2023 real estate trends

Emerging Trends Report ID’s Top 10 Real Estate Trends in 2023

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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.

They are:

  1. Normalizing property market fundamentals
  2. Structural shifts in how and where U.S. professionals live, work and recreate
  3. Capital moving to the sidelines or to other assets
  4. Overpriced housing, both ownership and rental
  5. Commercial real estate investment demand gravitating to quality, niche assets
  6. Countless existing buildings and properties rendered redundant or obsolete
  7. Sun Belt states’ growing pains/rewards continuing
  8. Increased infrastructural spending for smarter, fairer cities
  9. Climate change’s increasing impact on real estate
  10. 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/.

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