U.S. President Donald J. Trump signed the nearly 900-page One Big Beautiful Bill Act into law on July 4. The budget reconciliation legislation extends numerous provisions included in the 2017 Tax Cuts and Jobs Act that directly affect commercial real estate, including reinstatement of bonus depreciation and extension of the Qualified Opportunity Zone Program. It also incorporates provisions aimed at incentivizing affordable housing, including a significant expansion of the Low-Income Housing Tax Credit (LIHTC) program. At the same time, the new law makes major cuts to wind and solar incentives.

During his keynote speech at the 2025 ULI Europe Conference in London on June 18, Daniel Lacalle. chief economist of Spanish private bank Tressis, told real estate business leaders they should be allocating more investment dollars to hard assets such as real estate. “Hold hard assets like there is no tomorrow,” he said. “Hold onto hard assets as much as you can.”

The closing panel at the 2025 ULI Asia Pacific Summit brought together real estate players from a wide range of geographies and capital markets roles. Audience polling at the start of the discussion revealed that Summit attendees believe the world will become more multipolar after a generation of American exceptionalism, with some audience members feeling that the U.S. will fall behind Asia or Europe.

In the Sydney suburb of Marrickville, two not-for-profit organizations—Fresh Hope Communities, the public benevolent institution entity of churches of Christ in New South Wales and the Australian Capital Territory; and Nightingale Housing of Brunswick, Victoria—came together to develop a building that holds 54 units renting at 80 percent of market rates, as well as two community-focused commercial spaces. The Churches of Christ Property Trust has provided a 99-year lease for the land, which allows the units to remain affordable far beyond a more typical 10-year period.

A growing body of research indicates that physical space profoundly affects our brain health. The capacity of our buildings and public spaces to be regenerative in that regard remains largely untapped, however. The key resources for developing brain capital are brain skills—cognitive processes such as memory, attention, and critical thinking; and brain health—the overall functioning of an individual’s brain throughout that person’s life.

“It really is about addressing community through the equity and justice lens, and the inclusion lens, to positively impact communities that have been historically disinvested in and undervalued,” said Gabrielle Bullock, principal and chief diversity officer at Perkins&Will L.A. Studio. She made the remarks at the ULI Spring Meeting in Denver during the panel, “Transformative Urban Corridors: Equitable Revitalization of Communities in Three Cities.”

Many mixed-use projects get the hardware right. They feature a thoughtful mix of uses, beautiful buildings, and name-brand tenants. Far fewer get the “software” right—the pedestrian flow, the plaza experience, the hospitality-level service, and all the subtle details that turn a mixed-use project into something more. These elements transform a development into a vibrant, urbanesque destination—one that delivers on the promise of being a true community gathering place.

In April, the Urban Land Institute welcomed Vincent Ilustre as the new president of the ULI Foundation, appointing him to lead philanthropic initiatives and strengthen donor engagement. Ilustre was drawn to the role by the strong connection members have with ULI. “There’s a genuine passion for this organization,” he said. “Members don’t just join ULI—they invest in it because it’s helped shape their professional journeys.”

In a landmark moment for California housing policy, Governor Gavin Newsom signed two transformative bills into law in June 2025—AB 130 and SB 131. They fundamentally reshape how the California Environmental Quality Act (CEQA) applies to infill housing. Enacted as part of the state’s broader budget package, these reforms remove major procedural barriers for urban multifamily projects and signal a new direction in the state’s effort to address housing affordability through increased supply.

The opportunity to plan and design more than 50 acres of inner-city urban development in any city is significant, but in Pasadena, California, it is a possible inflection point in the city’s history, an opportunity to redress past mistakes, and to set the stage for future generations to benefit from perceptive and forward-thinking planning.

ULI’s Randall Lewis Center for Sustainability in Real Estate has now released the fifth and final installment of its premier primer on achieving net-zero-building carbon emissions through dynamic engagement between owners and tenants. The series explores practical strategies for reducing emissions at both the asset and portfolio levels—highlighting how all parties working together can drive meaningful emissions reductions across all aspects of real estate.

A two-week program, hosted by UCL’s Department of Civil, Environmental & Geomatic Engineering and led by José Torero, Matthew Heywood, and Michael Woodrow, with a cohort of early-career professionals tested the limits of The London Plan and imaged what could lie ahead through a fellowship themed “Innovating Tomorrow’s Resilience.”

As aging retail continue to evolve, one increasingly popular trend has been to redesign malls as town centers—recalling a time when such commercial districts were the heart and soul of a community. Mall–to–town center retrofits are emerging throughout the nation, especially in suburban communities, where pedestrian-friendly, mixed-use environments are highly attractive to millennials now raising families.

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.

Although video conferencing and other technological innovation has made it possible for economic activities to be dispersed, differences in growth rates, jobs, and incomes have increased, in recent decades, as regions in the Northwest and Midwest have lost population and regions in the South and West have experienced population, employment, and income growth. The negative effects of housing price increases in growing regions serve as a constraint to domestic migration and economic opportunities, especially for lower-skilled workers. In the long run, unaffordable housing prices contribute to unequal regional development and worsening income disparities. Job-rich regions need to encourage housing production.