Topics
Capital Markets and Finance
The Opportunity Zone program, a national model to spur private investment of housing in underserved areas, has been extended by Congress beyond 2026, marking a significant opportunity for real estate professionals. This innovative initiative not only helps rebuild communities but is a win-win for residents, property developers, and investors. The program’s success in transforming economically distressed areas has proven its value, making it crucial for industry leaders to continue supporting it.
Oracle’s stock recently surged 36 percent in a single day after the announcement of a new deal with OpenAI—a spike that generated an extra $244 billion in market cap for the company. The move fueled increased speculation about a potential AI bubble brewing. Such high-flying stock prices recall the dot-com bubble, when the NASDAQ stock index lost more than 70 percent of its value, dropping from a high of 5,048 in March 2000 to a low of 1,139 in October 2002.
Despite a still tepid transaction market, commercial and multifamily mortgage loan originations increased in the second quarter—up 66 percent compared to a year ago, and up 48 percent from the first quarter of 2025, according to the Mortgage Bankers Association. But what is the outlook for access to debt and equity capital in the second half of the year? Apart from interest rates, where are the biggest pain points in the market for commercial real estate financing?
Design & Planning
Across the Brisbane River from Brisbane, Australia’s central business district, the 33-story Upper House residential tower stands out in the city’s skyline with its “dancing balconies” and curving timber ribbons inspired by the prominent roots of Queensland’s native Moreton Bay fig tree.
In cities large and small around the world—from Columbus, Ohio, to Valencia, Spain—a major focus of modern urban revitalization has been the addition of new sports arenas, purposely built in concert with supportive, mixed-use developments that can become self-sustaining neighborhoods.
In April 2025, ULI San Francisco announced a global call to “reimagine” San Francisco’s famed Market Street, soliciting ideas grounded in ecology, economy, and equality. The goal is to turn the often drab, blighted strip into a series of vibrant, interconnected communities.
Development and Construction
In an effort to facilitate walkable urbanism while harnessing suburban growth into sustainable neighborhoods, the North Central Texas Council of Governments has partnered with the Partnership for Livable Communities to help finance the construction of a transit line along a right-of-way called the Cotton Belt. Read how creative finance is poised to get this project done years ahead of schedule.
During a session on financing, panelists concurred that capital may be easing for development—specifically multifamily rental—that includes housing for moderate-income workers. Read what Manny Menendez, vice president of multifamily lender strategy and relationships for Fannie Mae, as well as other panelists, had to say at the recent ULI Terwilliger Center Workforce Housing Forum in Orlando.
Though job recovery in Portland is lagging behind the national average, the city is still experiencing positive in-migration with its healthy central business district and an extension of the light-rail line, the Oregon city is seeing its real estate market revive. Read what local industry insiders and ULI members have to say about the various sectors of this Pacific Northwest city’s property market.
Resilience and Sustainability
As the race to net-zero emissions intensifies, one question looms: how to pay for it? According to the International Monetary Fund, global investment in climate solutions needs to jump from $900 billion in 2020 to a staggering $5 trillion annually by 2030. The real estate sector alone faces a $1.7 trillion-per-year price tag to decarbonize buildings and infrastructure to achieve net zero.
The Trump Administration is proposing further budget cuts to the National Oceanic and Atmospheric Administration (NOAA) for fiscal year 2026, which begins October 1. The agency, a branch of the U.S. Commerce Department, lost about 30 percent of its funding in 2025, and it is set to spend 14 percent less for climate research than Congress mandated. Real estate professionals often rely on NOAA data to make informed investment decisions, and the possible impact of the budget cuts could be significant for the industry.
Formerly at U.S. Department of Energy, Witteman discusses her mission to integrate sustainability and affordability in commercial real estate, revealing how ULI is leading the charge for decarbonized communities.
Issues and Trends
What if you were told that a brand-new, state-of-the-art building constructed today could be functionally obsolete in less than a decade? This prediction isn’t far-fetched; it’s the emerging reality in a world where technology and user expectations are evolving at a breakneck pace. And nowhere is it more apparent than in the world of parking.
Texas has experienced a prolonged economic boom, bringing with it a significant explosion in population. From 2000 to 2023, the state’s population grew by a remarkable 46.3 percent. This level of growth inevitably places pressure on cities, whether to update infrastructure, revise planning regulations, or address other critical urban challenges.
Currently, vacancy rates in the Washington, D.C. area are around 20 percent, in line with the national average. The nationwide housing shortage, meanwhile, has hit a record high of 4.7 million homes, despite a five-year uptrend in new construction. The deficit is particularly pronounced in highly desirable urban and inner-suburban locations such as Alexandria, Virginia.