Lessons Learned from Visiting Five U.S. Cities

May was a very busy travel month for me in my new role as Head of U.S. Investment Sales. In addition to the annual ICSC conference in Las Vegas and the bi-annual ULI meeting in Denver, I also attended Avison Young’s Industrial Conference in Nashville, the Bay Area Roundtable event in San Francisco, and made a stopover in Phoenix. These trips gave me valuable perspective on the pace of recovery across the country and how New York City is positioned within that context.

Here are some key takeaways:

1. ICSC isn’t just for retail – Once again, there was a big turnout at both the convention center and the pool parties. What stood out was how many investors wanted to discuss alternative assets—from data centers to senior housing. If you haven’t been before, this conference covers much more than retail. That said, retail remains front and center as an attractive asset class.
2. Tariff talk was quieter than expected – I attended a ULI panel on the potential tariff impact on CRE, and it wasn’t even mentioned for the first 30 minutes. When it was, the concerns were largely downplayed. Investors seem more focused on broader market volatility, especially around the 10-year Treasury rate, than on rising hard costs.
3. Don’t just read the headlines – San Francisco has received a lot of negative press about safety and quality of life, particularly downtown. But when I visited Market Street, it was active and lively. The city felt clean and well-maintained.
4. CBDs are expanding – Post-pandemic, many cities have seen growth beyond traditional downtowns. In Denver, for example, Cherry Creek has emerged as a premier office market, with much tighter vacancy than the central business district. I noticed a similar trend earlier this year in Alpharetta, just north of Atlanta.
5. Charity and real estate are a great mix – I attended the Bay Area Real Estate Roundtable, which benefited the Pacific Autism Center for Education. It was a fantastic event, starting with roundtable discussions and a panel, followed by a cocktail hour, dinner, and live auction. It was informative, fun, and raised money for a great cause.
6. Driverless cars are here – I didn’t get a chance to ride in a Waymo, but they’re everywhere in Phoenix and San Francisco. They’ve now completed over a million paid rides. According to a Wall Street Journal article, the next launch markets will be Atlanta, then D.C. and Miami. This will dramatically impact how people move around cities.
7. New York City feels incredible – When you're here every day, it’s easy to take for granted just how vibrant NYC really is. Having visited so many markets recently, I can confidently say that no U.S. city has streets as consistently busy as ours. The return to office is real, and that energy has been a big boost for both the multifamily and retail sectors.
8. Only take red-eyes as a last resort – A red-eye from Denver or Phoenix just isn’t long enough, especially if you’re on a panel the next morning. When flying out of San Francisco, staying at the Grand Hyatt at SFO is a far better option!