About this episode
PwC’s Andrew Alperstein joins Michael Bull to unpack the 47th annual Emerging Trends report undertaken jointly by PwC and the Urban Land Institute (ULI), revealing why Dallas took the #1 spot and how "niche" sectors are becoming essential.
In this episode, host Michael Bull sits down with Andrew Alperstein, Partner at PwC, to break down the highly anticipated Emerging Trends in Real Estate 2026 report. They discuss this year’s theme, "Navigating the Fog," which reflects the current uncertainty surrounding interest rates, inflation, and policy changes. Despite a slight dip in sentiment compared to the previous year, the conversation highlights resilient markets—including a surprising resurgence in the Northeast—and identifies high-growth sectors like data centers and senior housing. Tune in to discover where the opportunities lie in the new cycle and how investors are adapting to a "higher for longer" interest rate environment.
Key Topics Covered
Navigating the Fog: Why market sentiment has dipped slightly due to uncertainty around rates, inflation, and policy, despite a generally positive long-term outlook.
The Interest Rate Reality: Expectations for the 10-year Treasury to remain in the 4% to 4.25% range and how investors are adjusting their underwriting.
Top 10 Markets to Watch: A breakdown of the top cities for investment, featuring Dallas at #1, followed by a strong showing from Jersey City, Miami, and Brooklyn.
Data Centers: The #1 ranked sector and the challenges of power, water, and massive deal sizes.
Senior Housing: How the "Silver Tsunami" of aging Baby Boomers is driving demand.
Self-Storage: New trends in "condo storage" and lifestyle usage.
Student Housing: The bifurcation between big state schools and smaller institutions.
The State of Office: A look at the flight to quality, the stabilization of construction costs, and why some investors are finding opportunities in distress.
Macro Trends: The shift from "niche to essential" assets and the impact of labor availability and insurance costs on development.
Timestamps
• 00:00 – Intro and overview of the 47th Annual Emerging Trends Report.
• 02:30 – "Navigating the Fog": Current market sentiment and economic uncertainty.
• 05:00 – Where are we in the cycle
