- The college-educated unemployment rate – key for business travel – is now within 100 bps of its pre-pandemic levels and has been consistently improving since the start of the year. (Slide 7)
- Business investment and business confidence are at all-time highs. (Slide 13)
- Key business travel word searches are now down approximately 20% from pre-pandemic levels. (Slide 14)
- The recovery is not just leisure-based at this point. (Slide 17)
- Construction cost inputs will limit supply growth, bolstering same-store RevPAR growth this cycle. (Slides 19 – 21)
- Labor shortages and wage pressures are a headwind to NOI recovery, but operators are smart and have found efficiencies in each of the last cycles. (Slides 23 -26)
- Lenders continue to reenter the market as delinquencies wane, but construction lending still lags. (Slides 28 – 31)
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.