Day Three Panel Recap: Underwriting the Horizon - Translating Macro Economic Shifts into Real Estate Execution

Interest rates. Inflation. Consumer spending. AI. Capital markets. 

There’s no shortage of forces moving commercial real estate, but which signals should CRE professionals be watching? 

The forces moving the economy are also moving commercial real estate. Marisa DiNatale, Senior Director & Head of Global Forecasting, Moody's Analytics, Tony Ghee, Head of Equity Investing & CIO, Bank of America, and moderator Chris Jacobson, CCIM and VP of Healthcare Real Estate Advisor, Lee & Associates, took them head-on during Underwriting the Horizon. Translating today’s biggest economic shifts into what they could mean for real estate decisions on the ground. 

Read the Economy. Then Read the Market. 

The conversation explored an economy still growing amid persistent inflation, higher interest rates, and changing expectations around monetary policy, and the panel pushed beyond the national headlines. National numbers only tell part of the story. 

From office vacancy and refinancing pressure to consumer spending, household wealth and the potential impact of AI on labor markets, different forces are creating different risks and opportunities across property types and geographies. For commercial real estate professionals, that makes understanding the numbers only part of the job. 

Different property types, markets, and geographies are responding differently, making local knowledge and the ability to interpret economic signals in context increasingly important. 

The conversation also turned to the consumer. Rising household net worth has helped support spending, while shifts in disposable income, equity markets and broader economic confidence could influence what happens next, and then there’s AI. 

Beyond changing how CRE professionals work, AI could reshape labor markets, corporate investment and even future demand for certain types of real estate, adding another variable to an already complex underwriting environment. 

Turn Insight into Execution, What Does It Mean for CRE? 

The strongest takeaway? Know what the macro environment means for the specific market, asset, and client in front of you. 

Higher rates can reshape financing and transaction activity. Shifts in employment can change space demand. Consumer strength can influence property performance, and competition for opportunities means expertise matters and will require more than simply knowing the numbers.

In a market where the outlook can change quickly, local knowledge, strong relationships, and the ability to translate complex economic signals into confident real estate decisions can be a serious competitive advantage. 

For CRE professionals, uncertainty doesn't eliminate opportunity. It raises the value of knowing where to look, what to watch, and how to translate the bigger economic picture into the next deal.  

Because knowing where the economy is headed is valuable. Knowing what to do about it is where commercial real estate professionals create value. 

More markets. More perspectives. More insights still ahead from the 2026 Fall Forum.