Small Business Optimism Driving Real Estate Demand

Confidence Among Small Businesses Rebounds

•Confidence dropped in 4th Quarter as trade policy uncertainty, stock market volatility and rising interest rates clouded the economic outlook

•Fed’s increasingly accommodative tone is lifting small business optimism

•Businesses remain committed to expansion and hiring – a positive indicator for the economy

Optimism Directly Supporting Array of CRE Sectors

•Expanding small businesses lease additional Office, Industrial, and Self-Storage space

•Elevated business travel bolstering Hotel demand

Indirectly Supports Demand for Apartment and Retail

•Small businesses employ nearly half of U.S. workers

•Increased hiring and wage growth supports Apartment and Retail space demand drivers