Observations from AFIRE 2016 Meeting

Greece, Puerto Rico, Illinois …Which of these places is not like the other? Trick question, they are all failed states. That opinion at least was the dominant view in presentations and discussion between participants at the AFIRE 2016 Annual Membership Meeting last week.

This view despite presentations from across the political spectrum from Austan Goolsbee (Former Chairmain of the Council of Economic Advisors in the Obama Administration) to Carly Fiorina (2015 Republican Primary Candidate) and Pat Buchanan (Drinking pal of Hunter S. Thompson).

This event was held in Washington DC and given the zaniness of the US Presidential election, one of the themes was the impact which the election would have on the economy and the property markets. The consensus seemed to be this: “not much”.

Despite all of the challenges and problems people see in the US today and are highlighted in the campaign coverage, the US still has quite a lot going for it. Even if the candidate you do not support is elected, the consensus seemed to be that they could not do too much to undermine the strengths of the US economy and therefore commercial property performance.

Job growth in the US is enviable relative to the rest of the developed world and demographics continue to support population growth. Jobs and bodies fill commercial property space, and policies espoused by both presidential candidates would not dramatically undermine these positives in the US.