Byron Carlock on Radio

Byron Carlock, the U.S. real estate practice leader with PwC, joins the Atlanta Real Estate Forum Radio podcast to discuss the results from the Urban Land Institute (ULI) Emerging Trends Report. Carlock joins hosts Carol Morgan and Todd Schnick for the All About Real Estate segment.

Celebrating 10 years with PwC, Carlock joined the company directly from industry after working for Trammell Crow Company. His previous experience includes serving as Chief Investment Officer with Post Properties and running a series of Real Estate Investment Trusts (REITs) funds. He attended Harding University for his undergraduate program and Yale and Harvard for graduate school.

In its 43rd year, PwC partners with ULI to capture the sentiment of industry leaders each fall. The company recently released the ULI Emerging Trend Report to prepare businesses for the coming year.

The results from the 2022 ULI Emerging Trends Report reveal an optimistic outlook for the coming year while the industry is in an environment with plenty of equity and demand for most product types.

Carlock said, “[ULI] is a great organization for collaborating with developers and friends of the industry.”

Contractors, leaders, architects, title companies and lenders gather twice a year and sit on regional and product committees to share ideas to improve cities and neighborhoods throughout the industry.

This year’s ULI fall conference heavily focused on diversity, inclusion, recruitment and retention to ensure ongoing career progress for industry participants.

“We’ve made great progress in the public real estate companies,” said Carlock. “We still have a lot to do in the construction industry in retaining talent in the leasing and management industries and bringing up a generation of developers that’s more diverse.”

The report proved the industry is aware of the need for diversity which is a high priority in the talent management strategies of the survey’s respondents. More diversification in the industry will shift the focus to the redevelopment of areas that are victims of food, retail and healthcare deserts due to racially biased city planning in the mid-20th century.

“We are going to bury those interstates…and try to create a unity where there was division,” said Carlock. “Real estate can be a tool for that.”

At the beginning of the pandemic, the real estate industry was healthy. As the crisis continues, the industry is experiencing high demand and a supply-demand imbalance as well as a vision for the development and redevelopment of cities.

A large portion of the product available on the market lost its relevance after several industry shifts. There is a need for modern construction standards and more collaborative and team-centered technology for office spaces.

As far as environmental considerations, the real estate industry is behind. Many companies are moving towards carbon neutrality, rethinking the ways materials are developed and a space’s environmental experience.

On the user side, lead certification tremendously affects new tenant consideration. Many prospective buyers and renters do not consider spaces without a high lead certification or a high WELL health-safety rating.

Investors are also becoming more discriminant about the buildings in which they invest equity dollars to ensure they finance developments with long-lasting environmental considerations. This information is essential for companies that report their carbon footprint.

Along with a demand for space, there is a great need for investment products. REITs offer an opportunity for a dividend-yielding investment with a longstanding relevance in its community. The compatibility in the real estate sector transcends over to non-residential properties such as data centers, life science centers, student housing, self and cold storage. Those boxes transition into investment products that yield a dividend through rental income and are reasonably secure investments backed by assets.

Carlock said, “I see the REIT industry as a backbone for investment consideration to someone who wants a piece of real estate in their portfolio but doesn’t own a building or portfolio… themselves.”

In the current housing affordability crisis, there is a shift in the way developers build neighborhoods, develop land and create green spaces. There is also a movement of rural renewal in small towns with access to big cities where infrastructure is underutilized.

The real estate industry is shouldering many social considerations related to affordable housing, workforce housing, federal and infrastructure needs. Carlock believes the industry is up to the task.

To read the full report or become more involved with ULI, visit For more information about PwC and REIT investment products, visit

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Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. PwC, the Urban Land Institute and New American Funding are not associated. Click here to view the terms and conditions of products mentioned during the show. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (November/2021)

New American Funding is a family-owned mortgage lender with a servicing portfolio of over 123,000 loans for $30.4 billion, 198 branches, and about 3,100 employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America six times. It has a state-of-the-art career training facility and develops innovative technology, including the GoGo LO mobile application. For more information, visit

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The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.

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