Transcript

Hey everyone. Despite numerous economic headwinds, the US consumer continues to demonstrate resilience. Retail sales are up 6% from a year ago, with year to date growth averaging 5.2%. Even after adjusting for inflation, retail sales remain positive, showing that consumers continue to spend despite elevated inflation, weak consumer sentiment and slower job creation. That strength is supporting both. Retail and industrial real estate, while also contributing to broader economic growth. Industrial absorption topped 86,000,000 square feet in the first half of the year, 4 times the space demand of the first half last year. Meanwhile, retail space demand moved back into positive territory in the second quarter, boosting rent growth. So while the headlines continue to focus on economic risks and headwinds, consumption and retail sales remain positive. Considering that consumption drives nearly 70% of the US economy, that's an important consideration. For investors who keep their eyes on the horizon.