AI Momentum Scores
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Gradually Intensifying
Negative Signal Accelerating
Adoption
Economic Growth Engine
Net Employment
Capital Formation / Investment
Data Centers
Office
Industrial Distribution
Retail
Multifamily
2022
2023
2024
Q1
Q2
Q3
Q4
Economic and CRE AI Impact Barometer
Adoption
Overall
Commercial Electricity Consumption
Semiconductor Sales
Share of Business with Paid Subscriptions to AI Tools
Explore Adoption Indicators & Insights
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+
+
+
+
+
+
+
+
2025
Share of Americans Reporting Daily or Weekly AI Usage
Economic Growth Engine
Construction Spending on Power and Communications Infrastructure
Business Spending on Information Processing Equipment/Software
Overall
Productivity: Labor Output Per Hour
Real Wage Growth
Explore Economic Growth Engine
Indicators & Insights
Capital Formation/Investment
Performance of AI Equities
Venture Capital Funding to GenAI Companies
Overall
Private Equity Fundraising for Data Center Investment
Data Center ABS Issuance
Explore Capital Formation/Investment Indicators & Insights
Net Employment
Employment in Vulnerable Blue Collar Sectors
Employment in Highly Vulnerable Office-Using Sectors
Overall
Youth Unemployment Rate Differential
CEO Hiring Plans Relative to Sales Expectations
Explore Net Employment Indicators & Insights
Job Growth in AI Infrastructure Sectors
Online Job Postings Requiring AI Skills
Data Centers
Pre-commitment rate of capacity under construction
Capacity-Based Vacancy Rate Change
Overall
Institutional Investors' Data Center Allocation
Institutional Cap Rate Premium
Explore Data Centers Indicators & Insights
Office
Class B&C Vacancy Rate
Office-Using Employment Growth
Overall
Class A Absorption: Tech R&D/Manufacturing Exposed Counties
Share of U.S. Office Sales: Tech R&D/Manufacturing Exposed Counties
Office Cap Rate Spread Over Risk Free Rate
Institutional Allocations to Sector
Explore Office Indicators & Insights
Industrial Distribution
2022
2023
2024
Leasing in Next Gen Bulk
Distribution Centers
Automation Proxy (Occupied Distribution Space Per Worker)
Overall
Occupancy in Next Gen Bulk
Distribution Centers
Explore Industrial Distribution Indicators & Insights
Retail
2022
2023
2024
Foot Traffic at Goods-Oriented, Brick and Mortar Retail
Structural Shift to Online Spending
Overall
Foot Traffic at Experiential/Services Retail (Restaurants, Beauty, Fitness)
Foot Traffic at Grocery Stores
Average Real Net Worth: Top 10% of Households
Average Real Net Worth: Botom 90% of Households
Explore Retail Indicators & Insights
Retail Availability: Tech R&D/Manufacturing Exposed Counties
Multifamily
2022
2023
2024
2025
Q1
Q2
Q3
Q4
Class A+ Rent Growth Differential
Outperformance Index for Key AI/Tech Hubs
Overall
Commodity Class A Rent Growth Differential
Class B Rent Growth Differential
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Multifamily Indicators & Insights
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Release of ChatGPT
Release of ChatGPT
Release of ChatGPT
Release of ChatGPT
The early stages of a shift in AI adoption are already underway, as usage moves from experimentation toward becoming a more continuous and embedded part of economic life. Indicators such as survey‑based usage measures, commercial electricity consumption, and semiconductor sales help capture this transition. As AI use becomes more ingrained across firms and consumers, and as deployment broadens, these indicators will help determine whether adoption is deepening in a way that would be likely to drive durable demand shifts for CRE.
As AI triggers a new wave of cap‑ex investment in infrastructure, equipment, and software, indicators such as AI‑related capital spending, labor‑productivity growth, and wage‑trend measures will be essential for tracking whether these investments are translating into meaningful economic acceleration that, in turn, broadens demand for CRE.
Through a new wave of infrastructure development, business spending on technology, and productivity gains, AI’s proliferation has the potential to reshape the U.S. economy and CRE demand. But this can only be achieved with sustained, high levels of investment. Indicators such as AI-focused venture capital funding, public valuations of AI-reliant tech firms, and fundraising for data center construction are essential for tracking whether these investments are gaining momentum.
