ISA Outlook 2025: North America chapter

The summer and autumn of 2024 saw growing optimism among real estate investors. The belief that the dawn of 2025 would open with sunny skies for the real estate market was driven by falls in interest rates from peak levels, fading economic growth concerns and real estate valuations now more aligned with market transactions. But with more uncertainty creeping into the picture in late 2024, especially around longer-term interest rates, what we see could be described as a “partly cloudy sunrise.” Contributors: Richard Kleinman Americas Head of Research and Strategy Chris Langstaff Canada Head of Research and Strategy