The International Monetary Fund expects to lower its global growth forecasts due to escalating trade tensions and major changes in the world trading system, but it does not predict a global recession. IMF Managing Director Kristalina Georgieva noted that negative perceptions could affect economic activity despite the solid nature of the labor market and financial system.

The Trump administration intends to take over efforts to renovate Pennsylvania Station in New York City, supplanting the Metropolitan Transportation Authority. Secretary of Transportation Sean Duffy said Amtrak would serve as the project lead and argued that the move could save taxpayers $120 million on the $7 billion project. Gov. Kathy Hochul called the move "a major victory for New Yorkers."

The US Federal Reserve has proposed changes to stress tests for major banks, including averaging results over two years and delaying the stress-capital buffer requirement's effective date to Jan. 1. Governor Michael Barr criticized the changes, saying they could give a false sense of security, while Governor Adriana Kugler expressed concern about reduced sensitivity to current economic conditions.

REIT stocks have proved to be relatively resilient amid recent volatility in the stock market linked to uncertainty over trade policy. "REITs have bounced around with the broader market, but they continue to be something of a safe haven," said Nareit's John Worth. He noted that REITs are typically "buy-and-hold institutions. In fact, there are REIT and tax code rules that actually forbid REITs from essentially flipping properties."

Sonia Barros from Sidley Austin discussed a potential shift in approach at the Securities and Exchange Commission under new Chair Paul Atkins, who the Senate confirmed on April 9. Barros highlighted the potential for a deregulatory, pro-business approach. Barros also touched on key proxy season trends.

US REITs reduced their share buybacks in the fourth quarter of 2024, repurchasing $456.2 million in common stock -- down 13.8% from the previous quarter and falling 4.7% from the prior year, according to S&P Global. Health care REITs led the way in terms of share repurchases, followed by multifamily and hotels. In addition, six REITs announced new repurchase programs.

The average US 30-year mortgage rate increased to 6.83%, its highest in eight weeks, according to Freddie Mac, up from 6.62% the previous week. Mortgage rates may be influenced in part by the 10-year Treasury yield, which spiked last week. The share of applications for adjustable-rate mortgages has increased.

Loan originations for office properties are set to exceed last year's total, with $15.7 billion originated in the first quarter of 2025, according to Avison Young. Office property sales reached $7.8 billion in Q1 2025, marking a 9.7% increase compared with the same period last year. "This lending activity demonstrates the renewed strength of the office market, particularly in gateway markets such as New York City," said Avison Young's Danny Mangru.

SL Green executives weighed in on the state of the business and the positive outlook for New York City more broadly. "With the credit markets in general, we certainly can expect to see some turbulence as a result of the macroenvironment across the country, but I expect New York City to mostly be immune from that," said CEO Marc Holliday. He also noted that there is "an enormous scarcity" of high-quality sites that can be delivered in the next few years.

New York City's multifamily sales volume reached $2.21 billion in the first quarter of 2025, marking a 62% increase from the previous year, according to Ariel Property Advisors. Market-rate assets made up 88% of the dollar volume, marking an all-time high in data stretching back to 2010.

The White House has launched reviews that could lead to the repeal of two Biden-era Bureau of Land Management rules bolstering conservation across 245 million acres of land in the US West and limiting oil and natural gas development in Alaska's National Petroleum Reserve. Separately, the Fish and Wildlife Service and the National Oceanic and Atmospheric Administration have proposed excluding habitat damage from the definition of "harm" under the Endangered Species Act, a change that could ease barriers for industrial development.

Secondary debt and equity offerings raised $12.2 billion for REITs in the year's first quarter. Of the tally, $8.9 billion came from debt, $2.6 billion from common equity, and $700 million from preferred equity. "M&A activity has continued to be quiet, with no deals announced in the first quarter of 2025," writes Nareit's John Barwick.

Green Street's Danny Ismail told Nareit's REIT Report podcast that valuations for REITs before the recent White House tariff announcement have put them in a relatively stronger position. "REITs came into this environment on the cheaper side, while private real estate looked fairly valued." The liquid structure of public REITs is an additional benefit, Ismail added.