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Outside of offices, real estate capital values look to be bottoming out, while transaction activity has been trending up this year. We expect market recovery to take hold in 2025 and capital values to rise. Proposed tariff increases by Donald Trump will likely impact logistics markets, affecting assets at airports, ports and land borders, while consumer focused facilities are less at risk.

Real estate investors should be ready to benefit from the structural changes that are likely coming. Changes are only inconvenient for those who do not prepare for them.

The turnaround in interest rates has brought momentum back to the Swiss real estate market as yields are stabilizing and the risk premium is normalizing.

Investor appetite is improving on the back of benign macro and the start of a rate-cutting cycle. Liquidity is already recovering in several markets and we think expected returns have bottomed out. More opportunities are bound to emerge next year.

The Federal Reserve is finally cutting rates. US transactions volume is increasing year-over-year. Even though prices may not quite be at bottom, income returns are high enough to offset lingering depreciation, turning returns positive - for all but the Office sector. Leading indicators signal continued improvement in US real estate markets, and recovery has begun.

What was once just a buzzword, is now reshaping industries and creating an environment ripe with investment opportunities. This transformative force is driving efficiency and innovation across industries and sectors, including real estate.

If European governments plan on making it easier for pharmaceutical companies and wholesalers to design, manufacture and distribute medicines within Europe, the industry will need more real estate to be able to meet such a challenge.