Winter Issue 2022 - 64

Emerging Trends
around the Globe
A common theme across all three of this year's ULI/PwC Emerging
Trends in Real Estate®
2022 reports-three separate publications
covering the Americas, the Asia Pacific region, and Europe-reveals
post-pandemic confidence and surprising resilience as real estate
markets continue to come to terms with the long-term structural
impacts of COVID-19 and the future of office.
Flexibility and convenience will drive the next decade. Because
people were forced to work and live differently during the COVID19
pandemic, expectations of how properties could be used in the
future changed dramatically. As a result of the renewed emphasis
on work/life balance, convenience, productivity, and time
management, properties will need to undergo physical alterations
to better align how they will be used, taking into consideration
increased working and shopping from home.
The most resounding theme that emerged during the Emerging
Trends interviews with industry leaders was the surprising
resilience of the economy and of property markets generally since
the pandemic hit, inspiring greater confidence in the industry's
collective capacity to adapt to changing market conditions and
future unknown risks.
-SIBLEY FLEMING
Emerging Trends: United States
Real estate proves resilient in the face of seismic
transformation.
flexibility, convenience, and ultimately real estate's
resilience can drive property sector function over the next
decade, according to Emerging Trends in Real Estate®
United
States and Canada 2022, which includes proprietary data
and insights from nearly 1,700 leading real estate industry
experts. Consumer expectations of traditionally designed
spaces have changed, and there will likely be a massive shift
in the functionality of homes, offices, shopping centers, and
health care spaces.
Top Markets
A majority of the top-rated markets are located in fastergrowing
southern and western regions away from the coasts.
Nashville ranked first among 80 U.S. cities for overall real
estate prospects for 2022, followed by Raleigh/Durham,
Phoenix, Austin, Tampa/St. Petersburg, Charlotte, Dallas/Fort
Worth, Atlanta, Seattle, and Boston.
Austin, long among the brightest stars and an investor
and developer darling, continues to power forward with the
fastest growth of any metropolitan area in our coverage universe,
despite pushing the upper limits of a medium-sized
city. Similarly, Raleigh/Durham and Nashville continue their
strong growth. Though their collective size is less than that
of Houston and barely larger than that of Atlanta, investment
and development opportunities abound in these three metropolitan
areas, thanks to boomlike growth: together, they grew
by almost 10 percent over the past three years alone, adding
close to a half million residents.
Office Reset
A broad range of industry perspectives exist about how work
from home (WFH) will affect office demand, but under almost
any conceivable scenario, firms will be leasing less space in
the future. Office tenants will look to redesign the space they
have and do more with less to provide new ways of working,
and an evolving talent model that marries hybrid and flexible
work environments with company cultures. Demand will focus
on newer construction with well-integrated ventilation and
technologies.
According to one senior office broker, " The vast majority of
people believe that the ultimate result of this experience will
be a hybrid work environment-in different forms depending
upon the companies, but also dependent upon the functions
that people perform within their companies. " Occupations
and sectors that are more analytical, like tech and consulting,
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URBAN LAND
WINTER 2022
Winter Issue 2022

Table of Contents for the Digital Edition of Winter Issue 2022
