Jose Pellicer, Global Head of Investment Strategy, M&G Real Estate 12:00 - 12:20 Keynote - Europe's Emerging Trends and London's Position A discussion of ULI and PwC's latest Emerging Trends Europe report delving into the predictions of Europe's real estate market and in . Under his strategic direction, Morehouse has launched its first online degree programs and amplified its position as a center of intellectual discourse and social engagement. This has led some leading tech firms and investment banks, for example, to issue ultimatums for a return to the office. 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%. Hackman has 40 years of experience in the acquisition, development, management and disposition of real estate assets. As US Secretary of Transportation under President Clinton, Slater passed several historic legislative initiatives over his career. Although geopolitical uncertainty may weigh on investment volume in 2022, we expect the annual total will approach the record $746 billion in 2021, thanks to continued strength in real estate fundamentals and an abundance of capital targeting real estate. Source: Refinitiv (LSEG), Dealogic, and PwC Analysis. | CA Final | May/Nov. Additionally, Slater is a founding partner of the Washington DC Nationals Baseball team and Chair Emeritus of the Washington DC Nationals Youth Baseball Academy. The survey shows a marked decline in business confidence for 2021, with almost half the respondents expecting a fall in profits and a quarter anticipating job losses. During this time Justin contributed to the development of Stocklands sustainability strategy, leading to a sector leader status on the Dow Jones Sustainability Index and inclusion of Stockland on the Davos 100 most sustainable organizations between 2009 and 2016. Make informed decisions and better prepare property analyses with cash flow data that helps you understand what investors and owners are thinking across property types and geographic areas. Heres what we learnt about how they are thinking about the economic realities of ESG. In the Netherlands, we expect transaction volumes to return to long-term averages, coupled with a continued underflow of mid-market deals. She is a founding member of both the Sustainability and Fund Governance committees of REALpac and participates in its CEO council. India, Japan and South Korea. Davon betroffen sind alle Risikoklassen: Der durchschnittliche Renditeanstieg fr Core-, Core-Plus- und Value-Add-Objekte betrgt 37 bps, 13 bps bzw. Should you need to refer back to this submission in the future, please use reference number "refID" . Becca Rushin the Director of ESG at Jamestown. The PwC Global Investor ESG Survey 2021, captures the views of 325 investors from around the world, who are primarily active asset managers and analysts with investment firms, investment banks or brokerage firms, including some participants based in Ireland. Despite widespread economic uncertainty, 2021 represented a record-breaking year for the global real estate realm, with global commercial sales volumes exceeding the 2020 total by 59% and the previous peak observed in 2019 by 22% - far above the expectations voiced in last year's Global Outlook. The 2022 pulse survey, conducted summer 2022 and underwritten by CBRE and Holland Partner Group, reveals institutional insight and intent towards future real estate investment. Required fields are marked with an asterisk(*). His other book,Financial Shock: A 360 Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by the New York Times as the clearest guide to the financial crisis. 2021 Global investor survey: The economic realities of ESG. Those who do not chart the right course now will find themselves in troubled waters.". Lower expected returns on real estate are the primary cause, reversing the prior decades substantial capital inflow driven by compelling risk-adjusted returns. He is a past Trustee for The Willows School in Culver City and Windward School in Los Angeles. Since 2011, Karen has primarily focused on core and core-plus commercial investments in US gateway markets. Meanwhile, despite facing increasing interest rate rises, we expect transaction volume in the multifamily sub-sector to remain robust as activity is supported by attractive returns relative to risk, the ability to reset rents to market on a monthly basis, which are rising month-over-month in many markets, and a progressively more challenging for-sale housing operating environment. 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. Beyond energy and economic interests, questions . While dry powder levels remain high, given higher costs of capital and the overall inflationary environment, investors are increasingly focused on capital efficiency as they look to deploy capital which has caused some volatility in the market. Executive leadership hub - Whats important to the C-suite? Some information included in AFIRE research has been obtained from third-party sources considered to be reliable, though the publisher is not responsible for guaranteeing the accuracy of third-party information. 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. Justin Travlos is currently Global Head of Responsible Investment at AXA IM Real Assets. Gibson also serves on the Board of Directors for Camden Property Trust. Today, most people dont want to commute to the office more than occasionally. Real estate investment in 2021: global outlook We examine the global trends and in-demand assets for 2021 Paul Tostevin Director, Savills World Research ptostevin@savills.com January 2021 After the exceptional challenges brought by Covid-19, the distribution of a vaccine brings new hope for 2021. This program will be supplemented by additional infrastructure programs in the Inflation Reduction Act of 2022. Hospitality was not far behind, with a 21% decrease for the third quarter of 2022 as compared to 2021. Reflecting slower coastal growth, Seattle exited our top 10 list, but Miami climbed up to secure the number seven