Event Insights: 2026 ULI Real Estate Forecast - What’s Ahead for Greater Philadelphia
November 18, 2025
Inside the 2026 ULI Real Estate Forecast: Key
Takeaways from a Year of Transition and
Opportunity
Wick Fisher White was in attendance at the 2026 ULI Real Estate Forecast—an annual gathering that brings together regional leaders, economic experts, and real estate innovators to discuss the forces shaping the built environment. This year’s program offered practical insight into Philadelphia’s economic climate, investment landscape, demographic shifts, and emerging sectors positioned for growth.
Speakers provided a clear, honest look at what’s ahead for our region—and what it will take for Philadelphia to continue building momentum.
1. Fireside Chat: Navigating Philadelphia’s Economic Future
Featuring Patrick Harker (Former President, Federal Reserve Bank of Philadelphia) and Jodie Harris (PIDC)
The morning began with a wide-ranging conversation about the national and regional economy—highlighting both the uncertainty clouding the next 12–18 months and the opportunities inherent in Philadelphia’s changing market.
Interest Rates & Economic Outlook
Harker underscored the unusual level of disagreement within the Federal Open Market Committee, calling the current moment “one of the hardest environments to forecast.” While long-term rates are shaped more by market dynamics than by Fed policy, he emphasized that demographic trends, deficits, and global demand for U.S. Treasuries will continue to influence borrowing costs in unpredictable ways.
He also cautioned that while rate cuts may occur, they won’t necessarily translate into lower long-term rates—a reminder that the industry cannot rely solely on monetary policy for relief.
Philadelphia’s Strengths Are Undervalued—And Under-Marketed
Harris highlighted one of the city’s recurring challenges: an “inferiority complex” that prevents us from championing our real strengths. From a world-class transit system, to walkability, to a thriving creative economy, to the momentum of major public assets like the Navy Yard, Harris emphasized that Philadelphia must tell its story more boldly.
She also noted a positive shift toward regional collaboration, moving beyond siloed economic development efforts. The five-county cooperation now emerging could position the region more competitively when attracting large employers and industry clusters.
Eds & Meds: A Pillar Facing Pressure
While Philadelphia’s reliance on Eds and Meds remains an anchor of the local economy, Harker warned that demographic shifts and reductions in federal funding may strain institutions in the years ahead. Both speakers pointed to the need to diversify into sectors such as advanced manufacturing, biomedical innovation, maritime industries, and defense technology—areas already expanding at the Navy Yard.
2. Views from the Top: Investing in a Transforming Market
Featuring leaders from Hamilton Lane, CenterSquare, Morgan Properties, and Equus Capital Partners
The investment panel painted a realistic but strategic picture of where capital is flowing—and where opportunities remain despite headwinds.
Multifamily Still Dominates, but Strategies Are Shifting
Panelists acknowledged that multifamily continues to be one of the strongest investment classes, driven by persistently high demand. Yet with rising operating costs and elevated interest rates, investors are more cautious. Value-add opportunities, operational efficiencies, and selective acquisitions were highlighted as the most viable paths forward.
Industrial Growth Continues—Especially in Philadelphia
Philadelphia’s industrial market was repeatedly flagged as a bright spot. With strong fundamentals and an expanding logistics and advanced manufacturing base, the region is increasingly attractive to institutional investors. Speakers noted that supply-chain diversification and reshoring trends are creating durable demand for modern industrial product.
Office Remains Complex—but Not Hopeless
While the panel acknowledged the reality of office vacancies, they also emphasized that Class A space continues to outperform. Well-located, amenity-rich buildings are still drawing tenants, suggesting that flight-to-quality remains a defining trend.
3. Emerging Trends & Regional Outlook: Finding Opportunity Through Research
Featuring Lauren Gilchrist (Newmark) and William Staffieri (PwC)
The closing session tied together macro research and regional data to identify the trends that will most influence Philadelphia’s real estate landscape.
Three Sectors to Watch
According to recent Pew and Brookings analyses, three industry clusters are particularly promising for Greater Philadelphia:
Biomedical & Life Sciences – Though experiencing a cooling period, the long-term fundamentals and talent pipeline remain strong.
Advanced Manufacturing & Machinery – Reinforced by the region’s industrial base and Navy Yard growth.
Enterprise Digital* – A sector quietly scaling through B2B technology, data services, and digital infrastructure.
These sectors collectively represent the next wave of economic diversification for the region.
Repurposing Space & Supporting Growth
Gilchrist discussed how companies are rethinking how they use space—particularly after the slowdown in speculative life sciences development. Flexible manufacturing, hybrid R&D, and creative workspace conversions are becoming increasingly important.
Staffieri reinforced that Philadelphia’s affordability, infrastructure, and specialized workforce offer advantages that many peer cities lack.
What This Means for the AEC Community—and for Wick Fisher White
For engineering and construction partners, the themes of the day pointed clearly toward a future where resilience, adaptability, and innovation will define success:
Infrastructure upgrades and modernization are central to repositioning properties.
Industrial and manufacturing growth will require sophisticated MEP/FP design supporting higher power loads and specialized environments.
Owners and institutions are prioritizing long-term reliability as they plan through rate uncertainty.
Adaptive reuse is becoming a defining strategy across commercial asset classes.
Wick Fisher White remains committed to supporting clients and partners as the region moves forward — helping ensure that the buildings and systems Philadelphia relies on are prepared for the demands of the future.
*Note: Enterprise digital describes companies that provide digital technologies—such as software, analytics, automation, and cloud services—to other businesses. As these firms scale, they place greater pressure on the region’s digital infrastructure. This growth is closely linked to demand for data centers and other high-density computing environments requiring resilient electrical systems, robust cooling, and flexible space.
About ULI Philadelphia
ULI is a nonprofit research and education organization supported by its members. Founded in 1936, the Institute now has almost 45,000 members in 95 countries, representing the entire spectrum of land use and real estate development disciplines working in private enterprise and public service – including leading property owners, investors, advisors, developers, architects, lawyers, lenders, planners, regulators, contractors, engineers, university personnel and students.
ULI Philadelphia is one of ULI’s largest and most robust District Councils, with about 1,000 members throughout the area, including regional satellites in Central Pennsylvania, Delaware, Lehigh Valley, and Southern New Jersey.
Through District Council sponsored educational forums and events, the opportunity to influence the local land use policy continues to be the focus and achievement of the District Councils. Members of the Urban Land Institute are automatically assigned by zip code to ULI Philadelphia District Council.