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A former Chairman of the House Transportation and Infrastructure Committee, Congressman Shuster earned a reputation for effectively working across the aisle to improve Americas infrastructure. While some executives remain optimistic about a voluntary return to office, the reality through the second half of 2022 is one of a slower comeback as employees favor increased flexibility, productivity gains and a better work-life balance. Thus far, no one is predicting that the metaverse will replace brick-and-mortar properties, but down the road, the platform could impact how we interact with physical locations. The. Digital Edition Enjoy the interactivity and convenience of the digital edition of Valuation. It is critical to appraisal work., Investor Surveys data better backs up our recommendation. Source: Refinitiv (LSEG), Dealogic, and PwC Analysis. Quality of life and affordability play a big role in where people choose to live, and many of the markets that received relatively lower scores this year have inadequate infrastructure for their population size and growth. Our dedicated real estate specialists provide audit, tax and a broad range of consulting services to members of the private and public sector. Business portfolio review is another lever companies can pull to foster growth and build shareholder value as the economy softens. But the quality of information is lacking and investors even struggle to get good information on things as fundamental as the relevance of ESG factors to the companys business model. The Bank of Ghana, reacting to inflationary pressure, raised the monetary policy rate (MPR) to 22%, and banks' primary reserve requirements moved from 12% to 15%. When telling investors and other stakeholders about plans to reset strategy, reimagine reporting, reinvent operations, and drive toward new outcomes, companies build trust while creating sustainable value for the long term. So wheres the money going? His 35-year career in Real Estate began in 1981, when he earned a degree in business administration at the University of Texas at Austin. Pressure for greater environmental, social and governance (ESG) investing disclosure by real estate owners and investors is also intensifying. 2017 Zandi frequently testifies before Congress and conducts regular briefings on the economy for corporate boards, trade associations, and policymakers at all levels. Millions of people have taken matters into their own hands and are moving to markets, including the Sun Belt, where they can afford to buy a house. In the remaining office space, landlords will need to do a better job of delivering what tenants want. Redevelopment opportunities paired with demand and incentives for including components of affordable housing and sustainable focused construction provide attractive opportunities for developers and investors. Were at a tipping point where ESG has gone mainstream. They top the Emerging Trends Markets to Watch standings, while the number of markets in cold-weather climates in the Northeast and Midwest decline in ranking. Greenwood holds a Master of Business Arts from the Indian Institute of Management Ahmedabad, and a Master of Philosophy from the University of Cambridge. In the end, it may be hard for employers to put the toothpaste back in the tube, as there appears to be a shift inconsumer behavior. Inflation rose to 32% year-on-year (an 18-year high) in July 2022 from 12.6% at the end of 2021. Take the next step forward with PwCs ESG services. Rents, however, are expected to slow in certain markets as new supply comes online. Many investors and developers are willing to look beyond the short-term turbulence to focus on longer-term opportunities. Editor, Investor Survey, PwC US, Director, Financial Markets and Real Estate Services. Zandi is on the board of directors of MGIC, the nations largest private mortgage insurance company, and is the lead director of Reinvestment Fund, one of the nations largest community development financial institutions, which makes investments in underserved communities. ESG information is most commonly sourced from annual reports and sustainability reports. Though population growth slowed sharply during the pandemic, demand for rental housing is rising from the many young adults eager to start their own households after moving back in with their parents during COVID. Required fields are marked with an asterisk(*). By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement (including international transfers). PwC Real Estate Investor Survey /citations/pwc-real-estate-investor-survey Quarterly analysis of various sectors of the real estate market (e.g., retail, warehouse, apartment) and markets in major U.S. cities based on investor surveys. The mood among the real estate professionals we interviewed for this yearsEmerging Trendsis cautious optimism. Companies that continue to offer flexible work options are successfully attracting and retaining talent, in addition to achieving substantial cost savings, and those with smart buildings offer employees seeking to return in-person a happier, healthier workplace. Data is distributed amongst 13 regions encompassing all 50 states as well as Puerto Rico, Guam and the U.S. Virgin Islands. Prior to establishing