ULI Real Estate Economic Forecast in Real Time: Experts Share Their Expectations for ’23, ’24, and ’25


2023-05-03T13:00:00 - 2023-05-03T14:00:00

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    The ULI Real Estate Economic Forecast is a semiannual survey of leading industry experts, the latest will have been completed just before the Spring Meeting. How do the experts see 27 key economic and real estate indicators moving by the end of 2023, 2024, and 2025? How have forecasts changed from six months earlier? And why? What signals are the experts watching for in real estate as they look ahead? Where do the experts agree and disagree? Hear a lively debate between leading economists and analysts who participated in the Real Estate Economic Forecast survey as they explain or defend their opinions. Ask questions or challenge their views about what’s ahead for the real estate industry through the end of 2023 and all the way through 2025.



    Sabrina Unger

    Managing Director, Head of Research & Strategy, American Realty Advisors

    Sabrina Unger, Managing Director, is the Head of Research & Strategy at American Realty Advisors and is responsible for leading the firm’s research initiatives and working closely with the firm’s Investment and Portfolio Management teams in developing investment analysis in support of new acquisitions and strategy implementation. Ms. Unger is also a member of the firm’s Investment Committee. Prior to joining ARA, Ms. Unger was a member of the Global Research team at Invesco Real Estate, charged with developing global portfolio strategies as well as authoring numerous thought leadership papers and contributing to the firm’s House View. Before that, she held positions as a member of the research team at Clarion Partners and as a top strategist for a sports entertainment company’s real estate divisions. She has been published in leading industry publications, including Real Assets Adviser, and the research publications of ANREV (Asian Association for Investors in Non-Listed Real Estate Vehicles), NCREIF (National Council of Real Estate Investment Fiduciaries) and AFIRE (The Association of Foreign Investors in Real Estate). She served on the NAIOP Editorial Board for the 2016-2019 publication seasons and currently serves as a member of the inaugural board for Summit Journal. She was named a 2022 Woman of Influence by GlobeSt in the Investment Professional category. Ms. Unger holds a bachelor’s degree from Southern Illinois University Carbondale and a master’s degree from DePaul University and has completed certificate coursework at both New York University and the London School of Economics.


    Sara Rutledge

    StepStone Group

    Sara R. Rutledge is a Managing Director and the Head of Global Real Estate Market Research at StepStone Group. She has an academic background in macroeconomics and more than twenty-years of research experience in the real estate industry. Prior to joining StepStone, she founded SRR Consulting, providing bespoke research services to real estate investors and data providers. She has previously served as the Managing Director of Real Estate Products at StratoDem Analytics and Director of Research for the National Council of Real Estate Investment Fiduciaries (NCREIF), the leading provider of investment performance indices and transparent data for U.S. commercial real estate. Before NCREIF, Ms. Rutledge was CBRE’s Director of Research and Analysis for Texas, leading the region’s research team and thought leadership as well as research initiatives for CBRE’s global energy industry vertical. Prior to CBRE, she was a Senior Research Analyst at Invesco Real Estate, developing US real estate investment strategies and the firm’s global macroeconomic outlook. Ms. Rutledge serves on the ULI Chicago Women’s Leadership Initiative Advisory Board and completed a two-year term on the Real Estate Research Institute (RERI) Advisory Board in 2018. She also maintains an active role in leadership activities of the National Association for Business Economics (NABE), where she served on the Board of Directors from 2014 to 2017. Ms. Rutledge holds a bachelor’s degree in Business Administration with Economics minor and a Master of Science degree in Applied Economics, both from the University of North Texas.


    Ken Rosen

    Chairman, Rosen Consulting Group

    Ken Rosen is Chairman of Rosen Consulting Group, a real estate market research firm, Chairman of the Fisher Center for Real Estate and Urban Economics, and Professor Emeritus and California State Chair of Real Estate and Urban Economics at the Haas School of Business at the University of California, Berkeley. Mr. Rosen is a trustee of the Urban Land Institute and is a member of the board of directors of several non-profit and for-profit entities that deal with real estate finance and development. He was appointed to the Economic Advisory Board to the Secretary of the Department of Commerce by President Ronald Reagan. He has testified on numerous occasions before various United States Senate and United States House of Representatives committees, and the California Senate Judiciary Committee on housing policy issues. He has appeared on CNBC, CNN, the Today Show and PBS discussing real estate issues. He has been widely quoted in The New York Times, Wall Street Journal, Bloomberg Businessweek, San Francisco Chronicle and San Francisco Business Times. He has authored over 100 articles and four books on real estate and real estate finance.


    Lee Menifee

    Managing Director, PGIM Real Estate

    Lee Menifee is a managing director at PGIM Real Estate and head of Americas Investment Research. Based in Los Angeles, CA, Lee is responsible for leading PGIM Real Estate’s research efforts and overseeing the research teams that support PGIM Real Estate’s investment management activities in the United States and Latin America. He is a member of the U.S. and Latin America Investment Committees. Before joining PGIM Real Estate, Lee was at the real estate investment management firm American Realty Advisors, where he led the firm’s research capability, supporting portfolio, asset management, acquisitions, and marketing functions. Prior to that, Lee was managing editor of Global Real Estate Strategy for BCA Research, a leading provider of global macro research, where he was responsible for product development. Previously, Lee worked at CBRE Investors for 14 years where he held various roles within research and was most recently a senior director of Global Strategy. Lee has a bachelor’s degree in environmental studies and planning from the University of California Santa Barbara and a master’s degree in urban planning from the University of Southern California.