Q3 2025 CRE Quarterly Economic Briefing: CRE Struggles Persist as Labor Market Softens
Quarter three data show a continuation of weak rent and occupancy performance for core CRE sectors. Uncertainty surrounding global trade and immigration policies, along with a soft labor market, is causing firms and households to hesitate in making leasing decisions, further complicating the prolonged capital market recovery. Join us for this webinar as we discuss these struggles in the context of the macroeconomic environment, while also providing a view into the geographic and property-type level nuances.
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SpeakersLu Chen Director of Housing Research Moody's Analytics
Kevin Fagan Senior Director, Head of CRE Economic Analysis Moody's Analytics
Ermengarde Jabir, PhD Director of Economic Research Moody's Analytics
Thomas LaSalvia, PhD Head of Commercial Real Estate Economics Moody's Analytics
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Lu Chen is a Senior Economist at Moody’s Analytics specializing in Commercial Real Estate. She has worked in the commercial real estate industry in customer success capacity for over a decade. Lu has deep knowledge in urban economics and credit risk, with special focus on Texas market performance, senior housing, and urban migration.
Kevin is a senior director and Head of CRE Economic Analysis at Moody’s, responsible for research, thought leadership and strategic initiatives for the Moody's CRE group, with a focus on capital markets and climate risks. He’s the industry member chair of the Commercial Real Estate Finance Council ESG and Sustainability Initiative. He was formerly director of CRE and CMBS research in the Moody’s Investors Service. Prior to joining Moody’s, Kevin held CRE research roles at ING Clarion and Jones Lang LaSalle. He also practiced as a structural engineer, designing large scale commercial buildings in California. Kevin holds an MS from the Massachusetts Institute of Technology and a BS from the University of Texas at Austin.
Ermengarde Jabir PhD is a Senior Economist at Moody’s Analytics, specializing in commercial real estate. Her research interests include the intersection of REITs and the macroeconomy and she has been published in academic journals as well as industry publications. Prior to joining Moody’s Analytics, she held positions in various government agencies as well as in the private sector.
Thomas P LaSalvia, Ph.D. is the Head of Commercial Real Estate Economics at Moody's Analytics. Thomas, a former professor, brings his pedagogical prowess to his extensive research into the marketplace, with a specific focus on the multifamily sector. His work is frequently published in a variety of periodicals, and he spends a vast amount of time presenting his findings to a variety of industry and academic professionals. Prior to joining Moody's Analytics, he served in a consulting role for the firm while teaching classes in foundational economics and urban economics at The College of William & Mary.