in Real Estate® 2026 United States | CanadaEmerging Trends in Real Estate® Contents 83 Chapter 3: Markets to Watch 03Introduction 891. Dallas/Ft. Worth902. Jersey City913. Miami924. Brooklyn935. Houston94Chicago95Pittsburgh96Denver97San Francisco98Boise 03Notice to Readers04Editorial Leadership Team05PwC Advisers and Contributing Researchers 06 Chapter 1: Navigating the Fog 11Trend 1. Half Full or Half Empty? Capital Marketsin the Fog15Trend 2. Niche to Essential Real Estate18Trend 3. Back to Basics: Where Analytics MeetOperations21Trend 4. Demographics Will Define Demand22Spotlight: Demographics, Immigration, andMigration Behind Demand25Trend 5. AI Moves into Real Estate28Spotlight: Demographics, Immigration andMigration Behind Demand (continued)32Spotlight: Proptech’s Impact on Real EstateInnovation and Transformation33Spotlight: From Proptech to PropOS 99 Chapter 4: Emerging Trends in Canadian RealEstate102A New Era for Canadian Real Estate: ReinventionKey to Driving Future Growth108A New Playbook for Dealmaking112Changing Markets: The Decisive Shift TowardRental116Markets to Watch125Property Type Outlook131Best Bets for 2026 35 Chapter 2: Property Type Outlook 39Trend 1. Senior Housing: A New Driving Force43Trend 2. Student Housing: Growth to NewPressures46Trend 3. Data Centers: The Grid Called—It’s onBackorder50Trend 4. Office: Repricing and Restructuring55Trend 5. Self-Storage: A Niche ExpansionEmerges57Multifamily Housing61Industrial65Single-Family Housing68Retail71Hospitality76Medical Office80Life Sciences 133Interviewees 137Sponsoring Organizations Notice to readers Emerging Trends in Real Estate®is a trends and forecastpublication now in its 47th edition; it is one of the mosthighly regarded and widely read forecast reports in thereal estate industry.Emerging Trends in Real Estate®2026,undertaken jointly by PwC and the Urban Land Institute(ULI), provides an outlook on real estate investment anddevelopment trends, real estate finance and capital markets,property sectors, metropolitan areas, and other real estateissues throughout the United States and Canada. Emerging Trends in Real Estate®2026reflects the viewsof individuals who completed surveys or were interviewedas part of the research process for this report. Theviews expressed herein, including all comments appearing inquotation marks, are obtained exclusively from these surveysand interviews and do not express the opinions of either PwCor ULI. Interviewees and survey participants represent awide range of industry experts, including investors, fundmanagers, developers, property companies, lenders, brokers,advisers, and consultants. ULI and PwC researchersinterviewed over 500 individuals, and survey responseswere received from almost 1,250 individuals, with companyaffiliations broken down as follows: Throughout this publication, the views of interviewees and/or survey respondents are presented as direct quotationsfrom participants without name-specific attribution to anyparticular individual. A list of interview participants in thisyear’s study who chose to be identified appears at the end ofthis report; however, it should be noted that all intervieweesare given the option to remain anonymous regarding theirparticipation. In several cases, quotations contained hereinwere obtained from interviewees who are not listed in theback of this report. Readers are cautioned not to attempt toattribute any quotation to a specific individual or company. Toall who contributed, PwC and ULI extend sincere thanks forsharing valuable time and expertise. Without the involvementof these many individuals, this report would not have beenpossible. Editorial Leadership Team Emerging Trends in Real Estate®is a trademark of PwCand is registered in the United States and other countries.All rights reserved. Emerging TrendsChairsAndrew Alperstein, PwCAngela Cain, Urban Land Institute ContributorsArthur Berlinger John ChangCaroline ClappEric FinneganMike HargraveGreg LindsayHilda MartinArben SkivjaniCody Young At PwC, we help clients build trust and reinvent so theycan turn complexity into competitive advantage. We’rea tech-forward, people-empowered network with morethan 370,000 people in 149 countries. Across audit andassurance, tax and legal, deals and consulting we helpclients build, accelerate and sustain momentum. Find outmore at www.pwc.com. Editors-in-ChiefChuck DiRocco, PwCAnita Kramer, Urban LandInstitute Author, Chapter 1Sara Rutledge Senior AdvisersFred Cassano, PwC Canada ©2025 PwC. All rights reserved. PwC refers to the PwCnetwork and/or one or more of its member firms, eachof which is a separate legal entity. Please see www.pwc.com/structure for further details. Frank Magliocco, PwC CanadaLee-Anne Kovacs, PwC CanadaMeghan Bossy, PwC US Authors, Chapter 2Sara Rutledge, Overview Garrick Brown, RetailLesley Deutch, Single-FamilyHousingPaul Fiorilla, Multifamily HousingHeidi Learner, OfficeDean Ramsthaler and RyanDooley, HotelsAhalya