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2021 ESG report: Putting people and the planet first
There is a vital role for our sector to create healthy, productive workplaces for employees, cities that are centres of prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
In the 2021 ESG Report, we reflect on our achievements, and share our strategy and commitments for the future.
U.S. employment overview: tracking trends in real-time
After over half a year of strong economic growth, August data indicates a gradual loosening of the labor market.
August 2022 jobs numbers were generally in line with predictions, with the economy adding 315,000 jobs compared to the 300,000 projected by economists. While this is still a substantial amount of growth by historical measures, it is down considerably from more than 500,000 jobs added in July. Professional and Business Services and Healthcare and Social Assistance registered the largest job gains this month, adding 68,000 and 62,000 new jobs, respectively.
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A reflection on the industrial market as we mark the third anniversary of the COVID-19 pandemicMarch 17, 2023 -
Freight rates are dropping as volumes are culled in the midst of inventory-to-sales reconciliationsMarch 3, 2023 -
With some fundamentals slowing down, normalization may be the trend for industrialFebruary 17, 2023 -
Regulatory changes could clear the way for further U.S. healthcare expansionFebruary 8, 2023
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Why we can’t just have nice thingsMarch 28, 2023 -
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Banking sector stress elevates real estate uncertaintyMarch 22, 2023 -
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Exploring new climate themes, policy, and progressNovember 7, 2022 -
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UK service charge increases – where can occupiers save now and where could additional costs bring added value?August 24, 2022
U.S. office market Q4 2022 insights
The U.S. economy became more distressed in November and December, marked by more than 60,000 tech layoffs and a sudden 58.8% drop in office job postings from November to December – predictive indicators of office demand. Tepid leasing activity in Q4, -46.2% vs. the historical quarterly average, embodied how occupiers are navigating mounting economic distress and evolving workplace strategies as return-to-work levels are just 42.1% relative to the same period before the pandemic. Still, efficient, sustainable and amenity-rich offices are substantially outperforming the broader market, accentuating a trend that has persisted in recent years.
U.S. industrial market Q4 2022 insights
Slower growth does not necessarily equate to negative growth. While there have been offsetting signals in the U.S. economy at the end of the year, industrial leasing market fundamentals have remained stable, with aggregate vacancy increasing only 10 basis points to 4.2%. As the Federal Reserve pushed up interest rates, the desired effects seem to have been borne out, with core inflation (less food and energy) coming in at 5.7% for the 12-month period ending in December. At the same time, broader supply chain issues have started to loosen over time, but are not yet sufficiently resolved. However, reductions in consumer purchasing power and a re-adjusting of capital markets assumptions have reduced Q4 activity. Annualized net absorption fell by 13.7% while investment sales were down 20.3% from last year.
