March 2022 - Macro Indicators

Russia’s incursion into Ukraine began in the early hours of
February 24th and has progressed rapidly and violently every day
since, showing that “frozen” conflicts can heat up quickly.
 The gravity of the situation for Ukraine’s people and
seriousness of the risks to the post-Cold War geopolitical order
cannot be overlooked.  The geopolitical tremors of Russia’s
action and the West’s sanctions are likely to be felt across the
world for many years to come.  But direct implications for
institutional real estate portfolios are relatively limited.
 Rather, the key channels of influence on property markets
are likely to be indirect and macroeconomic in nature.
 These include higher inflation, “risk off” market
sentiment, and accelerated changes in the European energy mix.


The March Macro Deck contains a summary of the rapidly evolving
situation in Ukraine as well as other trends around the world.