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Labor Market Strong Prior to Trade Policy ShiftThat Poses Implications for Commercial Properties

Strong Job Growth Before Policy Shift: U.S. employment rose by 228,000 jobs last month, led by gains in health care and social assistance—outpacing historical March averages even as the unemployment rate ticked up slightly to 4.2%.


Tariffs to Impact CRE Sectors Differently: New tariffs are expected to dampen multifamily construction due to rising costs, while retail shows resilience with low vacancy and modest new supply despite economic headwinds.


Market Reaction Opens Opportunity: Financial markets reacted sharply to the tariff announcement, briefly driving 10-year Treasury yields below 4%, opening a short-term window for more favorable CRE financing conditions.









April 2025 | Employment & Trade Policy Research Brief





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