Trump 2.0 – The first 100 days EMEA

EMEA Key Takeaways

• We expect U.S. tariffs and uncertainty to slow euro area growth, but the economy will weather the impact and continue to expand. The UK economy will remain resilient but may face higher inflation due to its more open economy and trade reliance.
• The EMEA property sector entered 2025 with a stable backdrop, supported by steady occupier demand and early signs of improvement in investment activity.
• Trade barriers will encourage companies to shift manufacturing closer to home, driving long-term demand for domestic industrial real estate through onshoring and nearshoring strategies.
• In the short term, credit and risk spreads across Europe may experience some widening due to economic uncertainty and market volatility. However, underlying fundamentals remain supportive of a gradual recovery.