Real estate is the place where today’s macro trends collide. Disruption to how we live and work, rapid digitalisation, and ESG are opening up exciting new opportunities in the sector – from data-enabled development and 'digital twins' to carbon-neutral buildings and co-living. At the same time, economic instability and downward financial pressure make it challenging to capitalise on these trends. We are seeing falling asset valuations and a greater cost of capital and debt due to the low-growth, high-interest environment. Similarly, refinancing risk and overexposure loom large amid high vacancy rates in retail and offices.