ULI Awards for Excellence: Winners through the Years
Projects that have received ULI Awards for Excellence through the years.
September 19, 2019
Report From ULI, PwC Ranks Austin, Raleigh/Durham, Nashville as Top Markets for Investment, Development
ULI contact: Trisha Riggs, 202-679-4557; [email protected]
WASHINGTON (September 19, 2019) — Real estate in the U.S. remains a favored asset class, even as economic uncertainty looms and forces of change related to the environment, infrastructure, demographics, consumer behavior, and technology are necessitating flexibility in space design, development and business operations, according to Emerging Trends in Real Estate® 2020, co-published by the Urban Land Institute (ULI) and PwC.
The widely anticipated annual industry forecast, released today at ULI’s Fall Meeting in Washington, D.C., cites adaptability to change along with discipline as key factors in the industry’s ability to withstand an economic downturn and the possibility of softer real estate demand in the years ahead.
The report’s findings suggest that a willingness to embrace change and rethink growth strategies is beneficial for cities as well as the industry: Austin is ranked first out of 80 cities in the U.S. for overall real estate prospects for 2020, followed by Raleigh/Durham, Nashville, Charlotte, and Boston.
“Throughout this period of extended economic growth, real estate development has been dominated by creative mixed-use projects that have revived many urban areas,” said ULI Global Chairman W. Edward Walter. “Going forward, those who continue to innovate with spaces that can be easily be repurposed as cities evolve will have a competitive edge. Staying ahead of change means being flexible and adaptable.”
“Even though we are late in the expansion cycle, volatility in global financial markets, coupled with global geopolitical instability continues to drive investors towards U.S. real estate. The asset class remains desirable as investors seek predictable cash flows from tangible investments,” noted Mitch Roschelle, PwC Partner.
Trends highlighted in the report include:
Markets to Watch
Despite differences in size, growth, geography, and local culture, Emerging Trends notes that the highest ranked markets for investment and development prospects are those that have successfully positioned themselves as interesting, lively places with ample employment opportunities and a good quality of life, even as housing affordability challenges intensify. In addition to the top five markets, other favorites for 2020 include Dallas/Fort Worth, Orlando, Atlanta, Los Angeles, Seattle and Tampa/St. Petersburg.
New categories of markets to watch were added this year to reflect factors that elevate the appeal of some metro areas for specific reasons. These include:
The report notes that the industrial/distribution sector continues to be ranked highest for investment and development prospects, reflecting the impact of e-commerce and rising demand for storage and delivery facilities; data centers are also garnering interest. Multifamily and single-family housing are highly favored, as housing needs continue to change for millennials and baby boomers. Less favorable: office space, hotels, and retail, with the latter receiving the lowest ranking.
Now in its 41st year, Emerging Trends in Real Estate® is one of the most highly regarded annual industry outlooks for the real estate and land use industry. It includes interviews and survey responses from more than 2,200 leading real estate experts, including investors, fund managers, developers, property companies, lenders, brokers, advisers and consultants.
NOTE TO REPORTERS AND EDITORS: We encourage you to include this link to Emerging Trends in Real Estate® in your articles.
About the Urban Land Institute
The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. Established in 1936, the institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines. For more information, please visit uli.org or follow us on Twitter, Facebook, LinkedIn, and Instagram.
About PwC US
At PwC, our purpose is to build trust in society and solve important problems. PwC is a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com/US.
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