HPG, Holland served as the West Coast Group Managing Partner of Trammell Crow Residential (TCR). Continuing a trend from last year, non-traded REITs raised record levels of capital during the first half of 2022, with the largest share continuing to go to Blackstone ($11.6 billion), followed by Starwood ($3.3 billion), according to Stanger. No one knows for certain the amount of office space that will be needed for workers in the years to come. No matter the trends, we believe companies must be flexible and adapt quickly to market changes. He is chairman of the Board of Directors of the Squire Patton Boggs Foundation, which promotes the role of public service and pro bono work in the practice of law and the development of public policy. Reinforced in this years Emerging Trends is the dominance of magnet markets, many of which are in warmer Sun Belt regions. Contact us to learn more about subscription plans, features, and pricing, or to schedule a demo. Demand remains high, occupancy low, and the sector continues to benefit from chronically low inventory. As a result, there are few examples of motivated sellers in the market. Lower expected returns on real estate are the primary cause, reversing the prior decades substantial capital inflow driven by compelling risk-adjusted returns. In the fourth quarter of 2021, President Biden signed the Infrastructure Investment and Jobs Act, which signals a long-term federal commitment to secure and modernize existing infrastructures, and support a transition to a clean economy. Overall, the structural demand trends for industrial spaces remain strong in spite of some headwinds. PwC Real Estate Investor Survey: 1Q 2019 4.50% - 7.00% 5.66% NKF Self-storage Investor Survey: 3Q 2019 4.50% - 8.50% 5.60% Source: Compiled by NKF "A method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, either by dividing the net income . She is a founding member of both the Sustainability and Fund Governance committees of REALpac and participates in its CEO council. Single asset sales are more desirable than portfolio sales, given that the recovery remains uneven across different markets, with limited-service properties accounting for more than half of transactions. This program will be supplemented by additional infrastructure programs in the Inflation Reduction Act of 2022. Masdar City is a sustainable urban development project that was launched by the Abu Dhabi future energy company Masdar in 2008, located in Abu Dhabi in the United Arab Emirates, and was designed to be a zero-carbon city by 2016. McIntosh has served as President of the Real Estate Research Institute (RERI) and on the Board of Directors of the National Council of Real Estate Investment Fiduciaries (NCREIF), the American Real Estate Society (ARES), and the International Real Estate Society (IRES), the Investor Council of the National Association of Real Estate Investment Trusts (NAREIT), and on the Advisory Boards of several university real estate centers. Investor Survey helps make it simple. Show the plan of how to get from here to there, even if the plan is imperfect. The government couldalso expand affordable housing production. Going forward we expect retail to be a bifurcated story with high-quality, well-located assets winning out as older, technologically obsolete assets face headwinds. Download the report (PDF, 9.18MB) Emerging Trends in Real Estate - An uncertain impact Contact us Angus Johnston UK and EMEA Real Estate Industry Leader, Partner, PwC United Kingdom Tel: +44-7710-344-040 Email Gareth Lewis ETRE Leader, Director, PwC United Kingdom Tel: +44-7932-970-728 Email One way to tell that is by understanding who is responsible for it and how they are incentivised. PwCs 2021 Global investor survey on ESG was based on an online survey of 325 investment professionals across 43 territories and 40 in-depth interviews with investors and analysts in 11 territories representing combined assets under management (AUM) of more than US$14 trillion. Heres what we learnt about how they are thinking about the economic realities of ESG. 2017 If you change your mind at any time about wishing to receive the information from us, you can send us an email message using the Contact Us page. Insurance can protect building owners against damage loss, but not against demographic or investor sentiment changes. The investors in our survey made it clear that they expect ESG to be an integral part of corporate strategy. For example, since many institutional investors have been under-allocated in commercial real estate, they will not need to rebalance by selling real estate assets. Conrads has more than 10 years of experience in this dynamic field and has led interdisciplinary teams on ESG strategy projects and ESG due diligences, among others. Our sector and market-wide Global M&A Industry Trends: 2023 Outlook reveals strong pockets of activity. Zandi earned his Bachelor of Science from the Wharton School at the University of Pennsylvania and his doctorate at the University of Pennsylvania. Outside of the office sector, which is lagging behind as employers allow increased remote work flexibility to keep and attract talent, commercial real estate fundamentals continue to strengthen. For questions, contact us. Most workers are still not back in the office nearly as often as