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"Over the last couple of years, as a result of higher rents and labor costs, tenants have consolidated their requirements, especially in the expensive coastal markets. As a result, market rents have declined by nearly 7% nationally from peak levels, and by over 40% in the Inland Empire.1 At the same time, construction costs have increased (hard costs, labor, financing).The confluence of lower rents and higher construction costs (together with wider yields) have led to a pullback in new supply."

For decades the U.S. was the architect and anchor of a rules-based global system. But as Washington’s economic engagement with the world becomes driven more by national priorities rather than institutional commitments, the rest of the world is quietly building buffers and hedging U.S. dependency. As Jitania Kandhari and Saumya Jain explain, this is not the end of globalization, but the gradual de-Americanization of it.

An oil-driven shock is rippling through markets, so is it time to add or reduce risk?  We break down the key signals—correlation, liquidity and contagion—to determine whether this inflation shock turns into a growth scare and how to invest accordingly.