Economy, Market & Trends
Gemma Burgess, the incoming CEO of Ferguson Partners, a global executive search firm focused on the real assets industries, was in high demand as a speaker during ULI’s Spring Meeting in San Diego. Urban Landsat down with Burgess, who is also a member of the Institute’s Office Development Product Council, to learn, among other insights, where real estate employees went after they resigned and why.
Despite ominous national headlines about New York City office, the vacancy rate is at 9.7 precent in the first quarter of 2022, a full 140 basis points above pre-pandemic levels, according to Moody’s. And, on the ground, New York City office landlords like Leslie Himmel, founder and co–managing partner of Himmel + Meringoff Properties, are doubling down on the city.
Self-proclaimed “creative troublemaker” Josh Linkner, founder and chief executive officer of five tech companies that sold for a combined $200 million, delivered the keynote for the Closing General Session of the 2022 ULI Spring Meeting in San Diego.
A coordinated regional commuter rail system envisioned for the national capital region could unlock opportunities and increase equity for residents and neighborhoods, panelists asserted during a session Thursday at the 2022 ULI Spring Meeting in San Diego.
There is broad support to allow accessory dwelling units, duplexes and triplexes in residential neighborhoods, according to a new Zillow survey covering 26 U.S. metro areas. A clear majority of homeowners surveyed (73 percent) voiced support for at least one of these “modest densification” options, and support was higher among renters (84 percent).
For decades, the storied North Michigan Avenue shopping district has been a key engine driving downtown Chicago’s economy. But a slow decline already underway before COVID-19’s arrival accelerated as restrictions to contain the pandemic kept many tourists and local shoppers out of stores. City officials and local leaders are trying to lay the foundation for a turnaround after the release of a report from a panel convened by the Urban Land Institute’s Chicago district council.
How digital technology can play a key role in the housing experience and close the digital divide.
Applications for U.S. apartments from renters of all generations increased by an average of 10 percent year over year from 2.9 million applications in 2020 to 3.2 million in 2021, according to Yardi’s RentCafe. The increase in activity was mainly driven by the youngest renter group, the oldest of whom are 25 years old.
An increasing number of U.S. office workers, ranging from the federal government to small businesses, are now saying that it is time for employees to return to the office.
On March 29, ULI Los Angeles will host Urban Marketplace 2022: Advancing Equity Through Infrastructure, as it continues celebrating the event’s 22nd anniversary. Founded by Michael Banner, president and CEO of Los Angeles LDC, and other leaders of ULI Los Angeles in 2000, Urban Marketplace soon became the district council’s signature annual event, with a focus on underserved and underinvested communities.
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