Regenerative developments are breathing new life and economic growth into mature cities with transformative initiatives that are imparting a new competitiveness and bright futures to urban areas, panelists said at the 2016 ULI Fall Meeting in Dallas. “We aren’t just building buildings. We’re building cities,” said David Pitchford, chief executive officer of UrbanGrowth NSW, a government agency of the Australian state of New South Wales.
The numbers in the latest ULI Real Estate Consensus Forecast may show flat to lower growth in the coming years, but there is plenty of both risk and opportunity in the market, as panelists said during a 2016 ULI Fall Meeting session on the report. “Economic growth in the United States is still happening,” said Jeanette Rice, head of investment research in the Americas for CBRE.
Speaking at the 2016 ULI Fall Meeting, John McNellis, partner at McNellis Partners, a northern California–based developer, shared part of his perspective, as captured in his book, Making It in Real Estate. For those looking to get into the real estate business, McNellis advised trying to take a 20-year approach to your career. “Do you want to work for the biggest company that’s constantly in the headlines, or do you want to focus on building economic independence? Are you doing the night classes and other hard work to get to where you want to be?”
For midsized U.S. cities to compete successfully in the 21st-century global marketplace, it is crucial for governments to think beyond the tired strategy of luring away employers from other locales. Instead, city officials need to focus on land use and placemaking as ways to attract talent, generate new business opportunities, and consolidate economic and community development to enhance their brands, according to speakers at ULI’s 2016 Fall Meeting in Dallas.
American suburbs can be developed into more walkable, sustainable places to rival urban ones and potentially satisfy the changing needs of all generations, panelists said at the ULI Fall Meeting in Dallas. “Suburb does not have to be viewed as a dirty word, because it’s not,” said Adam Ducker, managing director of urban real estate at RCLCO, a real estate advisory firm based in Washington, D.C.
Both Rodin Global Property Trust and Blackstone Real Estate Income Trust are entering the nonlisted REIT sector while it is experiencing substantial headwinds, facing criticism for high fees, vague disclosures, and low returns. But efforts toward transparency are boosting their popularity with investors. Plus, interest rate survey data from Trepp.
Niche neighborhoods and economic diversity are driving forces behind the strong showing of this year’s top ten U.S. cities, according to Emerging Trends in Real Estate® 2017, released by ULI and PwC U.S.
Dr. Cheong Koon Hean, a widely acclaimed architect and urban planner credited with shaping much of Singapore’s urban landscape, has been named the 2016 recipient of the ULI J.C. Nichols Prize for Visionaries in Urban Development. Dr. Cheong, the 17th Nichols laureate and the first from Asia, was honored during the 2016 ULI Fall Meeting in Dallas.
A new ULI program that helps office tenants design and manage their spaces to reduce energy consumption could help the real estate industry reduce emissions that are driving climate change. But at the program’s rollout at ULI’s 2016 Fall Meeting in Dallas, panelists said that the new ULI Tenant Energy Optimization Program is likely to have a more far-reaching impact than that of many previous environmental initiatives because it offers a compelling, well-documented business case that energy efficiency can generate a lucrative return on investment.
Peter Kageyama, author of For the Love of Cities, brought his unconventional philosophy to the 2016 ULI Fall Meeting in Dallas as part of the Institute’s Changing World Speaker Series. “Emotions are contagious; when more people say they love their cities, more people will feel it and believe it,” said Kageyama.