Our outlook for real estate includes elevated interest rates and slower economic growth:Elevated rates in the near term heighten refinancing risk, particularly for struggling property types and properties.Demand for retail, housing, and industrial assets remain resilient.Weak office fundamentals led to multiple downgrades year to date in 2024, and we maintain a negative rating bias for office REITs. Tighter access to capital could pressure liquidity.Expected rate cuts in 2025 could bring more transaction volume and price discovery while improving access to capital.