal GDP 3.34.43.92.21.5CPI Inflation3.92.01.91.21.8Job Growth,mils20.4 47.4 10.9 0.4 10.4 Office Job Growth,mils3.4 3.9 3.5 2.4 2.9 Industrial Production1.64.13.60.43.6SCENARIO 1 UpsideSCENARIO 2BaselineSCENARIO 4 StagflationSCENARIO 3 Downside5

49、%Probability50%Probability30%Probability10%ProbabilityCushman&WakefieldCONTENTSPositive Growth Across APAC Under Baseline ScenarioAverage Annual GDP Growth:Baseline,Upside and Downside Scenarios,2025-26Source:Moodys Analytics;Cushman&Wakefield Research20252026-2%0%2%4%6%8%AustraliaChinesemainlandHon

50、gKong,ChinaIndonesiaIndiaJapanSouthKoreaMalaysiaNewZealandPhilippines SingaporeThailandTaiwan,ChinaVietnam-2%0%2%4%6%8%10%AustraliaChinesemainlandHongKong,ChinaIndonesiaIndiaJapanSouthKoreaMalaysiaNewZealandPhilippines SingaporeThailandTaiwan,ChinaVietnamCushman&WakefieldCONTENTSLabour Markets to Re

51、main Resilient Unemployment Rate:Baseline,Upside and Downside Scenarios,2025-26Source:Moodys Analytics;Cushman&Wakefield Research202520260%2%4%6%8%AustraliaChinesemainlandHongKong,ChinaIndonesiaIndiaJapanSouthKoreaMalaysiaNewZealandPhilippines SingaporeThailandTaiwan,ChinaVietnam0%2%4%6%8%AustraliaC

52、hinesemainlandHongKong,ChinaIndonesiaIndiaJapanSouthKoreaMalaysiaNewZealandPhilippines SingaporeThailandTaiwan,ChinaVietnamCushman&WakefieldCONTENTSCONTENTSFor the most part,inflation was later to arrive in Asia Pacific than other regions.Subsequently,it continues to trend down with little evidence

53、currently of inflationary pressures reigniting.Accordingly,APAC central banks have cut an average of 65bps so far,compared to 185bps in the euro area and 100bps in the U.S.There is variation beneath this regional average,with RBNZ cutting 200bps in the face of a recession,while BNM in Malaysia is ye

54、t to cut and BOJ is hiking as part of monetary policy normalisation.All up,central banks have further scope to cut rates to help stimulate domestic economies should it be needed,though will remain watchful on foreign exchange pressures.Such downward interest rate movements could provide greater supp

55、ort to the investment thesis into CRE.Impact on CREScope for Further Rate CutsCPI and Central Bank Policy RatesSource:Various central banks;Cushman&Wakefield Research*BOJ is hiking rates and so current rates are at peak for this cycle0%2%4%6%8%Peak rate in current cycleCurrent policy rateAverage of

56、65bps in cuts Average of 145bps in cuts-2%0%2%4%6%8%10%12%PeakJan-24 to Jan-25Feb-25InflationPolicy RatesCONTENTSAPAC CRE IMPLICATIONSCushman&WakefieldCONTENTSCONTENTSSupply chains were redesigned during and following the first Trump administration.While this was partially in response to ongoing tar

57、iffs levied against products from the Chinese mainland,it also reflected other changing dynamics.The Chinese mainlands move to higher order goods together with cheaper labour and real estate costs in India and South East Asia has driven rapid expansion in their industrial markets.Blanket tariffs,suc

58、h as the current 10%,do little to change the underlying relative attractiveness of these markets.However,more selective tariff levels,which vary between markets or products,could cause producers to evaluate their supply chain design and whether there are opportunities for optimisation.This is unlike

59、ly to occur over the near-term,rather the current fluid environment is more likely to cause delays in decision making and therefore dampen overall demand for space.Impact on CREGreater Complexity Added to Supply ChainsSource:Moodys Analytics;Cushman&Wakefield ResearchLarge labour forceLow Labour Cos

