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LOS ANGELES—Last month, the other shoe finally dropped when the Federal Reserve announced the first interest rate hike in seven years. That is according to Hana R. Hong, associate and Michael C. Polentz, co-chair of the real estate and land use practice group at Manatt Phelps & Phillips LLP. “Emerging Trends in Real Estate 2016,” the highly-regarded annual report co-published by PwC and the Urban Land Institute (ULI), now in its 37th edition, crunches that and countless other metrics of the US real estate market to conclude that, with some exceptions, the expansionary upcycle of 2015 should continue this year.” Below, the team spotlights three of the issues covered in the report that appear likely to have the largest impact on the industry as a whole.

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