CBRE’s 2023 U.S. Real Estate Outlook Midyear Review, a evaluation of the forecasts made at the beginning of the year in light of unfolding economic and market dynamics. As the midway point of 2023 is reached, several key observations emerge. Notably, the resilience of the U.S. economy and the persistence of inflation have led CBRE to revise its original predictions, with the timing for a moderate recession now extended to the end of 2023, one quarter later than initially anticipated. Additionally, a promising outlook for commercial real estate is foreseen, with expectations of a recovery in investment volume and cap rate stabilization slated for the first half of 2024. However, the path to this recovery is not without its challenges, as CBRE projects a 37% year-over-year decline in investment volume for 2023, followed by a 15% rebound in 2024, while cap rates are set to expand, albeit at a slower pace, for the remainder of this year. For a deeper exploration of these insights and a comprehensive review of forecasts across major asset classes, readers are invited to delve further into the report to gain a comprehensive understanding of prevailing economic and macroenvironmental conditions. Explore the full report here

Today, Marriott International announced the winners of the 2023 J. Willard Marriott Awards of Excellence. Established in 1987 and named after Marriott’s founder, the J. Willard Marriott Awards of Excellence honor the company’s finest associates who represent key characteristics: achievement, character, dedication, effort and perseverance.