Market Trends
In September 2022, ULI honored architect Jeanne Gang with the ULI Prize for Visionaries in Urban Development. Gang is the founding principal and partner of Studio Gang, an architecture and urban design practice based in Chicago, with offices in New York City, San Francisco, and Paris.
ULI Asia Pacific Young Leaders hosted a forum on housing attainability in May with a focus on Australia, China, and Singapore. The event started with a short presentation by Ken Rhee, Senior Director of ULI China and the primary author of the newly released 2023 ULI Asia Pacific Home Attainability Index.
At the recent 2023 ULI Spring Meeting in Toronto, panelists noted that transaction volumes have dropped significantly with the slowing of lending and bank failures.
Participants in a recent ULI webinar highlighted a new research report, Bridging the Occupier Landlord Gap for the Future of Workspace, which analyzes how changing occupier behavior and broader macroeconomic trends are affecting the demand for office space.
The Real Estate Economic Forecast, produced by the ULI Center for Real Estate Economics and Capital Markets, is based on a survey conducted in April 2023 of 41 economists and analysts at 37 leading real estate organizations. According to the survey, the U.S. economy will slow in 2023 and 2024, with recovery expected to begin in 2025. The real estate market will follow suit, with flat to negative results over the next two years, followed by mostly positive news in 2025.
AFIRE, the association for international real estate investors focused on commercial property in the United States, has released its AFIRE International Investor Survey: Q1 2023 Pulse Report, underwritten by Holland Partner Group. U.S. market shows stability as a preferred global destination for investment with allocations up 6 percent from 2022, relative to a 5 percent decline in European investment.
A ULI webinar in December focused on the role of commercial real estate in fulfilling the vision of the United Nations’ Conference of the Parties 27 in Sharm el-Sheikh, Egypt, with leading companies pledging to net-zero operations as soon as 2025.
The ULI/Allen Matkins Capital Markets Roundtable, now in its eighth year, brings together investors, developers, lenders, managers, and intermediaries to share insights and perspectives on the current and future outlook for real estate capital markets. topics discussed included which sectors of the market are strong, which should be avoided; and what the thoughts and strategies of some major players in real estate financing and investing are for the coming year.
Real estate economists offered a less optimistic forecast of the near-term U.S. real estate and economic environment compared with six months ago, downgrading predictions for a wide range of economic, capital market, and real estate variables. Some of the biggest changes to forecasts included 2023 gross domestic product, job growth, and private real estate returns, according to the Fall 2022 ULI Real Estate Economic Forecast.
ULI and PwC US has released Emerging Trends in Real Estate ® 2023, an annual report highlighting the trends shaping the real estate industry. Insights from the report reconfirm two bifurcated market trends: aspects of the real estate industry are “normalizing” and reverting to pre-COVID patterns while others have permanently shifted to the “new normal” that was adopted with the pandemic.