The pace of market transformation in the post-pandemic era – accompanied by fresh cyclical headwinds in the face of rising interest rates, declining GDP and reduced dealfow – continue to challenge growth in U.S. and Canadian real estate markets. Lack of a consensus over asset valuations, rising debt costs and restrictive underwriting standards are putting the breaks on dealmaking (CRE investment volume in U.S. fell 57% year over year to $78 billion in Q1/2023, per CBRE).

As pandemic-driven structural shifts recede, some sectors, e.g., residential and industrial, may experience cooling (albeit moderate) while others, e.g., hotels, are likely to revert to historical average levels. Rising cap rates and dwindling transaction volumes exert downward pressure on prices and returns of most assets. The current environment has made investors cautious and selective who opt for less risky sectors with strong market fundamentals as well as for niche products. As deals are subjected to greater prudence, capital flows are on hold until there is greater clarity on pricing and future market conditions.

In spite of all the apparent and perceived risks, markets indicate a level of stability and confidence as most investors are determined to ride out the current slump by adjusting their strategies for another period of growth. How these can be applied in specific sectors, which trends, risks and opportunities will define property markets in the coming years – all are topics addressed in greater detail in this year’s forum.

Join goREAL 2023 (North America) as we engage U.S. and Canadian real estate leaders from foremost investment, asset management and development groups to share their invaluable expertise and insights into fund/portfolio strategies for major asset classes, investment trends, deal structures, secondaries, the exit climate, fundraising, evolving LP relationships, technology, sustainability and more.

Despite economic headwinds and ongoing capital markets disruptions, the US multifamily shows signs of stabilization in the second quarter of 2023 with a rebound in absorption and modest uptick in vacancy. Apartment occupancy rates in Canada similarly have kept their ground and remain high, though developers will inevitably face liquidity challenges as they strive to deliver their pipeline projects. What does the future hold for the multifamily sector in the new economic climate? What are the long-term effects of tightening monetary policies on demand, vacancy rates, rent growth and development activity? How does North America’s housing market differ across regions and property types. What does the recent data on permits imply for future developments, and what investment trends will determine capital flows and transactions in the sector. A panel of multifamily executives address these and many other questions in this insightful panel discussion.

In this session, a panel of leading experts delve into the US and Canadian office sector, reflecting on global, regional economic developments, disruptive trends and investment strategies shaping the future of office real estate. Speakers dissect supply-demand dynamics in primary and tertiary markets, reflect on rent and yield development and explain forces driving vacancy and take-up levels. The panel further explores the shifting priorities of tenants and how office space and design adapt to remote and hybrid work realties. Other key topics assess include new developments and construction costs, approaches to value-add and repositioning, risks associated with oversupply or shortages in certain markets, as well as strategy insights for optimizing asset and investment performance.

Led by a panel of foremost experts and investors, the session delves into the rapidly evolving post-pandemic retail real estate sector. As inflation and lagging consumer confidence weighs in on retailers, fundamentals remain solid as indicated by persistent low unemployment and lower vacancy levels in contrast to last year. Unpacking global and regional macroeconomic factors and disruptive consumer trends, the panel sheds light on performance drivers and barriers for various retail property types in city central and suburban locations. Speakers highlight shifts in consumer behavior, technology integration, expansion of mobile ecommerce, experiential shopping concepts, supply chain issues, and evaluate their impact on – and implications for – retail real estate investment. The experts further examine leasing, operating and investing strategies and share their views on emerging risks and opportunities for niche retail sectors.

The panel, led by top PBSA experts, covers a wide array of topics crucial for understanding the student housing market in today’s economic climate. The discussion begins by contextualizing PBSA within the broader real estate industry, highlighting its resilience and attractiveness to investors. The experts share their perspectives on macro, local and regional trends (enrollment, demographic, lifestyle, digitalization, construction) and explore key value drivers for PBSA assets. Discussions factor in performance metrics such as rent growth, yield development and occupancy levels in select markets. The session further provides insight into new developments, highlighting the role of design and technology in enhancing living experiences and securing a strong tenant base. Concluding, the speakers reflect on emerging risks and opportunities for investors, with an overall compelling outlook for the sector.

The U.S. industrial and logistics sector is performing better than other asset classes, in spite of tight interest rate environment, and long-term demand drivers remain favorable. As digital economy continues to grow, occupiers focus on markets with strong population growth and high-quality facilities to ensure quick delivery of goods. Although e-commerce cooled in the quarters coming out of the pandemic, the gains that were made have become entrenched. In light of strong rent growth and low vacancies, owners are comfortable holding properties, especially as many of the large institutional owners in the sector are not highly leveraged. Meanwhile, buyers may be reluctant to pay historically high figures when the cost of capital is high. Will this asset class continue to be a strong pick for investors, and what strategies do owners/occupiers employ to drive down operational costs and boost returns? Join a panel of foremost experts addressing crucial topics on market dynamics, rent growth drivers, cap rates, vacancy trends, occupier needs, construction, sustainability, emerging sector risks and opportunities.

Brought to a sudden halt during the pandemic, the hotel industry took a quick path to recovery as lockdown restrictions were lifted and international travel resumed. Despite macroeconomic headwinds in the face of rising debt costs, inflation, geopolitical tensions, and supply chain disruptions, the global lodging industry continues to show resilience as it strives towards a full recovery. Subdued investment activity and discrepancies in asset pricing point to uncertainties still looming over the industry.

In this session, a panel of leading hotel experts dissect market fundamentals, evaluate strategies and performance across locations and property types. The panelists expose key trends and drivers shaping today’s hotel investment landscape, discuss risks and challenging facing owners and operators (e.g., lower revenues, higher costs), and share asset management and operational insights for higher occupancy and profitability. Other topics address alternative/long-stay products, use of technology, construction, management contracts, emerging growth markets and travel patterns.