Despite the monetary headwinds and continued economic uncertainty around the world, there is a strong belief that the global real estate industry is at a “pivot point,” with improving prospects ahead for renewed investment activity, according to the latest Emerging Trends in Real Estate^® Global Outlook 2024 from PwC and the Urban Land Institute.

The mental and physical benefits of being close to bodies of water—or “blue space”—have made headlines amid growing consumer interest in health and wellness. Scientific studies have shown the positive impacts of living and spending time near oceans, lakes, ponds, and rivers—benefits including reduced stress and anxiety, improved sleep, and generally a healthier and more active lifestyle.

Despite volatility and uncertainty, real estate investors are finding ways to make deals. A new consensus is forming around a “reset” in the economy and commercial real estate, according to the 2024 Emerging Trends in Real Estate forecast produced by PwC and ULI. “There’s this sentiment of guarded optimism,” says Bill Staffieri, partner with PwC. He presented the forecast to hundreds of real estate experts at the Real Estate Outlook 2024, hosted in late January in New York City by ULI New York.

Confidential format allows for frank conversations to help real estate leaders understand market trends.

After the chaos and uncertainty of the last year, commercial real estate experts are finally getting a clearer idea of what the real value of real estate should be, according to attendees of the recent ULI McCoy Syposium. That starts with a growing consensus that interest rates are not likely to return to the rock-bottom lows that persisted for much of the last 15 years.

In mid-January, ULI New York convened three panels of top real estate experts to unpack local real estate trends for 2023.

Ten projects leverage public and private resources to realize complex new developments.

When Urban Landlast spoke to New York City landlord Leslie Himmel of Himmel + Meringoff Properties in March, vacancy within the nation’s largest office market was hovering just below 10 percent. While that still registers below the market’s peak of 11.7 percent in 2010, according to Moody’s, that rate has continued to drift upwards since March. Urban Landrecently sat down with Himmel for a lively discussion about doing business in a recessionary market amid rising interest rates, and her ongoing search for what she calls “brave money.”

ULI has been establishing dialogue between real estate professionals and climate risk data analytics firms that can help advance the interests of both parties. Enhanced collaboration and understanding between these two sides should continue to improve this evolving space, potentially improving both financial and climate-risk outcomes. As part of these efforts, ULI collaborated with First Street Foundation, a research and technology nonprofit with expertise in assessing physical climate risk at the property level in the United States.

ULI has announced the 2022 New Real Estate Vanguard, made up of ten outstanding contributors to the real estate sector from across the European region. Selected by the European Young Leaders Group of the ULI and Property EU, each will be featured in the second annual Real Estate Vanguard podcast series.