60、tProximityChinaMalaysiaSouth KoreaSri LankaPakistanIndonesiaIndiaVietnamCushman&WakefieldCONTENTSCONTENTSGlobal capital inflows into APAC CRE increased from approximately 15%of total investment to nearly 25%during the first Trump administration.At the same time,volumes rose from USD25bn to USD45bn.A

61、fter a recent pullback in CRE investment in total,there are early signs that the tide is turning.Global investment into APAC,led by US-based investors(supported by the strong USD),has trended higher in absolute terms for the past four consecutive quarters,as has its proportionate contribution to tot

62、al investment.Given prevailing uncertainty,investors may increasingly look to the more stable income-producing qualities of CRE,though they would need to navigate increased risk premia.Likely target markets and sectors are those with low exposure to global macro-economic headwinds and“through-the cy

63、cle”qualities.Such sectors could include Multifamily in Japan,Logistics&Industrial in Australia,and operational data centres.Isolated assets driven by externalities may also come to market offering opportunistic returns.Impact on CREGlobal Capital Flows Trending HigherAPAC Rolling Annual Investment

64、Volume(USDbn)by Capital SourceSource:MSCI-RCA;Cushman&Wakefield Research0%5%10%15%20%25%30%050100150200250DomesticContinentalGlobal%GlobalTrump 1.0Cushman&WakefieldCONTENTSCONTENTSSimilar to the end of 2024,the baseline forecast for office demand in 2025 was a broad continuation of trend.Early Q1 20

65、25 data is supportive of this expectation.Given current macro-economic and geo-political uncertainty,the risks to these forecasts for the remainder of the year are skewed to the downside,not least due to delayed decision making.At the same time,robust domestic drivers in markets such as India,Indone

66、sia and the Philippines could cushion some of this wider uncertainty.Also,after a weak 2024,Australia is poised for stronger economic performance in 2025,which could provide support for occupier demand.It is clearly too soon to tell the scale of impacts driven by recent volatility.The two most likel

67、y outcomes are(i)a period of delayed decision making or(ii)greater likelihood of more negative impacts the longer the uncertainty prevails.Both point to a weaker near-term demand outlook.However,past experience has shown the region can rebound quickly when conditions improve and confidence is restor

68、ed.Impact on CREDomestic Drivers to Provide Some SupportForecast Office Net Absorption(December 2024)Source:Cushman&Wakefield Research*27 Forecast markets-10 20 30 40 50 60 70 80202120222023202420252026Tier 1 Chinese mainlandIndiaRest of APACFORECASTCushman&WakefieldCONTENTSCONTENTSThere is a close

69、focus on the implications of steel and aluminium tariffs on construction costs.In the U.S.,raw material tariffs and declining labour availability will put upward pressure on costs and slow the construction pipeline.This could lead to excess raw material availability,at least in the near term,until p

70、roduction schedules adjust accordingly.Such availability could place downward pressure on pricing.However,this could be offset by increasing shipping costs,which have started to move upwards as companies seek to manage near-term inventories.On balance,raw material input costs in Asia Pacific may be

71、cheaper in the near term,but they need to be considered against other factors.such as local labour costs and land pricing,which play a larger role in overall project viability.This is an important issue for the region which has more than 230msf of office space scheduled to complete by 2026.Impact on

72、 CREConstruction Cost ConundrumWorld Container Index Prices(USD/40ft)Source:Drewry;Cushman&Wakefield020040060080010001200$-$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000$10,000 Shanghai to Los Angeles Shanghai to New York Intra Asia(rhs)+11%+10%+13%Cushman&WakefieldCONTENTSRETAIL Consumer se

73、ntiment remains the key indicator to watch.Opportunity for retailers to(re)focus on APAC expansion plans.RESEARCH&DEVELOPMENT Opportunities to use R&D to drive productivity growth.INTRA-REGIONAL TRADETrade within APAC has increased 5x to USD4tn since 2000.Redesigned supply chains need to account for