ranking. This button displays the currently selected search type. That solved the issue for many early movers, but prices and rents have been rising much faster in many of these Zoom towns, reducing their affordability. Prior to joining Jamestown in 2012, Rushin worked as a local government consultant for Clark Patterson Lee, where she served as Community Development Coordinator and Sustainability Commission Staff Liaison for the City of Dunwoody. While consumers in search of experiential retail therapy have moderated e-commerce pandemic highs, the sub-sector remains strong due to increased capacity demands necessary to maintain inventory levels and offset supply chain volatility. Almost all of this years survey of top-ranked real estate markets are in faster-growing southern and western regions and away from the coasts. Senior Manager, Financial Markets and Real Estate Services. She leads an agile team of data analysts and scientists who are responsible for creating strategies, roadmaps, policies, and procedures that guide all decisions related to data. They also understand that there is a cost to addressing ESG issues, and think companies should make those expenditures even if that means a hit to short-term profits. The comparability that comes from having a globally aligned set of non-financial reporting standards also would increase trust in the numbersand that would go a long way with investors. The opinions expressed in AFIRE publications are those of its respective contributors and sources and do not necessarily reflect those of the publisher. He has a doctorate and a Master of Philosophy, both in organizational behavior studies from Yale University, along with a Master of Organizational Psychology from Columbia University and a Bachelor of Administrative Sciences from Yale College. While higher costs of capital add to the overall deal consideration, inflationary pressures also affect the replacement costs of assets, leading to increased competition for existing assets as investors look to deploy dry powder. 2023 Global Digital Trust Insights Survey. Editor, Investor Survey, PwC US, Director, Financial Markets and Real Estate Services. Prior work also included serving as Chief Investment Officer for Fund Evaluation Group (FEG) and Professor of Finance and Dean of the College of Business at the University of Cincinnati. Should you need to refer back to this submission in the future, please use reference number "refID" . While ESG risk factors of the companies have been considered by investors for many years, the recent spotlight on ESG has elevated the impact of ESG in investor decision making. - 2023 PwC. An annual subscription to Investor Survey includes four quarterly data releases, plus access to PwCs annual Emerging Trends in Real Estate published each fall. 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). Throughout 2022, we have continued to see resiliency in the real estate deals environment amid a challenging macro set-up. Leisure travelers continue to seek out experiential and immersive hospitality, with the goal of connecting with a given destination, and they are willing to pay for it. Its important that companies respond to the call for more comprehensive and reliable reporting on ESG risks and opportunities to build trust with their investors and other stakeholders. This has had more of an impact on growth investment propositions such as proptech and special purpose acquisition companies (SPACs) as investors show increased caution and focus on fundamentals, profitability and cash flow. In addition to his client-facing role, Levy serves as a primary company spokesperson and is considered one of the most insightful commentators on issues of importance to commercial real estate. In contrast, portfolio sales volume decreased by 43%, from $12.5 billion to $7.1 billion. We are delighted to present our latest PwC Cyprus Real Estate Market publication. Please correct the errors and send your information again. Our digital hub gives you timely data, trends and commentary to help you stay current in today's real estate industry. How can PwC help you Dr. Zandi is the author ofPaying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession. A firms directors can play an important role in overcoming inertia. We have received your information. Even if we experience an economic downturn, as many economists expect, thats not projected to provide significant relief. Affordable housing developers also bemoan the fact that todays increasingly complex deals now require more underwriting from more capital sources. Analog zur letzten Ausgabe erwarten die Investoren . Prior to joining Avison, she was CEO of IGRI, a full service development and investment firm that built the first LEED certified projects across Canada. Hes also an Executive Committee Member and former Board Member of AFIRE, former Executive Committee and a current Trustee and Council member for Urban Land Institute and a Trustee for ICSC. And most importantly, show progress against the plan. Analysis for real estate audit committees and executive teams to remain updated on the most recent trends in the industry. ESG is becoming more integrated into investment decision making, with a significant majority of respondents wanting companies to embed ESG into corporate strategy. Further boosting demand is the increasing number of younger adults choosing to live alone, perhaps a reaction to lockdown claustrophobia. 