News & Opportunities
On December 11-16, 2016, the ULI Advisory Services Panel came to Pittsburgh to compile a report on “Rebuilding the Working Communities of McKees Rocks and Esplen.” View the final report here.
Niche neighborhoods and economic diversity are driving forces behind the strong showing of this year’s top ten U.S. cities, according to Emerging Trends in Real Estate® 2017. Austin, Texas wins “Top City,” thanks to its authentic, niche neighborhoods and depth of economic diversity, from manufacturing to education, health care and technology. Construction labor shortages and the rapid spread of digitization throughout the industry are also playing key roles in fueling 2017 real estate trends, along with “Optionality,” the multi-purposing of in-demand spaces.
Now in its 38th 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 1,800 leading real estate experts, including investors, fund managers, developers, property companies, lenders, brokers, advisers and consultants.
Top 4 Trends:
- Niche Neighborhoods & Economic Diversity: Market characteristics such as authentic, niche neighborhoods with strong economic diversity are driving growth outside of gateway markets. The attractiveness to both workers and employers alike is supporting real estate growth.
- Labor Shortages: Construction labor shortages are driving up construction costs and stretching out project timelines, directly impacting availability of affordable real estate across all residential sectors.
- “Optionality” – A new driving force landlords can use to protect revenue potential by allowing multiple uses of the same space at different times, and permitting tenants to use only the space they need when they need it. For example, an office by day and a party/event venue by night.
- Digitization & Transparency: The digitization of real estate is revolutionizing the industry by improving accuracy, transaction speed and transparency, which in turn is fueling an “auto-correcting” real estate cycle. Rising property prices slowing transaction volumes while new supply remains under control is holding off the traditional “boom/bust” of previous cycles.
Top 10 Cities:
- Austin, TX
- Dallas/Fort Worth, TX
- Portland, OR
- Seattle, WA
- Los Angeles, CA
- Nashville, TN
- Raleigh/Durham, NC
- Orange County, CA
- Charlotte, NC
- San Francisco, CA
Dropping out of the top 10 market ranking this year are Atlanta, GA and Denver, CO due to concerns that new supply may be getting ahead of demand. Despite the drop, both markets remain in the top 20.
Top 5 Markets to Watch and Why:
- Columbus – A major university town, Columbus is seeing a surge in entrepreneurial activity.
- Richmond – The “hip factor” of downtown Richmond is on the rise.
- Pittsburgh – Emerging tech and other startups are flocking to Pittsburgh because of the access to talent from nearby universities and a 4% lower-than-the-national-average cost of doing business.
- Charleston – The Charleston economy is hitting on all cylinders with strong demographic growth and expanding technology, manufacturing and transportation industries.
- Salt Lake City – Salt Lake City is benefitting from a unique synergy between financial services and technology firms.
Read more at uli.org/et17.
Relive the best moments from Dallas! Download reports, watch session videos, and explore presentations from the ULI Fall Meeting at our one-stop shop for ULI research and resources.
Recent reports include:
- Emerging Trends in Real Estate® 2017
- Cultivating Development: Trends and Opportunities at the Intersection of Food and Real Estate
- Building Healthy Corridors: Transforming Urban and Suburban Arterials into Thriving Places
- Real Estate Consensus Forecast
- Demographic Strategies for Real Estate
- The Economics of Inclusionary Development
Learn more at fall.uli.org/resources.
15th Annual ULI Hines Student Competition is now accepting applications from student teams for the 2017 competition.
Challenge students to create thriving communities with the ULI student urban design and development competition, sponsored by Gerald D. Hines.
Successful real estate development and design in the 21st century requires intensive collaboration across disciplines and sectors. In the ULI Hines Student Competition, students have the chance to form a five-person, multidisciplinary team in the United States or Canada and tackle a real land use challenge in a North American city.
The winning team receives $50,000 and the finalist teams receive $10,000 each. One representative from each finalist team gets an all-expenses-paid site tour in the selected competition city prior to the final presentation. All participating finalist students attend the all-expenses-paid final presentation in the host city to select the winner of the competition. This is an IDEAS competition with no expectation that any of the submitted schemes will be applied to any site.
For more information, visit uli.org/hines.
As a member of ULI, you believe in our mission to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. Every gift toward the ULI Foundation Annual Fund helps us advance this mission. Your contribution will provide vital support for outcome-oriented ULI programs including Urban Innovation Grants, Advisory Services Panels and the Building Healthy Places Initiative.
As you know, the ULI Foundation supports ULI’s mission by providing an assured source of funding for the Institute’s core research, education, and public sector activities. A key component of the ULI Foundation is our Annual Fund. Tax-deductible donations to the fund help ULI create vibrant, sustainable communities worldwide. In addition to longtime ULI offerings such as awards programs, the Hines Competition, UrbanPlan, Advisory Services, and existing centers such as the Rose Center and Terwilliger Center, the Annual Fund supports new additions and enhancements to ULI’s program of work, including:
- A series of advisory service panels focused on urban reliance;
- Cutting-edge activities related to the Building Healthy Places Initiative;
- The creation of the ULI Center for Sustainability;
- A Real Estate Entrepreneur Program;
- Support of the Urban Innovation Grants;
Please take a moment to make your gift to the ULI Foundation Annual Fund today at uli.org/annualfund.
Buzz is…the New Pittsburgh!
Coined by former mayor Tom Murphy, a Buzz City is one that is thriving and attractive to young people, driven by growth from within and by interest from the outside. Focusing on Pittsburgh’s Multi-Modal Model, Bottom Up City Administration, Homegrown Green Master Plans and Community Stewards, and finally the plan for Almono, NEXT Pittsburgh highlights “4 Reasons Why Pittsburgh is Becoming a Buzz City.” With regard to the creation of this buzz, Mayor Bill Peduto says, “we just did what Pittsburghers do: we dusted ourselves off, we worked hard, and we re-identified ourselves.” Click the link above to read more from part one of a two-part series and learn what Pittsburgh has done to join the ranks of Portland, Austin and Denver.
ULI Advisory Service Panel: Port Authority
On Friday, May 16, 2014, the ULI Advisory Services Panelists presented their results at the Omni William Penn Hotel. The presentation used in the ULI report is available for download from the Port Authority website: http://goo.gl/rHK2er.