Is it time to buy Real Estate in the US? Make no mistake about it: many Real Estate assets in the US are about to see some value destruction. Some of the drivers of real estate returns have been significantly impacted, leading to dismal expected returns. In our models, we found that GDP growth, yield curve steepness and treasury yields are significant predictors of real estate futures returns, and all three are at depressed levels. Furthermore, the retail tsunami that swept almost 10,000 retailers in 2019 will only grow from here, increasing vacancy across the country.