they were before the pandemic. With more than 30 years of industry experience she has acquired, developed, and repositioned portfolios valued in excess of $9 billion, and completed large scale rezoning and development projects in numerous North American cities. Carlock has experience advising major clients including corporate owners and users, developers, hospitality organizations, investors and REITs. Of the local investors included in PwC's survey, over 51% confirmed their appetite to invest in property in the coming year. Prior to joining USAA Real Estate, McIntosh was Head of Global Research for the Abu Dhabi Investment Authoritys (ADIA) real estate department, where he was responsible for developing ADIAs global real estate investment strategy. Spencer Levy is the Global Chief Client Officer and Senior Economic Advisor for CBRE, the largest commercial real estate firm in the world. As highlighted in previous deal outlooks, dry powder levels remain at all-time highs, with increasingly higher levels being raised through private vehicles such as non-traded REITs and private equity funds. Moving forward, we expect this to continue and for experiential themes to comprise a more significant share of overall volume.. However, the post-pandemic recovery is continuing and we expect it to do so, particularly given the demand from leisure travelers willing to spend on experiential hospitality, as well as the status of the sub-sector as a high-conviction theme in the portfolio of many asset managers. By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement (including international transfers). He is a trusted adviser to policymakers and an influential source of economic analysis. Enter your email address and password associated with your membership to log into AFIRE.org. Pressure for greater disclosure from institutional investors may be too strong for building owners to resist adaptingESG protocols, especially given the investors market size and the current capital demands. Another program from the Bipartisan Infrastructure Law that has significant potential impact on communities andthe commercial real estate (CRE) industry is the $65 billion designated to expand broadband access to the 30 million Americans living in areas without broadband infrastructure. Our survey data and analysis is built on PwC's knowledge from 35 years of tracking and reporting on the commercial real estate marketplace. Read more about the economic realities of ESG, Global Assurance Leader, PwC United Kingdom, Director of Investor Engagement, PwC United Kingdom, Global Investor Engagement Manager, PwC United Kingdom, Global Asset and Wealth Management Leader, Partner, PwC Ireland (Republic of), ESG Trust Solutions Leader, PwC United States. The RealtyRates.com quarterly Developer Survey includes actual and pro-forma discount rates for 22 sell-out property types including subdivisions, PUDs, business and industrial parks, and residential and commercial condominiums and co-ops. The first half of her career was oriented toward closed-end value-add and opportunistic fund investments in office, retail and multi-family assets across continental Europe. ESG is becoming more integrated into investment decision making, with a significant majority of respondents wanting companies to embed ESG into corporate strategy. Viewpoint 2021 also examines trends from the economy, housing, capital markets, interest rates and employment, exploring how these trends will affect commercial real estate markets in the year ahead. - 2023 PwC. As CEO of Capital Markets, Americas, for JLL,Mark Gibsonleads nearly 2,000 capital markets professionals across the United States, Canada, and Latin America. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Like any new technology, the metaverse has potential risks, including data privacy and cybersecurity risks. However, it is unclear whether capital markets are allocating resources to companies that need it for progressing towards greater sustainability. The metaverse can enhance collaboration, complement the physical office and improve the overallworkplace experience which could be extremely beneficial given that more workers are demanding flexible work arrangements. The hotel industry is recovering, apartments are doing very well and rents are rising in all sectors driven by lack of supply and inflationary pressures. The 2021 AFIRE International Investor Survey seeks your opinion on key challenges, opportunities, and future trends for US real estate. Raleigh, Phoenix and Charlotte fell in rankings this year but still remain in the top 10. We have received your information. As Chairman of the House Transportation and Infrastructure Committee, Congressman Shuster spearheaded legislation aimed at strengthening US infrastructure, including the Fixing Americas Surface Transportation Act, the Passenger Rail Reform and Investment Act, the Protecting our Infrastructure of Pipelines and Enhancing Safety Act, the Federal Aviation Administration Reauthorization Act of 2018 and multiple Water Resources Developments Act and authorizations of the US Coast Guard. Global economic uncertainty, persistent inflation and rising interest rates have increased the cost of capital and overall capital market volatility.

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