Key Trends from the ULI/PwC Emerging Trends Report

The week began with the much-anticipated launch of the ULI/PwC Emerging Trends in Real Estate® Global Outlook 2025, setting the tone for what would be an insightful few days. Despite ongoing geopolitical and economic uncertainty, the findings reflected a growing sense of optimism, with sustainability and climate resilience now firmly embedded in investment strategies. While the pressure to demonstrate financial returns on ESG initiatives is increasing, the industry is recognising that climate adaptation, resilience, and long-term value creation are now inextricably linked. The report also highlighted the growing significance of real estate’s intersection with infrastructure, with data centres, energy infrastructure, and digitalisation emerging as some of the most attractive investment opportunities. At the launch event, a panel featuring Lisette van Doorn, Abigail Dean, David Steinbach, and Raimondo Amabile explored these trends in greater depth, with the balance between investment returns and ESG considerations becoming one of the defining themes of MIPIM. 

The Economic Outlook: Dr. Mario Draghi’s Keynote Address

The tone for the week was set early by Dr. Mario Draghi, former President of the European Central Bank and Italian Prime Minister, in a keynote that examined the economic transformations shaping politics and investment across Europe and beyond. Draghi called for large-scale investment in infrastructure, innovation, and economic reform to strengthen Europe’s competitiveness and ensure long-term stability. His emphasis on resilience, policy stability, and regulatory clarity resonated strongly with the real estate community, reinforcing themes found in the Emerging Trends report and highlighting the importance of investor confidence in shaping future urban development. 

City Competitiveness in Focus

City competitiveness was one of the most prominent topics throughout the week, with ULI and Arup co-hosting a roundtable discussion exploring how global cities are responding to challenges such as climate change, governance, infrastructure, and liveability. London emerged as a leading city in many respects, yet governance and urban management were highlighted as areas requiring improvement. Madrid’s reputation as one of Europe’s most liveable cities contrasts with its housing crisis, as 100,000 new residents arrive each year, yet only 20,000 new homes are being built. Manchester’s investment appeal remains strong, though debate continues around the need for infrastructure investment to support long-term growth. Athens is tackling extreme heat with large-scale greening initiatives, while Cardiff is adapting to flood risks with new urban planning strategies. The conversations reinforced the idea that cities must continually evolve, responding to economic, social, and environmental pressures to remain attractive to investors. 

London’s Investment Future: Insights from Mayor Sadiq Khan

London’s role on the global stage was further underlined by Mayor Sadiq Khan, who made a significant appearance at MIPIM, outlining major investment opportunities across the UK capital. Presenting a new investment prospectus, Khan highlighted key infrastructure projects, including the redevelopment of Liverpool Street Station and the extension of the Bakerloo Line, while reinforcing London’s position as a city open to international investment. His message was one of confidence, emphasising political stability and alignment between local and national government as a key advantage for investors. For ULI’s UK National Council, this presents an opportunity to deepen engagement on key issues such as affordable housing, sustainable infrastructure, and climate resilience, areas that align closely with ULI’s broader mission. 

Climate Risk & Resilience: A Defining Theme

Climate risk and resilience emerged as defining themes as the week progressed. A session moderated by Simon Chinn explored the growing impact of climate risks on asset resilience and valuation. Featuring insights from Max Walmsley, Marika Hilldoff, Haris Doukas, and Alexandre Chavarot, the discussion underscored the importance of integrating climate risk assessments into investment decision-making. With extreme weather events becoming more frequent and regulatory requirements increasing, investors are facing mounting pressure to ensure that their portfolios are future-proofed against environmental threats. The conversation mirrored many of the concerns raised in the C Change Investment Leadership Roundtable, where real estate investors and managers discussed the urgent need to accelerate decarbonisation efforts while reducing industry fragmentation. The challenge of adopting a single standard for measuring operational and embodied carbon, the role of carbon pricing, and the importance of aligning industry practices were key points of discussion, with clear consensus on the need for closer collaboration to drive meaningful progress. 

The Role of Innovation & Next-Generation Leaders

The role of the next generation of real estate leaders was also on display throughout the week. ULI Young Leaders and ULI NEXT members gathered for a networking event hosted by PIMCO, with Christel Zordan joining for a Q&A session. Later, a discussion led by Lisette van Doorn explored the opportunities and risks associated with AI in cities, debating whether the technology will be a force for progress or pose challenges for urban development. These conversations reflected a growing curiosity and optimism about the ways in which technology will shape the future of real estate, with a clear recognition that digital innovation will play an increasingly central role in how cities evolve. 

Looking Ahead: What’s Next for ULI?

As MIPIM drew to a close, the ULI Full Members Breakfast provided a moment to reflect on a successful week. Held on a stunning rooftop in Cannes, the event brought together over 100 members to celebrate the strength of the ULI community and the contributions of its members to shaping the future of the industry. Lisette van Doorn and Alexander Otto closed the event by thanking members for their ongoing engagement and highlighting the many ways in which ULI’s programmes continue to drive meaningful change. 

Looking back at the discussions that took place throughout the week, several key themes emerged. Optimism is returning to global real estate markets, but investors must remain cautious in the face of geopolitical and economic uncertainty. Climate resilience is no longer a niche consideration but a defining factor in investment strategies, shaping how assets are valued and future-proofed. Sustainability remains critical, but the industry must do more to demonstrate the financial case for ESG initiatives. City competitiveness is evolving, and those cities that prioritise infrastructure, liveability, and governance will continue to attract investment and talent. 

MIPIM once again reinforced ULI’s role as a convenor of ideas and a catalyst for progress in the built environment. As we wrap up another successful year at MIPIM, we look forward to continuing these critical conversations at the ULI Europe Conference in London from 16-19 June 2025, as well as through the many National Conferences taking place in the months ahead. The momentum built at MIPIM will continue to shape the future of real estate in the months ahead.