CRE Executives Express Concern About Economy, Pandemic and World Affairs: Report

Originally published on March 22, 2022 by Michael Tucker for Mortgage Bankers Association.

After a challenging two years, the real estate industry again faces more uncertainty–and not just for the short term, a new report from the Urban Land Institute and PwC said.

“The industry is once again facing an economic slowdown while struggling to come to terms with long-term structural trends reinforced or accelerated by the pandemic and now also Russia’s invasion of Ukraine,” said ULI Europe CEO Lisette van Doorn.

PwC Real Estate Director Gareth Lewis noted real estate investors were generally very confident as the pandemic waned, driven primarily by the amount of capital looking for yield. “But along similar lines to previous years, ever-present in the background are concerns around the lingering effects of the pandemic, the endurance of the extended real estate cycle, and the impacts of the structural changes hitting the sector,” he said. “The Ukraine crisis, however, has created a new and more sharply focused cause for immediate concern, particularly around rising inflation and interest rates–giving rise to stresses that the real estate world has not had to grapple with in earnest for decades.”

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