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Drawing on insights from more than 1,700 leading real estate investors, developers, lenders and advisors across the U.S. and Canada, the report identifies key opportunities, risks and market shifts that will shape the industry in the coming year.

Making a significant move in the multifamily investment space, industry veteran Matt Ferrari officially launched PXV Multifamily, a private investment firm poised to acquire up to $2 billion in assets over the next 36 months. With a focus on both middle-market value-add properties and institutional-quality opportunities across the United States, PXV stands ready to capitalize on emerging market trends and challenges. Ferrari is an active member of the Urban Land Institute and the Multifamily Blue Flight Product Council.

Concerns about deglobalization surge, AI revolutionizes real estate, and top European cities for investment identified as London, Madrid, Paris, Berlin, and Amsterdam

Most people walking Denver’s 16th Street today won’t stop to admire its drainage system or its suspended paving soil cells. They may not notice the careful choreography of trees, transit, and human movement as they stroll the pedestrian-oriented thoroughfare. What they will notice, ideally, is that something about the street just feels better. This kind of sublime shift reveals itself through human experience.

Economists predict better liquidity and resilience ahead, but banks are likely to remain cautious about new loans.

For decades, civic leaders have tried to revitalize Market Street, San Francisco’s central thoroughfare, only to see their efforts founder. “I sometimes call it the great white whale of San Francisco,” says Eric Tao, managing partner at L37 Development in San Francisco and co-chair of ULI San Francisco. “Every new mayor, every new planning director, every new economic development director has chased that white whale.” This year, however, an international competition of ideas hosted and run by ULI San Francisco, with support from the ULI Foundation, generated fresh momentum for reimagining the boulevard. The competition drew 173 submissions from nine countries and sparked new conversations about the future of downtown San Francisco.

Stephen Pantano has joined ULI Impact Lab as a senior fellow. Most recently, Pantano was the vice president of research and special projects at Rewiring America for three years. He previously served as the chief research officer at the Washington, D.C.-based CLASP (formerly the Collaborative Labeling and Appliance Standards Program), where he established the global non-profit organization as a thought leader in energy efficiency through technological innovation and policy advancement. Additionally, he worked at ICF International, leading the development of Energy Star specifications for various electronic devices to enhance energy efficiency.

In 2013, when the founders of Redbrick LMD looked over a large swath of land in Southeast Washington, D.C., they immediately connected with the breathtaking views of the U.S. Capitol, the Washington Monument, the Anacostia River, and expansive green space. They recognized that this kind of access was rare anywhere in the region, but especially in this often-overlooked corner of the city.

MassHousing’s innovative new finance product invests public dollars into mixed-income housing

The neighborhood will be home to more than 18,000 people, with a 21st-century focus on sustainability, innovation, and community

The evolution of community efforts to improve access to housing reveals that successful projects often hinge on fostering strong local partnerships that can provide essential supports and services.

The ULI Randall Lewis Center for Sustainability in Real Estate—ULI’s flagship global center for decarbonization, resilience, and health—is pleased to announce its three newest board members: Jackie Knight, Julie Manning, and Anupam Yog.

Data centers have a reputation for high energy use. EcoDataCenter 1 in Falun, Sweden, offers an alternate model: its two data centers, DCA and DCB, derive all of their power from nearby renewable energy sources; 75 percent comes from hydropower and 25 percent from wind.

Dedicated fund structured as a low-interest revolving loan facility

New resilience framework touches on infrastructure, economy, equity, housing, and cultural vitality.

U.S. water and sewer rates have surged more than 50 percent in the last decade, with no signs of slowing. In many regions, water supply itself is constrained. Utilities are imposing restrictions, droughts are reshaping long-term availability, and developers are being told there simply isn’t enough water to serve new projects. And even when water is available, municipal wastewater systems often aren’t adequate to handle the extra load.

The scarcity of on-campus housing—especially affordable housing—means many students have little choice but to forgo the convenience, economy, and other benefits of campus life. Now, California State University, Northridge (CSUN) has become the first in the CSU system to address this disparity by adding new on-campus housing that is both affordable and can be quickly replicated across the entire system to bolster its on-campus populations.

