Winter Issue 2022 - 14

ceoperspective
A New Year Ahead
At the start of any
new year, it is natural to
wonder what the next 12
months have in store for
us both personally and
for our organization. This
instinct becomes even
stronger after the period
of uncertainty that we
have all experienced over
the past two years.
As we venture into
Ed Walter
ULI Global Chief Executive Officer
2022, ULI's goal is to
help you make sense of
what is going on in the
real estate sector and connect you with other
members who can help you mitigate the risks
and maximize the opportunities. This winter
issue of Urban Land focuses on finance and
the outlook for the year ahead and draws
upon member insights from our recent Fall
Meeting in Chicago, as well as our Real
Estate Economic Forecast and three Emerging
Trends in Real Estate® reports in the Americas,
Europe, and the Asia Pacific region.
From our research and listening to members,
there was a definite wave of optimism
in the second half of 2021, which was dampened
slightly by the emergence of the Omicron
variant and evidence that the impact
of COVID-19 will persist for at least another
winter and potentially for winters to come.
The optimism came partially from a sense
of relief that so much of the real estate sector
had survived to benefit from pent-up demand
and remained a favored asset class for the
weight of capital looking for a home. That
economies could rebound to close to prepandemic
levels so soon, and so much faster
than they did following the global financial
crisis that haunts recent memories, also
came as a surprise.
The pandemic has reminded the industry
that resilience requires planning. Accelerating
changes in landlord/tenant relationships,
consumer habits, technology and environmental
regulation, and climate change all
12
URBAN LAND WINTER 2022
mean that the context for recovery after
future downturns will become ever more
complex.
As an industry, we have an opportunity to
build our way out of the pandemic, but we
will not be building what we planned and
designed three years ago. Consumer expectations
have changed, leading to a shift in the
functionality of offices, shopping centers,
health care spaces, and homes.
If we want to invest our way to recovery in
the short term, then developers and investors
should have the capital to do it. There is no
reason to doubt that the shift in global institutional
investor allocations into real estate
will continue, but the labor and materials we
need will be scarce and an expected spike in
inflation will make the costs unpredictable.
For European real estate leaders, our Emerging
Trends report found that construction
costs and resource availability would be the
overwhelmingly biggest issues for their businesses
in 2022.
The impact of these factors on housing
production could be serious, further affecting
affordability after a pandemic that saw newhome
prices and rents climbing and then
accelerating as the economy reopened. The
work we are doing to progress our mission
priority of increasing housing attainability
in communities around the world has never
been more important, and we have a range
of new resources for members that will be
launched later this year.
Building for recovery can no longer be
assumed to mean just creating new structures,
since we will increasingly have to
reposition existing ones. Whole-life carbon
measurements will encourage the rebuilding
of obsolete or underused assets, and buildings
will have to be adaptable to changes
in demand or to climate change itself. More
broadly, the need to decarbonize the real
estate sector will accelerate over the course
of 2022 and ULI will be leading this effort
as part of our mission priority to target net
zero. We will be sharing knowledge and best
WHO'S WHO AT ULI
AND THE ULI FOUNDATION
The Urban Land Institute is a nonprofit education
and research organization that was founded in
1936. Its mission is to shape the future of the
built environment for transformative impact in
communities worldwide.
ULI GLOBAL BOARD OF DIRECTORS
Peter Ballon, ULI Global Chairman
Owen D. Thomas, Immediate Past Global Chair
Faron Hill, ULI Foundation Chair
Jonathan Brinsden, ULI Americas Chair
Marnix Galle, ULI EMEA Chair
Teng Chye Khoo, ULI Asia Chairman
W. Edward Walter, ULI Global Chief Executive Officer
Amy Price, Treasurer
Anne Kavanagh, Secretary
Benjamin Cha, At Large
Goodwin Gaw, At Large
Jon Geanakos, At Large
Diane Hoskins, At Large
Roy March, At Large
Kristina Raspe, At Large
Francois X. Trausch, At Large
Kavindi Wickremage, At Large
ULI GLOBAL GOVERNING TRUSTEES
Douglas D. Abbey; Clarissa Alfrink; Tetsuji Arimori; Thomas R.
Arnold; Peter Ballon; Kenneth F. Bernstein; Michael K. Berry;
Tim Blackburn; Stephan Bone-Winkel; Jonathan H. Brinsden;
Marty Burger; Joseph C. Canizaro; Benjamin Cha; James J.
Chaffin; Hei Ming Cheng; Frank Cohen; Margaret Coleman;
Michael Collins; Sarah Cooper; Fernando Costa; Matthew L.
