SOUTHEAST U.S.

Every primary economic driver... tourism, technology, manufacturing and logistics; are all trending in a positive direction… strong demographic growth will help mitigate any downside

...strong demographic growth… poised to do well... record rent growth, construction costs and the relative affordability of the region suggests that more may be on the horizon.

...tied to trends in global trade. Manufacturers and logistics operators are poised to see significant growth in the future, barring a major global trade disruption.

Strong demographic growth will keep retail markets active… strong in-migration of talent... expect absorption to remain elevated…

...characteristics... attractive to new residents can be problematic for multifamily investors... limits the opportunities for rent growth.

Sustained economic growth nationally, coupled with rapid demographic growth in the region, should help keep the sector on solid footing.