Three Drives to Watch in 2019

* Tight Labor Market Places Upward Pressure on Wages

• Historically low unemployment and competition for new employees to push wage growth above 3%

• Elevated wage growth will benefit nearly every sector of commercial real estate

* Favorable CRE Supply/Demand Balance

• Limited Office & Retail development supporting positive outlook

•Apartments, Industrial, and Hotels face pockets of elevated construction, but demand keeping pace

* Benefits of Tax Reform Just Beginning to Materialize

• Opportunity Funds/Zones could draw non-traditional capital into commercial real estate

• Impact of tax reform likely to emerge as Tax Day nears; investors may begin formulating new strategies to capitalize on changes