By KERRY SMITH, EDITOR, ST. LOUIS CONSTRUCTION NEWS AND REVIEW MAGAZINE
PwC (PricewaterhouseCooper) and the Urban Land Institute’s 44th-annual edition of “Emerging Trends in Real Estate” points to 10 emerging trends that are anticipated to reign over 2023.
- Normalizing property market fundamentals
- Structural shifts in how and where U.S. professionals live, work and recreate
- Capital moving to the sidelines or to other assets
- Overpriced housing, both ownership and rental
- Commercial real estate investment demand gravitating to quality, niche assets
- Countless existing buildings and properties rendered redundant or obsolete
- Sun Belt states’ growing pains/rewards continuing
- Increased infrastructural spending for smarter, fairer cities
- Climate change’s increasing impact on real estate
- Action through environmental and economic regulation
The 2023 report, accessible via https://knowledge.uli.org/-/media/files/emerging-trends/2023/emerging-trends_uscanada-2023.pdf, reflects one-on-one interviews with 617 individuals and survey responses from more than 1,450 individuals.
In response to the national 2023 report, ULI St. Louis offers a list of 40 planned and ongoing St. Louis construction projects as the chapter’s “Reasons for Optimism.”
The projects are: 21c Museum Hotel; The Armory STL; AT&T tower; Brentwood Bound; Brickline; Chesterfield downtown; City Foundry STL; City Stadium; Clayton hotels; Clinton-Peabody reinvestment; St. Louis County’s equitable/sustainable plan; Delmar DivINe; Doorways; Economic Justice Action Plan; Expo; Home Repair Network; The Hub; IISTL; Jefferson Connector; Katherine Ward Burg Garden; MLK Cultural Boulevard; Midwest Climate Collaborative; Nee Kee Nee; new public sector leadership; NGA’s N2W; Pillars of the Valley; Riverpointe; RUNG; Sado; SLSO (Powell Hall) expansion; SLU Hospital; stadium hotels; Summer High School; Target on Grand; Top Golf expansion; UMSL’s North STL County Business & Workforce District; Veterans Community Project; WU Med Center; and St. Louis Zoo expansion.
For more information on ULI St. Louis’ 2023 initiatives, see https://stlouis.uli.org/.