140 prospective tenants per advertisement in Berlin. Karen is the head of acquisitions for Allianz Real Estate, and has worked to invest in more than $25 billion of unlisted institutional real estate over the past 20 years. Deal activity in the industrial space declined by 18%, as compared to the red-hot comparative 2021 period, but we believe the sub-sector will remain buoyant as companies continue to play catch up in building out their logistics and storage capabilities, underpinned by the need to stockpile inventories for the ever-booming e-commerce market and capacity constrained supply chains. However, more firms are downsizing or not renewing their expiring leases. However, it is unclear whether capital markets are allocating resources to companies that need it for progressing towards greater sustainability. These inflows are likely to increase as new players enter this space. Executive leadership hub - Whats important to the C-suite? One way to tell that is by understanding who is responsible for it and how they are incentivised. As a result, there are few examples of motivated sellers in the market. In his role at Stockland, Justin led a team of development managers and property professionals with responsibility for underwriting, acquisition, design, planning, construction and leasing. All rights reserved. Please see www.pwc.com/structure for further details. Real Estate Tax, PwC Austria. 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. McIntosh is a Fellow of the Homer Hoyt Institute. Stay current in today's real estate industry. Thought leadership at AFIRE is positioned at the critical intersection of real estate market insights, investing, geopolitics, sustainability, research, analytics, and technology. Karen Horstmann, Head of Acquisitions, Allianz Real Estate, Justin Travlos, Global Head of Responsible Investment, AXA IM Alts, Will McIntosh, PhD, Global Head of Research, USAA Real Estate, Clyde Holland, Executive Chairman, Holland Partner Group, Byron Carlock, Jr., US Real Estate Practice Leader, PwC, Revathi Greenwood, Global Head of Data & Insights, Cushman & Wakefield, Mark Zandi, PhD, Chief Economist, Moody's Analytics, Michael Hackman, CEO, Hackman Capital Partners, Becca Rushin, Director of ESG, Sustainability, and Social Responsibility, Jamestown, Christiane Conrads, EMEA Real Estate ESG Leader, PwC, Amy Erixon, Principal, President, Global Investment Management, Avison Young, Dr. David A. Thomas, President, Morehouse College, Caren Street, Principal, Squire Patton Boggs, Rodney Slater, Former US Secretary of Transportation (199397); Partner, Squire Patton Boggs, Spencer Levy, Global Chief Client Officer and Senior Economic Advisor, CBRE, Mark Gibson CEO, Capital Markets, Americas JLL, Congressman Bill Shuster, Senior Policy Advisor, Squire Patton Boggs, underwritten by CBRE and Holland Partner Group, 2022 AFIRE International Investor Survey Report: Summer 2022 Pulse, 2022 AFIRE International Investor Survey Report, 2022 AFIRE International Investor Survey Report (Members-Only Version), 2021 AFIRE International Investor Mid-Year Pulse Report, 2021 AFIRE International Investor Survey Report, Take the 2021 AFIRE International Investor Survey, ENTER YOUR INFORMATION BELOW TO DOWNLOAD THE 2022 AFTER INTERNATIONAL INVESTOR SURVEY, Byron Carlock leads PwCs US Real Estate Practice, Revathi Greenwood is the Global Head of Data and Insights for Cushman and Wakefield, Mark M. Zandi is chief economist of Moodys Analytics, Becca Rushin the Director of ESG at Jamestown, Avison Youngs Global Investment Management, Rodney Slater, former US Secretary of Transportation and current partner at Squire Patton Boggs. Global economic uncertainty, persistent inflation and rising interest rates have increased the cost of capital and overall capital market volatility. 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. As a recognized industry leader in real estate technology, greening strategies and smart cities, she has advised public agencies, pensions and governments on issues ranging from affordable housing to ecological urbanism. The report is a follow up to the AFIRE 2021 International Investor Survey Report, released April 2021, and details evolutions in real estate investor sentiment over the past six months, alongside emergent outlooks for risk management in the US real estate. Pressure for greater environmental, social and governance (ESG) investing disclosure by real estate owners and investors is also intensifying. The main infrastructure bill encompasses a broad range of activities focused chiefly on transportation, including bridges and roads, rail and transit,ports and airports. This interactive publication considers the main accounting issues encountered by real estate entities and the practices adopted in the industry under IFRS. - 2023 PwC. According to 325 investors worldwide, the majority of which were self-identified active asset managers making investments for the long term, ESG after being a topic of conversation for years is gaining even more traction. PwCs upcoming divestiture study shows that executing a divestiture in a timely manner can help increase the chances for value creation. Ahmed Naneesh, chief investment officer of a sovereign wealth fund and steward of one of the worlds largest real estate portfolios, is chairing a panel at the Singapore World Real Estate Forum, 2020s leading real estate event. Finance; Financing & Loans, real estate investment; investment; capital markets. Building owners and developers should leverage a host of new incentives from governments, including billions of dollars of incentives in the Inflation Reduction Act, to help buildings hit these aggressive climate goals. As firms pursue applications,you should conduct a thorough assessment of your organizations vulnerabilities to the metaverse and how to manage those risks. Long-term investors are recapitalizing existing funds through continuation vehicles in sectors experiencing strong demand drivers and favorable supply. Congressman Bill Shuster provides strategic advice and consulting to clients on a wide range of public policy matters, including transportation, infrastructure and local governments. Please note: Due to rounding, percentages in the charts may not add up exactly to 100%. Transaction volume in the industrial space has continued the momentum seen in previous quarters as demand continues to exceed supply for well located assets, underpinned by the sustained e-commerce surge and the need to stockpile inventories as a result of ongoing supply chain constraints.