In this year’s Emerging Trends survey, produced by PwC and the Urban Land Institute, industry participants rated 2026 investment and development prospects across property types, as well as key aspects of their local markets. These responses were combined to produce the overall real estate market rankings. Respondents anticipate fair but improving conditions for 2026, giving an average prospects score of 2.81 on a five-point scale—up from 2.75 for 2025 in last year’s survey and 2.74 for 2024. The last time the average score exceeded three was in 2022, when it reached 3.19.
Phoenix ranked #10 for overall real estate prospects and #9 for homebuilding prospects. Phoenix was one of only two markets in the West Region to break the Top 20 for overall real estate prospects. Additionally, survey respondents identified retail as the favored property type for acquisitions in Phoenix.
Photo Credit: PwC / ULI.