AI is poised to reshape the workforce by redirecting job growth away from roles at risk of automation, and towards occupations focused on AI implementation and infrastructure development. But whether AI ultimately reduces net employment or expands it remains an open question. To gauge which scenario is playing out, indicators such as job growth in vulnerable vs. positively exposed sectors, are critical, as are measures of youth unemployment, CEO expectations for hiring vs. sales, and job postings requiring AI-related skills.
Data centers are becoming increasingly critical infrastructure as AI-driven compute demand scales, but rapid investor capital deployment raises the risk that development outpaces underlying user demand. Indicators such as vacancy rates across market tiers, pre‑commitment rates on space under construction, institutional allocation trends, and prevailing cap rates will help assess whether fundamentals are tightening sustainably or moving toward overbuilding and valuation volatility.
AI is likely to make the differences in office locations and asset quality even sharper. Shifts in the job market, leasing activity, and investor sentiment help show where AI is strengthening markets and exposing weaker ones.
AI-driven automation may be fueling stronger tenant demand for modern industrial space. We’re watching closely leasing trends and occupancy rates among next generation distribution centers to see if this is being borne out.
AI has the potential to accelerate the shift towards e-commerce while reshaping brick-and-mortar performance in uneven ways. Early winners and losers could be revealed by foot traffic and online retail sales trends, while wealth data may reveal which category of retail is best positioned to thrive.
AI-driven income growth and the clustering of tech jobs could widen the performance gap across multifamily housing. We’re watching rent trends by building class and by market to monitor these shift shifts as they unfold.
AMERICAS
APAC
EMEA
Macroeconomic Categories
Real Estate Sectors
Overall
2025
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2025
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
AI Momentum Scores
Positive Signal
Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
CRE
Data
Centers
Net Employment
Economic Growth Engine
Adoption + Capital Formation
AMERICAS
APAC
EMEA
+
+
+
+
+
Institutional Allocations to Sector
Office Cap Rate Spread Over Risk Free Rate
Class A Absorption: Tech R&D/Manufacturing Exposed Cities
Secondary Grade Vacancy
Sales Pricing of Pre-1980 Built Office Stock
Office-Using Employment Growth
Overall
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore CRE Indicators & Insights
2022
2023
2024
2025
Q1
Q2
Q3
Q4
Release of ChatGPT
AI is likely to make the differences in office locations and asset quality even sharper. Shifts in the job market, leasing activity,
and investor sentiment help show where AI is strengthening markets and exposing weaker ones.
CRE
Data Centre Investment
Pre-commitment rate of capacity under construction
Capacity-Based Vacancy Rate Change
Overall
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Data Centers Indicators & Insights
2022
2023
2024
2025
Q1
Q2
Q3
Q4
Release of ChatGPT
Data centers are the physical infrastructure of AI. Market performance and capital flows into this sector show how quickly digital demand is translating into real asset demand.
Data Centers
Job Growth in AI Infrastructure Sectors
CEO Hiring Plans Relative to Sales
Youth Unemployment Rate Differential
Employment in Vulnerable Blue Collar Sectors
Employment in Highly Vulnerable Office-Using Sectors
Overall
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Net Employment Indicators & Insights
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
AI is poised to reshape the workforce, but whether it will ultimately reduce or expand total employment remains unclear.
To spot which scenario is playing out, we’re tracking what sectors are expanding or contracting and how hiring expectations compare to sales expectations.
Net Employment
Real Wage Growth
Productivity: Labour Output Per Hour
Business Spending on Information Processing Equipment/Software
Overall
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Economic Growth Engine
Indicators & Insights
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
AI is kicking off a new wave of investment that could lift the economy and drive real estate demand. We’re watching as to whether this momentum is turning into real growth by tracking how much companies spend on new equipment, how productive workers become, and whether wages are rising.
Economic Growth Engine
Performance of AI Equities
Venture Capital Funding to GenAI Companies
Share of population Reporting Daily or Weekly AI Usage
Semiconductor Sales
Overall
2022
2023
2024
2025
Q1
Q2
Q3
Q4
Release of ChatGPT
Explore Adoption + Capital Formation
Indicators & Insights
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
The shift towards AI adoption is underway. We’re tracking usage data and semiconductor sales to identify where AI is moving from experimentation to embedded practice in the economy, as well as venture funding and public market valuations to test the durability of AI’s impact.
