After an encouraging start to 2024, transactional activity was subdued in the lead up to the November vote. However, total investment of US$410bn was still nearly 8% up on the year after some payback in the final quarter. Now election uncertainty is being replaced by legislative uncertainty – and both economic and real estate outcomes in 2025 will be contingent on both the scale and sequencing of the new administration’s policy agenda. Meanwhile, ‘sticky’ inflation has both policymakers and market participants reigning in expectations for rate cuts this year.