With modest growth, energy use and greenhouse emissions are more than double by 2050.
A regional manufacturing index in New York plummeted this month, while a national report showed modest growth in industrial output.
The country, which is still the world's second-largest luxury market after the U. S. , is expected to return to modest growth rates in the next few years.
With supply tight, says Mr Damesick, even modest growth in demand for space could see rents rising sharply, especially at the premium end of the market.
And more modest growth may be the new trademark for a sector known for swinging from spectacular boom to massive bust, say some fund managers.
Two-thirds of the Fed's 12 regions "cited softening or weakening in the pace of business activity, while the others referred to subdued, slow or modest growth, " the Fed said.
