𝐓𝐡𝐞 𝐏𝐨𝐥𝐢𝐜𝐲 𝐒𝐡𝐢𝐟𝐭𝐬 𝐓𝐡𝐚𝐭 𝐑𝐞𝐬𝐡𝐚𝐩𝐞𝐝 𝐂𝐑𝐄 𝐓𝐡𝐢𝐬 𝐘𝐞𝐚𝐫 Sharing straight takeaways from the Bisnow article. • Office: Federal return-to-office directives created a demand floor in core markets. Not a recovery, but stabilization. • Development Costs: Tariffs lifted construction input prices again, squeezing pro formas and delaying marginal projects. • Labor: Increased ICE enforcement is tightening on-site labor availability, slowing schedules, and raising wage pressure for contractors. • Capital: Opportunity Zones and LIHTC made permanent. Full bonus depreciation drove tangible capital back into deals. • Industrial & Data: AI infrastructure buildout accelerated real estate demand, with power availability becoming the limiting factor. • Rates & Risk: Ongoing macro volatility, regulatory shifts, and labor constraints influenced pricing and underwriting assumptions. What do you think had the most significant impact on CRE? https://lnkd.in/egzj5scA