高力国际：韧性与复苏：2025年美国商业地产未来展望报告（英文版）

A year ago, economists debated the chances of a mild recession in 2024 and speculated on when the Fed would begin cutting rates — many anticipated it would happen early in the year. However, the U.S. economy was notably resilient throughout 2024. Robust consumer spending, unemployment at around 4%, and gradually decreasing inflation, toward the Fed’s 2% target, exceeded forecasts. Annual data revisions also revealed stronger-than-expected GDP growth and a higher-than-anticipated sa