高力国际：2025年美国商业地产展望报告：市场重构：不确定环境下的稳健路径（英文版）

A year ago, we projected that 2025 would “show continued economic resilience fueled by consumer spending and easing inflation,” while cautioning that “policy-driven headwinds, particularly those related to immigration and tariffs, could drive up inflation and tighten labor market conditions in the following years.” Most economists believed at the time that the “soft landing” would carry into 2025 if inflation continued to ease, and that the Federal Reserve could begin gradually cutting rates.