Adoption + Capital Formation
Economic and CRE AI Impact Barometer
Macroeconomic Categories
Real Estate Sectors
AI Momentum Scores
Positive Signal
Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
2022
2023
2024
Q1
Q2
Q3
Q4
Release of ChatGPT
2025
Data
Centers
CRE
Net Employment
Capital Formation/
Investment
Economic Growth Engine
Adoption
Adoption + Capital Formation
AMERICAS
APAC
EMEA
+
+
+
+
+
+
Outperformance
Index for Key
AI/Tech Hubs
Structural Shift to Online Spending
Office Cap Rate Spread Over Risk
Free Rate
Class A
Absorption: Tech R&D/Manufacturing Exposed Cities
Office-Using Employment
Growth
Overall
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore CRE Indicators & Insights
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
AI is likely to have an uneven impact both across and within CRE markets. Shifts in the job market, leasing activity, and investor sentiment help show where AI is strengthening office markets and exposing weaker ones. Online retail sales trends should reveal early winners and losers in the retail sector while emerging and embedded tech clusters could widen the performance gap across housing markets.
CRE
Institutional Cap Rate Premium
Institutional
Investors' Data
Center Allocation
Pre-commitment rate of capacity under construction
Capacity-Based Vacancy Rate Change
Overall
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Data Centers Indicators & Insights
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
Data centers are the physical infrastructure of AI. Market performance and capital flows into this sector show how quickly digital demand is translating into real asset demand.
Data Centers
Online Job
Postings Requiring
AI Skills
Job Growth in AI Infrastructure Sectors
CEO Hiring Plans Relative to Sales
Youth Unemployment Rate Differential
Employment in Vulnerable Blue Collar Sectors
Employment in Highly Vulnerable Office-Using Sectors
Overall
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Net Employment
Indicators & Insights
2022
2023
2024
2025
Q1
Q2
Q3
Q4
Release of ChatGPT
AI is poised to reshape the workforce, but whether it will ultimately reduce or expand total employment remains unclear.
To spot which scenario is playing out, we’re tracking what sectors are expanding or contracting, how hiring expectations compare to sales expectations, and the pace at which AI skills are entering job requirements.
Net Employment
Performance of
AI Equities
Venture Capital Funding to GenAI Companies
Overall
2022
2023
2024
2025
Q1
Q2
Q3
Q4
Release of ChatGPT
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Adoption + Capital Formation
Indicators & Insights
The shift towards AI adoption is underway. We’re tracking usage data and semiconductor sales to identify where AI is moving from experimentation to embedded practice in the economy, as well as venture funding and public market valuations to test the durability of AI’s impact.
Capital Formation/Investment
Real Wage Growth
Productivity: Labour Output Per Hour
Semiconductor Exports
Business Spending on Information Processing Equipment/Software
Overall
Explore Economic Growth Engine
Indicators & Insights
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
AI is kicking off a new wave of investment that could lift the economy and drive real estate demand. We’re watching as to whether this momentum is turning into real growth by tracking how much companies spend on new equipment, global demand for semiconductors produced in APAC, how productive workers become, and whether wages are rising.
Economic Growth Engine
Performance of
AI Equities
Venture Capital Funding to GenAI Companies
Share of APAC Reporting Daily or Weekly AI Usage
Semiconductor
Sales
Overall
2022
2023
2024
Q1
Q2
Q3
Q4
2025
Release of ChatGPT
Positive Signal Accelerating
Positive Signal Gradually Intensifying
Neutral Signal/ Holding Steady
Negative Signal Accelerating
Negative Signal Gradually Intensifying
Explore Adoption + Capital Formation
Indicators & Insights
The shift towards AI adoption is underway. We’re tracking usage data and semiconductor sales to identify where AI is moving from experimentation to embedded practice in the economy, as well as venture funding and public market valuations to test the durability of AI’s impact.
Adoption + Capital Formation
Economic and CRE AI Impact Barometer
Macroeconomic Categories
Real Estate Sectors