How are tariffs likely to affect commercial real estate?

Real estate professionals—from developers to investors—may need to re-evaluate underwriting assumptions and growth expectations.

Deal-making has lately proved to be tough sledding for the commercial real estate industry. Although 2024 brought a welcome rise off the bottom in year-over-year sales, total sales still came in at the second-lowest level since 2013. The latest data from MSCI Real Assets shows $438 trillion in 12-month trailing sales volume through February, a 15 percent increase on a year-over-year basis.

Located on the site of the former Ritz Theater, the South Grand Community Improvement District in St. Louis spearheaded the transformation of Ritz Park in 2014 from vacant lot to popular gathering spot for movies, concerts, plays, markets, and festivals. Unfortunately, the new space was devoid of shade, making it too uncomfortable for daytime use during the summer.

The creation of public space from unused, underused, or unequally shared linear spaces in urban areas has been happening for a long time. Major reference points in the architectural and planning worlds are Boston’s Emerald Necklace, designed by Frederick Law Olmsted (1878–1896); Freeway Park in Seattle (1972-1976); the Baltimore Inner Harbor (1963–1983); the Promenade Plantée in Paris (1987-1994); and the High Line in New York (2005–2019).

A redevelopment plan for a former industrial site in Cleveland presented by a team of Harvard University and Massachusetts Institute of Technology students has taken top honors in the 23rd annual ULI/Gerald D. Hines Student Urban Design Competition. This year’s competition asked students for proposals to create a vibrant, mixed-use, mixed-income area on a former industrial site in on Cleveland’s East Side.

Finding success in deploying a collaborative strategy to combat the local housing crisis.

More than a century ago, the Baltimore waterfront was a working harbor. After a massive 1970s redevelopment that turned the area into the centerpiece of Baltimore’s tourism industry, the American Institute of Architects called it “one of the supreme achievements of large-scale urban design and development in U.S. history.” Yet it became insolvent in 2019. Key lessons learned here can prevent this cycle from repeating as we envision what the next 100 years might hold for the center of Charm City.

Commemorating the 30th anniversary of the tragic bombing in downtown Oklahoma City finds the city itself experiencing nothing short of an amazing urban renaissance, after having pivoted from a suburban focus to a vibrant celebration of its central business district.

Experts encourage the creation of community rebuilding authorities and
other measures to ensure the best-case scenario for recovery after January’s wildfires

Nestled in the forested hills west of Napa Valley, Enchanted Hills Camp—which is owned by LightHouse for the Blind and Visually Impaired—has provided unparalleled recreational opportunities and skills training for blind and low-vision campers of all ages since 1950. After the devastating Napa wildfires of 2017 destroyed more than 25 structures and in excess of 900 trees on the property, the camp was not only rebuilt but also reimagined.

In the aftermath of California’s devastating January fires, which caused more than $164 billion in losses, experts are calling for urgent reforms in wildfire insurance policies. Advocates, including Darcy L. Coleman of Alagem Capital, emphasize the need for legislation that empowers the insurance commissioner to mandate incentives for fire-hardening and community mitigation efforts. They warn that, without proactive measures to address skyrocketing premiums and inadequate coverage, homeowners are sure to face heightened financial risks when disaster strikes.

Local governments are rolling out new and updated programs—including tax incentives and zoning amendments—to encourage developers to convert vacant office buildings to some other use.

U.S. tariffs have increased from around 3 percent to 24.8 percent on a trade-weighted rate—the highest in over a century—and would climb to 32.8 percent if all proposed levies were implemented. The Yale Budget Center conservatively estimates that tariffs will cause the personal consumption expenditures price index to rise 3 percent, cutting household purchasing power by $4,900 annually.

During the 2025 ULI Housing Opportunity Conference in Atlanta, Georgia, a pivotal discussion centered on innovative funding solutions to address homelessness. The “Homeless to Housed: Marrying the Money with the Deal” session, moderated by Fulton County Commissioner Dana Barrett, featured key leaders in affordable housing, including Shannon Nazworth, president and CEO of Ability Housing; Joy Horak-Brown, president and CEO of New Hope Housing; and Margot Besnard, an associate on the acquisitions team at Jonathan Rose Companies.