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

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? Interest rates and the 10-year Treasury outlook.

• 08:00 – Top Markets Revealed: Why Dallas, Jersey City, and Miami topped the list.

• 11:30 – Top Sectors: The dominance of Data Centers and operational challenges.

• 13:15 – Senior Housing & Medical Office: Demographics driving demand.

• 15:00 – Self-Storage: Evolution of the sector beyond simple moving storage.

• 17:00 – Student Housing: Enrollment cliffs and market winners.

• 20:00 – The Office Sector: Record rents in top assets vs. obsolete inventory.

• 28:00 – Inflation, Construction Costs, and Labor Shortages.

• 34:00 – Closing thoughts and how to access the full report.

If you enjoyed this deep dive into the 2026 market forecast, please subscribe to the show and leave us a review! Don't forget to visit PwC.com to download the full Emerging Trends report discussed in today's episode.

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