U.S. Real Estate and Economic Update
By Nurit Altman with Tom Porcelli
Published June 7, 2022 | 12 min read
Tom Porcelli, Chief U.S. Economist, RBC Capital Markets, shares how today's rapidly changing dynamics will play out in real estate markets.
On this episode of The Real Pulse, Tom Porcelli, Chief US Economist, RBC Capital Markets, sits down with host Nurit Altman to share a US perspective on how today's rapidly changing dynamics will play out in real estate markets.
Looking into 2023, the consumer picture may look rosier. While wage growth is not currently keeping pace with inflation, expectations are that inflation pressures will subside next year, putting the consumer in better shape.
Onshoring and nearshoring may well be a structural dynamic that plays out favorably for the real estate industry. Recent challenges to the US supply chain and geopolitical instability, is compelling more US companies to consider bringing elements of the supply chain to US soil, which could increase demand for industrial real estate.
The rise in rates in combination with the fact that a large amount of housing activity was pulled forward has created a real challenge for the housing market. We expect these challenges will persist through the near-term.
Disclaimer
Nurit Altman
Managing Director, RBC Capital Markets Real Estate Group
Nurit Altman is a Managing Director with RBC Capital Markets Real Estate Group, and has over 16 years of experience selling commercial real estate across Canada. Nurit specializes in the sale of multi-family, retail, office and mixed-use properties across Canada. Over the course of her career, Nurit has sold over $13 billion of retail real estate. She is based in Toronto, ON and is a licensed real estate Broker with the Real Estate Counsel of Ontario.
Tom Porcelli
Managing Director & Chief U.S. Economist
RBC Capital Markets
Tom is Managing Director and Chief U.S. Economist at RBC Capital Markets. He focuses on piecing together the US backdrop as part of the global economic effort. This entails crafting a US economic framework based on analysis of the hi-frequency data while taking into account the stance of monetary and fiscal policy. Tom travels globally to meet with RBC clients to share his insights on the US economy and markets. Prior to joining RBC he worked as an economist at Merrill Lynch and a member of the team responsible for economic forecasting and Fed watching. He began his career at the Federal Reserve Bank of New York working on the Open Market Desk. In addition, he was responsible for disseminating pertinent economic and market analysis to policy makers in an effort to provide them with critical information used in the policy making process. He appears regularly on CNBC, CNN, Bloomberg and is quoted widely in the global press. Tom holds a Masters degree from Columbia University.
CanadaEconomyHousing MarketNurit AltmanOutlookReal EstateThe Real PulseTom PorcelliUS
