PwC/ULI 2026 Real Estate Outlook Highlights Shift to Asset, Submarket Level Focus

Andrew Alperstein, real estate partner at PwC, joined the REIT Report to share findings from the Emerging Trends in Real Estate 2026 outlook, produced with the Urban Land Institute. A major trend highlighted in the outlook is the shift away from a sector-based investment focus to one that drills down to the asset and submarket level.Alperstein explained that value creation in the real estate sector has reflected financing and lower cap rates. Going forward, “what we expect is that a lot more value creation will need to come through property operations, really driving revenue growth or rental growth, really being focused on expenses and capital spend, and less so on the capital markets in the coming years.”Alperstein described investor sentiment as slightly muted compared to recent years, reflecting uncertainty related to interest rates, valuations, transaction activity, and policy.