Cypher; Stephan de Fay; Xavier Denis; Rushabh Desai; Bradford
Dockser; Jeffrey A. Dritley; Scott Christopher Dunn; Hala El Akl;
Ame Engelhart; Collete English Dixon; Carlos Febres-Mazzei;
Juergen Fenk; Antonio Fiol-Silva; Harry H. Frampton; Michael
J. Franco; Marnix Galle; Goodwin Gaw; Jonathan Geanakos;
Alexander Gebauer; Lisa Gordon; Derek Goring; Mark Grinis;
Greenlaw Grupe; Beatrice Guedj; Karim Habra; Mary M. Hager;
Vanessa Hale; Sophie Henley-Price; Faron Hill; Jeffrey D.
Horowitz; Karen Horstmann; Diane Hoskins; Lars Huber; Yu-Ning
Hwang; Chris Igwe; Linda J. Isaacson; Robert Ivanhoe; Brian
A. Jackson; Xavier Jongen; Louise Kavanagh; Anne Kavanagh;
Michael F. Kelly; London Kemp; Richard A. Kessler; Teng Chye
Khoo; James D. Klingbeil; Bryan J. Koop; Tassos Kotzanastassis;
Carola Laven; Ashley Lawrence; Xiaomei Lee; Kristine Keng Yan
Li; Carrie Mengjie Liu; Jane Lloyd; Stephanie Lo; Bethany Logan
Ropa; Susan MacDonald; Ian Mackie; Todd W. Mansfield; Roy
Hilton March; Jodie W. McLean; Susan Meaney; Stuart Mercier;
Hiroo Mori; Kelly Sewell Nagel; Timothy J. Naughton; Daniel M.
Neidich; Jeremy Newsum; Robert O'Brien; Steve O'Connell; Junho
Pok; Lee A. Polisano; Thomas Poulis-Leinberger; Amy G. Price;
Sara B. Queen; Tyrone Rachal; Kristina Raspe; Alan Razak; Georg
Reutter; Susheela Rivers; Joseph B. Rose; Ralph Rosenberg;
Randall K. Rowe; Raymond D. Rufino; Peter S. Rummell; Eiji
Sakaguchi; Christian Schede; Giancarlo Scotti; Edward Siskind;
John So; Hilary J. Spann; Gayle Starr; Jon Tanaka; William S.
Taubman; Marilyn Jordan Taylor; J. Ronald Terwilliger; Benett
Theseira; Owen D. Thomas; Lynn Thurber; Thomas W. Toomey;
François X. Trausch; D. Michael Van Konynenburg; Sophie van
Oosterom; Coen van Oostrom; Adam Vaughan; Guido Verhoef;
W. Edward Walter; Megan Walters; Wei Wang; Tim Wang; Lin
Wang; Adam Christopher Weers; Delfin Angelo Wenceslao; Birgit
Werner; Greg T. West; Michele Wheeler; Kavindi Wickremage;
Stephanie Williams; Cynthia Wilusz Lovell; James Wong; Takashi
Yamamoto; Smedes York; Kevork A. Zoryan
ULI LIFE TRUSTEES
Joseph Brown; Nicholas Brooke; James Curtis (deceased);
James DeFrancia; Wayne Doran; Robert Engstrom; Gerald
Hines; Frederick Kober (deceased); Walt Koelbel; Robert Larson
(deceased); Stuart Lipton; Bowen McCoy; Roger Orf; Alexander
Otto; Henry Paparazzo; Wayne Ratkovich; Stan Ross (deceased);
Mel Simon (deceased); James Todd (deceased)
ULI FOUNDATION BOARD OF DIRECTORS
Faron Hill, ULI Foundation Chair
Douglas D. Abbey, Capital Campaign Chair
Peter Ballon, ULI Global Chairman
W. Edward Walter, ULI Global Chief Executive Officer
Dr. NH Seek, Global Advisor
Mary Hager, Treasurer
Tyler Higgins, Annual Fund Chair
Andy Martin, ULI Europe Charitable Trust Chair
James D. Klingbeil, Chairman Emeritus
Bruce Etkin, At Large
Franz Colloredo-Mansfeld, At Large
Stephen R. Quazzo, At Large
Ralph Rosenberg, At Large
Hilary Spann, At Large
ULI EXECUTIVE STAFF TEAM
W. Edward Walter, Global Chief Executive Officer
Mary Beth Corrigan, Executive Vice President, Global Leadership
Gwyneth Jones Coté, President, Americas
Adam Smolyar, Chief Membership, Marketing and Technology
Officer
Leo Gonzalez, Chief Financial Officer
David Faulkner, President, ULI Asia Pacific
Lisette van Doorn, Chief Executive Officer, ULI EMEA
Janice Periquet, President, ULI Foundation
ULI FELLOW
Tom Murphy, Senior Resident Fellow, ULI/Klingbeil Family Chair
for Urban Development
Winter Issue 2022

Table of Contents for the Digital Edition of Winter Issue 2022