74、 ongoing growth demand within APAC.TOURISMClosely monitor any shifts in international tourism flows as they adjust to the changing economic environment.DATA CENTRESThere is 14.4GW of new capacity in development pipeline and most of it is to cater to local demandhyperscalers remain bullish at present

75、.U.S.export controls of semiconductors and semiconductor manufacturing tools into parts of Asia Pacific may dampen elements of this pipeline.Direct impact,however,is yet to be seen.Governments and regional semiconductor manufacturers are ramping up investments in building semiconductor capabilities

76、locally.Additional SectorsCushman&WakefieldCONTENTSWhat it Means for Occupiers&Investors Maintain a long-term perspective:Continue to implement workplace strategies with a focus on long-term objectives.Leverage tariffs and uncertainty:Use the current environment of tariffs and uncertainty to your ad

77、vantage in shaping business strategies and negotiations.Regardless of tariff impacts,it is essential for manufacturers to diversify supply chains as a prudent risk management strategy.Large corporations are likely to capture increased market share post-uncertainty.Position your organisation for grow

78、th by preparing for future opportunities.Take a proactive approach by targeting high-quality assets and locations.As the availability of premium options becomes limited,this will become an increasingly competitive market.Re-evaluate and re-assess your real estate strategy in alignment with your busi

79、ness outlook.Determine your organisations risk profile and tailor your approach accordingly to optimise space utilization.Occupiers Focus on the investment horizon:Prioritise long-term real estate investments,as consistent value appreciation typically occurs over time.Take advantage of market volati

80、lity:Overlook short-term market fluctuations and strategically acquire assets from sellers motivated by uncertainty.Interest rates are unlikely to return to pre-pandemic levels:Seize opportunities when long-term debt dips below historical averages and strategically allocate capital.Capitalise on sho

81、rt-term rate movements:Central banks are likely to continue normalising rates,with more cuts if economic conditions weaken.Leverage these changes to optimise your investment strategy.Re-assess investment strategy:Evaluate your risk profile and begin executing an updated strategy tailored to current

82、market conditions.InvestorsCushman&WakefieldCONTENTSCONTENTSThere is no shortage of data points to monitor.In terms of a universal“catch all”indicator,global business confidence is a good one to watch.While it is volatile,the moving average captures the trending business mood.In recent weeks it has

83、moved meaningfully lower.If confidence continues to trend lower,this could be the signal for weaker revenue expectations leading to a pull back in business investment and potentially increased redundancies.Ultimately,this will lead to a reduction in CRE space demand and the associated effects.Import

84、antly,it is well off both the pandemic-driven lows as well as the malaise that hung over the business sector during steep interest rate hikes.The key will be how quickly this trend reverses and businesses once against become more optimistic on their outlook.Impact on CREWhat to WatchGlobal Business

85、Confidence(4 week moving average)Source:Moodys Analytics;Cushman&Wakefield Research-50-40-30-20-1001020304050DR.DOMINIC BROWNHead of International RABOUT CUSHMAN&WAKEFIELDCushman&Wakefield(NYSE:CWK)is a leading global commercial real estate services firm for property owners and occupiers with approx

86、imately 52,000 employees in nearly 400 offices and 60 countries.In 2024,the firm reported revenue of$9.4 billion across its core service lines of Services,Leasing,Capital markets,and Valuation and other.Built around the belief that Better never settles,the firm receives numerous industry and busines

87、s accolades for its award-winning culture.For additional information,visit .2025 Cushman&Wakefield.All rights reserved.The material in this presentation has been prepared solely for information purposes,and is strictly confidential.Any disclosure,use,copying or circulation of this presentation(or th

88、e information contained within it)is strictly prohibited,unless you have obtained Cushman&Wakefields prior written consent.The views expressed in this presentation are the views of the author and do not necessarily reflect the views of Cushman&Wakefield.Neither this presentation nor any part of it shall form the basis of,or be relied upon in connection with any offer,or act as an inducement to enter into any contract or commitment whatsoever.KEVIN THORPEChief E