The real estate industry has typically addressed carbon emissions with strategies such as greater energy efficiency, low-carbon materials, and tenant engagement and cooperation. Now add an even more critical component to the equation—refrigerant emissions. Any property using HVAC (and nearly all do) should be looking at the building’s refrigerants as the next big compliance and cost risk. Leaks, fines, and refrigerant phase-outs are already impacting asset portfolios.

Visionary placemaking leader Carol Coletta, recognized for her transformative impact on urban environments, to receive the ULI Prize for Visionaries in Urban Development.

The only thing we can be certain of regarding the transition to battery electric vehicles (BEVs) is that, although that transition is inevitable, we have no reliable way of predicting how it will unfold. From politics and incentives to a Moore’s Law–like evolution in battery efficiency and charging speed, to fire safety improvements being designed into these vehicles, disruption remains the one constant. What does this likelihood mean for the intelligent future-proofer?

How a two-week Fellowship by the Holcim Foundation and ETH Zurich turned the EU’s “Renovation Wave” into a practical playbook for policy, finance, and culture.

Given the pressing challenges facing real estate globally on advancing building decarbonization, ULI is honored to announce the eight District and National Councils selected to participate in the fifth Net Zero Imperative (NZI) Cohort, joining nearly 30 global communities that have engaged with the program to date. NZI is a multiyear initiative to accelerate decarbonization in the built environment and is a significant aspect of ULI’s work to advance its net zero mission priority.

Each year, the ULI Young Leaders Exchange (YLX) selects a dynamic city as the backdrop for an immersive exploration of urban development. It brings together the most promising minds in real estate, planning, and design across the Americas—not simply to observe but also to engage, collaborate, and shape the industry’s future. To that end, in April, “YLX 2025 Orlando Unbound—The Space Between” welcomed 51 registered attendees representing 22 District Councils, including three returning participants from past exchanges.

Jeff Lubell recently joined ULI’s Terwilliger Center for Housing as a senior fellow. In this capacity, on a part-time basis, he will provide strategic direction, engage in research, and offer technical support to further the center’s commitment to ensuring that everyone has a home which meets their needs at a price they can afford. He’ll spend the balance of his time working with the Housing Innovations Group, which provides policy consulting services to state and local governments, foundations, nonprofits, and other clients.

As the race to net-zero emissions intensifies, one question looms: how to pay for it? According to the International Monetary Fund, global investment in climate solutions needs to jump from $900 billion in 2020 to a staggering $5 trillion annually by 2030. The real estate sector alone faces a $1.7 trillion-per-year price tag to decarbonize buildings and infrastructure to achieve net zero.

Across the Brisbane River from Brisbane, Australia’s central business district, the 33-story Upper House residential tower stands out in the city’s skyline with its “dancing balconies” and curving timber ribbons inspired by the prominent roots of Queensland’s native Moreton Bay fig tree.

On May 8, 2025, ULI Orange County/Inland Empire celebrated the successful conclusion of its inaugural Center for Leadership program. This milestone marked the culmination of an eight-month journey focused on advancing ULI’s commitment to connect active, passionate, and diverse members through the foremost global network of interdisciplinary professionals, as well as inspire best practices for equitable and sustainable land use through content, education, convening, mentoring, and knowledge sharing.

In cities large and small around the world—from Columbus, Ohio, to Valencia, Spain—a major focus of modern urban revitalization has been the addition of new sports arenas, purposely built in concert with supportive, mixed-use developments that can become self-sustaining neighborhoods.

An estimated 29 million people struggle to afford quality health care in the United States, with 11 percent of adults considered “cost desperate” and underserved in supply-constrained environments. To expand access and expedite health care to these communities, providers are converting vacant properties into much-needed outpatient facilities, tracking toward an estimated 10.6 percent growth rate over the next five years. Innovative design and construction ingenuity bring these projects to life by delivering increased solutions that address the unique needs of each community. Such is the case with SAC Health Brier Campus, a former banking call center that was recently transformed into a “healing oasis” in San Bernardino, California.

A waterfront site across McCovey Cove from San Francisco’s Oracle Park had long served as a parking lot for Giants baseball fans—but little more. Today, the property is home to Mission Rock, an ambitious mixed-use development undertaken in a public-private partnership between the Giants, the Port of San Francisco, and global real estate development company Tishman Speyer. Attendees of the 2025 ULI Fall Meeting will have the opportunity to tour Mission Rock and learn how an unusually collaborative approach to development has created a neighborhood that goes beyond serving sports fans.