Markets

Office sector distress hits a decade high with $51.6B in loan defaults, but investors are looking for opportunities to buy at a discount.

Four experts discuss how to rebuild urban cores by bringing the public and private sectors together to create thriving downtowns that entice remote workers to return to the office and broaden the mix of uses.

Consumers have kept a steady foot on the gas this year. A record-high 197 million consumers shopped in stores or online over the Thanksgiving holiday weekend, according to the National Retail Federation (NRF). The NRF forecasts that holiday sales will grow between 2.5 percent and 3.5 percent, with total retail spending in the United States falling between $979.5 billion and $989 billion during November and December. That forecast also is consistent with NRF’s annual U.S. sales growth—between 2.5 percent and 3.5 percent—for 2024.

In 2025, the country’s industrial market is experiencing a rebalancing in the wake of surging demand and record new supply that marked the early pandemic years. New opportunities in fast-growing markets are emerging, and demand drivers are shifting. New space demand will grow the most, especially for small-bay industrial assets, according to a Q3 2025 report from the business advisory and accounting firm Plante Moran.

Around the turn of the 21st century, downtown Kansas City, Missouri, faced challenges familiar to many American cities: abandoned buildings and surface parking lots filled 10 core blocks despite multiple redevelopment attempts dating to the 1960s. The downtown residential population was sparse, and some 60,000 downtown office workers made haste for the suburbs at 5 o’clock each weekday.

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.

A recent ULI Advisory Services panel, funded entirely by the ULI Foundation, provided recommendations specific to the city of Los Angeles but adaptable to other metropolitan areas.

E-commerce’s explosive growth, an emphasis on speeding up supply chain fulfillment, and robust leasing demand among traditional warehouse users are dramatically influencing the industrial property market. Several quarters of healthy absorption and strong rent growth across most U.S. markets not only have turned the cavernous boxes into commercial real estate darlings, but also are driving a warehouse construction boom that is churning out larger buildings designed to enhance rapid delivery.

Architects must take more responsibility for their work, legendary designer Frank Gehry told a general session audience Tuesday during the 2017 ULI Fall Meeting. Architects need to “get into the fray,” Gehry said.

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.

Fragmented, density-skittish local governments have traditionally dictated the Bay Area’s housing supply, while private sector residential developers have struggled to build within the context of planning regulations often perceived as overly complex. Should housing be the next latest-and-greatest campus amenity?

How public and private interests combined forces to overhaul the transit hub, now home to San Francisco’s tallest building, Salesforce Tower.

Could San Francisco’s landlords finance badly needed earthquake retrofits by converting garages into “granny flats” while also adding badly needed affordable housing?

One of nine supertall buildings under construction in Toronto, SkyTower will offer residential, hotel, and amenity space

Infrastructure Ontario’s Provincial Affordable Housing Lands Program aims to create a mix of market-rate housing and permanent, sustainable, affordable housing on surplus land in greater Toronto. For its first effort, the agency chose Dream Asset Management, Kilmer Group, and Tricon Residential to develop a mixed-use community with 2,500 apartments on a former brownfield industrial site.

Across North America, cities are confronting a housing crisis that demands urgent, innovative responses. In Toronto, the launch of the Rapid Housing Initiative (RHI) in April 2020 marked a pivotal moment—an accelerated effort at the height of the pandemic to deliver safe, stable housing. Since then, unprecedented investments have been made in communities across Ontario to address housing insecurity, reshaping the province’s residential landscape.

Demand for Artificial Intelligence is moving data centers from “niche” to mainstream investment prospects and they continue to top sector rankings in western markets

Durkin joins ULI from BlackRock senior leadership, where he held the position of global head of real estate research and strategy. His appointment as CEO Europe marks a continuation of the Institute’s mission and momentum, reinforcing its focus on member value, decision-making relevance, and long-term impact across the built environment at a time of significant change for the industry in Europe and globally.

ULI Europe publishes new guide on asset-level collaboration to accelerate decarbonization of occupied buildings

With society and the real estate industry significantly behind on achieving the targets set in the Paris Agreement, and worsening affordability in Europe’s housing, ULI Europe’s C Change for Housing program has launched a landmark interactive systems map and companion report to help the real estate industry identify, co-create, and scale the solutions needed to decarbonize existing and future affordable housing.

Ten built environment projects from eight countries across the EMEA region have been announced as the finalists in the sixth annual ULI Europe Awards for Excellence, which recognize exemplary projects and programs in the private, public, and non-profit sectors. This year’s finalists comprise cutting edge refurbishment, restoration and new build projects, and include residential, healthcare, mixed use, education, community, laboratory, and office projects from Italy, Germany, the UK, Belgium, Sweden, Denmark, France, and Spain.

Although ready to commence a new real estate cycle, real estate leaders globally are braced for another challenging year of uncertainty, with lingering inflation, largely driven by factors including geopolitical instability, and persistently higher interest rates in some regions, potentially delaying a hoped-for recovery in capital markets and occupancy metrics. This is according to the Emerging Trends in Real Estate^® Global Outlook 2025 from PwC and ULI, which provides an important gauge of global sentiment for investment and development prospects, amalgamating and updating three regional reports which canvassed thousands of real estate leaders across Europe, the United States and Asia Pacific.

In Part 1 of a three-part interview, the architect behind Shanghai’s Xintiandi reflects on his unconventional path and how preserving historic shikumen reshaped urban redevelopment in China.

In Part 3 of a three-part interview, the veteran architect reflects on construction, creativity, and why experiencing great cities matters more than relying on technology.

Shenzhen’s Nantou Ancient City project represents a groundbreaking approach to revitalizing China’s historic urban villages in a way that preserves their cultural heritage and community fabric. After China’s government designated Shenzhen as a Special Economic Zone in 1980, the city’s more than 400 urban villages grew rapidly to provide informal housing for an influx of migrant workers. The result: high-density residential areas that maximized rental income but often compromised on fire safety and hygiene standards.

The 2026 Emerging Trends in Real Estate® Asia Pacific report, published jointly by ULI and PwC found a mood of cautious optimism among real estate professionals; however, respondents described considerable disparities in markets and sectors across the region. Tokyo was ranked as the top city for investment in the Emerging Trends survey, top of the table for the third consecutive year, followed by Singapore, Sydney, Osaka, and Seoul.

A seminar organized by the ULI Singapore NEXT Committee presented attendees with the little-known concept of real estate “tokenization,” or fractional investing/trading, as a potential bridge between private investors and direct ownership. Although not new, tokenization in real estate is a niche market, particularly in Asia Pacific, with Singapore hosting a small number of the specialized digital platforms.

Once the site of an abandoned quarry, Singapore’s Rifle Range Nature Park now serves as a buffer zone protecting one of the island nation’s last primary rainforests, Bukit Timah Nature Reserve, from encroaching development and human activity. Located to the reserve’s south, Rifle Range is Singapore’s first net-positive energy nature park, harvesting more energy than its annual operational requirements.