Markets

The Chicago Riverwalk, which reused derelict infrastructure, is a 1.25-mile-long (2 km) civic space between Lake Michigan and the confluence of the Main Stem, North Branch, and South Branch of the Chicago River. This reinvention of urban life is at the heart of a new chapter for Chicago in which public space becomes a gathering ground for residents. Providing sweeping views and new connectivity, this civic amenity reunites the river and the city.

For more than a decade, the brick “two-flat” on the 900 block of North Drake Avenue on Chicago’s West Side had been vacant. But by the time the school year begins this fall, the West Humboldt Park home will have a new occupant. A major reason for this property’s happy ending is the involvement of a land bank that acquired the building and wiped out its back taxes and encumbrances, making it easier for someone to purchase the property and improve it.

Teams from Carnegie Mellon University, Université Laval in Quebec, the University of Maryland, and the University of Texas at Austin have been selected as the four finalists for the 15th annual ULI Hines Student Competition.

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.

In a period short on opportunities and long on challenges, design matters even more. Good design principles are always worth employing, whatever the development climate, but three key design aspects pertain in particular: alliance, resilience, and quality.

Experts speak about the near-term prospects for converting office buildings into multifamily housing, best practices for evaluating conversion potential, innovative ways the public sector can support these projects, and other related trends.

The natural reaction to hearing that a product or material has been made with the assistance of modern slavery is to flinch in horror and perhaps disbelief. Unfortunately, the construction industry is ranked second—just behind domestic service—as a problematic industry in terms of its risk of relying on forced labor, according to the 2022 Global Estimates of Modern Slavery, Forced Labour and Forced Marriage report from the International Labour Organization in Geneva.

RXR CEO and Chairman Scott Rechler, in a recent ULI members-only webinar with ULI Foundation Chair Faron A. Hill, described the challenges and opportunities ahead as an epic, unavoidable storm. “That hurricane … eventually, it’s going to hit land,” Rechler warned. “The question is when it hits, how hard it hits, and where it hits the hardest.”

Supertall creates a “palpable energy” that speaks to New York’s resilience and the future of cities

Industry pressures abound to decarbonize existing buildings, and some geographies and asset classes make it more challenging than others. This is particularly the case for tall buildings in cold climates keen on decarbonizing their heating system as part of a larger retrofit plan. What technologies are best for the retrofit? How do owners make the projects pencil out financially? Has anyone done these projects before, or do owners face first-mover risks?

How seven U.S. cities are tackling the future of downtowns

ULI San Francisco recently hosted a panel revisiting the recommendations made by ULI Advisory Servies panelists to revive the downtown and highlighting the progress that has been made.

Berkeley, California, is emerging as a hub for life sciences and technology firms, with new developments opening in the West Berkeley neighborhood. In June, ULI San Francisco hosted a walking tour through two campuses targeting life sciences research and development tenants at the eastern edge of the San Francisco Bay: theLAB Berkeley and Berkeley Commons.

In 2003, Waterfront Toronto, a tri-government agency, undertook the transformation of 79 acres (32 ha) of provincially owned brownfields in Toronto’s downtown east end. The West Don Lands project was designed through extensive community engagement and collaboration between government and the private sector. The result was an award-winning precinct plan for a pedestrian-focused community—built around parks, with housing for people of all ages, income levels, and abilities; well served by transit, retail, and community amenities; and developed in accordance with stringent sustainability requirements.

The following ten projects—all completed during the past five years—include facilities that strengthen pedestrian links to waterfronts, renovated buildings that open up interiors to views and daylight, and a converted JCPenney department store.

ULI Toronto’s second annual Urban Ideas Competition solicited proposals for revitalizing downtown Brampton, an ethnically-diverse Toronto suburb.

Four students from the London Business School have been announced as winners of the second ULI Hines Student Competition–Europe. The pan-European virtual real estate competition challenged teams to present their vision of a future workplace, based on the redevelopment of an office site in Amsterdam.

The wave of interest in well-being in the United Kingdom is expected to translate into significant investment over the next three years, according to ULI research released in the report Picture of Health: The Growing Role of Wellbeing in Commercial Real Estate Investment Decision-making. The report was released this month at an event in Birmingham, England, by the ULI U.K. Sustainability Forum to highlight the rise of well-being investment in commercial buildings.

Rather than being siloed as strictly transportation initiatives, urban mobility projects and policies are increasingly being viewed in part as economic investment. London is a prime example of this approach, said experts speaking at the ULI Netherlands Conference in May.

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.

Ensuring inclusion and access to all, embodying Hong Kong’s societal values and global identity, safeguarding Hong Kong’s heritage for future generations, and committing to sustainability are among some of the ideas suggested in a new ULI report on how a Hong Kong harbor development can best serve the local community.

Hong Kong is famous for its hospitality industry, but the sector has been under fire for the past three years. Even so, the hotel and food and beverage (F&B) industries have shown resilience and adaptability said panelists during a ULI Hong Kong conference in September.

The Hong Kong government’s recent decision to embrace a new tendering process for the sale of a prime parcel of waterfront land adjoining the Central business district marks a welcome departure from longstanding policy. In the past, such tenders were invariably awarded to the highest bidder without regard to the quality of the proposed development. Now, however, use of a “two-envelope” approach to sell the plot, known as Site 3, means that design also becomes part of the equation.

A new report draws upon Singapore’s successful urbanization experience. Despite its population density, the city-state has consistently ranked favorably in various surveys measuring the livability and sustainability of cities around the globe.

As cities become denser, the cost of high-density parking begins to pencil out for developers—which is when the development of parking that automatically stores and retrieves cars becomes attractive.

As the new chairman for ULI South Asia, Simon Treacy will guide ULI’s program of work in the region, including various real estate trends conferences and topical forums, strengthening of ULI’s brand, outreach to new partners, land use– and real estate–related research relevant to Asia, and ULI advisory services panels providing assistance to Asian markets. Read about the strengths he brings to this job.