ULI: Emerging Trends in Real Estate® 2023: United States and Canada

Dig deeper into this year’s “places to watch” from the top real estate hotspots to a possible Sun Belt “cool-down.”

Featuring the latest data from almost 1,500 industry experts, the report is a key indicator of the sentiment steering real estate and investment and development trends around the globe.

Top Three Take Aways:

1. There is a “new normal” for real estate markets after all the pandemic-fueled market distortion. Learn why the 1,500 leading industry experts interviewed for the ULI and PwC US Emerging Trends in Real Estate® 2023 report remain upbeat about the sector as it “normalizes” despite economic shifts, behavioral changes from work at home, and environmental, social, and governance (ESG) concerns affecting decisions on where and when to invest.

2. Discover the top 10 real estate markets to watch. Find out how Sun Belt “Supernova” Nashville managed to repeat its position as the nation’s top market, learn about Boston’s success in leveraging its world-class concentration of higher education to become a world leader in life sciences, and hear which other markets are on the rise.

3. Some still like it hot, but the Sun Belt may be cooling. Nine of the top 10 markets to watch remain in the Sun Belt. The average year-round high temperature among the five top-rated U.S. real estate markets is a balmy 76 degrees Fahrenheit, almost 20 degrees warmer than the 57-degree average in the bottom five markets. Get expert insight into which of these hypergrowth markets are now experiencing growing pains as their success demands greater investment in infrastructure and regional planning to facilitate growth if they are to keep their appeal.

Life Science: Thriving As Never Before

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Life science real estate, along with data centers and industrial real estate, has thrived enormously over the past two years of the pandemic. As the world economies transition to a new phase, where COVID-19 is understood to be in an endemic state, there are no signs that demand for this fast-growing niche in commercial real estate is diminishing. The demand for lab space is only intensifying. This report will identify and explain the trends causing the increased demand for life science buildings.

No, Retail is Not Dead

There is a widespread myth that needs to be questioned and confronted, and it goes something like this: First came Amazon, and then came COVID-19, and both killed retail. However widespread, this view of the retail market is inaccurate and incomplete. To be sure, parts of the retail sector are experiencing challenging disruptions, but other aspects of the industry are expanding and thriving. The state of the retail market is a mixed picture of disruption, change, adaptation, and success. This report will review recent consumer retail sales data from the holiday season and January, as well as explain the current state and trends within the sector.

Seven Things to Know About Commercial Real Estate in 2022

While continuous improvement is needed, the economy is recovering from the COVID-19 pandemic. 2022 will build on the recovery that is already underway both in the macroeconomy and in commercial real estate markets. However, don’t expect commercial real estate markets or the rest of the economy to go back to exactly as things were before the pandemic. The pandemic was more than just a shock to aggregate demand. It changed the way people live, shop, and conduct business. Some of the changes may dissipate over time, while others are likely to be permanent. Nearly every commercial real estate sector has been and will continue to be affected one way or another. This report will explain what trends to expect and watch for in 2022. Since no forecast is infallible, keep in mind that there are both upside and downside risks to the outlook. Here are the top seven things you need to know for 2022.

Multifamily Development is Flourishing as Never Before

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a yearlong national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13% since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? This report will explain why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before.

1. Measured on an annual basis, national asking rents rose 10.3% in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure 1 August rents rose more than 20% year-over-year in Phoenix, Las Vegas, and Tampa. Similarly, monthly rents were up more than 20% in comparable markets such as Boise, Idaho, and Naples, Florida.