Resorts may be where we go to recover from the stresses of daily life, but the industry itself was in need of some TLC in recent years. Properties that were overleveraged going into the financial crisis have struggled, even as economic recovery has brought bookings back up to healthy levels. Beginning on page 58, Brad Berton examines the state of the resort industry in the United States—with insights on how investment from offshore has stabilized some prominent properties.

In this issue we also present one of ULI’s most-anticipated reports: Emerging Trends in Real Estate. The 35th annual version of this report presents the prospects for real estate in the United States and Canada, based on the candid observations of industry professionals. It offers a rare look at what the top people in the business really think about their markets. You might say it derives from ­crowdsourcing—in old-fashioned analog form—as it is derived from interviews with more than 900 real estate experts from around the world. Thoughts from industry experts on the prospects for markets in Europe and the Asia Pacific region will follow in the January/February issue.

Scenes from the ULI Fall Meeting, which was held in Chicago in November, are spread across several pages of this issue. Among them are images from the inaugural Urban Land reception, an invitation-only event intended to reach out to readers and members of the press who attended the meeting—and, not least, to thank advertisers and sponsors. The cocktail reception was graciously hosted by Adrian Smith, cofounder of the Adrian Smith + Gordon Gill architectural firm, in his Chicago office. Models of some of the architect’s super-tall designs, including the world’s tallest building, the Burj Khalifa in Dubai, were on display. You can find details on the firm’s latest challenge—the design of a triple-net-zero village for the 2017 Expo planned for Astana, Kazakhstan—on page 132.

Please take note of another example of crowdsourcing: Urban Land is asking every member of this diverse, global organization to participate in the new 40 Under 40 competition, which was announced at the Urban Land reception. It is an ambitious undertaking: we seek to tap the wisdom of ULI’s global membership to identify—and celebrate—the 40 best real estate professionals around the world who are under age 40. We are looking for leaders who have distinguished themselves in their field of practice. To quote ULI Chief Executive Patrick Phillips: “We are seeking innovators from the private and public sectors who distinguish themselves by their business acumen, their commitment to development that enhances the quality of life, and their vision for the future. Candidates for 40 Under 40 are entrepreneurs—professionals making advances in the field of real estate and land use that benefit society and create economic opportunities. . . . It is our hope that the 40 Under 40 honorees will inspire others to join the industry, join ULI, and advance the ULI mission.”

Whom do you know who meets that standard? Let the world get to know them (members or nonmembers) as well by nominating them as candidates. The nomination period will remain open through June 1, and you can find more information and nomination forms at

Thank you for reading—and contributing your insights to—Urban Land this year. My colleagues and I wish all of you the very best for a happy, healthy, and prosperous new year.

Elizabeth Razzi
Editor in Chief